State-owned energy firm PTT Plc said on Tuesday it had agreed to sell its coal unit to Indonesia's PT Astrindo Nusantara Infrastruktur Tbk for $471 million, as the company moves out of the coal business entirely.
The sale was aligned with PTT's strategy to move towards sustainability and clean energy, chief executive Auttapol Rerkpiboon said.
The announcement came as global coal demand is set to match a record high reached nearly a decade ago.
Astrindo said the deal, which includes coal concessions in Brunei Darussalam, Madagascar and three mines in Kalimantan, Indonesia, will have a "substantial" impact for the company.
"Our financial performance in 2022 will show a significant jump given the current price of coal," Astrindo Director Michael Wong said.