Indonesian coal producer Adaro Energy has sold 35% of its stake in PT Servo Meda Sejahtera, for US$ 25.13 million.
Servo Meda provides integrated coal logistic services in South Sumatra. The company was sold to PT Perusahaan Palembang Investama for US$ 15.08 million and PT Energi Karya Persada for US$ 10.05 million.
Adaro CEO, Chief Garibaldi Thohir, commented: "Our strategy of vertical integration remains, as we will now focus on pit to power integration in South Sumatra".
The coal miner still retains the rights to use the hauling road owned by Servo Meda, which was acquired in October 2011 for US$ 17.14 million.
Edited from various sources by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/26022014/adaro_sells_stake_in_coal_logistic_firm_567/