Indonesia's Adaro Energy sells 35 pct stake in coal logistic firm
JAKARTA Feb 26 (Reuters) - Indonesian coal producer Adaro Energy sold 35 percent of its stake in PT Servo Meda Sejahtera for $25.13 million, said the company.
Servo Meda, which provides integrated coal logistic services in South Sumatra, were sold to PT Perusahaan Palembang Investama for 216,300 shares with a value of $15.08 million and PT Energi Karya Persada for 144,200 shares with a value of $10.05 million.
"Our strategy of vertical integration remains, as we will now focus on pit to power integration in South Sumatra," said Adaro CEO Chief Garibaldi Thohir in a company statement late on Tuesday.
The coal miner still retains the rights to use the hauling road owned by Servo Meda, which was acquired in October 2011 for 200 billion rupiah ($17.14 million).
In November, Adaro Energy Tbk posted third-quarter revenue of $2.43 billion, down 12 percent from a year earlier.
At 0209 GMT, the miner's stock was up 0.53 percent. The broader Jakarta Composite Index was down 0.38 percent, while the blue-chip index was 0.18 percent higher.
($1 = 11,667.5 rupiah) (Reporting by Andjarsari Paramaditha; Editing by Michael Perry)
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