RATCH cuts Paiton Energy stake in $85.1m sale

RH International reduced its holdings across three entities.

RATCH Group said its wholly owned indirect subsidiary RH International (Singapore) Corporation has agreed to sell stakes in three Paiton-related entities to PT Medco Daya Energi Sentosa for $85.1m, according to a press release

The disposal reduces the group’s investment proportion in the Paiton Energy thermal power plant business in Indonesia.

RH International sold 5% each in PT Paiton Energy and Minejesa Capital B.V. It also sold 24.503% in IPM Asia Pte. Ltd.

Following the transaction, RH International holds 31.26% each in PT Paiton Energy and Minejesa Capital, and 40.497% in IPM Asia.

The company said the transaction is not a connected transaction and does not require asset disposal disclosure under Thai capital market rules.