Adaro eyes $291 million from unit IPO to spin off coal arm
Adaro is spinning off the coal mining unit valued at $2.45 billion to focus on developing cleaner energy, with an aluminum smelter being built in Kalimantan.
Exxaro Resources said on Thursday it planned to sell its interest in Exxaro Coal Central operations and its Leeuwpan coal mine following a strategic review of its portfolio.
The South African coal miner said the assets were not seen as core to its future objectives and it was inviting interested parties to submit expressions of interest.
The disposal will take place in a single transaction, with the company appointing Absa Corporate & Investment Bank and Identity Advisory as financial advisers and CMS RM Partners to act as legal advisers.
(By Tanisha Heiberg; Editing by Edmund Blair)
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