PTT already owns 45.4 percent of Singapore-based Sakari, which operates two coal mines in Indonesia.
The deal, which is subject to shareholder approval and expected to close in October, will help Bangkok-based PTT, which is mainly an oil and gas company, expand further into coal production.
According to Reuters, the company is planning to increase its coal output to around 70 million tons by the end of the decade from 11 million currently.
Allen & Gledhill partners Song Su-Min and Lee Kee Yeng are advising PTT. An Allen & Gledhill partner, Christopher Goh, is also advising Deutsche Bank, which is acting as financial adviser to PTT.
WongPartnership is representing Sakari with partners Andrew Ang, Annabelle Yip and Dawn Law leading the firm’s work on the deal.
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