Miti Hoon – PTT reveals that PTTGE, a subsidiary, has sold its last palm oil project in Indonesia at a loss, insisting that it will sell all 5 projects at a loss, but it will definitely not affect its financial position.

Reporters from “Miti Hoon” reported that PTT Green Energy Co., Ltd. or PTTGE, the operator of the palm oil business in Indonesia, which is a subsidiary of PTT Public Company Limited or PTT, by Mr. Supoj Laosuapa, Chairman of the Board, revealed that PTTGE is in the process of signing a sales contract and making payments for the last palm oil plantation project in Indonesia, or Project 5, which is expected to be completed within 2-3 months.

However, the sale of the last palm oil plantation is a loss sale because some of the palm plantation area is peat soil, not suitable for cultivation and the soil has not been maintained for a long time. PTT invested in this project without land ownership, but with the right to plant palms.

PTT has already sold all 4 palm oil business projects in Indonesia at a loss, and has recorded impairment of PTTGE’s investment in all palm oil plantation projects, so it will not affect PTT’s financial position in any way.