Wedoany.com Report-Nov 12,  Coal miner PT Adaro Andalan Indonesia may raise as much as 4.59 trillion rupiah ($291 million) from an initial share sale, part of a move by its parent company to shift away from fossil fuels. 

The company, owned by tycoon Garibaldi Thohir’s PT Adaro Energy, will offer as many as 778.7 million shares at between 4,590 rupiah and 5,900 rupiah each, according to a local stock exchange filing. Final pricing will take place after the book building period from Nov. 12 to 18.

Adaro Energy 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. A number of coal miners in Indonesia — the world’s top exporter of thermal coal — are boosting investment in metals and renewable energy to benefit from the world’s green transition.

The mining giant has offered a final cash dividend of as much as $2.63 billion, or 1,346 rupiah apiece, to encourage shareholders to participate in Adaro Andalan’s share offering. It plans to seek shareholder approval on the payout plan at a meeting on Nov. 18.