Malaysia’s dominant power firm, Tenaga Nasional Bhd , has agreed to sell its Indonesian coal mine, marking its departure from the coal-mining sector in the neighbouring country, the firm said on Monday.

Tenaga said in a statement TNB Coal International Bhd’s subsidiary, Dynamic Acres Sdn Bhd, agreed to sell its entire 99 percent stake in coalminer PT Dasa Eka Jasatama to an Indonesian company, PT Pamapersada Nusantara, for $19.5 million.

The disposal marks an end to Tenaga’s problematic venture in Indonesia. Malaysian media and analysts had criticised Tenaga after it bought the coalmine in 2001, saying that it had no expertise in running the business.

By the middle of last year, Tenaga stood to lose 226.64 million ringgit ($66.24 million) from the venture due to problems in extracting coal from the mine, domestic media said.

Tenaga’s new management had subsequently reviewed the investment and decided to let it go and made an unspecified provision for the losses.

Tenaga’s Chief Executive Che Khalib Mohamad Noh told the Edge financial weekly this year that the venture taught the utility the lesson that it must put its money only in the business it knows best and only in countries where it is comfortable working.

Tenaga, which owns 92.5 percent of TNB Coal, will instead buy the remaining 7.5 percent stake from Pamapersada for $1.

The conclusion of the two pacts will result in Tenaga’s “complete exit” from Indonesia’s coal-mining business, the company said.

Tenaga shares closed Monday down 1.72 percent at 11.40 ringgit. ($1=3.421 Malaysian Ringgit)