Australia?s New Hope completes sale of Indonesian coal units

Australian company New Hope Corporation Limited said Thursday it had completed the sale of international coal assets in Singapore on 22 June 2005 with the final settlement amount received was US$406 million.

New Hope?s international assets comprise of a 40.83 percent stake in South Kalimantan-based coal producer PT Adaro Indonesia and a 50 percent stake in coal port operator PT Indonesia Bulk Terminal located in the same province.

New Hope said in a statement Thursday it was currently completing a strategic review, of the proposed utilisation of the sale proceeds, and planned to announce it in September 2005.

Earlier New Hope said the purchaser of the assets is a consortium consisting of T.P. Rachmat, Edwin Soeryadjaya, Benny Subianto and Garibaldi Boy Thohir, financed by a combination of equity financing from Temasek Holdings and Noonday Asset Management as investment manager of the Farallon Funds, and debt financing from a syndication of commercial lenders under the coordination of Temasek and Noonday. (Robert)