Darma Henwa acquires Rocky Investment
Thursday, June 30 2016 - 03:48 PM WIB
IDX-listed mining service company PT Darma Henwa Tbk announced on Thursday that on June 28, 2016, it signed a Sale and Purchase Agreement (SPA) with PT Putra Sukses Sentosa (PSS) to acquire PSS? 99.5 percent interest in PT Rocky Investment Group.
The value of the acquired interest is Rp 50.5 billion. The purchase is netted off against the outstanding debt owed by Lennette Limited to Darma Henwa, the firm said but stopped short of explaining the relation between PSS and Lennette.
The firm said the reason behind the deal is that on Jan. 27, 2014, Darma Henwa sold its ownership in PT DH Energy (DHE) to Lennette, which was part of the firm?s divestment of non-core assets. Over time, since Lennette?s outstanding debt to Darma Henwa remains huge, that the latter decided to acquire back its ownership in PT Pendopo Energi Batubara (PEB) through Rocky and PSS. Following the acquisition, Lennette?s outstanding debt to Darma Henwa has declined from US$10.6 million to $3.8 million.
Editing by Johannes Simbolon