Darma Henwa acquires stake in coal firm

Petromindo|Khalsa

IDX-listed coal mining services company PT Darma Henwa Tbk said it had on March 13 signed a sale and purchase agreement with PT DH Energy for the purchase of 10 percent of DH?s interest in coal mining firm Pendopo Coal Limited (PCI).

Darma Henwa said in a statement on Thursday that the acquisition is valued at Rp 105.25 billion. Payment will be made through net off of outstanding claims of Lennette Ltd in the company worth Rp 90.62 billion, while the remainder will be paid based on agreement by the two companies.

Darma Henwas said that the acquisition was made because it was interested in the potential of PCI?s subsidiary PT Pendopo Energi Batubara, which supplies coal to power plant projects.

Editing by Reiner Simanjuntak