Darma Henwa sells coal unit for $11.5m
Friday, July 18 2014 - 12:59 AM WIB
IDX-listed mining contractor PT Darma Henwa Tbk revealed Thursday it has signed deal to sell 93.47 percent shares in coal subsidiary PT DH Energy (DHE) to Lennelte Limited for US$11.5 million.
The company said in a statement that Lennelte will issue promissory notes for the payment of the DHE shares, and that the two companies signed an extension promissory note on July 15.
Darma Henwa signed a sale and purchase agreement to sell the DHE shares in January of this year, but at the time the company did not reveal the identity of the buyer nor the transaction value.
It said in a January statement that the sale was part of restructuring program to get rid of unproductive assets.
DH Energy owns shares of PT Pendopo Energi Batubara, a third generation coal contract of work holder with a low CV mine in South Sumatra.
Editing by Reiner Simanjuntak