Dharma Henwa delays IPO to Q3 this year
Saturday, July 7 2007 - 02:00 AM WIB
Mining contractor PT Dharma Henwa Indonesia delayed its plan to sell its shares to the public to third quarter from June this year, Kontan reported Saturday.
The company has named securities company PT Danatama Makmur as the underwriter for the initial public offering (IPO).
Steffen Fang, the vice president of Danatama Makmur, said that Dharma Henwa was currently in the process of filing its IPO plan with the Capital Market Supervisory Agency (Bapepam).
“We hope that the registry statement will become effective in August,” he said.
According to the plan, Dharma Henwa will sell about 30 percent of its enlarged shares to the public and expects to raise about Rp 1.8 trillion or about US$200 million in fresh funds.
Henwa holds a service contract with East Kalimantan coal miner PT Kaltim Prima Coal (KPC) to extract coal at the latter's Bengalon area for ten years from 2004.
Henwa targets to produce six million tons of coal per year from Bengalon.
Zurich Asset International owns a 95 percent stake in the company and PT Indotambang holds the remaining stake. Zurich Asset International is a foreign investment company based in the British Virgin Island (BV), while PT Indotambang Makmur is a local investment company specialized in mining. (*)