Dharma Henwa Indonesia plans to launch IPO in June

Mining contractor PT Dharma Henwa Indonesia plans to sell a 30 percent stake via an initial public offering (IPO) by June to raise $200 million in proceeds, Bisnis Indonesia reported Thursday.

Dharma Henwa has named JP Morgan Securities Indonesia and PT Danatama Makmur as lead underwriters of the planned IPO.

So far, Henwa still holds the contract for the Bengalon Operating Agreement Mining Service (OA) to undertake a long-term project for 10 years commencing in 2004 from East Kalimantan coal miner Kaltim Prima Coal (KPC).

Henwa will provide mining services in the KPC?s Bengalon area with a production target of six million tons per year.

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 in the field of mining. (*)