Humpuss to divest coal transport unit

IDX-listed shipping company PT Humpuss Intermoda Transportasi Tbk plans to divest its subsidiary PT Humpuss Transportasi Curah, which is engaged in coal transport business, due to the lingering weak coal price, Bisnis Indonesia reported on Friday.

The paper quoted Humpuss Intermoda President Director Theo Lekatompessy as saying that the divestment program was expected to be completed before the end of this year.

He added the company expected to raise Rp 150 billion from the divestment, the proceeds of which to be used as initial capital for a new business venture.

Humpuss Intermoda booked a US$53 million revenue in the first nine months of this year, up 3.2 percent from the corresponding period of last year. Meanwhile, net profit jumped by 44 percent to $2.7 million year-on-year. (*)