Saudi Islamic Dev. Bank in $15m trade financing deal with Dayaindo

Saudi-Arabia-based firm Islamic Development Bank through its unit Islamic Corporation for the Development of Private Sectors (ICD) has signed Thursday US$15 trade financing with Indonesia-listed coal mining, trader and nickel producer, PT Dayaindo Resources International Tbk.

The trade financing loan to support Dayaindo?s coal trading activity, president director of Dayaindo, Sudiro Andi Wiguna said, adding that this year, Dayaindo is expecting to sell around 3.27 million tonnes of coal.

In the same occasion, ICD?s affiliate firm International Islamic Trade Finance Corporation (ITCF) has acquired 10 percent of Manhattan Investama stake in Dayaindo and 15 percent stake in Dayaindo?s coal unit PT Daya Mandiri Resources Indonesia (DMRI), formerly PT Risna Karya Wardhana Mandiri with worth of $27 million.

According to Dayaindo?s finance director, Heriman Setyabudi, ITFC will act as a stand buy buyer, when DMRI will float at Indonesian stock exchange in 2012. ?DMRI is under internal process to conduct initial public offering (IPO),? he said.

Underwriter for the IPO is still under evaluation, he added. (*)