Trading of Dayaindo shares suspended

Indonesia Stock Exchange (IDX) temporarily suspended the trading of PT Dayaindo Resources International Tbk in waiting for the company?s explanation over a lawsuit filed by one of its client ? a Switzerland-based coal exporter company SUEK AG.

SUEK AG filed a bankruptcy lawsuit against Dayaindo to the Central Jakarta Commercial Court. It was reported that the lawsuit was made after Dayaindo?s subsidiary PT Risna Karya Wardhana Mandiri failed to supply coal to SUEK AG. Risna and SUEK AG signed coal sales agreement in 2010.

?The IDX is waiting for a response from the management of Dayaindo over the lawsuit,? Hoesen, Director of Company Assessment at IDX said as quoted by Kontan.

The suspension on trading of Dayaindo shares is effective starting Wednesday.

Dayaindo recently stated it targets to sell up to 3 million tons of low calorie coal in 2012, 1.5 million tons of which would come from its mine in Satuhi, South Kalimantan, and the rest from its trading business, with most of the coal would be exported to China and India.

The company targets to book up to Rp1 trillion worth of sales until the end of this year.

Dayaindo sold 3.2 million tons of coal in 2011, 1.2 million tons from its mine and 2 million tons from the trading business. (*)