JAKARTA: Indonesias coal mining contractor PT Darma Henwa Tbk (DEWA) gained 2.91% or IDR3 to IDR106 at the Jakarta Stock Exchange as of 11.13 a.m. local time following Coal Vista Resources Ltd divestment to Thionvilee Fiancier Ltd.
In disclosure information published on last Friday, the company said it sold 100% of shareholding in Coal Vista worth US$80 million on July 6.The proceeds will be used to settle its long term debt and finance its capital expenditure.Recapital Securities in a research published this morning said the divestment will give positive sentiment to the company. The disposal will strengthen the companys balance sheet.Darma Henwa allocated capital expenditure of US$50 million which will be used to maintain and purchase heavy equipment.Darma Henwa returned to a positive bottom line last year. The company reported to post net income of US$588.128 million last year, a 131.83% increase from US$1.85 million net loss in the previous year.Darma Henwa, whose 28.8% of its stake is owned by Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI), booked a 11.39% increase in operating income to US$5.28 million from US$4.74 million.Revenue grew 14.21% to US$230.09 million from US$201.47 million. Darma Henwa won contracts at Kaltim Prima Coal's coal mine sites, Bengalon and Asam Asam. (msw)
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