VIVAnews - Coal contractor PT Darma Henwa Tbk (DEWA) is eyeing the project of PT Newmont Nusa Tenggara (NNT). Meanwhile, the company is also targeting 20 percent of income growth along 2010.
“We’ll address him (Newmont contractor) if the chances are there,” Darma Henwa President Director Adwin H Suryohadiprojo said at the company’s public presentation at the Ritz Carlton Hotel, Kuningan, in Jakarta on Monday, December 28.
Suryohadiprojo also said the company is still bound by the contracts with PT Arutmin Indonesia and PT Kaltim Prima Coal, the subsidiary of PT Bumi Resources Tbk (BUMI).
Darma Henwa Director Gani Bustan fueled the information by saying that the company is targeting to earn US$ 269.42 million until the end of 2010, increasing 20 percent from the estimated earnings in 2009 of US$ 224 million.
Meanwhile, earnings before interest, tax, depreciation and amortization (EBITDA) are predicted to go up 50 percent to US$ 77.29 million.
The total amount of the company’s raw material along 2010 is expected to reach 92.4 billion cubic meters (bcm) or higher than the amount in 2009 of 44.4 bcm.
Rights Issue
During the executive shareholders meeting today, December 29, the shareholders agreed to approve the company’s general limited share offer (PUT). The company is intended to offer 6,243,923,928 of regular shares, Rp 100 per unit with the nominal value of Rp 100.
In total, the of fund that may be raised is about Rp 624.39 billion. Every shareholder owning five shares is entitled to hold two prior rights of owning the shares (HMETD).
PT Danatama Makmur will act as the standby buyer of the rights issue plan. “Funds obtained from the rights issue will be used to deduct debts” Bustan said.
The company will pay the debt until US$ 45 million out of the total of consortium debt amount of US$ 120 million. The sum of remaining debts after the rights issue is expected to be US$ 75 million.
However, Bustan admitted that the debt restructuring effort has caused Darma Henwa to delay payments to all suppliers. This has also hampered spare part distribution and lessened the number of production.
“(It’s because) our broken material procurement is being disrupted,” he said.
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Translated by: Nataya Ermanti
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