May 30, 2012

Moody's withdraws Davomas Abadi rating

Moody's Investors Service has withdrawn the Ca corporate family rating and outlook of PT Davomas Abadi Tbk (DAVO).
Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating.

DAVO is a producer and exporter of cocoa butter and cocoa powder in Indonesia. Established in 1990 and listed on the Jakarta Stock Exchange since 1994, the company has an annual production capacity of approximately 70,000 tons each of cocoa butter and cocoa powder. 
Since Davomas listed stocks at IDX in 1994, the company had held debt restructuring several times. There is no clear information who is the ultimate owner of Davomas right now.
Forbes mentioned that Davomas was controlled by Husein Sutjiadi and did not even explain Setiadi family, who established Davomas when it went public. No single media closely watches and tracks Davomas Abadi activities. Please login or register to read the remaining story.   

Disclosure: No position at the stock mentioned above.

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