Jun 8, 2012

Darma Henwa to spend US$120 mio capex

Indonesia's second largest coal contractor PT Darma Henwa Tbk (DEWA) plans to spend US$120 million capital expenditure (capex) this year.
 "This year, we target US$80 million-US$120 million capital expenditure [capex]," said Director Wachjudi Martono at DEWA as quoted by Kontan.co.id today.
According to him, the capex will be fulfilled by  Darma Henwa's suppliers and other financial institutions. "Multifinance will support half, while the remaining is from local banks." Darma Henwa aims to transport coal of 16.4 million tons this year, two folds from 7.5 million tons last year.
"For KPC and Arutmin are expected to reach 15 million tons, while Berau Coal contract will contribute 1.2 million tons-1.5 million tons," he said.
Darma Henwa is optimictic to achieve 100 million bank cubic meters (bcm) of overburden removal from 53 million bcm last year.  
Acquisitions story 
DEWA were also in frenzy acquisitions last year. However, the actions have raised questions. The story of the takeovers began on May 22 2007 when Darma Henwa acquired Prove Energy Investments, a British Virgin Islands-based SPV, from Zurich Asset International, a Seychelles-based company, worth US$93.88 million.
Prove was a controlling shareholder of 66.7% stake in coal marketing company dubbed Coal Vista Resources, another Seychelles-founded company. Coal Vista's office has the same address with Zurich Asset at Oliaji Trade Center, first floor, Victoria, Seychelles.
Then, Prove Energy on July 2011, disposed 100% stake in Coal Vista to Thionville Financier. If you check in the 2011's audited financial statement filed by Darma Henwa to Indonesia Stock Exchange, still, there was not sufficient information about the business of Prove Energy after it sold Coal Vista.
One month after the sale, Darma Henwa on August 11 2011, bought 100% stake in Corfield
Investments Limited from Joyful Sky Ltd at a certain price equals with its book value. Darma Henwa's financial statement did not clearly mention about the price of the takeover. The financial statement mentioned that Darma Henwa controlled 100% stake in Corfield that owned assets worth US$30.92 million. Please subscribe or login to read the remaining story.

Disclosure: No position at the stock mentioned above.
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1 comment:

Anonymous said...

Thionville is Bakrie. Investors should ask what is DH reason for existing. It is not to generate returns for shareholders. It is involved in interesting "deals" with Johnlin Group