JAKARTA (AFX) - Australia's Henry Walker Eltin Group Ltd has transferred its shares in Indonesian subsidiary PT Henry Walker Eltin Indonesia to Zurich Asset International and PT Indotambang Makmur, according to a statement.
Zurich Asset, an investment company based in the British Virgin Island, bought a 95 pct stake in Henry Walker's Indonesian unit, while Indotambang -- an Indonesian investment company which focuses on the mining sector -- bought 5 pct, the statement said.
It did not give any financial details.
PT Bumi Resources, the owner of coal mining firms PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, acted as the coordinator for the share sale.
"With the acquisition of the shares, Henry Walker Eltin Indonesia will then revert to the use of its original name PT Darma Henwa," said a statement issued under the name of Darma Henwa.
"This change in share ownership is indeed intended to provide certainty in responsibility for company management. No operational consequences whatsoever will arise from the transfer of shares because internally there will be no policy changes," Darma Henwa director Hari Widodo said.
"Even so, this acquisition will actually provide a guarantee on the implementation of activities for all of our clients, including KPC," he added.
Darma Henwa still holds a 1.2 bln usd contract with KPC to develop mine infrastructure and supply coal mining services for 10 years at the Bengalon project in eastern Kalimantan. The project started in 2004.
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Zurich Asset, an investment company based in the British Virgin Island, bought a 95 pct stake in Henry Walker's Indonesian unit, while Indotambang -- an Indonesian investment company which focuses on the mining sector -- bought 5 pct, the statement said.
It did not give any financial details.
PT Bumi Resources, the owner of coal mining firms PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, acted as the coordinator for the share sale.
"With the acquisition of the shares, Henry Walker Eltin Indonesia will then revert to the use of its original name PT Darma Henwa," said a statement issued under the name of Darma Henwa.
"This change in share ownership is indeed intended to provide certainty in responsibility for company management. No operational consequences whatsoever will arise from the transfer of shares because internally there will be no policy changes," Darma Henwa director Hari Widodo said.
"Even so, this acquisition will actually provide a guarantee on the implementation of activities for all of our clients, including KPC," he added.
Darma Henwa still holds a 1.2 bln usd contract with KPC to develop mine infrastructure and supply coal mining services for 10 years at the Bengalon project in eastern Kalimantan. The project started in 2004.
aloysius.bhui@xfn.com
alo/rc
For more information and to contact AFX: www.afxnews.com and www.afxpress.com