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Thursday, April 8, 2010

Dayaindo prepares for rights issue: Capital expenditure stands at US$200 million

Thursday, 01/04/2010 00:00 WIB

Irvin Avriano A.
Bisnis Indonesia

Dayaindo prepares for rights issue: Capital expenditure stands at US$200 million

JAKARTA: PT Dayaindo Resources International Tbk plans to have rights issue in the near future. The plan relates to the corporate needs for capital expenditure worth US$200 million.

"They learn the scheme and has articulated to Bapepam-LK)," said an informed executive to Bisnis last week.

Bisnis records, Da-yaindo Resources seeks US$150-200 million funds or IDR1.42-1.9 trillion from the capital market to finance the production rise this year. The company seeks fund with rights issue or bond issuance scheme.


"They (Dayaindo Resources management) indeed asked us on some matters last week such as the rights issue. Please ask them the details."

When confirmed, President Director of Dayaindo Sudiro Andi Wiguno conceded the plan here. but the company could barely give detail explanation on the scheme as it is just early proposal and would be explained by the company this weekend.

The rights issue scheme here is related to the early purpose of the company to seek US$200 million funds from the capital market.

"WE will later announce it officially this weekend. But now we cannot provide the details. The plan is linked to the need of (SUS$200 million funding."

From last year, the company has got coal sales contract of 16.13 million tons form China and India this year.

The company actually has formerly majored in property and not projected to tap revenues up to US$800 million or IDR7.6 trillion through the already gained contract.

Finance manager of Dayaindo Resources Heriman Setyabudi once said the company also planned to divest the assets of property sector by semester I/2010. the divestment is done so as to give more corporate focus on the coal and energy trade business.

Such a business has been growing along with the quite significant contract gain worth 16.13 million of China and India.

"The property business assets of Dayaindo so far is about IDR72 billion. we will sell business sector in semester I/2010 and at the same time will seek fund form market."

Concerning with the would be sold 16.13 million tons of coal, Sudiro said the company will mostly cover it from the operational cooperation (KS) with six mining concession holders.

The coal from KSO stood at 60 percent of the would be exported portion abroad and the rest is bought by market. The company with large contact includes Guan Zhenrong Energy from China, and Guangxi Beining Ore.

Dayaindo is coal and nickel company which was formerly known as PT Karka Yasa Tbk. The company now focuses on mining and trade business and formerly on the property sector by developing healthy decent housing.

Dayaindo also aims at the power business by building power plant. But the company ha so far suspended the plan due to the non conducive economy condition.

The stock price of KARK remains at IDR103 yesterday and the market capitalization stood at IDR173.08 billion. the price has soared by 9.57 percent as from early this month position at the level of IDR94. (Bisnis/iaa)

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