Business Services Industry
New Hope sells Indonesian coal stake.(New Hope Corporation Ltd.)(Brief Article)
Australasian Business Intelligence, February, 2005 by Wisenthal, Stephen
Feb 08, 2005 (The Australian Financial Review - ABIX via COMTEX)
Australia's New Hope is selling its 41 stake in Indonesia's biggest coal mine for $US378m ($A492m). Chairman Rob Millner said on 8 February 2005 that when New Hope's Indonesian partners in the Adaro mine decided to sell out to exploit the current high coal price, his company had decided to follow them out. The buyers are a group of Indonesian investors, plus Temasek of Singapore and US fund manager Noonday Asset Management. The share prices of New Hope and parent Washington H Soul Pattinson both fell on the news. ABN Amro Morgans' Roger Leaning thought the sale price was about $A100m too low.
Publication Date: 9 February 2005
NEW HOPE CORPORATION LIMITED - ASX
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