PT Darma Henwa Tbk (DEWA), a coal mining company, has paid off its debts worth USD 23.80 million to Highrank Investment Limites (HIL). The said debt was settled gradually after the South Jakarta District Court denies the Settlement Agreement request on September 21, 2021.

“By the moment this information disclosure is put out, DEWA’s remaining debts to Highrank have been paid off,” Muhammad Baskoro, Chief Legal and Corporate Secretary of Darma Henwa, mentioned in the information disclosure quoted Monday (18/4).

According to Baskoro, the instalment scheme in the debt settlement was the result of discussion between DEWA and HIL on December 31, 2021, as the South Jakarta District Court refused the request for debt conversion to company stock on December 29, 2021. “The copy of the South Jakarta District Court ruling only arrived last week (14/4), self-collected to the South Jakarta District Court,” he confirmed.

DEWA’s debts to HIL emerged during the potential assets development project, which are due July 1, 2020. The management once proposed a Series B private placement arrangement to cover the said debts to its shareholders on November 6, 2020.

Source: https://www.idnfinancials.com/news/42831/dewa-paid-debts-highrank-investment-limited