The $2.38 billion sale of Hopewell Holdings' failed power project in Indonesia has been thrown into uncertainty after it missed Saturday's completion deadline. Josiah Kwok Chin-lai, deputy managing director, said yesterday that the buyer, Sumitomo, needed more time to finalise financing documents. The deadline to sell the Tanjung Jati plant, in Central Java, was pushed back to September 20, but Hopewell hopes to close the deal by the end of this month. 'It is a timing issue,' Mr Kwok said. The deal, upon completion, means a cash windfall of $1.67 billion for Hopewell. However, news of the delay prompted fears of the deal falling through. 'I think Sumitomo needs extra time to obtain financing from JBIC [Japan Bank of International Co-operation] as the financing arrangement is unprecedented since the onset of the Asian financial crisis,' Mr Kwok said. Mr Kwok was optimistic, saying Sumitomo had entered into loan agreements for the deal. Nomura Asian Equity Research analyst K.Y. Ng said Hopewell shares would face short-term selling pressure but he believed the deal would be closed. The stock remained unchanged at $7.70 yesterday. Construction of the Tanjung Jati plant was suspended after the Indonesian rupiah sharply depreciated, forcing a freeze on expensive infrastructure projects. Hopewell owns 80 per cent of the plant and the rest is held by domestic partners.