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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
 Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 years (referred to below as Option One), to acquire a controlling interest in an affiliated coal miner PT Bhakti Energi Persada (BEP) and an option, to acquire the majority shares from the controlling shareholders of BEP (referred to below as Option Two, and, together with Option One are referred to as Options or Option Agreements).
Adaro Energy will have full control of the management, operations and all the funding of BEP from the date of the signing of the Options.
“We are delighted with the BEP Options we have signed. We feel BEP has excellent potential to help us achieve our main goal of generating substantial sustainable long-term value from Indonesian coal," said President Director Garibaldi Thohir at Adaro in a press statement yesterday filed to Indonesia Stock Exchange.
Adaro also worked for 2 years to negotiate a deal that is structured in a unique way to minimize risk to Adaro. "While we are excited with the BEP opportunity, we must also emphasize that we will use our best judgment before injecting any funds to develop the asset.”
Key success factors such as market readiness, receiving required permits from the government, land availability, social and community support, and completing engineering and geological studies must first be in place before any large capital expenditures will be deployed. “Our investors should not have the perception that once the Options are signed, we will immediately deploy capital to fund BEP. We are entering into these Options to properly assess an opportunity, while minimizing the risk to Adaro’s capital. We want to ensure both the acquisition risks and the execution risks are addressed well in advance.”
BEP, which was established in 2002, owns seven low grade thermal coal licenses in the District of Muara Wahau, East Kutai Regency, East Kalimantan. BEP also owns two transport businesses in East Kalimantan, which own the hauling road that will be used to transport BEP’s coal to the seashore. The seven concessions form one very large contiguous thermal coal deposit. SRK Consulting (Australasia) Pty Ltd (“SRK”) estimated BEP’s concessions to have JORC compliant total resources of 9.53 billion tonnes.
In 2010, Adaro Energy hired Marston, an international mining consultant firm out of St Louis Missouri, USA, to conduct a mining and development study, which verified certain technical assumptions used by SRK in their 2008 and 2009 JORC resource reports. Marston’s estimate of insitu coal tonnages was essentially the same as the SRK estimate as the difference was within acceptable limits.
Option One provides Adaro the option to lend up to US$500 million to acquire 51% equity in BEP over a period of 3 years.
Adaro can make a decision to convert the loan into equity at the end of the 3 year period. Option two also has a 3 year maturity and was signed with PT Persada Capital Investama (PCI), PT Triputra Investindo Arya (TIA), and the descendants of the late Mr. Winarto. PCI and TIA each have a 30.787% stake in BEP and combined with the 18.216% Winarto family stake, own 79.8% of the equity of BEP.
Option two provides Adaro a right to acquire shares held by the controlling shareholders of BEP (together holding 79.8% shares in BEP) in exchange for 2,381.7 million shares of Adaro Energy. Both Options are only options for Adaro and not its obligations.
In June 2011, in an unrelated transaction, Adaro Energy acquired 10.22% of BEP for US$66 million from third party minority holders.
Source: Insider Stories
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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
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- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- PTC India Limited - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
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