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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
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