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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
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