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Monday, 24 May 10
SAMTAN TO SELL KIDECO TO INDIKA ENERGY?
.jpg) Insider Stories reported that, Parent company of Indonesia's coal mining contractor PT Petrosea Tbk (PTRO), PT Indika Energy Tbk (INDY) aims to boost its stakes ownership in Indonesia's third largest coal mining producer PT Kideco Jaya Agung from currently 46% to above 50%.
Business newspaper namely Bisnis Indonesia today reports Indika plans to buy additional stakes from another shareholder Korea's Samtan Co Ltd which currently owns 49% stakes in Kideco.
A source familiar with the matter said Samtan is now in talks with Indika about a possible disposal of Kideco. Samtan has proposed a sale offer of Kideco to Indika, which owns first rights of refusal. When Indika is not interested to buy Kideco, Samtan can offer the stakes to the other potential buyers.
According to my source, Samtan has invested in Kideco for long time. "For Samtan, Kideco is like a baby. So, why does Samtan sell Kideco?" the source said.
At the end of March 2010, Kideco produced 6.9 million tons of coal with overburden removal of 44.8 million bcm. Kideco's strip ratio reached 6.49.
Kideco has bought equipments such as dump trucks, excavator, and the others. It has improved crushing plant and loading facilities. Kideco has initiated development of Samarangau pit which has the largest coal reserves at Kideco's concession area. Samarangau is estimated to have coal resouces of 694 million tons and 348 million tons of coal reserves.
In a morning notes published by Mandiri Sekuritas today, should Samtan sell Kideco to Indika, it would be positive for Indika to enhance value at operating level given that Kideco will now be consolidated in the books, should it acquire majority ownership.
Currently, Indika’s has 46% stakes, while Korea’s Samtan Co Ltd owns 49% and the remaining 5% is held by Muji Inti Utama.
This year it aims to produce some 30 million tons (+21%). Kideco has consistently achieved or outperformed its production targets since 1993, when it started commercial production and is looking to expand capacity to 40 million tons of coal by end of 2010.
Kideco’s contribution, recognized currently as other income (below operating level) in Indika’s books historically contributes close to over 90% of Indika’s net income. "We have not incorporated this in our forecast as the stock currently trades at PER10F of 13.3x."
Source: Insider Stories
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Wednesday, 02 June 10
PLN TO DEVOUR 133 PERCENT MORE COAL IN NEXT FIVE YEARS
The Jakarta globe reported that, State electricity company PT Perusahaan Listrik Negara will more than double the amount of coal it uses over the ne ...
Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
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