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Friday, 03 September 10
BANPU CUTS INDONESIAN HOLDING BUT ITM REMAINS KEY STRATEGIC UNIT - BANGKOK POST
 "SET-listed Banpu Plc, Asean's largest coal miner, yesterday announced the sale of an 8.72% stake in its listed coalmining holding company in Indonesia, the company's largest coal operations, for US$395 million (12.3 billion baht)", Bangkok Post reported.
Bangkok post further said that, Under the terms of the transaction, Banpu Minerals (Singapore) Pte (BMS) sold 98.5 million shares in its PT Indo Tambangraya Megah (ITM) subsidiary for 36,150 rupiah apiece.
The divestment was made via a market placement to Indonesian and foreign institutional investors and is expected to close next Tuesday, Banpu said in a filing with the Stock Exchange of Thailand.
After the transaction, Banpu will remain the largest shareholder with 65% ownership of ITM, which owns five mines in Indonesia with an overall maximum annual capacity of 28.5 million tonnes. However, this year's planned output is only 23 million tonnes.
The main goal of the divestment is to strengthen Banpu's consolidated balance sheet, and the company's business stance in Indonesia will not change, said Somruedee Chaimongkol, the chief financial officer.
"The transaction will generate about $395 million in proceeds for BMS, helping to reinforce Banpu's balance sheet and establish a strong platform for the implementation of our five-year strategic plan," said Ms Somruedee.
Banpu has earmarked $189 million for investment in Indonesian mines from 2010-15.
"The reduction of our shareholding in ITM is minimal. This will not cause any change in our commitment to ITM or our proactive search for growth opportunities in Indonesia," said Ms Somruedee. "Our Indonesian coal business is still very much at the heart of Banpu's business strategy."
Listed on the Indonesian stock exchange, ITM is a profitable company with net cash, generating a net profit of about 6-7 billion baht a year for Banpu.
ITM's total output is set to rise by 17% to about 27 million tonnes next year with two new mines to become operational later this year and early next, said Kitichan Sirisukarcha, an analyst at Kim Eng Securities.
This will lift Banpu's capacity to cash in on rising coal prices, he said.
Kiatnakin Securities said tight supply and strong demand in Asia, especially from China, is projected to drive coal prices to $92-95 a tonne later this month from $90.60 at present, already a 10- week high.
Shares of Banpu closed yesterday on the Stock Exchange of Thailand at 626 baht, up six baht, in heavy trade worth 3.49 billion baht.
Source: Bangkok Post
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Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
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- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
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- Parliament of New Zealand
- Global Business Power Corporation, Philippines
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- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
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- Thiess Contractors Indonesia
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- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Wilmar Investment Holdings
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- Aditya Birla Group - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
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- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
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- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
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- Merrill Lynch Commodities Europe
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- Ministry of Transport, Egypt
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- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
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- Central Electricity Authority - India
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- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
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- Energy Development Corp, Philippines
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- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
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- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
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- Vizag Seaport Private Limited - India
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- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
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- Rio Tinto Coal - Australia
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- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
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- The University of Queensland
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- Economic Council, Georgia
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