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Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbung Energy & Metal on Friday approved the management’s plan to purchase a 23.8 percent stake in London-listed Bumi for $1 billion as well as buying back up to 5 percent of its floating stocks in the market to stabilize their price.
The approval paves the way for Borneo Lumbung to jointly own a combined 47.6 percent stake in Bumi, previously known as Vallar, with two Bakrie Group affiliates, Bakrie & Brothers (BNBR) and Long Haul Holdings.
Borneo Lumbung is owned by businessman Samin Tan, who also owns investment firm Renaissance Capital.
The extraordinary meeting of shareholders on Friday also approved the appointment of Alexander Ramlie — a former banker at local and overseas lenders and executive at Indonesian private equity firm Ancora Capital — as Borneo Lumbung’s new chief executive, replacing Samin.
Samin indirectly controls 73 percent of the company.
“I was asked to replace him [Samin]. That will be effective from today,” Ramlie told reporters. Samin will be nominated for a position at the board of Bumi, replacing Indra Bakrie.
The Bakrie family has been rumored to have close ties with Samin’s business empire, although it has gone on record to deny the existence of any structural connection.
Proceeds from the stock sale to Borneo Lumbung will be used to help refinance Bakrie’s mounting debt, which is owed to a number of overseas lenders, led by Credit Suisse.
Borneo Lumbung’s shares closed 1.2 percent higher on the Indonesia Stock Exchange on Friday, at Rp 830.
Source: The Jakarta Globe
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Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
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- Sree Jayajothi Cements Limited - India
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- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
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- Cement Manufacturers Association - India
- Indian Energy Exchange, India
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- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
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- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
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- Karbindo Abesyapradhi - Indoneisa
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- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
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- Power Finance Corporation Ltd., India
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- The Treasury - Australian Government
- Sical Logistics Limited - India
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- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
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- Attock Cement Pakistan Limited
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- Mintek Dendrill Indonesia
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- Samtan Co., Ltd - South Korea
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- CNBM International Corporation - China
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- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
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- Edison Trading Spa - Italy
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Ministry of Finance - Indonesia
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- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
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- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
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- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
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- Energy Link Ltd, New Zealand
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- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
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- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
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- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
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- Indonesian Coal Mining Association
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- Economic Council, Georgia
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- Baramulti Group, Indonesia
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- Coal and Oil Company - UAE
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- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
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- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
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