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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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Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
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Showing 4786 to 4790 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
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