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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
 The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Rothschild’s proposal to oust the majority of Bumi Plc’s current Board of Directors and replace them with his appointees. The proposal needs a simple majority to pass, said Lucky Ariesandi, CFA, an analyst from PT Kim Eng Securities.
Bakrie group looks to have a clear upper hand
Lucky Ariesandi further said in his analysis, Bakrie & Borneo (BB) has 30% of the voting rights in Bumi Plc. Bukit Mutiara/Recapital, considered to be related to BB, owned a 13.1% stake in Bumi Plc but divested its shares just before the showdown. The new buyers too, however, look closely related to BB. Harry Tanoe (who bought 1.7% of Bumi Plc) recently acquired Bakrie’s infrastructure business and is reported to be bidding for Bakrie’s 51% stake in Visi Media (VIVA IJ) to further cement his grip on Indonesia’s media business. Avenue Capital (7.6%) has a longstanding cordial relationship with Bakrie, and currently owns an 11.2% stake in Bakrieland (ELTY IJ). Argyle Street Management (4.2%) is the only new buyer without a track record of working with the Bakrie family. All in all, it appears that BB will be able to secure atleast 39-40% of the voting rights in the upcoming Bumi plc’s EGM. Note that the buyers of Recapital’s stake in Bumi Plc can cast their votes if registration is completed 48 hours before the meeting.
Rothschild’s mission impossible
Nat Rothschild, through NR Investment, owns 14.8% of the voting rights in Bumi Plc, based on the latest filings provided by Bloomberg. Aside from his own shares, NR claims to have the support of Abu Dhabi Investment (4.2%), Schroder (3.5%), and Standard Life (2.1%). This takes his tally to around 25% of the voting rights. Other large shareholders have not publicly announced how they would cast their vote, including Blackrock (6.2%), St James Master Fund (5.6%), and Taube Hodson (4.2%). We think it is highly unlikely NR can muster enough support to advance his proposal, said Lucky Ariesandi.
What will happen if Rothschild wins the fight?
He further said, OJK, Indonesia’s financial services authority, has announced that it might consider a radical change in the BoD of Bumi Plc a change of ownership, hence triggering a mandatory general offer (GO) for Berau Coal (BRAU IJ). As NR is not actually offering to buy Berau Coal, the general offer will be done at a Berau’s average trading price 90 days prior to the announcement of the takeover. This would imply a minimum GO price of IDR220/share. The authority might even require a GO for Bumi Resources (BUMI IJ) although it remains a grey area until now as Bumi Plc controls less than 50% stake in BUMI IJ. If this should happen, the GO price for BUMI IJ should be around IDR650/share.
What will happen if BB wins the fight?
By winning, which translates into all of NR’s proposals failing to obtain majority votes, the board can continue with the separation of the Bakrie Group from Bumi Plc through a share swap of BB’s 23.8% ownership in Bumi Plc (with 30% voting interest) with Bumi Plc’s 10.3% stake in BUMI IJ, plus an additional USD278m in cash payments for Bumi Plc’s remaining 18.9% stake in BUMI IJ. This would not actually be a complete separation, as BB would still own a 25.1% stake in Bumi Plc after the share swap, via suspended voting shares. The future of BB’s remaining investment in the suspended voting shares remains unclear at this stage. But if the share swap goes through as planned, the suspended voting shares should become ordinary voting shares, as the voting interest of the group will fall to less than 30%, according to Lucky Ariesandi.
What is the value assigned to BUMI IJ and BRAU IJ in Bakrie’s proposal?
The value of BUMI IJ’s takeover by BB depends on the share price of Bumi Plc. Using Monday’s closing price of GBP 0.394 and Monday’s exchange rates of IDR 14,980/GBP and IDR 9,685/USD, BUMI IJ would be valued at IDR 1,002/share for the purposes of the takeover. Meanwhile, the proposal to take over 84.7% of Berau for USD 946m translates into an offer of IDR 310/share.
By: Lucky Ariesandi, CFA (this report is subject to KimEng’s disclaimer clause)
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Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
Friday, 29 March 13
SUB-BIT INDONESIA COAL SWAPS: UP 0.55 % WOW; CFR SOUTH CHINA COAL CONTRACT: UP 0.23 % WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.55 percent and CFR South China coal shipment&nbs ...
Thursday, 28 March 13
SHIP OWNERS KEEN ON ACQUIRING SECOND HAND TONNAGE, AS WELL AS NEW BUILDINGS IN CONVENTIONAL SEGMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent rally of the Baltic Dry Index (BDI), coupled with renewed optimism, at least in some parts of the wet market, have prompted many ship own ...
Wednesday, 27 March 13
PTBA HAS CONCLUDED US$ 16.14 BILLION WORTH OF COAL SALES AND PURCHASE AGREEMENT WITH PLN
COALspot.com - PT. Bukit Asam, a 32 years old Indonesian state owned coal miner has signed a coal sales and purchase agreement with PT PLN, (a state ...
Wednesday, 27 March 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according ...
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- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- PTC India Limited - India
- Planning Commission, India
- Australian Coal Association
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