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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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Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
Thursday, 14 March 13
SHIPPERS AND CARRIERS NEED GREATER COMMUNICATION AND MUTUAL UNDERSTANDING
Press Release – Shippers and shipping lines both need to raise their game if global container supply chains are not to be habitually subject t ...
Wednesday, 13 March 13
NEWBUILDING PRICES EXHIBIT NO FALL IN PAST SIX MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that oversupply has been the key plague of the shipping markets in recent years and newbuilding ordering activity has receded subst ...
Tuesday, 12 March 13
COAL MINING PRIVATIZATION IN INDIA: MUST - SUNIL K KUMBHAT
COALspot.com - India has the one of the richest coal reserves in the world and the country should have shown significant progress and gained the pos ...
Tuesday, 12 March 13
NEWCASTLE PORT SHIPPED 2.47 MILLION TONS OF COAL W/E 11 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,471,080 MT of thermal and coking coal for week ended 0700 hours 11 March 2013, Newcast ...
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- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- The University of Queensland
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
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