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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, 28 February 13
INDIA HAS INCREASED CUSTOMS DUTY AND COUNTERVAILING DUTY FOR POWER PLANT COAL
COALspot.com : The government of India raised basic customs duty and countervailing duty on steam coal. In the meantime government has reduced& ...
Thursday, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
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- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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