We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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)
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 21 February 13
SPRING COAL PROCUREMENT 2013 IS ABOUT TO TAKE PLACE
In 2012, “Steady Growth” had set the keynote for China’s economic development. Guided by the principle of progressing steadily, do ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
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 ...
|
|
|
Showing 4376 to 4380 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
|
| |
| |
|
