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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, 31 January 13
DRY BULK RATES ON A FALLING PATTERN DUE TO ADVERSE WEATHER CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The seasonal factor has emerged as the latest catalyst in determining the course of the dry bulk market, as the floods in eastern Australia, the big ...
Thursday, 31 January 13
NEWCASTLE PORT SHIPPED 2.70 MMT OF COAL W/E 28 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,703,921 MT of thermal and coking coal for week ended 0700 hours 28 January 2013, Newca ...
Thursday, 31 January 13
MMTC TO IMPORT 2.68 MMT OF COAL FOR ARAVALI POWER CORPORATION LTD
COALspot.com: The tender floated by MMTC on behalf of Aravali Power Corporation Ltd, a Joint venture between NTPC and State of Haryana for supply of ...
Wednesday, 30 January 13
TNPL TO SECURE 300K MT OF IMPORTED COAL SUPPLIES AT US$ 75.95 PMT FOR MARCH - AUGUST 2013 DELIVERY
COALspot.com – Chennai based Coastal Energy Private Limited (C&O Group of companies) offered lowest price of US$ 75.95 per met ...
Monday, 28 January 13
BAYAN RESOURCES TO SELL 18 MILLION TONS OF COAL TO GNPOWER MARIVELES COAL PLANT
Publicly-listed PT Bayan Resources announced on Friday that it had signed an agreement on coal sales with Philippine-based GNPower Mariveles Coal Pl ...
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- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
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