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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, 24 January 13
DRY BULK MARKET FALLS ON TROPICAL CYCLONE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on the downside during the past couple of days, mainly as a result of the tropical storm which forced ports to close do ...
Tuesday, 22 January 13
PORT OF ANTWERP HANDLES 7.0 PERCENT MORE COAL IN 2012 Y-Y
COALspot.com - The port of Antwerp handled 184,134,516 tonnes of freight last year.
This represents a drop of 1.6% compared with 2011, when the v ...
Monday, 21 January 13
NEWCASTLE PORT SHIPPED 10.21 PERCENT LESS COAL W/E 21 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,804,152 MT of thermal and coking coal for week ended 0700 hours 21 January 2013, Newca ...
Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and ...
Sunday, 20 January 13
Q1 & Q4 SUB-BIT FOB INDONESIA COAL SWAPS: FIRM
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) and CFR South China coal shipment for average Q1’ 2013 delivery have gained 0.81percent and ...
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- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
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