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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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Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
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