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Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
 The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to deal with the future of its business there.
A source said the sale was a result of cabotage laws in Indonesia and the current trend where large coal mines were moving to take control of the logistics of shipping coal.
The buyer, said to be involved in the coal business, would become a strategic partner for Scomi Marine’s business in Indonesia.
“A big boy in the business is coming in,” said the source.
The marine logistics business of Scomi Marine primarily involves the transportation and provision of logistics support for major coal producers in Indonesia.
According to its annual report, the company carried almost 28 million tonnes of coal in 2009, 3% lower than in 2008 due to the slowdown in coal demand.
Scomi Marine yesterday halted trading in its stock on Bursa Malaysia until the close of trading on Tuesday.
The company said in a filing the suspension of trading was to facilitate a material corporate exercise involving a substantial transaction which would entail the disposal of certain subsidiaries of the company.
No further details were given. The stock closed up 2.5 sen yesterday at 43 sen after surging nearly 18% this week.
Scomi Marine has an 80.54% stake in PT Rig Tenders Indonesia Tbk, a company listed on the Jakarta Stock Exchange.
According to its website, Rig Tenders is involved in the chartering of tugs and barges to transport coal and other bulk aggregates as well as chartering of supply vessels, work-over and accommodation barges to support the offshore oil and gas industry.
Rig Tenders currently owns and operates a fleet of 53 vessels consisting of 10 supply vessels, 25 tug boats, two accommodation/work-over barges, nine flat-top barges and seven self-discharging barges. It has 491 personnel, including 437 contractual workers.
For its first quarter ended March 31, Scomi Marine’s net profit nearly doubled to RM21.9mil from RM11.1mil in the previous corresponding period.
Revenue was marginally lower at RM102.8mil compared with RM110.4mil previously.
In April, Scomi Marine completed the sale of a 29.07% stake in Singapore-listed CH Offshore Ltd for S$143.5mil, which saw the company make a gain of RM161.9mil.
Source: The Star online (By JAGDEV SINGH SIDHU )
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Thursday, 18 February 10
COAL MINERS FACE SHUTDOWN OVER RECLAMATION FUNDING
Three coal mining companies may be forced to temporarily stop operations this year if they fail to provide funding for a site-reclamation program.
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Thursday, 18 February 10
DECOUPLING FROM OIL PRICES ON STRONG GLOBAL ENERGY DEMAND
A recent coal market conference in Singapore focused on two main issues –— the demand for coal as a source of energy, and coal pricing.& ...
Thursday, 18 February 10
INDONESIA TO INVITE BIDS FOR $1.5 BLN COAL RAILWAY IN MAY
Indonesia plans to invite investors to bid for contracts to build a $1.5 billion coal railway line in Central Kalimantan, a planning ministry offici ...
Thursday, 18 February 10
INDONESIA ZONING RULE THREATENS MINING - INDUSTRY
Reuters reported that, confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to ...
Wednesday, 17 February 10
LAND OVERLAPPING UNAVOIDABLE
Land overlapping issues in the mining industry is unavoidable due to the availability of mineral, coal, and oil resources which are often located be ...
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- Africa Commodities Group - South Africa
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- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
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- Metalloyd Limited - United Kingdom
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- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
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- Price Waterhouse Coopers - Russia
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- Chamber of Mines of South Africa
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- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
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- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
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- Ministry of Transport, Egypt
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- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
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- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- White Energy Company Limited
- SMG Consultants - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
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- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Planning Commission, India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Economic Council, Georgia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
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- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
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- Maheswari Brothers Coal Limited - India
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- Videocon Industries ltd - India
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