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Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
 PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug boat and barge operator PT Mitrabahtera Segara Sejati Tbk (MBSS) at Rp1,630 (0.183 USD) per share, said Insider Stories.
Retina Rosabai, Indika's Head of Investor Relations, confirmed that Indika has exercised the option at Rp1,630 (0.183 USD) per share, entitling the company with 51% stake ownership or 892.51 million shares in Mitrabahtera which initiated its trading debut at Indonesia Stock Exchange today, as qouted by Insider Stories.
Referring to the exercise price, Indika has spent Rp1.45 trillion (US$ 163,564,579.81) to acquire Mitrabahtera, a company which was controlled by Prasatya family.
Ingrid Ade Sundari Prasatya and Patricia Pratiwi Suwati Prasatya were both controlling share holders in MBSS with 15.4% shareholding each. PT Patin Resources previously also controlled 56.2% stake in MBSS.
MBSS enrolled Indonesian logistics markets as a family company led by Francesca Hadinata and Bing Prasatya in 1993.
As of September 30 2010, MBSS owned 51 tug boats, 47 barges, and 4 floating cranes. The company is underway to construct a new floating crane scheduled to be commercially operated in February this year. Patricia Prasatya, with support of Jon Vassella, is in charge of the day-to-day running of the company and business development.
Patin Resources, Ingrid Prasatya, and Patricia Prasatya, acting as sellers, entered into an option agreement with PT Indika Energy Tbk (INDY), controlled by Indonesian billionaire Agus Lasmono Sudwikatmono, son of Indonesian tycoon Sudwikatmono who just passed away, and Wiwoho Basuki Tjokronegoro, on November 26 2010.
Accion Capital
On June 14 2010, MBSS also entered into an investment agreement with Accion Capital Management Pte Ltd (ACM) for convertible loan with principal amount of US$5 million in which ACM acts as investor agent and Accion Asia Growth Fund as newly investor.
Under the agreement, when MBSS has listed shares at IDX, each investor must convert the loan into new shares of MBSS with condition the market capitalization is above US$300 million or Rp2.66 trillion (assuming US$1 equals Rp8,865).
If MBSS's market capitalization is below US$300 million, investors will not obliged to convert the loan into new shares until July 8 2013. With US$300 million capitalization, MBSS's per share equals Rp1,485. By selling 12.5% new shares via IPO, MBSS is targeting about Rp327 billion (US$ 36,886,632.83) cash.
In the first day trading, MBSS jumped 11.25% to Rp1,780 per share from the IPO level at Rp1,600 (US$ 0.180). Today's closing price equaled to US$358 million market capitalization.
Under the investment agreement, each holder of convertible loan must convert the loan into new shares of MBSS. (assuming US$1 equals Rp8,865)
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Wednesday, 25 May 11
DRY BULK MARKET ENTERS WEEK ON A HIGH NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has managed to end its downward trend of the past few weeks and surge back on higher ground. Yesterday, the Baltic Dry Index (BD ...
Monday, 23 May 11
BRMS IS TO START PRODUCTION FROM DAIRI PRIMA MINERALS
COALspot.com - The Presidential Decree No. 28 Year 2011 that allows conditional underground mining in the protected forest areas was issued on 19th ...
Sunday, 22 May 11
INDONESIA - INDIA IS LIKELY TO BE STEADY NEXT WEEK - VISTAAR SINGAPORE
COALspot.com - The freight market remained soft beginning of the week, however second half of the week was firm with BDI up by 3.29 pct and closed a ...
Saturday, 21 May 11
OWNERS PREFER TO DO INDO COAL OR NICKEL ORE TO CHINA RATHER THAN GOING TO INDIA - FEARNBULK
Handy
The Atlantic is marked by volatility and very positional, nevertheless USG,NCSA, Cont remain strong thanks to the petcoke, grains and scrap ...
Friday, 20 May 11
GOVT TOLD TO LIMIT COAL, GAS EXPORTS - THE JAKARTA POST
The Jakarta Post, a leading news paper in Indonesia, reported that, Amid soaring global oil prices, the government should limit exports of coal and ...
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- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
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- Commonwealth Bank - Australia
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- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
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- Australian Commodity Traders Exchange
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- Ministry of Finance - Indonesia
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- SMG Consultants - Indonesia
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- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
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- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Central Electricity Authority - India
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- Romanian Commodities Exchange
- Australian Coal Association
- Malabar Cements Ltd - India
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- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
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- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
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- Minerals Council of Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
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- Mintek Dendrill Indonesia
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- Electricity Authority, New Zealand
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- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
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- Goldman Sachs - Singapore
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- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- The University of Queensland
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
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- London Commodity Brokers - England
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- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
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- Indian Oil Corporation Limited
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- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
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- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
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- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
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- Price Waterhouse Coopers - Russia
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