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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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Saturday, 07 May 11
BERAU INKS DEALS WITH CHINESE FIRMS AS COAL WEATHERS COMMODITIES STORM - THE JAKARTA GLOBE
The Jakarta Globe reported that, Berau Coal, one of the country’s largest coal miners, has signed sales contracts with two Chinese companies a ...
Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
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- Grasim Industreis Ltd - India
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- Bangladesh Power Developement Board
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- VISA Power Limited - India
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- San Jose City I Power Corp, Philippines
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- Bulk Trading Sa - Switzerland
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- Australian Coal Association
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- Antam Resourcindo - Indonesia
- The University of Queensland
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- Renaissance Capital - South Africa
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- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
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- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Economic Council, Georgia
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- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
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- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
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- Electricity Authority, New Zealand
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- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
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- Aditya Birla Group - India
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- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
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- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
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- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
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- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
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- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
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- Samtan Co., Ltd - South Korea
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