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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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Friday, 01 April 11
DRY BULK MARKET WEAKENS ON SLOWER DEMAND, HOPES FOR MID-TERM REBOUND ON JAPANS RECONSTRUCTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected in the Baltic Dry Index (BDI) retreated for a third day yesterday, after staying flat on Monday, to end at 1,530 p ...
Wednesday, 30 March 11
CHALLENGER SIGNS OPTION AGREEMENTS TO PURCHASE FOUR COAL PROJECTS IN INDONESIA
Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia
Challenger Deep Resources Corp.ha ...
Wednesday, 30 March 11
KPCL TO IMPORT ONE MILLION TONS OF 6300 GAD COAL
COALspot.com - Karnataka Power Corporation a state utility of Karnataka, India called for open tender for supply of one million tons of 6300 Kcal/kg ...
Wednesday, 30 March 11
WIKA GRABS PROJECT FROM ADARO INDONESIA - INSIDER STORIES
One of Indonesia's largest thermal coal PT Adaro Indonesia has finally mandated PT Wijaya Karya Tbk (WIKA) as a contractor to install and manage ov ...
Tuesday, 29 March 11
JAPAN FACTOR RIPPLING THROUGH THE SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the world watching the latest developments regarding the nuclear crisis in Japan and the devastating effects of the recent tragedy that struck ...
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- Altura Mining Limited, Indonesia
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- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
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- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
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- Sical Logistics Limited - India
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- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
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- Coastal Gujarat Power Limited - India
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- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
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- Aboitiz Power Corporation - Philippines
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- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
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- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
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- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
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- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
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- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- The Treasury - Australian Government
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- Trasteel International SA, Italy
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- Goldman Sachs - Singapore
- The University of Queensland
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- Thai Mozambique Logistica
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- Marubeni Corporation - India
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- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Australian Coal Association
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
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- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
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- Independent Power Producers Association of India
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- Globalindo Alam Lestari - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
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