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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, 22 January 11
POSSIBLE COAL EXPORT RESTRICTIONS ON INDONESIA UNLIKELY TO AFFECT CHURCHILL MINING - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining moved to reassure investors after a fall in its share price, stating that from talks with the au ...
Thursday, 20 January 11
INDONESIA MAY BAN LOW-QUALITY COAL EXPORTS FROM 2014 - BLOOMBERG
Bloomberg reported that, The Indonesian government plans to ban exports of coal with an energy value of less than 5,600 kilocalories a kilogram star ...
Thursday, 20 January 11
SUPRAS ARE DOING USD 7- 8K FOR INDONESIA-INDIA - FEARNBULK
Handy
Negative sentiment for forward positions in the Atlantic market due to lack of cargo availability and too many ballasters from the East. Con ...
Thursday, 20 January 11
ITMG TARGETS TO PRODUCE 25 MILLION TONS OF COAL THIS YEAR - BISNIS INDONESIA
Bisnis Indonesia reported that, Coal producer PT Indo Tambangraya Megah Tbk (ITMG) targets to produce 25 million tons of coal this year, a 13. ...
Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
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- Videocon Industries ltd - India
- Parliament of New Zealand
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- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
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- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
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- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
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- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
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- The Treasury - Australian Government
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- Bhatia International Limited - India
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- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
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- Port Waratah Coal Services - Australia
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- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
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- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
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- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
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- Iligan Light & Power Inc, Philippines
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- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
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- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
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- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Sical Logistics Limited - India
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- Romanian Commodities Exchange
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- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
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- The State Trading Corporation of India Ltd
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- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
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