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Friday, 29 May 09
INDIKA EYES MORE ACQUISITIONS - THE JAKARTA POST
.jpg) Having nearly completed the acquisition of engineering and mining company PT Petrosea, energy company PT Indika Energy is preparing for more acquisitions by setting aside a budget amounting to up to US$300 million.
Among the company's next acquisition targets are an oil and gas block belonging to British energy giant BP Plc and local coal producer Berau Coal.
The company would take the budget from the company's cash reserves, which currently stand at US$ 377 million, finance director Azis Armand said after Indika's annual shareholders' meeting on Thursday.
"This is a good opportunity for us to expand our business operations," Azis said, adding the company was ready to seek additional funds to support the acquisitions from bank loans and bonds.
"We are opening all the possibilities," he said, refusing to mention figures.
Indika, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, has been embarking a series of acquisition plans, targeting mining and energy companies.
President director Arsjad Rasjid unveiled on Thursday a plan to partnering with state oil and gas company PT Pertamina to buy a 46 percent stake in BP's North West Java Sea block in West Java.
"We haven't decided anything yet because we are still studying it," he said when asked how much of the stake the company would obtain from Pertamina.
Arsjad also mentioned the possibility the company might buy a stake in Berau Coal, the country's fifth largest coal producer.
Meanwhile, in a move related to the Petrosea acquisition, the company decided to delay the completion of the $83.8 million deal to acquire 82 percent in Petrosea due to "administrative problems", Arsjad said.
Previously, the company hoped to close the deal in early June after securing approval in an extraordinary shareholders' meeting, which was supposed to be on Thursday.
"We decide to delay the extraordinary shareholders meeting and reschedule it for June 17," Arsjad said.
By acquiring Petrosea, Indika expects to start receiving as much as 850,000 tons of additional coal from Petrosea's subsidiary PT Santan Batubara this year, Azis said. Santan output is expected to increase to two million tons in 2010, he added.
The company is targeting to increase its coal output by 12.68 percent in 2010 from 24.85 million tons forecast for this year.
Aside from the Petrosea acquisition, the company also acquired coal mining rights to 13 sites in December. The sites are located in Melawi, West Kalimantan with a total concession area of 53,000 hectares with coal reserves estimated at 150 million tons. The production is expected to start by 2012.
Azis said that the company would spend $55 million in capital expenditure this year on the development and operation of coal mines.
Indika's net profit soared 309.4 percent to Rp 1.08 trillion ($104.7 million) last year.
The Thursday meeting also approved the the allocation of 40.3 percent of the company's 2008 net profit, equivalent to about Rp 437 billion, in dividends. That means Rp 84 a share. The meeting also agreed on the promotion of Wishnu Wardhana as the company's vice president and the appointment of Richard Bruce Ness and Eddy Junaedy Danu as directors.
Source: http://www.thejakartapost.com/news/2009/05/29/indika-eyes-more-acquisitions.html
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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
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- Independent Power Producers Association of India
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- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
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- Samtan Co., Ltd - South Korea
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- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
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- Maharashtra Electricity Regulatory Commission - India
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- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Eastern Coal Council - USA
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- Jaiprakash Power Ventures ltd
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- New Zealand Coal & Carbon
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- Thai Mozambique Logistica
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- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
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- Ambuja Cements Ltd - India
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- Renaissance Capital - South Africa
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- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
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- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
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- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
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- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
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- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
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- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
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- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
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- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
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- White Energy Company Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- PTC India Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
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- MS Steel International - UAE
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- Australian Coal Association
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- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
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