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Friday, 27 February 09
WIKA TO ACQUIRE MINING COMPANY
The Jakarta Post reported that, Public listed state construction firm PT Wijaya Karya (Wika) is to acquire a mining contracting firm in the first semester of 2009 as part of a plan to expand in the mining sector.
Wika finance director Ganda Kusuma said Wednesday this was to take advantage of openings in the power sector, as Wika already works on power plant projects.
“We have finalized the due diligence process (for the acquisition),” Gandi said but refused to mention the acquisition value or the name of the contractor, as negotiations are still underway.
He added that Wika planned to acquire a 70 percent stake in the mining company and would finance the acquisition with its cash reserves, which now amounted to Rp 500 billion (US$42 million), of which Rp 307 billion are the proceeds from an initial public offering (IPO) carried out in 2007.
Wika offered 31.7 percent of its stake to the public in September 2007 and secured about Rp 775 billion in sales revenue proceeds in return.
The IPO diluted the government share of overall ownership in the company down to 68.3 percent. Since then, the company has continued with construction projects, mostly contracted by government .
Wika recently won several PLN power plant project contracts, including Muara Karang in Jakarta; Indramayu and Pelabuhan Ratu in West Java, Labuan Banten power plant in Banten, and several other power plant contracts in Sumatera, Sulawesi and Kalimantan.
Ganda said that Wika also plans to look for mining concessions. The company expects a 16 percent jump in revenue to Rp 7.4 trillion this year from about Rp 6.4 trillion in 2008, given that government will spend huge state funds this and next year on infrastructure projects.
Its net profit is also expected to rise by 21.5 percent to Rp 175 billion from the estimated Rp 144 billion in 2008.
Wika has also recently won a contract to build a large dam in Batam worth Rp 225 billion. The company is hoping to benefit from the government infrastructure investment program in 2009 as the state budget has already allocated Rp 34.98 trillion to the public works ministry for this.
Wika is now looking at project opportunities arising from state companies, such as state power company PT Perusahaan Listrik Negara (PLN) now in the process of completing the construction of its first 10,000 MW coal-fired power plant program, with Wika participation, and about to launch a second 10,000 MW program later this year.
Sources: The Jakarta Post
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Thursday, 12 March 09
INDONESIA'S CIREBON ELEC IN TALKS ON COAL SUPPLIES - REUTERS
Reuters reported that, Indonesia's PT Cirebon Electric Power, an independent power producer, is in talks with a number of coal suppliers to seek a ...
Thursday, 12 March 09
ANALYSIS-FIRST NEW JAPAN COAL DEAL MAY NOT SET BENCHMARK - FOREXPROS.COM
* Informal coal-deal practice may come to an end this year
* Buyers expected to ask for a discount
* Biggest losers may be Chinese coal suppli ...
Thursday, 12 March 09
DEPARTMENT RECEIVES REPORT FROM GEOLOGICAL BODY AND NEDO - ESDM
The Geological Body of the Department of Energy and Mineral Resources have presented their Joint Study on Evaluation of Coal Resources and Reserves ...
Wednesday, 11 March 09
TENAGA SHARES CLIMB AS LOWER COAL PRICES CUT COSTS - BLOOMBERG
Bloomberg reported that, Tenaga Nasional Bhd., Malaysia’s state-controlled utility, climbed the most in a month in Kuala Lumpur trading as coal ...
Wednesday, 11 March 09
POSCO WINS 63% CUT IN PULVERIZED COAL PRICES, MACQUARIE SAYS - BLOOMBERG
Bloomberg reported that, Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton ...
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