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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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Wednesday, 04 March 09
COAL: GLOBAL DEMAND WEAKENS
The Jakarta Post reported that, While coal prices were stickier on the way down compared to other commodities like oil, the Newcastle price now sugg ...
Friday, 27 February 09
COASTAL ENERGEN INKS PACT WITH CHINESE FIRM FOR POWER EQUIPMENT
My Digital Fc reported that, Dubai-based Coal and Oil Group, which is setting up a 1,200MW thermal power plant in Tamil Nadu, has tied-up with China ...
Thursday, 26 February 09
GMR INFRA COMPLETES INDONESIAN BUY
Blonnet reported that, GMR Infrastructure Ltd today confirmed the acquisition of an Indonesian coal mining company for a consideration of $80 millio ...
Wednesday, 25 February 09
INDONESIAN GOVERNMENT TO REGULATE MINIMUM COAL SELLING PRICES
The Jakarta Post reported that, To complement the recent enactment of the new mining law, the government is preparing to introduce a coal pricing in ...
Thursday, 19 February 09
GEOTHERMAL ENERGY DOMINATES 10.000 MW POWER PROJECT - ESDM
The role of coal as a source of energy is superseded by geothermal energy to power the second phase of the 10.000 megawatt (MW) power plant project. ...
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