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Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbung Energy & Metal on Friday approved the management’s plan to purchase a 23.8 percent stake in London-listed Bumi for $1 billion as well as buying back up to 5 percent of its floating stocks in the market to stabilize their price.
The approval paves the way for Borneo Lumbung to jointly own a combined 47.6 percent stake in Bumi, previously known as Vallar, with two Bakrie Group affiliates, Bakrie & Brothers (BNBR) and Long Haul Holdings.
Borneo Lumbung is owned by businessman Samin Tan, who also owns investment firm Renaissance Capital.
The extraordinary meeting of shareholders on Friday also approved the appointment of Alexander Ramlie — a former banker at local and overseas lenders and executive at Indonesian private equity firm Ancora Capital — as Borneo Lumbung’s new chief executive, replacing Samin.
Samin indirectly controls 73 percent of the company.
“I was asked to replace him [Samin]. That will be effective from today,” Ramlie told reporters. Samin will be nominated for a position at the board of Bumi, replacing Indra Bakrie.
The Bakrie family has been rumored to have close ties with Samin’s business empire, although it has gone on record to deny the existence of any structural connection.
Proceeds from the stock sale to Borneo Lumbung will be used to help refinance Bakrie’s mounting debt, which is owed to a number of overseas lenders, led by Credit Suisse.
Borneo Lumbung’s shares closed 1.2 percent higher on the Indonesia Stock Exchange on Friday, at Rp 830.
Source: The Jakarta Globe
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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Coal and Oil Company - UAE
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- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Rio Tinto Coal - Australia
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- Minerals Council of Australia
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- Indian Energy Exchange, India
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- Energy Link Ltd, New Zealand
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- Indonesian Coal Mining Association
- Latin American Coal - Colombia
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- New Zealand Coal & Carbon
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- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
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- Coalindo Energy - Indonesia
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- Economic Council, Georgia
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- Australian Coal Association
- Power Finance Corporation Ltd., India
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- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
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- Semirara Mining Corp, Philippines
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- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
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- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
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- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
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- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
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- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
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- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
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- Petron Corporation, Philippines
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- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
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- PowerSource Philippines DevCo
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- The Treasury - Australian Government
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- Price Waterhouse Coopers - Russia
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- Electricity Authority, New Zealand
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- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
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