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Thursday, 18 June 09
INDIKA GETS APPROVAL ON PETROSEA ACQUISITION
PT Indika Energy, the country’s third-biggest miner, said on Wednesday that its shareholders had approved its plan to acquire an 81.95 percent stake in local oil, gas and mining contractor PT Petrosea from Clough International Singapore for $83.8 million, following a preliminary agreement signed in February.
Indika needed to obtain shareholder approval for the acquisition because it constitutes a material transaction.
Indika’s president director, Arsjad Rasjid, said the shareholders told the board to conduct further due diligence on Petrosea before finalizing the transaction.
“They also approved the company’s plan to launch a tender offer for Petrosea shares held by retail investors,” he said, noting that about 18.05 percent of Petrosea is now publicly owned.
Arsjad said that based on the preliminary agreement, the acquisition was scheduled for completion on June 30.
“We hope to consolidate Petrosea’s accounts with Indika’s in the third quarter financial report. Petrosea’s contribution to revenue will be very significant,” he said, adding that if the acquisition had taken place last December, Indika’s revenue would have increased 86 percent to Rp 4.309 trillion ($422.3 million), from Rp 2.314 trillion a year earlier.
Azis Armand, Indika’s chief financial officer and a Petrosea commissioner, said that Petrosea recently won a $315 million, four-year coal-mining contract from PT Gunung Bayan, as well as a $250 million, five-year mining deal with PT Samtan Batubara.
Petrosea posted revenue of $205.8 million and net profit of $1.8 million in 2008, while Indika recorded revenue of Rp 2.31 trillion and net profit of Rp 1.08 trillion.
Indika shares closed unchanged at Rp 2,700 in Jakarta on Wednesday.
Source: The jakarta Globe (http://thejakartaglobe.com/business/indika-gets-approval-on-petrosea-acquisition/312782)
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Tuesday, 23 June 09
NEWCASTLE WEEKLY COAL EXPORTS DECREASE 15%; SHIP QUEUE RISES
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 15 percent last week while the numb ...
Tuesday, 23 June 09
NAPOCOR TO RE-TENDER FOR 195,000 T COAL IN JULY
Electricity producer National Power Corp. (Napocor) will hold a tender on July 15 to buy 195,000 tons of steam coal for its Sual power station, the ...
Monday, 22 June 09
ONE DIES IN KUTAI COAL TUNNEL COLLAPSE
The Jakarta Post reported that, A tunnel at a coal mine belonging to company PT Fajar Bumi Sakti in Kutai Kartanegara, East Kalimantan collapsed on ...
Monday, 22 June 09
THIS WEEK IS EXPECTED TO BE FIRM AND DEMAND OF SHIPS WOULD BE STRONG - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI up by 487 points over last week which is an increase of almost 13 pct. The increase is again mainly due to Ca ...
Monday, 22 June 09
CHINESE MAY COAL IMPORTS HIT RECORD 9.43 MILLION TONNES
Reuters quoted Custom Data showed that China's coal imports hit an all-time record of 9.43 million tonnes in May.
The figure surpasses the previ ...
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- Tamil Nadu electricity Board
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- Global Coal Blending Company Limited - Australia
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- Global Business Power Corporation, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- Trasteel International SA, Italy
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- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
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- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
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- Orica Mining Services - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
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- Singapore Mercantile Exchange
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- The State Trading Corporation of India Ltd
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- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
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- Independent Power Producers Association of India
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- Aboitiz Power Corporation - Philippines
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- Price Waterhouse Coopers - Russia
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- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
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- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Goldman Sachs - Singapore
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- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
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- Indonesian Coal Mining Association
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