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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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Saturday, 20 June 09
CHINA'S COAL IMPORTS UP AND EXPORTS DOWN
China’s coal import hit a new monthly high in May, while coal export slumped to a 11-year low, China Securities Journal reported today.
The ...
Friday, 19 June 09
COAL FORUM TO MEET IN BALI NEXT WEEK
Bali will host next week a Southeast Asian forum on coal, involving coal producers, consumers and government representatives.
The Indonesian Ener ...
Friday, 19 June 09
KARNATAKA POWER CORP BEGINS BLENDING INDONESIAN COAL
BL reported that the State Government owned power utility Karnataka Power Corporation Limited has begun blending imported Indonesian coal for its th ...
Thursday, 18 June 09
COAL MINING HALTS AFTER DEADLY BLAST - (UPDATE 2)
All mining activists in Sawahlunto, West Sumatra, are at a standstill after a major underground explosion killed at least 31 miners and buried 12 ot ...
Thursday, 18 June 09
INDIA'S HINDALCO CLOSE TO BUYING AUSTRALIA COAL MINE
India's largest aluminium maker Hindalco Industries is close to acquiring a coal mine in Australia, for about $70-$80 million, The Economic Times r ...
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- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
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- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
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- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
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- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
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- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
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- Bangladesh Power Developement Board
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- AsiaOL BioFuels Corp., Philippines
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- Karbindo Abesyapradhi - Indoneisa
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- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
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- Global Business Power Corporation, Philippines
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- Parry Sugars Refinery, India
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