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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, 06 June 09
COAL PRICE HIT RECORD ON STRONG CHINA DEMAND - INVESTMENT WATCH
Investment watch reported that, “Coal price hit a new high of over $72 a tonne at Australia’s Newcastle Port, a benchmark for Asia, spur ...
Friday, 05 June 09
CEMENT INDUSTRY NEEDS POLICY ON FLY ASH
H.M. Bangur, President of Cement Manufacturers' Association, on the objectives and economic impact of the proposed national policy on utilisation o ...
Thursday, 04 June 09
PAKISTAN TO IMPORT MORE COAL FROM INDONESIA - SEATRADE
COALspot.com (Pakistan): Richards bay to Pakistan sea freight has touched US$ 20.00 for 40,000/10 pct steam size in June 2009. South African c ...
Thursday, 04 June 09
CHINA'S SHANXI PROVINCE CONSIDERS COAL FUTURES BOURSE - MINE WEB
Mine Web reported that, China hopes to establish a coal futures exchange to obtain more rights on international pricing.
China's largest coal pr ...
Thursday, 04 June 09
CHINA QINHUANGDAO COAL STOCK JUMPS BY 36.2% MOM - STEELGURU
SteelGuru reported that, Sources indicated that, coal stock at Qinhuangdao port, China's major coal port has reached 4.88 million tonnes increasing ...
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- Meralco Power Generation, Philippines
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- LBH Netherlands Bv - Netherlands
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- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
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- Indian Oil Corporation Limited
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- India Bulls Power Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
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- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
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- Eastern Energy - Thailand
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- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
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- Commonwealth Bank - Australia
- VISA Power Limited - India
- Economic Council, Georgia
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- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
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- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
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- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
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- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
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- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Renaissance Capital - South Africa
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- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
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- Parliament of New Zealand
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- Petrochimia International Co. Ltd.- Taiwan
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- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
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- Intertek Mineral Services - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
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- The University of Queensland
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- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
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- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
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- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
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- White Energy Company Limited
- Samtan Co., Ltd - South Korea
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- Directorate General of MIneral and Coal - Indonesia
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- Chamber of Mines of South Africa
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- Indonesian Coal Mining Association
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