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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
 The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Rothschild’s proposal to oust the majority of Bumi Plc’s current Board of Directors and replace them with his appointees. The proposal needs a simple majority to pass, said Lucky Ariesandi, CFA, an analyst from PT Kim Eng Securities.
Bakrie group looks to have a clear upper hand
Lucky Ariesandi further said in his analysis, Bakrie & Borneo (BB) has 30% of the voting rights in Bumi Plc. Bukit Mutiara/Recapital, considered to be related to BB, owned a 13.1% stake in Bumi Plc but divested its shares just before the showdown. The new buyers too, however, look closely related to BB. Harry Tanoe (who bought 1.7% of Bumi Plc) recently acquired Bakrie’s infrastructure business and is reported to be bidding for Bakrie’s 51% stake in Visi Media (VIVA IJ) to further cement his grip on Indonesia’s media business. Avenue Capital (7.6%) has a longstanding cordial relationship with Bakrie, and currently owns an 11.2% stake in Bakrieland (ELTY IJ). Argyle Street Management (4.2%) is the only new buyer without a track record of working with the Bakrie family. All in all, it appears that BB will be able to secure atleast 39-40% of the voting rights in the upcoming Bumi plc’s EGM. Note that the buyers of Recapital’s stake in Bumi Plc can cast their votes if registration is completed 48 hours before the meeting.
Rothschild’s mission impossible
Nat Rothschild, through NR Investment, owns 14.8% of the voting rights in Bumi Plc, based on the latest filings provided by Bloomberg. Aside from his own shares, NR claims to have the support of Abu Dhabi Investment (4.2%), Schroder (3.5%), and Standard Life (2.1%). This takes his tally to around 25% of the voting rights. Other large shareholders have not publicly announced how they would cast their vote, including Blackrock (6.2%), St James Master Fund (5.6%), and Taube Hodson (4.2%). We think it is highly unlikely NR can muster enough support to advance his proposal, said Lucky Ariesandi.
What will happen if Rothschild wins the fight?
He further said, OJK, Indonesia’s financial services authority, has announced that it might consider a radical change in the BoD of Bumi Plc a change of ownership, hence triggering a mandatory general offer (GO) for Berau Coal (BRAU IJ). As NR is not actually offering to buy Berau Coal, the general offer will be done at a Berau’s average trading price 90 days prior to the announcement of the takeover. This would imply a minimum GO price of IDR220/share. The authority might even require a GO for Bumi Resources (BUMI IJ) although it remains a grey area until now as Bumi Plc controls less than 50% stake in BUMI IJ. If this should happen, the GO price for BUMI IJ should be around IDR650/share.
What will happen if BB wins the fight?
By winning, which translates into all of NR’s proposals failing to obtain majority votes, the board can continue with the separation of the Bakrie Group from Bumi Plc through a share swap of BB’s 23.8% ownership in Bumi Plc (with 30% voting interest) with Bumi Plc’s 10.3% stake in BUMI IJ, plus an additional USD278m in cash payments for Bumi Plc’s remaining 18.9% stake in BUMI IJ. This would not actually be a complete separation, as BB would still own a 25.1% stake in Bumi Plc after the share swap, via suspended voting shares. The future of BB’s remaining investment in the suspended voting shares remains unclear at this stage. But if the share swap goes through as planned, the suspended voting shares should become ordinary voting shares, as the voting interest of the group will fall to less than 30%, according to Lucky Ariesandi.
What is the value assigned to BUMI IJ and BRAU IJ in Bakrie’s proposal?
The value of BUMI IJ’s takeover by BB depends on the share price of Bumi Plc. Using Monday’s closing price of GBP 0.394 and Monday’s exchange rates of IDR 14,980/GBP and IDR 9,685/USD, BUMI IJ would be valued at IDR 1,002/share for the purposes of the takeover. Meanwhile, the proposal to take over 84.7% of Berau for USD 946m translates into an offer of IDR 310/share.
By: Lucky Ariesandi, CFA (this report is subject to KimEng’s disclaimer clause)
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- MS Steel International - UAE
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
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