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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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Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
Sunday, 24 February 13
COAL SWAPS INCH UP WEEK - ON - WEEK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.17 percent and CFR South China coal shipme ...
Sunday, 24 February 13
BDI FELL 1.72 PERCENT BUT FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - This freight market has been fairly steady this week but, BDI fell1.72 pct and closed at 740 points.
The cape index also joins BDI ...
Saturday, 23 February 13
IHS MCCLOSKEY 20TH ANNUAL COAL CONFERENCE OF THE AMERICAS
IHS McCloskey 20th Annual Coal Conference of the Americas to be held on 13-14 March 2013 in Cartagena, Colombia
IHS is pleased to invite you to t ...
Thursday, 21 February 13
HANDY : THE PACIFIC MARKET GOT FIRMED UP AS CHINESE CAME BACK FROM HOLIDAYS - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week but rates remained unchanged as lot of ships in the market. The USG-Feast was at USD 18k and Bla ...
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- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Independent Power Producers Association of India
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