Thursday, December 24, 2009

Bumi invites Huaneng to acquire Berau Coal

PT Bumi Resources Tbk has been negotiating with the Huaneng Power International from China to be listed in the acquisition structure of 90 percent stocks of the holding company, PT Berau Coal.
Bumi provides US$300 million sub debt to PT Bukit Mutiara, with 99.6 percent stocks owned by PT Recapital Advisors to buy Berau Coal holding company stocks worth totally US$1.48 billion.
Previously Huaneng was deemed one of the nominated buyers of Berau Coal with assistance given by PT Nomura Indonesia. In fact, Huaneng walked out the plan.
Some 51 percent Berau stocks were owned by PT Armadian Tritunggal, a firm with almost full possession of Rizal's through PT Risco, and Rognar Holding B.V. owned 39 percent shares. Armadian also owns 12.8 percent of Rognar stocks directly. Later, PT Risco acquired 87.2 percent shares of Rognar through Winchester(Seychelles) and Aries (Malta). (See illustration).
Along with the acquisition of Berau Coal, Recapital reviewed the Armadian IPO scheme.
Recapital eyes on the reverse take over option to get back stocks from public. But the study on the reverse takeover scheme is deemed the effort to become go public company by acquiring go public company.
But , CEO of Recapital Rosan Perkasa Roeslani when asked refuted to provide detail explanation on the option or transaction scheme.
Previously, Berau holding company , Armadian, planned to sell 30 percent stocks at market targeting to tap some US$100 million. The shareholders of 51 percent shares of coal firm here have appointed Bahana Securities to become underwriter.
Director of Bahana Securities Eko Yuliantoro was not available for comment when I called him yesterday.
Berau Coal got US$300 million loan to pay bonds which will have quicker redemption than the maturity date of 2011 into December 2009.
The bond redemption worth US$225 million issued in 2006 with coupon of 9.375 percent was rendered due to the requirement of acquisition of Berau Coal by Recapital Advisors.
The lending rate refers to the London inter bank offered rate [Libor] plus 475 basis points premium for the one year tenure loan.

No comments: