Saham Bumi : blog saham SEJUTA INVESTOR THE BAKRIES

Maret 2, 2009

link2 artikel bumi yang lalu

Filed under: BURSA bumi — bumi2009fans @ 7:25 am

ekonomi tak serius: terLANJUR CINTA: ihsg akankah melejit juga…
ekonomi tak serius: terlanjur cinta: semakin bugil, semakin kinclong bo..
ekonomi tak serius: terlanjur cinta: overbought kah bumi ini…
ekonomi tak serius: terlanjur cinta: isat melesat
ekonomi tak serius: kau buatku berarti: bumi melantai dan melangit-langit…
ekonomi tak serius: kau buatku berARTi: energi masih penting bo
I am Investor: terlanjur cinta: demarkasi terakhir menuju quo vadis..
I am Investor: yolanda: ayo buruan kerja (7)
I am Investor: yolanda: Govern rightly or die poor (3)
ekonomi tak serius: KAU BUATKU BERARTI: ketika ihsg mendatar…
ekonomi tak serius: KAU BUATKU BERARTI: rapat trus, kapan dugemnya…
ekonomi tak serius: KAU BUATKU BERARTI: bumi tertahan di bumi…
ekonomi tak serius: KAU BUATKU BERARTI: prahara bumi lom tuntas

ekonomi tak serius: KAU BUATKU BERARTI: Investing: NO; preparing: YES (4)
ekonomi tak serius: KAU BUATKU BERARTI: Investing: YES (?); preparing: YES (2)
ekonomi tak serius: KAU BUATKU BERARTI: IJO semua di GLOBAL bo(2)
I am Investor: yolanda: bumi diejek sebagai KODOK

I am Investor: lagi lagi JANJI: mysteriously saved …
ekonomi tak serius: bumi dapat ciuman cewe laen

BP and Rio face coal wrangle

By Roland Gribben
Last Updated: 6:59PM BST 21 Jul 2003
BP and Rio Tinto were yesterday attempting to head off a row with the Indonesian government after deciding to sell their jointly owned coal mine in East Kalimantan for $500m (£315m) to PT Bumi Resources.
Government officials complained that BP and Rio had broken agreements by failing to seek clearance in advance and hinted there could be legal action. But the two companies denied breaching any protocol. One senior government official said: “We don’t know about the sale so obviously they have not asked for our approval. It doesn’t matter to whom they sold the shares, they must ask us first.”

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The companies were committed to selling 51pc of the shares in the 18m tonnes-a-year mine to Indonesian parties and believe they have met the obligation with the sale to Bumi, a quoted Indonesian company. They will share just over $300m from the deal after taking account of $189m of debt tied to a decade-old steam-coal project. The sale marks BP’s exit from coal and helps its latest asset disposal programme.
Rio remains heavily committed to coal, which accounts for 20pc of revenues, but decided the offer for its 50pc holding was too good to refuse. Bumi Resources to increase coal output by 40%

The Jakarta Post , Jakarta | Tue, 01/27/2004 3:47 PM | Business

Rendi A. Witular, The Jakarta Post, Jakarta

Publicly listed PT Bumi Resources, the country’s largest coal producer, said over the weekend that it had set a target of increased coal output at around 40 percent this year, taking advantage of a rise in global coal prices.

Bumi finance director Eddie J. Soebari told The Jakarta Post that the company was planning to produce around 43 million tons, up from 30.6 million tons last year.

He said that about 25 million tons of the company’s total coal production this year would be derived from its newly acquired subsidiary PT Kaltim Prima Coal (KPC), and the remaining 18 million tons from its other unit PT Arutmin Indonesia.

“”The increase in our production is aimed at meeting demand from several countries who previously relied on China, and also to take advantage of the increase in global coal prices, which we expect to soar by 20 percent this year,”” said Eddie.

Bumi has estimated that coal prices this year could reach an average of around US$35 to $38 per ton for high quality coal.

Indonesian coal producers will benefit by the decision from China, the world’s largest producer and consumer of coal, which has decided to limit its coal exports this year due to a serious coal shortage at home.

China needs coal for 70 percent of its power plants, expected to consume at least 900 million tons of coal this year.

Due to the shrinking coal supply from China, several countries such as Japan, South Korea, Taiwan and India have been seriously hurt, not only in terms of supply but also in the increasing price of coal due to the limited supply.

Bumi said that it was expecting to plug the shortage of coal in Japan, South Korea and in several eastern European countries this year.

Elsewhere, Bumi head of investor relations Martinus Peter said that the company’s sales revenue was projected to reach $1.08 billion this year, up from an estimated of $704 million last year.

Bumi becomes the country’s largest coal producer after it acquired KPC shares from Anglo-Australian mining firm Rio Tinto and Anglo-American energy giant BP for $500 million last year. Rio Tinto and BP each own a 50 percent stake in KPC.

KPC operates a huge coal mining site in Sangatta, Kutai Timur regency, in East Kalimantan. Some 96 percent of the company’s high quality coal is exported to international markets, generating around $450 million in revenue each year.

According to the Indonesian Coal Mining Association (APBI), citing the Business Monitor International, coal production from Indonesia in 2004 is estimated at around 119.7 million tons, up from 109.3 tons in 2003 and 103 million tons in 2002.

Seventy percent of Indonesia’s coal production goes toward export.

JAKARTA/SINGAPORE, March 17 (Reuters) – Indonesia`s largest listed miner, Bumi Resources (BUMI.JK: Quote, Profile, Research), is to sell two coal mines to an international investor group in a deal worth $3.2 billion, marking the country`s second-largest takeover.

Bumi, controlled by the family of Indonesian chief welfare minister Aburizal Bakrie, said proceeds would be used to build a coal liquefaction plant and to produce biodiesel from crops.

Red-hot oil prices are fuelling worldwide interest in alternative energy, and the sale comes amid surging international coal prices, due in part to booming demand from Japan and China.

Indonesia is the world`s second biggest coal exporter after Australia.

Bumi said in a statement it had agreed to sell 100 percent of PT Arutmin Indonesia and a 95 percent stake of PT Kaltim Prima Coal (KPC) to a consortium led by PT Borneo Lumbung Energi, an affiliate of Indonesian investment bank Renaissance Capital.

Other members of the consortium included Japanese trading house Marubeni Corp. (8002.T: Quote, Profile, Research) and Leighton Holdings Ltd. (LEI.AX: Quote, Profile, Research), Australia`s top engineering contractor, a source familiar with the matter told Reuters.

Renaissance Capital, the only local partner in the consortium, will take a stake of more than 50 percent, according to the source and another person familiar with the situation.

The source, who asked not to be identified, said the $3.2 billion price tag included unspecified amount of debt, and “it reflects the targetted assets` future cash flow and debt servicing prospects”.

The acquisition would be financed by a combination of equity and debt capital, said the source.

Bumi, set up in 1973 as a hotel and tourism firm, has yet to finalise a deal with Marubeni and Leighton, the source added.

A Marubeni spokesman said: “We are considering joining the consortium, but no decision has been made yet.” Officials at Leighton were not immediately available for comment.

The purchase would be the second-largest merger and acquisition deal in Indonesia by enterprise value, after the $5.2 billion acquisition of Indonesian tobacco firm PT Hanjaya Mandala Sampoerna Tbk last year by Tobacco giant Philip Morris, a unit of U.S. consumer giant Altria Group Inc. (MO.N: Quote, Profile, Research).

HEFTY GAIN

The Jakarta Stock Exchange halted trading on Friday in Bumi shares because of the mines sale plan. Shares in Bumi have soared almost 20 percent in the past three months.

The value of the Bumi deal was slightly higher than analysts estimates of $3 billion. Bumi Resources has a market capitalisation of $1.97 billion, Reuters data shows.

“In the short term it will be good (for Bumi) as they got the good price for those assets,” said Arianto Reksoprodjo, head of research at AAA Securities. “We can see some extraordinary gain from the sale.”

Prior to the announcement, Macquarie Securities analyst Ahmad Solihin said in a report that Bumi could see a 25-35 percent upside in its share price if it could sell the assets for $3 billion, which would imply an equity value for Bumi of $2.4 billion-$2.7 billion.

Bumi bought 80 percent of Arutmin from Australia`s BHP Billiton (BHP.AX: Quote, Profile, Research) (BLT.L: Quote, Profile, Research) for $148 million in 2001. The Indonesian company in 2003 bought a 100 percent stake of KPC for $500 million from Rio Tinto (RIO.L: Quote, Profile, Research) and BP Plc. (BP.L: Quote, Profile, Research).

Reksoprodjo estimated Bumi was selling KPC at $71-$73 per tonne in enterprise value, including debt, nearly tripling the price of $28 per tonne at which they bought the asset in 2003.

Credit Suisse (CSGN.VX: Quote, Profile, Research) advised the buyer. The bank is top M&A deal adviser in Indonesia from 1995 to date, racking up 35 deals worth $12 billion — 22 percent of all the deals in the country, according to data from Thomson Financial.

As part of the deal, the consortium will also acquire a Bumi special purpose vehicle, PT IndoCoal Resources Ltd., which issued $600 million in seven-year bonds last year.

PT Arutmin produced 15 million tonnes of coal in 2004. It has an estimated 170 million tonnes of low-sulphur thermal coals and over 250 million tonnes of other kinds of coal, according to Bumi`s 2004 financial report.

KPC produced 21.4 million tonnes of coal in 2004, nearly all of which were exported. It has proven and probable reserves of 619 million tonnes, the report says.

Bumi yang Kembali Menggoda

Priyanto Sukandar, Dikdik Taufik Hidayat, Subhan Surya Atmaja, dan Julianto (trust)

Saham Bumi Resources memang selalu menggoda para investor. Selain volume transaksinya tergolong tinggi, perusahaan ini tergolong emiten yang kerap bikin kejutan. Masih ingat akuisisi Kaltim Prima Coal (KPC) dua tahun silam? Bagi investor kebanyakan, pencaplokan KPC tadi adalah sebuah keajaiban. Ibarat katak memakan gajah. Kenapa? Sebab, saat itu Bumi hanyalah perusahaan tambang kecil dengan likuiditas terbatas. Di mata investor pun sahamnya nyaris dilupakan. Selain sudah tidur cukup lama, saham berkode BUMI ini hanya dihargai Rp 30. Sementara KPC, yang kala itu dikuasai Rio Tinto dan BP, merupakan perusahaan batu bara terbesar di Indonesia.

Tapi, itulah hebatnya Bumi Resources. Dengan segala kontroversi yang menyelimuti transaksi senilai US$ 500 juta tersebut, perusahaan ini justru kian memesona. Maklum, akibat akuisisi KPC tadi, sahamnya yang semula hanya Rp 30, dalam tempo singkat langsung melesat ke level Rp 500. Pergerakan harga saham ini terus berlanjut. Kendati pemerintah mengharuskan divestasi saham KPC segera dilakukan, saham Bumi terus melaju kencang. Bahkan setelah 32,4% saham KPC didivestasikan ke PT Sitrade Nusaglobus Oktober lalu, harga saham Bumi melesat ke Rp 900 per saham. Dari divestasi itu, Bumi kabarnya mendapat dana senilai US$ 399 juta.

Pertanyaannya, adakah hubungan Bumi dengan Sitrade Nusaglobus? Sebab harga sahamnya justru melonjak ketika kepemilikan perusahaan ini di KPC terpangkas? Kemungkinan itu cukup terbuka. Bahkan, kabar dari lingkungan Grup Bakrie menyebutkan bahwa Sitrade tak lain dan tak bukan merupakan nominee dari keluarga Bakrie. Tapi, kabar itu buru-buru di bantah oleh Eddi C. Soebari. Menurut Direktur Keuangan Bumi ini, Sitrade dan Bumi Resources adalah dua entitas perusahaan yang berlainan.

Selesainya divestasi KPC, rupanya tidak menghentikan ambisi pemilik Bumi untuk melebarkan sayap bisnisnya. Terbukti, dalam waktu dekat mereka akan mengambil alih PT International Mineral Company (IMC) dan PT Citra Palu Mineral. Transaksi dua perusahaan yang berlokasi di Sulawesi tersebut menghabiskan dana senilai US$ 10 juta (sekitar Rp 100 miliar kurs US$ 1=Rp 10 ribu). Sekadar informasi, International Mineral Company adalah perusahaan yang dikuasai oleh BHP Billiton. Perusahaan ini menguasai 80% saham Gorontalo Minerals yang memiliki konsesi penambangan tembaga di Cagar Alam Nantu di wilayah Sulawesi.

Sedangkan Citra Palu Mineral, sebelumnya dikuasai oleh Rio Tinto. Perusahaan ini memiliki konsesi penambangan di Taman Hutan Raya Poboya Paneki, Palu, Sulawesi Tengah, seluas 561 ribu hektare. Menurut Eddi, transaksi tadi sudah selesai. Hanya saja, hingga saat ini manajemen Bumi Resources belum tahu benar kandungan emas dan tembaga di dua lokasi tambang yang baru saja diambilnya itu.

Sebagai catatan, dua lokasi tambang yang bakal dikuasai Bumi tadi berada di wilayah konservasi. Gubernur Sulawesi Tengah bahkan pernah menutup lokasi pertambangan tersebut lantaran berada di wilayah hutan lindung.

Selain mengambil alih dua perusahaan tadi, Bumi juga bakal melakukan aksi yang tidak kalah memikat. Melalui anak perusahaannya, PT Arutmin Indonesia, perseroan itu kini sedang mengincar proyek untuk memasok batu bara berkalori rendah. Dari proyek ini, Bumi berharap bisa mendapat tambahan pendapatan sebesar US$ 96 juta. Proyek ini digelar oleh PLN yang membutuhkan pasokan batu bara kalori rendah sebanyak 400.000 ton per bulan atau 4,8 juta ton per tahun. Pabrik setrum nasional itu berencana menyelenggarakan tender dengan jangka waktu pemasokan hingga 2025.

Bakal Menjadi Bumerang?

Ekspansi usaha yang terus dilakukan Bumi Resources, jelas bakal kian menggelembungkan bisnis mereka. Masalahnya, akankah transaksi dua perusahaan tambang tadi bakal kian melambungkan harga sahamnya? Isnaputra Iskandar, analis Danareksa, justru menilai pembelian yang dilakukan Bumi bakal menurunkan valuasi emiten tersebut. Soalnya, selain harganya kelewat mahal, Isna beranggapan, akuisisi itu membuat bisnis Bumi menjadi tidak fokus. “Mereka (Bumi Resources) juga tidak punya pengalaman di tambang emas dan tembaga. Sehingga akuisisi itu membawa sentimen negatif,” katanya.

Pendapat Mustafa Kamil, analis PT Phillip Securities, sami mawon. Walaupun transaksinya hanya menghabiskan US$ 10 juta, belum jelasnya kandungan emas dan tembaganya membuat hal itu bisa menjadi bumerang. Sebab, jika hasilnya tidak sesuai kajian ekonomis, harga yang dibayar Bumi menjadi sangat mahal. Tapi, kata Mustafa, pembelian dua tambang tadi bisa membawa dampak positif pula. Paling tidak jika kandungannya cukup besar, pendapatan Bumi bakal kian menanjak. Apalagi harga emas kini sedang tinggi-tingginya. Bulan lalu, harganya bahkan mencapai rekor tertinggi, US$ 500 per troy once.

Mungkin itu sebabnya, Eddi begitu optimistis aksi korporasi yang dilakukan perusahaannya bakal berimbas positif. Setidaknya, kini perusahaannya telah melakukan diversifikasi produk. “Kami ingin menjadi perusahaan tambang yang komplet. Mungkin harganya mahal, tapi kami yakin prospeknya bagus,” tegasnya. Eddi menambahkan, untuk melunasi transaksi dua perusahaan tambang tersebut, Bumi akan mengambil dana internal. Tapi sumber TRUST di lingkungan Bakrie menyebutkan, dana tadi diperoleh dari repo saham perseroan.

Seorang manajer investasi membenarkan bahwa Bumi cukup gencar menawarkan repo sahamnya. Iming-iming bunga yang ditawarkan pun cukup tinggi, di kisaran 16%-18% setahun. Nah, bila benar transaksi tadi didanai dari repo, sudah barang tentu beban Bumi bakal melonjak. Sebab, repo termasuk instrumen utang. Memang, di laporan keuangan akhir 2005, pembengkakan utang tadi tidak akan kelihatan. “Baru pada kuartal pertama atau kedua akan terlihat perbedaannya,” kata si sumber.

Hanya saja, bagi investor, sumber pendanaan tadi tidak terlalu dihiraukan. Terlebih lagi berkembang informasi bahwa perusahaan ini juga berniat untuk melakukan buy back sahamnya. Inilah yang kemudian membuat saham Bumi yang tadinya lesu dan sempat melorot ke level Rp 670 awal Desember, kini berada di level Rp 760 (16/12). Kendati, seorang analis di sekuritas asing mengingatkan, kenaikan itu sifatnya hanya sesaat akibat technical rebound.

Analis tadi bahkan memperkirakan kinerja Bumi bakal tertekan. Ini lantaran harga jual batu bara di pasar spot internasional turun. Bila di awal tahun harganya mencapai US$ 62 per ton, kini cuma US$ 37,6 per ton. Sudah begitu, akibat membengkaknya harga BBM, biaya yang harus dikeluarkan Bumi meningkat 94% menjadi Rp 738 miliar. Hingga akhir 2005, Bumi diperkirakan akan menghasilkan 43,2 juta ton batu-bara. Tambang KPC menghasilkan 27,5 juta ton emas hitam dengan harga jual rata-rata US$ 43,66 per ton. Sedangkan Arutmin menghasilkan 15,7 juta ton dengan harga jual rata-rata US$ 34,75 per ton.

Hanya saja, menurut Mustafa, akuisisi dua perusahaan tambang tadi bakal mengangkat kembali pamor Bumi. Analis ini bahkan meyakini saham emiten ini bisa melaju ke posisi Rp 1.000.
Bumi to sell KPC, Arutmin for US$3 billion
Business and Investment – March 17, 2006

The Jakarta Post, Jakarta

The country`s largest coal producer and exporter, PT Bumi Resources, appears on the verge of clinching a deal to sell its entire stakes in two coal-mining firms, PT Kaltim Prima Coal and PT Arutmin, to a consortium of foreign and local companies, including U.S.-based Farallon Capital Investment and local company PT Renaisance Capital, an inside source said Thursday.

“The preliminary agreement on the transaction, for a price of almost US$3 billion, will be signed tonight,” the source told The Jakarta Post.

He added, however, that the deal would not be concluded until June, after it had been endorsed by the company`s shareholders, who are also due to meet that month.

Bumi, which is controlled by the family of Aburizal Bakrie, the coordinating minister for the people`s welfare, owns almost 95 percent of KPC, and an 80 percent stake in Arutmin.

The sale of the stakes in the two companies will be the second largest divestment ever conducted by a local company, following the record set by the Sampoerna family when it sold its entire stake in cigarette producer PT H.M. Sampoerna last year for US$5.2 billion.

Ari Hudaya, Bumi`s president, could not be reached for comment, but he earlier told Dow Jones that the company`s management was in talks with local buyers to sell the company`s entire stake in both KPC and Arutmin.

“We have a big plan, which we will reveal after the sale is completed,” he said.

The source told the Post that the divestment of Bumi`s shares in the two coal miners was part of a major expansion plan by the company into the oil and gas business.

He said that after the two stakes had been sold, Bumi would acquire oil and gas firm PT Energi Mega Persada, which is also partly owned by the Bakrie family.

“Bumi will expand its business into oil and gas through PT Energi Mega Persada, which at present operates eight oil and gas blocks in Indonesia and two others in Yemen,” he said.

In addition, Bumi would add value to its coal output by processing it into liquid, he said, adding that the company would collaborate with South Africa-based firm SOAL in the production of “liquefied coal”.

Bumi`s shares surged Rp 50 rupiah, or 5.4 percent, to Rp 980, their highest level ever, on news of the divestment plan. More than 326 million Bumi shares were traded Thursday, the highest number since March 31, 2005, when 364.1 million Bumi shares changed hands.
Bumi divest coal firms, changes focus

Business and Investment – March 18, 2006

The nation`s largest coal producer, PT Bumi Resources, confirmed Friday that it had signed a binding sale agreement to off-load almost all its shares in three coal mining firms to a consortium of local companies for US$3.2 billion.

Bumi Resources president Ari Saptari Hudaya said that the company would sell 95 percent of PT Kaltim Prima Coal and 100 percent of PT Arutmin Indonesia and IndoCoal Resources Ltd to a local consortium led by PT Borneo Lumbung Energy, an affiliate of Jakarta-based PT Renaissance Capital, which is controlled by former Deloitte Touche Samin Tohamatsu partner Samin Tan.

“The transaction is subject to customary completion conditions including shareholder approval,” Ari said.

A spokesman for Marubeni Corp told Bloomberg that the Japanese conglomerate might also join the consortium. A source had earlier informed The Jakarta Post that U.S.-based Farralon Capital Investment would be part of the consortium but its name did not appear on Ari`s list of buyers.

If the transaction goes through, Bumi will receive a hefty capital gain of at least US$2.5 billion from the divestment, the second largest ever conducted by a local company after the US$52 billion divestment of the Sampoerna family`s entire stake in clove cigarette producer H.M. Sampoerna,

Bumi, which is controlled by the family of the coordinating minister for the people`s welfare, Aburizal Bakrie, bought 80 percent of Arutmin from BHP Billiton in 2001 for US$148.5 million and 20 percent from the Bakrie Group for $37 million. Two years later, Bumi bought 100 percent of Kaltim Prima for $500 million from BP Plc and Rio Tinto Group.

Bumi`s full takeover of KPC caused a furor at the time as a government team back then was finalizing negotiations on the sale of a 51 percent stake in the East Kalimantan firm to the local government.

BP and Rio Tinto were required to sell their 51 percent stake in the late 1990s to Indonesian entities to meet mandatory divestment requirements under the government`s mining legislation. But negotiations over the divestment to the local government had been bogged down for several years, forcing the Energy and Mineral Resources Ministry to set up a special negotiating team.

KPC and Arutmit, which produced 21.4 million and 14.6 million tons of coal respectively last year, are among the largest coal miners in the country. A sharp increase in coal prices has helped Bumi`s shares increase 49-fold since October 2002.

Bumi`s shares were suspended from trading by the Jakarta Stock Exchange on Friday, pending more details on the transaction. The shares had gained 5.4 percent Thursday to close at a record Rp 980.

Analysts estimate that Bumi`s profit jumped more than 80 percent last year on rising exports to China and other Asian nations.

Bumi is estimated to have earned Rp 2.19 trillion ($237 million) in the year ended December 31. Its earnings may rise another 12 percent to Rp 2.46 trillion in 2006, according to the median of five recent forecasts by Thomson Financial as reported by Bloomberg.

The news on the divestment of Bumi`s stakes in its three coal-mining companies has come as a surprise given that many investors are currently rushing to get into the coal mining industry, which has become one of the most profitable business in the country following the surge in global coal prices over the last two years.

But Bumi`s president, Ari, said the sale of the company`s coal assets was fully in line with its strategy of becoming the country`s best performing energy and natural resources company.

He said the sale of the stakes would allow Bumi to realign its focus on the energy and natural resources sectors, which management believed held out the prospect of greater long-term benefits for Bumi.

“The company will continue to actively seek business opportunities in the oil, natural gas, minerals and alternative energy sectors,” he explained.

He also said that the company would spend $1.5 billion of the divestment proceeds on setting up plants to turn coal into diesel in Kalimantan and Sumatra.

 

PT. Bumi Resources Tbk Raih Laba US$ 151,9 Juta

swaberita

Perusahaan yang bergerak di sektor tambang batubara terbesar di Indonesia, PT. Bumi Resources Tbk, memaparkan keuntungan atau laba bersih yang diperolehnya sebesar 89 persen didapatkan dikuartal pertama.

Kenaikan laba bersih ini, disebabkan juga karena tingginya harga pasar batubara dan besarnya permintaan pasar akan batubara. Indonesia adalah negara pengekspor batubara terbesar didunia bagi pasar konsumsi batubara dunia.

Selain atas faktor keuntungan yang diperoleh karena naiknya harga batubara, Indonesia menjadi negara pengekspor batubara terbesar dunia juga dikarenakan Cina tidak dapat mensuplai batubara ke beberapa negara didunia.

Kenaikan keuntungan perusahaan yang didapat pada kuatal tahun ini adalah US$ 151,9 juta dari US$ 80 juta pada kuartal tahun lalu. Tingkat penjualan perusahaan meningkat menjadi 18 persen sebesar US$ 750,4 juta.

Fristiandi Nugroho adalah kontributor swaberita 

 

Bapepam Tetap Lepas Saham Bumi

Badan Pengawas Pasar Modal (Bapepam) dan Lembaga Keuangan (LK) memutuskan untuk tetap memperdagangkan saham PT Bumi Resources meski harganya terus menurun dan beberapa kali terkena auto rejection (penolakan otomatis) batas bawah hingga hanya berharga Rp 1.610 per lembar dalam perdagangan bursa saham.

Jatuhnya harga saham Bumi menyusul rencana penawaran penjualan 35 persen saham perusahaan ini kepada North Star Pacific oleh Bakrie and Brothers yang belum jelas. Saham tersebut dijual akibat beban utang Grup Bakrie ke beberapa debitor asing. Bahkan, beberapa badan usaha milik negara sempat diperintahkan untuk membeli saham Bumi setelah disuspens atau dihentikan sementara perdagangannya) oleh Bursa Efek Indonesia sejak awal bulan Nopember lalu.

Fristiandi Nugroho adalah kontributor swaberita 

 

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March 7, 2009SHARE THIS PAGE 

Bumi Stock Up on Rumors of Chinese Interest

Despite lingering doubts over recent acquisitions, PT Bumi Resources Tbk, Asia’s largest thermal coal producer, has seen its stock soar 49 percent over the past month on speculation a Chinese firm may be poised to buy a stake in the company, analysts said.

They said the renewed interest in the stock was also due to an attractive dividend policy, and the Capital Market and Financial Institutions Supervisory Agency, or Bapepam-LK’s, direction that Bumi seek shareholder approval for its January purchases of three local mining companies, PT Dharma Henwa Tbk, PT Fajar Bumi Sakti and PT Pendopo Energy. At the time, the total purchase price amounted to $525.3 million. However, Dileep Srivastava, Bumi’s vice president for investor relations, said the value of the acquisitions had declined to around $500 million currently due to the weakening rupiah

The market reacted strongly to the purchases at the time on suspicion that the acquisition targets were linked to the Bakrie group, the biggest single shareholder in Bumi, and that minority shareholders ended up being sidelined by Bumi’s failure to seek shareholder approval.

“There are a number of factors that have been spurring interest in Bumi stock. There are rumors of a strategic investor from China taking a stake in Bumi, expectations regarding the company’s dividend policy, and the fact that Bapepam-LK has told it to secure shareholder approval for the January buys,” Christine Salim, head of research at Samuel Securities, said in a note posted on the Samuel Web site on Friday.

She said that with a dividend policy of paying out 30 percent of net earnings to shareholders, the stock was attractive, even if the overall dividends paid to investors were lower than last year.

Bumi stock slumped to its lowest ever level of Rp 425 on Jan. 15, but closed at Rp 780 in Jakarta on Friday. Bumi has been the most actively-traded stock on the Indonesia Stock Exchange, or IDX, over the last month.

“The recent increases in commodity prices, principally crude oil, have also spurred buying sentiment in Bumi,” said Pardomuan Sihombing, head research at Paramitra Alfa Securities.

He also said that the large number of Bumi shares circulating in the market and its current attractive valuation had caught the eye of many investors.

Dandossi Matram, a capital market analyst, said retail investors were buying up Bumi shares as they expected the Bumi acquisitions to secure the approval of shareholders.

“Even though the Bumi acquisitions are under investigation by Bapepam, private investors believe the process will continue and shareholders will give their approval,” news portal Inilah.com quoted Dandossi as saying.

However, Salim said that Bumi shares would remain volatile in the short term as uncertainties over the acquisitions and debt restructuring by the Bakrie group affected market sentiment.

Meanwhile, Pardomuan mentioned a “conservative” target price for Bumi of Rp 1,200 by the end of the year.

Salim said she also had concerns over Bumi’s debt position, which is expected to peak this year at $1.29 billion, including debts of $390 million to finance its January acquisitions.

Separately, analysts have warned that India’s Tata Power Co., a subsidiary of Tata Group, the largest business conglomerate in India, may have to sell its stakes in two Bumi units to help it service $850 million in debt that it incurred to purchase the units in 2007.

In March 2007, Tata Power bought 30 percent stakes in Bumi units PT Kaltim Prima Coal and PT Arutmin Indonesia at a total cost of $1.3 billion. Due to likely lower dividends from the two companies, Tata Power may now find it difficult to repay the debt.

 

jakarta globe: 

 

 

March 14, 2009SHARE THIS PAGE 

Bapepam May Force Bumi to Go To Shareholders

Indonesia’s securities watchdog said on Friday that it may force beleaguered coal giant, PT Bumi Resources Tbk, to seek approval from independent shareholders for the purchase of three small energy companies if an independent appraiser finds the purchases to be overvalued or an attempt to hide assets from creditors.

The Capital Market and Financial Institutions Supervisory Agency, or Bapepam-LK, has been under fire for delaying the probe of the transactions for weeks, in which Bumi, on Jan. 12, bought PT Dharma Henwa Tbk, PT Fajar Bumi Sakti and PT Pendopo Energy for a total of Rp 6.18 trillion ($512 million). Critics say the deals were designed to shield Bumi’s assets .

Bumi’s share price collapsed in October, forcing the closure of the Indonesia Stock Exchange, or IDX, amid allegations of price manipulation as the world credit crunch hit.

Bakrie creditors who had taken stock as collateral for loans demanded that the shares be backed by cash. That has forced the Bakrie companies to attempt to sell assets in road shows as far away as Las Vegas, Nevada. The group is still in a severe cash crunch.

Bapepam’s chief, Fuad Rahmany, said on Friday that his agency was not legally empowered to void the deals, even if they are found to be irregular, “as we’re not shareholders of Bumi.

“If we found the acquisitions to be affiliated and the acquisition value is not fair [overvalued], then we could force Bumi to seek approval from independent shareholders,” Fuad said.

Although Bapepam has ordered the IDX to hire a reputable independent appraiser to look into the three transactions, the IDX has yet to announce a candidate.

Erry Firmansyah, IDX president director, said, “It isn’t easy to select a good appraiser, we must select thoroughly.”

Bumi’s parent company, PT Bakrie and Brothers Tbk, is owned by the family of the coordinating minister for social welfare, Aburizal Bakrie. Bakrie & Brothers now owns a 20 percent stake in Bumi.

The Capital Markets Law says that to protect minority shareholders from the possibility of unfairly priced transactions, Bapepam could oblige the firm to get approval from the majority of independent shareholders for the three transactions.

Last month, Bumi released a comparison of several coal firm acquisitions around the globe, arguing that the acquisitions were at fair value. Dileep Srivastava, Bumi’s vice president for investor relations, insisted that the costs were reasonable, saying Bumi would only pay 65 percent of the price of PT Dharma Henwa Tbk after three years and 82.6 percent of the prices of PT Fajar Bumi Sakti and PT Pendopo Energy after two years.

The payments, Dileep said, would only be made “if production targets for Dewa and FBS [Fajar Bumi] were met, and Pendopo successfully secures a coal-supply contract for the Mitsui/JPower coal-fired power plant project” located in Palembang, South Sumatra Province.

Bumi’s share price has rebounded from its Jan. 15 low of Rp 425 to about Rp 800 this week, then closed down slightly at Rp 780 on Friday.

 

Analysts question $561m Bumi acquisition
09 Januari 2009 11:52:15
 
 
 

Analysts question $561m Bumi acquisition 

Seemingly oblivious to global economic worries and the financial woes of its parent company, coal giant PT Bumi Resources Tbk spent this week gobbling up new assets, announcing plans to acquire three coal companies for a whopping Rp 6.1 trillion ($561.2 million).

Bumi’s renewed appetite for expanding its coal reserves, however, prompted a request on Thursday for more information from the country’s stock exchange and raised eyebrows among analysts who questioned why the company was content to go against current economic conditions by paying far above market value for the coal firms.

“I think that the acquisitions are being done at expensive prices, while many companies are now reconsidering their capital expenditures due to the uncertain market conditions,” said Sylvia Darmaji, an analyst at PT Ciptadana Sekuritas. “I don’t see the logic of their increasing their coal reserves since they already had the largest reserves. 

“It would only be logical if the purchases were at a lower price,” she said, adding that Bumi had not fully disclosed details of its transactions and had been reluctant to release information.

Erry Firmansyah, president director of the Indonesia Stock Exchange, said on Thursday that the bourse would soon send a letter to Bumi requesting more information about the transactions. 
“We’re currently revising the letter, and we’ll ask them about the companies that they’re acquiring,” he said. 

Erry said that although the IDX cannot judge whether a transaction is deemed too expensive, it can request further information from Bumi about the purchases. 

On Wednesday, Bumi disclosed its intention to purchase an 84 percent stake in PT Pendopo Energi Batubara, a coal exploration firm, for $119.6 million. The sum would appear exceedingly high based on a recent news report that mining contractor PT Darma Henwa Tbk, another Bumi acquisition target, was trying to purchase Pendopo for about $100 million.

By comparison, in 2006 Pendopo was valued at just $3 million dollars, raising questions as to whether the company is currently overpriced.

Felicia Barus, a coal analyst with Danareksa Research Institute, said Bumi was pursuing the acquisition despite the fact that the price of coal was in decline. 

Bumi announced on Monday that it would buy an 80 percent stake in Zurich Assets International Ltd., the parent company of Darma Henwa, for $222 million — more than five times Darma Henwa’s market value based on its current share price. 

The next day, Bumi said it would buy 77 percent of Leap Forward Finance Ltd., the parent of PT Fajar Bumi Sakti, for $224 million. The acquisition values Fajar Bumi Sakti’s coal reserves at $2.60 per metric ton, compared with Bumi’s reserves which are valued at only 71 cents per ton, according to Bloomberg.

Bumi has said the three purchases are not material transactions, meaning they don’t need shareholder approval, and that there were no conflicts of interest. 

Sylvia said the Capital Market and Financial Institution Supervisory Agency would have to interpret the regulation on material transactions because the purchases total more than Rp 6 trillion. 

The purchases will be financed from both “internally generated funds and external funding,” said Dileep Srivastava, Bumi’s senior vice president of investor relations, in a text message to the Jakarta Globe. The three deals would be concluded by next week, he said.

Srivastava did not elaborate on whether Bumi, which is owned by the financially troubled Bakrie Group, would assume debt to finance the acquisitions.

Bumi shares declined 9 percent on Thursday, closing at Rp 700.(JG)

 

 

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