Thursday, Apr 24, 2014
Perkebunan kelapa sawit wajib punya ISPO
Saat ini baru 40 perusahaan yang sudah mengantongi ISPO

Thursday, Apr 24, 2014
Pentingnya ISPO Dalam Bisnis Kelapa Sawit
Apabila penggunaan biofuel di Indonesia naik menjadi 10%, maka Indonesia akan menjadi Negara produsen, eksportir dan pengguna sawit terbesar di dunia.

Thursday, Apr 24, 2014
Akuisisi Batal, Saham Mandiri-BTN Terlanjur Naik
Dengan penundaan ini, para pelaku pasar modal di Tanah Air merupakan hal yang ditakutkan investor.

Thursday, Apr 24, 2014
AKI Akan Bentuk Badan Arbitrase Jasa Konstruksi
Selama ini kontraktor nasional tidak memperoleh asas kesetaraan dalam kontrak pekerjaan dan cenderung ikut ketentuan pengguna jasa konstruksi

BNBR 50.00 0.00%
BUMI.JK 203.00 -0.98%
UNSP 50.00 0.00%
ENRG 92.00 0.00%
BTEL 50.00 0.00%
ELTY 50.00 0.00%
BRMS 219.00 +1.86%
DEWA 50.00 0.00%
ARMS.L 193.25 +0.52%
VIVA 299.00 0.00%
BRAU 126.00 -0.79%
On Thursday, Apr 24, 2014 09:20

Friday, May 11, 2012
Bumi to Update on Structure Overhaul By Year-End
by Reuters
LONDON, May 10 (Reuters) - Indonesia-focused miner Bumi Plc will update the market by the year-end on plans to streamline its structure and boost shares, potentially by merging Indonesian-listed miners Berau and Bumi Resources, Chief Executive Nalin Rathod said on Thursday. The simplification of Bumi's complex corporate structure is seen as one of several elements that are vital to the re-rating of its shares, down almost 50 percent this year.

The London-listed miner, originally a venture set up by financier Nat Rothschild, is one of the world's largest exporters of thermal coal, supplying China, India and Japan. But the miner has been battered by the debt woes of its Indonesian investors -- the influential Bakrie family -- and boardroom scuffles with Rothschild.

 It says disagreements with Rothschild were resolved with changes to the board which brought in Rathod, but the shares have yet to recover analysts estimate Bumi trades at a more than 30 percent discount to the sum of its parts.

Bumi Plc's chairman, investor Samin Tan, has signalled he would like to see a merger between part-owned miners Bumi Resources and Berau Coal, to create a coal arm, as part of efforts to revive the stock.

"We are working on legal, commercial and regulatory issues We will have a formal statement once we complete all the procedural issues," Rathod said in an interview after the company reported a 9 percent rise in first-quarter output, despite a strike and heavy rains that hit Borneo. "We will make an announcement before the end of this year."

London-listed Bumi Plc owns 29 percent of Bumi Resources and 85 percent of Berau. Rathod said the company was also making progress on another key plank of its turnaround - reducing the crippling cost of debt - and could help those efforts by selling down some of the 87 percent stake in Bumi Resources Minerals it holds through Bumi Resources, or one of BRM's early-stage projects.

"Both options are open," he said, adding it would otherwise rely on cutting costs to boost cash flows and pay down debt.

The company is in talks with Bumi Resources creditor China Investment Corp, hoping to repay early an outstanding $1.3 billion loan, though only $600 million would in principle be eligible for early repayment this year. The first tranche of the loan, the largest single component of Bumi Resources' debt pile, was repaid last November.

It hopes to more than halve the current cost of the CIC debt, which pays a cash coupon of 12 percent and an additional amount on maturity, taking total annual returns to 19 percent. Bumi said it mined 20 million tonnes of coal in the quarter, up 9 percent despite flat output from Kaltim Prima Coal (KPC) after heavy rains at the start of the year. It said it was on track to meet 2012 targets, and its expansion programme was progressing to its target of 140 million tonnes in 2014.

Rathod declined to comment on efforts by the Bakrie group, controlling shareholders along with other Indonesian investors, to resolve a covenant breach on a $437 million loan after the drop in Bumi Plc's shares, also pledged as collateral.

Samin Tan, who pulled the Bakries back from the brink after a debt crisis last year, is expected again to be part of the solution, but the group is still negotiating with creditors.