Sep 3, 2010

Adaro to buy affiliated Bhakti Energi

Indonesia's coal miner PT Adaro Energy Tbk (ADRO) is considering to acquire affiliated coal mining company PT Bhakti Energi Persada.
"Yes, we are in talks with them," said Adaro Director and Corporate Secretary Andre J. Mamuaya said as reported by Kontan today.
Bhakti Energi is also owned by Beny Subianto and Teddy P. Rahmat whose also Adaro's shareholders. Andre said Adaro will use internally generated cash to acquire Bhakti Energi. As of June 2010, Adaro posted Rp5.31 trillion cash and Rp4.37 trillion retained earning.
In a morning notes published by Mandiri Sekuritas, Bhakti Energi is reported to control 4 coal mining site in Kutai, East Kalimantan, with total reserves reached 5.6 billion metric ton and calorific value at 3,500kcal. Meanwhile by end 2009 Adaro had resources totaling 3,444Mt and reserves at 889Mt.

Disclosure: No position at the stock mentioned above.

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