Sep 20, 2010

Bukit Mutiara pledges 18.77% Berau

PT Bukit Mutiara, controlling shareholder of coal producer PT Berau Coal Energy Tbk (BRAU), has secured US$50 million loan from Avenue Luxembourg S.A.R.L.
In Berau Coal IPO prospectus submitted to Indonesia Stock Exchange (IDX), to secure the loan facility, Bukit Mutiara has pledged 18.77% stakes in Berau Energy to Avenue at a minimum value of 2 times of the loan.
Bukit Mutiara is also in talks with Avenue in a bid to obtain additional loan facilities and provide more shares to pledge.
Bukit Mutiara controls 90.257% stakes in Berau Energy, PT Bentara Energi Asia holds 0.001% stakes, and public holders own 9,742% stakes. 
Berau Energy offloaded 3.4 billion shares, 9.742% of its total outstanding 31.5 billion shares, into the primary market at Rp400 per share.
From the 3.40 billion shares, 70% was allocated for local and foreign investor institutions while the rest was allocated for individual investors. 
From the IPO for about Rp400 per share, 1.36 trillion of cash will be used for capital expenditure and Maple Holdings Ltd acquisition through Seacoast Offshore Inc, Berau subsidiary. 
Maple, subsidiary of Regulus International Pte Ltd, will hold the marketing rights of PT Berau Coal, Berau Energy subsidiary business. Regulus owned by Bukit Mutiara, parent of Berau Energy, managed by PT Recapital Advisors.

Disclosure: No position at the stock mentioned above.  

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