Nov 21, 2010

Vallar & Bakrie, the beneficiary (2)

People in the market always said that PT Berau Coal Energy Tbk (BRAU) was controlled by Bakrie family. But nowadays, it is all getting clearer and more transparent that Bakrie family seems to control 40% holding in Berau Coal Energy.
At Vallar Plc deal, 40% holding in Berau Coal Energy, parent Indonesia's fifth largest coal miner PT Berau Coal, will be swapped with Vallar new shares. The remaining of 35% holding seems belong to Rosan P. Perkasa, Sandiaga Uno, and Elvin Ramli.
Vallar has agreed to acquire 35% stake in Berau Coal Energy for the consideration of US$739 million or Rp540 per share from PT Bukit Mutiara, ultimately controlled by three individual owners Rosan of 73%, Sandiaga Uno of 12%, and Elvin Ramli of 15%.
The acquisition price, Rp540/share,  reflects 24.97x PER by the end of this, which is so expensive compared to estimated 19x PER of coal miner PT Indika Energy Tbk (INDY) by the end of 2010.
Vallar also plans to swap its new shares with 25% stake in PT Bumi Resources Tbk (BUMI), consisting of 14% from PT Bakrie & Brothers Tbk and 11% from PT Bakrie Capital Indonesia.
In total, Vallar has agreed to hold US$1.58 billion cash and shares swap deal with Berau Coal Energy and US$1.45 billion shares swap with Bumi Resources. Who is the ultimate beneficiary from the deals? Please login or register to read the remaining story. 

Disclosure: No position at the stock mentioned above.

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