Dec 2, 2010

Indika Energy records highest level

An integrated energy company PT Indika Energy (INDY) today was closed at Rp4,400 per share, the highest record on accumulative buy following the proposed acquisition of 51% holding in coal tug boat and barging operator PT Mitra Bahtera SegaraSejati (MBSS).
Indika rose for two consecutive trading days to Rp4,400 per share, sending a higher market capitalization.
Indika is now traded at 22.15 annualized price to earning ratio and 4.07x of its September book value at R1,080.22 per share.
Indika signed an optional agreement with the shareholders of PT Mitra Bahtera SegaraSejati on 26 November 2010.
During its information disclosure to Indonesia Stock Exchange (IDX) on November 29 2010, Indika signed such optional agreement with PT Patin Resources as well as Patricia Pratiwi Suwati Prasatya and Inggrid Ade Sundari Prasatya as the shareholders of Mitra Bahtera.
Such option allows Indika to acquire 51% shares of Mitra Bahtera.
By such acquisition opportunities, Indika shall be an affiliated coal producer as it also becomes the strategic partner of Mitra Bahtera during the IPO. However, the exact price of the acquisition is not yet published.
Mitra Bahtera focused on the coal shipping industry as it began penetrating such industry in 1993 as a family corporation led by Fransesca Hadinata and Bing Prasatya.
In 2007, Mitra Bahtera carried 20 million ton coal and plans to increase its capacity to 25 million ton per year.
By two additional floating cranes, Mitra Bahtera owned 40 million ton shipping capacity as per October 2009.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: