May 25, 2011

Energi Mega Persada and Bumi Plc

Oil and gas producer PT Energi Mega Persada Tbk (ENRG) yesterday steeply surged 56.45% to Rp194 per share from Rp124 a month ago on the back of a market rumor saying Bumi Plc, previously named Vallar Plc, might acquire stake in Energi Mega. 
Bobby Gafur Umar, President Director PT Bakrie & Brothers Tbk (BNBR), said Bumi Plc doesn't have plan to takeover Energi Mega. However, Bakrie is open for other synergies with its subsidiaries. 
"Bumi Plc won't enter Energi Mega. But, Mr Imam [Energi Mega President Director Imam Pria Agustino] has visited London and met Rothschild. Both Imam and Rothschild were unwilling to say something," said Bobby Gafur.  
He said if Rothschild were interested to buy Energi Mega, he would use another vehicle company, not Bumi Plc.
Bobby said all portfolios of Bakrie & Brothers now undervalue. The company owns 29% shareholding in PT Bakrie Sumatera Plantations Tbk, 45% stake in PT Bakrie Telecom, 23% stake in Bumi Plc, 9% shareholding in PT Bakrieland Development Tbk, and 6% stake in PT Energi Mega Persada Tbk.   
In term of value, Bakrie & Brothers' ownership in Bumi Plc is representing 52% (including PT Berau Coal Energy Tbk) of its all portfolios.    
"It means our core business is now in coal mining. With additional stake in Energi Mega and Bakrie Plantations, our natural resources count 67% of all portfolios," Bobby said. According to him, Bakrie & Brothers is managing a 10%-20% shareholding in all portfolios. 
Step-up transaction
Bobby said a step-up transaction, entitling Bumi Plc to add more stakes in PT Bumi Resources Tbk to not more than 51% shareholding, is underway. "It is better to wait Bumi Plc. We have to be prudent." But, at the end, Bakrie & Brothers strives to maintain the majority ownership by value in Bumi Plc

Disclosure: No position at the stock mentioned above.

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