PT Delta Dunia Makmur Tbk (DOID), a parent company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), has finally determined to put an end a majority shares swap of PT Berau Coal Energy (previously dubbed PT Risco) with Bumi Resources-backed up company Recapital Investment Group.
A reliable source familiar with the shares swap said a single majority shareholder of Delta Dunia, which is officially 40% owned by Northstar Tambang Perkasa Pte Ltd and founded by Patrick Walujo, and Recapital Group are failure to reach agreement on shares swap price."The management of Delta Dunia has eventually decided to scrap the acquisition deal of majority stakes in Berau Coal as well as Rp10 trillion rights issue," the source said to Insider Stories tonight.
A local brokerage-based analyst said the shares swap collapsed will benefit DOID stocks. "It is now clear that DOID should improve operational to enhance value. The shares swap has continually emerged questions among investors. This is why many funds sold DOID's portfolio into the market," the analyst said.The next question is whether Delta Dunia has another plan to inject any assets? If Delta Dunia's management could ensure no assets injected, it would be better for the market players.
On March 30 2010, Delta Dunia announced that it had signed a non-binding term sheet with Recapital Investment, allowing DOID to acquire the stakes in Berau Coal Energy, holding company of Indonesia's fifth largest coal mining producer PT Berau Coal and for Recapital, the 100% shareholder of Berau Energy, to swap a majority of its shares in Berau Energy for a substantial shareholding in Delta.This transaction will be effected by Delta’s subscription to a mandatory exchangeable bond (MEB) issued byan affiliate of Recapital, PT Bukit Mutiara. The MEB will be exchangeable at maturity (expected to be April 2011) into shares of Berau Energy at the value achieved by Berau Energy in a qualified international IPO. Delta intends to finance its subscription to the MEB by issuing approximately Rp10 trillion (or approximately US$1.1 billion) of shares through a rights issue at Rp 1,400 per share.
Under the term sheet, Recapital will acquire a substantial interest in Delta through the rights issue and will act as the standby buyer. Berau Energy is the indirect owner of 90% of Berau Coal with coal production of 14.3 million tons in 2009. Berau IPO The source said Berau Energy's IPO remains on schedule. Berau Energy has mandated Credit Suisse Securities (CS), JPMorgan Securities, Danatama Makmur, and Recapital Securities as underwriters.Berau Energy will raise US$300 million-US$400 million from 15%-30% of shares sale.
Bumi won't be a standby buyer for Berau IPO. So, Bumi will proceed US$600 million IPO of its non-coal subsidiary PT Bumi Resources Mineral by mandating JPMorgan Securities and Bank of America-Merrill Lynch to valuate its assets.
DOID operational line
As of April 2010, Delta Makmur produced 10.7 million tons of coal, a slight increase compared to the same period last year of 10.2 million tons. In April 2010, DOID produced 2.6 million tons of coal from the same period last year of 2.3 million tons.
Overburden removal reached 84.1 million bcm in the first four months this year compared to the same period last year of 84.2 millions bcm.
Bukit Makmur in March and April signed financing agreements worth US$110 million in total from PT Komatsu Astra Finance of US$80 million, PT Bank Danamon Tbk of US$10 million, and the remaining of US$20 million from PT Bank Permata. The facilities are designed to finance heavy equipment purchases and have four year amortizing tenors.
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