Tag: Adaro Energy

Indonesian Conglomerates & Australian Assets

A consortium comprising private equity firm EMR Capital (established by former Rio Tinto Ltd executive) and PT Adaro Energy Tbk, second largest coal group in Indonesia, have last week entered into a binding agreement to acquire 80% shares of the Kestrel underground coal mine in Queensland, Australia for US$2.25 billion from Rio Tinto Ltd.

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Infrastructure Journal: More Public-Private Partnership

Responding to criticism about domination of state companies in infrastructure development, state port management company Pelindo III have on Monday (Mar 12) signed memorandum of understanding with three private groups—Adaro Energy, Djarum Group, and Sriboga Group—for the development of three ports in Java, Kalimantan, and East Nusa Tenggara.

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Coal Journal

Coal miners gained this morning as sentiment is positive in line with the current improvement on coal shares. At 11.28 am Jakarta time, state-owned coal miner Bukit Asam jumped 3.29%, Adaro Energy gained 1.38%, Dharma Henwa increased 2%, and giant coal miner Bumi Resources gained 0.7%.

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Mixed Coal Data

Shares of coal producers were hammered worldwide Thursday (Dec 22) despite reports about 69% jump of China’s import of thermal coal last month. Shenhua and China Coal Energy Co Ltd lost 3.1% and 2.43% respectively in Hong Kong, while Whitehaven Coal dropped 2.56% in Sydney. In Jakarta, Adaro Energy inched up 0.6%, but others were mostly in red.

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Corporate Actions & Results

Asia shares trailed Wall Street higher on Wednesday, while the U.S. dollar held steady, with markets certain that the Federal Reserve will raise rates for the first time in a year, but less sure what it might signal for policy in 2017, Reuters reported. All three major U.S. stock indices hit records on Wednesday and the Dow ended fewer than 100 points from the magical 20,000 mark. The rally was again driven by speculation that a Donald Trump Administration will implement more debt-financed fiscal stimulus and cut regulation.

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Coal market: Mixed Data

Shares of coal producers end mixed worldwide Thursday as investors got mixed market data. Coal prices in OTC market continued its correction to US$84 per ton, but strong November import by China suggests difficulties in resumption of domestic production.

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35,000 MW Program: The Players

Most of major power plant projects under the signature 35,000 MW program have been granted out to global players like Sumitomo, Shenhua, Marubeni, Sojitz, Itochu, etc. There are also local big players like Adaro, Medco, and Sinarmas. More medium local players, however, have joined the program.

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Jawa-1 Power Project: Finale?

State-owned electricity provider PT Perusahaan Listrik Negara (PLN) is scheduled to sign power purchase agreement (PPA) with a consortium of Pertamina, Marubeni Corp, and Sojitz for the development of Jawa-1 combined cycle power plant (1600 MW), one of IPPs under the signature 35,000 MW program.

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Coal Journal

Thermal coal has retreated from its recent peak, but shares of coal producers recovered Tuesday. Deeper corrections might be prevented by difficulties in China to resume production, shown by 12% fall in output last month, and higher demand ahead of winter season. China’s domestic coal production fell 10.7% to 2.74 billion tonnes in the first 10 months of 2016 despite improvements at China Shenhua in recent months.

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Tax Amnesty in Action (23)

Boy Garibaldi Thohir, shareholder of Adaro Energy (ADRO) and some other companies, and his brother Erick Thohir were seen of filing applications for tax amnesty this morning. Other conglomerates, including James Riady and Sofyan Wananadi, have earlier announced their participation in the program.

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