Tuesday, September 27, 2011

IDX Newboy: PT Atlas Resources


Newboy: PT Atlas Resources
PT Atlas Resources Tbk finally published its IPO prospectus today, after being talked for recent six months. Interestingly, the publication was made post plummeting Indonesian energy stocks yesterday.

Atlas will float 783.33 million new shares to public investors, representing 25% interest, priced at Rp200 per share. PT Indo Premier Securities and PT UBS Securities were acted as its underwriters. From the IPO, the company will bag approximately Rp156.67 billion.

Following are the company’s plan on the IPO result:
1.       40% of the fund (Rp62.67 billion) to finance all infrastructure of Musi Banyuasin Projects, South Sumatera, including land clearance, road development, office establishment, mining equipments, ports, and power plant.
2.       US$25 million to compensate Noble Resources Ltd on coal supply contract restructuring to marketing contract.
3.       27.5% (Rp43.1 billion) to acquire two new coal mines in East Kalimantan namely PT Karya Borneo Agung and PT Bara Karya Agung, or adding more interest in the existing subsidiaries.
4.       The rest will be used for capital expenditures and so on.

Apart from the IPO, the existing shareholder, Abdi Andre, which originally owns 28.72% within Atlas will divest 4.96% of its shares to several hedge funds and wealth management through private placement post IPO. Andre also will divest 15% more of its shareholding as if the IPO is oversubscribed.

Andre also has an option agreement with Hans J. Kaschull and Mithah Trading Pte Ltd where he will divest up to 7.50% and 9.09% respectively. Mr. Kaschull is the owner of Mithah Trading. Andre also has another agreement with Noble Resources to divest 10.1% for US$29.9 million.

So, here’s Atlas shareholding structure as if all options above were executed.
Shareholder
Interest (%)
PT Calorie Viva Utama
37
Jay T. Oentoro
2.52
Joko Kus Sulistyoko
1.02
Pranata Hajadi
1.02
Aulia Setiadi
0.51
Hans J. Kaschull
5.11
Mithah Trading Pte Ltd
6.2
Noble Resources
6.89
Public Investors
30.64
MESOP Program
9.09
Total
100
Total Shares
733
Market Cap
Rp146,666.80
Market cap and Total shares stood in million

Assets
Atlas has 14 Rights to Mine (IUP) with total acreage of 185,000ha in South Sumatera, East Kalimantan, and Papua. The company claimed to have 83.5 million tons of coal reserves, comprising 76.3 million tons of proven reserves and 7.3 million tons of probable reserves, and coal resources of 330.7 million tons, comprising 136.2 million tons of measured resource, 49.7 million tons of indicated resource, and 144.8 million tons of inferred resource.

The South Sumatera mines consist of low-calorific coal, ranged between 5,170 – 5,774 kcal/kg and 3.77% - 9.79% of ash, the Berau mines consist of sub-bituminous coal at 5,800kcal/kg, and one Kutai mine have semi-coking and coking coal reserves at 6,800 – 7,900kcal/kg.

In 2010 and the first four months of 2011, Atlas’ production reached 1.32 million tons and 428,000 tons respectively. The average strip ratio in 2010 and the first four months of 2011 are 8.8:1 and 11.1:1 respectively.

In 2010, most of its coal production was exported to South Korea, while the rest were sold to China. Atlas in the previous years recorded several clients in Hong Kong, India, Japan, Taiwan, and domestic. In the future, Atlas plans to revive its relationship with the other clients. Post the IPO, around 75% of its coal production will be marketed by Noble. In 2010, Atlas’ all coal production was marketed by Noble.

Additionally, Atlas’ subsidiary, Hanson Energy had on August 2011 signed coal supply agreement with PT PLN to supply up to 640,000 tons of low-rank coal to PLTU Tarahan Baru, Lampung. The contract will mature on 2031.

Subsidiaries
Atlas’ main subsidiary is PT Berau Bara Energi (BBE) which located in Berau East Kalimantan. This year, the company expects its production to reach 1 million tons per annum post IPO. Other than BBE, Atlas also owns PT Kalbara Energi Pratama and PT Citra Global Artha, but are still in exploration stage.

Atlas also owns Gorby Group in Musi Banyuasin, South Sumatera, which owns PT Gorby Putra Utama, PT Gorby Energy, and PT Gorby Global Energy. Some reports said Gorby Group is based in Australia but owns by an Indonesian businessman.

PT Optima Persada Energy (OPE)
On March 2011, Atlas acquired 96% on an undisclosed fee. OPE owns seven coal mines across Sumatera and Kalimantan which boosted Atlas’ portfolio.
Subsidiaries
Location
Notes
Diva Kencana Borneo
West Kutai, East Kalimantan
Coking coal producer
Banyan Koalindo Lestari
Musi Banyuasin, South Sumatera
-
Cipta Wanadana
Musi Banyuasin, South Sumatera
-
Karya Manunggal
Membramo Raya, Papua
In process of license extension
Hanson Energy
Musi Rawas, South Sumatera
Subsidiary of PT Hanson International Tbk
Sriwijaya Bara Logistic
South Sumatera
Logistic Transportation
Musi Mitra Jaya
Palembang, South Sumatera
Coal Transportation

PT Optima Coal (OC)
Atlas acquired this company at the same date of OPE acquisition, bagging 50% interest through purchasing 150 shares owned by PT Artha Jasa Sentosa. The other shareholder of OC, PT Coking Batubara Indonesia sold 0.03% share to Atlas, making the OC shareholding composition to 50.03:49.97. OC had previously acquired PT Anugerah Energy (AE) on January 2011 up to 51% interest from Dromeas Resources.
Other than the companies above, Atlas will welcome other subsidiaries in West Kutai, namely PT Karya Borneo Agung and PT Bara Karya Agung, which will be acquired after IPO. Atlas also has PT Papua Inti Energi which presently is still in the process of contract extension.

People Inside
Andre Abdi: a well-known broker in Indonesia. Presently served as a Commissioner of brokerage firm PT Pratama Capital Indonesia and Chairman of ABS Finance Indonesia.

Jay Tjandrawijaya Oentoro: A friend of Mr. Abdi, presently a President Commissioner of PT Pratama Capital Indonesia. The owner of PT Alpha Sekuritas Indonesia, he is close to Laksamana Sukardi.

Joko Kus Sulistyoko: CEO of PT Hanson International Tbk, he is reportedly close to Indonesian Democratic Party of Struggle (PDI-P). He owns a high-class resort in Bangka island named PT Mandiri Karya Intara.

Pranata Hajadi: Commissioner of PT Lautan Luas Tbk and PT Indomobil Sukses International Tbk, he is close to Salim Group. Now serves as Executive Vice President of S.E. Asia Emerging Market Co., Ltd.

Aulia Setiadi: said to be an executive of PT Hanoman Cendekia Interaktif, a software and IT solution distributor.

Hans J. Kaschull: owner of Mithah Trading, reported to be close friend of Japto Soeryosoemarno, the founder of Pemuda Pancasila and Patriot Party.


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1 comment:

  1. hmm, a good start then. Ente terus nulis kaya gini minimal seminggu sekali, tahun depan akan mulai banyak orang yg tanya2 soal mining ke ente. 1 tahun itu sebentar bin, ga akan kerasa, trust me.

    ReplyDelete