This Observer Says Related to Salim Group Entry to Bumi Resources (BUMI)
Reporter: AKHMAD SURYAHADI | Editor: REVELATION T. RAHMAWATI
KONTAN.CO.ID – JAKARTA. Salim group or Anthoni Salim will join take part in private placement by PT Bumi Resources Tbk (BUMI) through a shell company from Hong Kong.
In the information disclosure document, the Salim Group will enter through two ways: shell companies, namely Mach Energy Limited (MEL) and Treasure Global Investments (TGIL).
PT Bakrie Capital Indonesia (BIC) holds 42.50% stake in MEL in Indonesia under the control of the Bakrie Group. Then there is Clover Wide Limited which has 15% of MEL shares.
WORTH TO BUY / SELL?
Then, MEL shares are also owned by Mach Energy Pte Ltd which domiciled in Singapore by 42.50%. This company is below control of Anthoni Salim or the Salim Group. Mach Energy Limited will take 85% of the shares issued by BUMI through a private placement. The remaining 15% will be taken by Treasure Global Investment.
Meanwhile, PT Aswana Pinasthika holds 16.15% of TGIL shares and controlled by Agoes Projosasmito. The remaining 83.85% shares of TGIL flanked by Mach Energy Pte. Ltd, controlled by Anthony Salim.
Assuming Agoes Projosasmito is a part that is not separated from Anthoni Salim in the Bakrie Group, the ownership of the Group Salim on BUMIs shares from the PMTHMETD action is around 127,750,000,000 BUMI shares or the equivalent of 37.15% of BUMIs total capital placed and fully paid post PMTHMETD.
Capital Market Observer Teguh Hidayat observed that the entry of the Salim Group into the in BUMI Salim is considered to be suspected by the ambition of the Salim Group to enter into the coal business, following other large conglomerate groups that already owns a coal mine.
The energy sector is still considered attractive. Indeed, the coal sector is cyclical, in the sense that one day it will decrease. But In the short term, Teguh assesses that this sector still has prospects which is okay.
Meanwhile, if you acquire a current coal mine, The pocket that the Salim Group has to spend is definitely more expensive, considering that the price of the energy commodity is getting the upper hand
Coal mines dont sell cheap, on the other hand now there is BUMI whose position is in need of money for restructuring debt, explained Teguh to Kontan.co.id, Sunday (9/10).
EARTH WITH SALIM GROUP
Saving Teguh, with the entry of the Salim Group, it is not impossible to be in a position Salim will be on par with Bakrie as the previous controller, or even greater dominance over EARTH.
BUMI, although it still has a lot of debt, is recorded to have great coal mining potential. BUMIs subsidiary, namely PT Kaltim Prima Coal (KPC) is the largest coal mine in Indonesia with a production figure of almost 100 million tons of coal per year.
So, when viewed from the reserves and volume of coal production, the investment value that the Salim group has invested in BUMI is relatively cheap.
WINNER
Samuel Sekuritas Indonesia Research Team in research dated October 6 2022 states, if the PMTHMETD carried out by BUMI in October 2022 running smoothly, BUMI has the potential to reap fresh funds of up to Rp. 24 trillion or the equivalent of US$ 1.6 billion, which should be enough for pay off all debts. Postponement of Debt Payment Obligations (PKPU) worth US$1.54 billion.
This has the potential to be a positive catalyst for BUMI. Because, if PKPU debt is paid off, BUMI can save up to US$ 130 million per year. This can also increase BUMIs earnings per share (EPS). around 15% and turn BUMI into a company with net cash in 2023.
In addition, Samuel Sekuritas also assessed that BUMI has the potential to enter in the MSCI Indonesia index in November, given the value of its market capitalization already exceeds US$ 1 billion, with average daily trading volume (ADTV) US$ 15.6 million per day.
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