*No problem at all. Elaine** * On Wed, Jan 7, 2009 at 10:19 AM, adjies2000 <ad2...@cbn.net.id> wrote:
> > Dear Elaine, Pls commment > > pagi ini rontok diabwah 800...Dewa menyusul ....any comment ? > > Salam > ============================================================ > > Our Comment (Kim Eng) > > Yesterday Bumi Resources sent a letter to Indonesian Stock Exchange > reporting that, through a subsidiary Bumi Resources Investment, it has > signed a Sales and Purchase Agreement with Ancara Properties Limited > (SPA). Our understanding of the transaction included in the SPA: > Bumi purchases 76.9% stake in Leap Forward Finance Limited from > Ancara. Leap Forward Finance Limited owns 98.5% PT Fajar Bumi Sakti > (FBS). The estimate transaction value is Rp2.5t. The letter says > that the transaction is not material and bears no conflict of > interest. We found a company call Fajar Bumi Sakti on the internet > (www.fajarbumisakti.co.id). According to the website and to > Bloomberg, the company shares the same address and some members of > management/key personnel with Bumi Resources. No further details are > available. We are contacting the management on the above issue. > According to the website, FBS owns two coal concessions in Tabang, > East Kalimantan with reserve of 100m tons and another small mine 988ha > concession in Loa Ulung Tenggarong, East Kalimantan with reserves of > 14m tons. Assuming that FBS only owns these concessions, the > acquisition value is high US$2.6/ton reserves compared to Bumi > valuation of US$0.93/ton reserves. Based on the reserves we do not > see the acquisition to add value for Bumi Resources. The acquisition > raised concerns over good corporate governance. We are revising down > our previous target price of Rp1,130 and recommend SELL on the counter. > > The board of Indonesian Central Bank governors will meet today. > Speculation arises that the board will cut rate. > > Katarina Setiawan > > > > > > > ------------------------------------ > > + + > + + + + + > Mohon saat meREPLY posting, text dari posting lama dihapus > kecuali diperlukan agar CONTEXTnya jelas. > + + + + + > + +Yahoo! Groups Links > > > >
