JAKARTA – PT Golden Eagle Energy Tbk (SMMT), Rajawali Group’s business unit, plans to acquire over 51% stake in a coal mining company in South Sumatra or East Kalimantan. The acquisition value is estimated at US$ 93.7 million, or about Rp 1 trillion.
Golden Eagle targeting mining company that has coal reserves of 25-125 million metric tons. The selling price of these assets ranged US $ 0.25-0.75 per tonne.
“The figure is still depends on the status of development and production assets. But the price is now cheaper than a year ago that could reach US$ 1 per ton, “said Director of Golden Eagle Hendra Surya in Jakarta, Monday (16/6).
Hendra said the company had been approached at least eight companies. However, about 4-5 companies that are now considered seriously by the company. “We have to be selective therefore the new company will not burden the company that has a good performance. We hope the agreement can be reached this year”, he said.
To smooth the acquisition plan, the Golden Eagle set aside Rp 50 billion of the proceeds from the public offering of shares (rights issue). Remaining funding needs will be use from internal cash, cash subsidiaries, and third-party loans.
Corporate Secretary of Golden Eagle Chrismasari Sudono added, it will rely on bank loans as well as funding from the Rajawali Group to finance the acquisition. “The portion we can not address. To be sure, there will be support of the Group and the bank, “she said.
This year, Golden Energy allocates capital expenditure (capex) of Rp 27-30 billion. Capital expenditure allocated for the development of the assets of PT Triaryani, a subsidiary of the company that holds the concession in South Sumatra.
President Director of Golden Eagle, Hendra Surya estimate the company income at the end of 2014 increased 30%, or around Rp 45.69 billion. “Our net income predicted to grow 25-30%, or around Rp 21.8 billion,” he said.
Bonus shares
At Golden Eagle’s Extraordinary General Meeting of Shareholders (EGMS) yesterday, shareholders approved the distribution of bonus shares with the ratio 2: 5. It means that each shareholder of two shares entitled to five bonus shares.
Thus, the number of shares outstanding will increase from 900 million to 3.15 billion units. This bonus share’s purpose is to increase the liquidity of the company’s shares in the market. Golden Eagle has coal resource of 400 million tons and reserves of about 250 million tons.
The Company has two mining concessions in East Kalimantan and South Sumatra. The mining concession in East Kalimantan held by PT Internasional Prima Coal (IPC), the company in collaboration with PT Tambang Coal Bukit Asam Tbk (PTBA). Golden Eagle has a 49% share, while 51% Bukit Asam. Meanwhile, mining concessions in South Sumatra is managed by PT Triaryani
