UPDATE:Goldman,Other Investors Sell 3.9% Of Adaro For IDR1.5 Trillion
03 Junio 2009 - 3:25AM
Noticias Dow Jones
Investment bank Goldman Sachs (GS) and other international
investors sold a 3.9% stake in PT Adaro Energy (ADRO.JK) at
IDR1,230 a share in a block trade in the morning session, according
to a term sheet seen by Dow Jones Newswires Wednesday.
The sellers were Adcorp Holdings, Goldman Sachs SSG-Jade Dragon
(Mauritius) Ltd., Goldman Sachs Strategic Investments (Asia) L.L.C.
and GIC Special Investment-Salween Investment Pte Ltd.
According to the term sheet, the companies sold 1.25 billion
shares of Adaro at a 10.2% discount to Tuesday's closing price of
IDR1,370.
It said the sellers raised IDR1.539 trillion ($150 million) from
the sale of the Adaro stake.
The sale of the 3.9% stake is part of some international
investors' plan to sell a 17% stake in Adaro.
Goldman Sachs, which has a 9.94% stake in Indonesia's second
largest coal miner by output, is acting as the sole book runner for
the stake sale.
International investors, which include Citigroup (C), hedge fund
Farallon's unit Noonday Asset Management, the Government of
Singapore Investment Corp., or GIC, Kerry Coal and Goldman together
hold at least a combined 25% stake in Adaro.
"We are unaware of any unusual activities of the shareholders,"
an Adaro spokesman told Dow Jones Newswires.
The company said in October that some international
institutional investors with a significant block of Adaro shares
had approached the company's founding and controlling shareholders
and offered to sell back their shares for $250 million. But they
failed to reach an agreement on the price.
The company's top five shareholders are PT Saratoga Investama
Sedaya with a 14.93% stake, PT Triputra Investindo Karya with
13.34%, PT Persada Kapital Investama with 11.01%, Chief Executive
Garibaldi Thohir with 7.8% and PT Trinugraha Thohir with 7.8%.
At 0725 GMT Wednesday, Adaro shares fell 4.4% to IDR1,310 on
disappointment that the stake sale was executed below the market
price, while the overall market rose 1.2%.
-By Edhi Pranasidhi and Amy Or; Dow Jones Newswires; 62 21 3983
1277; edhi.pranasidhi@dowjones.com