Ipo (Initial Public Offering) of Pt. Adaro Energy Tbk

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IPO (Initial Public Offering) of PT. Adaro Energy Tbk.

Execution IPO (Initial Public Offering) PT. Adaro Energy Tbk. has been awaited by capital market actors. Coal Price that penetrate US$ 215 per ton on July 2008 in the global market result capital market actors very interest to buy share at company of coal mining. Particularly PT Adaro Energy Tbk. is company of coal mining that has biggest reserve in Indonesia.1 Listing in Indonesia Effect Exchange (BEI) is executed on 16 July 2008. In this listing time, Adaro sell 11,139 billion share sheets or 34,83% from totalize company share and fund that obtained is Rp. 12,253 trillion. That fund will be used to buy share from some foreign stockholders that have share at three strategic companies, 33% share of PT Adaro Indonesia, 33% share of PT Indonesia Bulk Terminal (IBT) and 36% share of Coaltrade Services International Pte Ltd,. The three of that company is strategic business unit for Andaro. After execution IPO the formation of share ownership of PT Adaro Energy Tbk. Shall be as follows: PT Saratoga Investama Sedaya (14,93%), PT Triputra Investindo Aryan (13,34%), PT Persada Capital Investama (11,01%), Garibaldi Thohir (7,8%), PT Trinugraha Thohir (7,8%), Edwin Soeryadjaya (4,3%), T. Permadi Rachmat (2,27%), Sandiago Salahuddin Uno (2,07%), Subianto (1,3%), PT Saratoga Sentra Business (0,25%) and society (34,83%)2. Though execution IPO PT. Adaro Energy Tbk. projected become biggest IPO in 2008, nevertheless much polemics that paralleled with its execution. The polemic are presumption of practices transfer price and suing to the ownership of Adaro share by Beckkett Pte. Ltd. Presumption of practices transfer price case is related to existence of coal purchase contract with Coaltrade Services International Pte Ltd. In that contract, Coaltrade Services International Pte Ltd. entitled to buy coal with under global market price from Adaro, and sell it to the global market with global market price. According to the agreement, per annum Coaltrade Services International Ltd entitled to buys 10 million tons with maximum price is US$ 32 per ton, and sell it with global market price that penetrate US$ 215 per ton on July 20083. The owner of Coaltrade and Adaro is the same party, so when Adoaro sale coal ownership to Coaltrad not interpreted as sale but transfer price inter Affiliation Company. This step is suspected to avoid tax and royalty payment in Indonesia. Tax rate of PPh Badan in Singapore is 10%, lower than rate in Indonesia that reaches 30%. In other hand in Indonesia existed obligation for coal company to pay royalty as high as 13, 5 % from sold value. President of Center for Banking Crisis (CBC), Achmad Deni Daruri predicts sale PT. Adaro Energy Tbk. decrease as high as Rp. 10 trillions from transfer pricing practices. So it's predicted detrimental State as high as Rp. 4,35 trillions, Rp. 3 trillions from tax PPh Badan and Rp. 1,35 from royalty payment. Second Polemic is lawsuit to the share ownership PT. Dianlia Setyamukti in PT Adaro Indonesia by Beckkett. Pte. Ltd. This Lawsuit began when PT Asminco Bara Utama (Asminco), where PT Swabara Mining and Energy (Swabara) it's one of stockholder its, get loan facility from Deutsche Bank of Aktiengesellschaft have the shape of bridge facility. This Debt contract is poured in Share Pledge Agreement on 24 October 1997. The amount of debt is US$ 100 million with guarantee all shares Swabara in Asminco, all shares Asminco in PT Adaro and PT Indonesia Bulk Terminal. Beckkett Pte Ltd haves 74,2% share in PT Swabara Mining and Energy. Swabara haves 99,9% share in PT Asminco Bara Utama that have share each of 40% in PT Adaro and PT Indonesia Bulk Terminal4. In that agreement agreed on, if negligence already happens, without getting the any verdict, Deutsche may sell all or some of share that mortgaged in auction or in private selling (underhand), as far as enabled by law.

After debt fall due at August 1998,...
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