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22 Sep 2023, 09:00 AM

Chinese EV Battery Manufacturer CNGR Considers Subsidiary IPO on Indonesian Stock Exchange

Bisnis/Himawan L Nugraha
Electric vehicle (EV) battery manufacturer from China, CNGR Advanced Materials Co. considering its subsidiary to conduct an initial public offering ( IPO ) in Indonesia. It is known that CNGR is also an EV battery supplier for Elon Musk's Tesla Inc.According to Bloomberg , Thursday (14/9/2023), CNGR is in talks to IPO its subsidiary operating in Indonesia. An IPO on the Indonesia Stock Exchange (IDX) is planned for the end of 2024.Meanwhile, the CNGR entity has the potential to reap fresh funds of USD 300 million to USD 500 million, or a maximum equivalent to IDR 7.67 trillion (exchange rate of IDR 15,357 per US dollar)."CNGR is in the process of preparing a unit in Indonesia that will include its domestic smelter assets, said one anonymous source," wrote Bloomberg.For information, CNGR is also a company listed on the Shenzhen Stock Exchange in 2020.Meanwhile, the reason CNGR is considering its subsidiary to IPO on the IDX is because Indonesia has sufficient capacity to produce matte nickel, as a raw material for electric vehicle batteries. Referring to the official CNGR website, the company's core products include high voltage tricobalt tetraoxide, Nickel Cobalt Manganese hydroxide (NCM) with high nickel content and Nickel Cobalt Aluminum hydroxide (NCA).The products are supplied to the world's top 500 companies, including Tesla, Samsung, CATL LG and Panasonic. CNGR supplies batteries to Tesla until 2025.Based on Bisnis news records , in November 2022, the Ministry of Investment/BKPM also signed a Memorandum of Understanding (MoU) with CNGR Advanced Material Co Ltd with a total investment value of USD 5 billion or around IDR 78 trillion.In this MoU, the Ministry of Investment/BKPM is responsible for assisting CNGR in obtaining all project permits and investment incentives from the government.CNGR also signed a cooperation agreement with PT Aneka Tambang Tbk. (ANTM) or Antam to develop a matte nickel factory with a capacity of 80,000 tons for raw materials for electric vehicle batteries.As is known, the Indonesian IPO market is currently enthusiastic because it is busy with the actions of jumbo nickel issuers who listed their initial shares this year. For example, PT Trimegah Bangun Persada Tbk. (NCKL) or Harita Nickel owned by conglomerate Lim Hariyanto listed on the Stock Exchange in April 2023 and raised funds of around IDR 10 trillion. Apart from that, PT Merdeka Battery Materials Tbk, which also had an IPO in the same month, raising IDR 8.74 trillion.Image source: Bisnis/Himawan L NugrahaSource: Baterai EV China CNGR Pertimbangkan IPO Anak Usaha Di Bursa Indonesia
22 Sep 2023, 08:00 AM

BUMI Targets Downstreaming

PT Bumi Resources Tbk (BUMI), revealed that downstreaming the coal industry is the company's main agenda in supporting Indonesia's decarbonization targets. This is also one of the requirements for extending a mining business permit (IUP).In CLSA Sekuritas' research, BUMI conveyed its expansion roadmap that will be carried out in the future. First, BUMI is currently exploring the production of coal into ammonia. "This step will be built with strategic investor partnerships because cost is one of the highest challenges," the research was quoted as saying by Investor Daily, Thursday (14/9/2023).Apart from that, BUMI also plans to diversify into the mineral industry together with its subsidiary, PT Bumi Resources Minerals (BRMS), which is involved in gold and other mineral mining. The company will also explore new renewable energy, one of which is using solar panels as a source of electrical energy.CLSA research states that the company's main business as a coal producer is still prospective due to high demand from the largest coal importers, namely China and India. This projection is supported by winter in the second semester of 2023. "BUMI maintains its production target for this year, but lowers its average coal price guidance to USD 80-90 per ton from USD 95-USD 105 per ton).Meanwhile costs fell to USD 55-USD 60 per ton from USD 60-USD 62 per ton considering that the current increase in oil prices is still below expectations.BUMI management has a positive view that the second revision of the coal reference price regulations will be carried out by the government in August 2023. BUMI believes that this revision will better reflect the actual market price. "The company estimates that royalty rates will normalize from 32% in the first semester of 2023 to 28% in the remainder of this year," said the research.For information, BUMI operates two major coal mines in East Kalimantan, Kaltim Prima Coal (KPC) and Arutmin. At the end of 2022, BUMI conducted a private placement worth USD1.6 billion. In line with that, Salim Group through Mach Energy Limited entered BUMI, allowing the company to overcome its high debt and focus on its core coal business.Image source: ANTARASource: Batu Bara Salim and Bakrie BUMI Target Downstreaming
21 Sep 2023, 12:00 PM

GTBO posts USD9.2 million profit through June 2023

MNC Media
The increase in global coal demand has succeeded in improving the financial performance of PT Garda Tujuh Buana Tbk ( GTBO ). This is demonstrated by achieving a profit of USD 9.2 million until June 2023.This value is better as a result of the positive sentiment received by the company when compared to its profit in the same period in 2022. At that time, the company only posted a profit of USD1.6 million."The company's performance is very good compared to the previous year's performance. Apart from that, due to better volume, cost control can also be achieved," explained GTBO in a statement uploaded to the IDX information disclosure on Friday (15/09/2023).The increase in net profit is also inseparable from the increase in the company's revenue of USD35.72 million until June 2023. This figure is close to the revenue achieved by GTBO in 2022, which was valued at USD49.26 million.GTBO also recorded an increase in coal production of 1.41 million metric tons until June 2023. Meanwhile, production levels in 2022 only reached 1.40 million metric tons, much higher than 2021 which was only 109 thousand metric tons."The company expects to increase its sales volume from 2,000,000 MT to 3,000,000 MT in the near future with better prices in new markets."As part of these gains, GTBO had declared a dividend of 13.63% in June 2023. This action has pushed up the company's share price from IDR155 to IDR356."The company has also appointed a supply chain consultant who is currently reviewing the entire production and logistics process. As a key outcome of this engagement, the company hopes to achieve further cost reductions. The company has also begun exploring new markets globally such as Japan and the Philippines."Image source: MNC MediaSource: Batu Bara Meningkat Gtbo Cetak Laba USD92 Juta Hingga Juni 2023
21 Sep 2023, 09:00 AM

Anugrah Neo and Gotion to set up HPAL plant in Sulawesi

Talpa via Pixabay.
Indonesia’s PT Anugrah Neo Energy Materials and PT Gotion Indonesia Materials, a unit of China’s battery manufacturer Gotion High-tech, are set to construct a high-pressure acid leaching (HPAL) plant in Indonesia, reported Reuters, citing the Indonesian Ministry of Industry.The HPAL battery project agreement has been signed by Anugrah Neo as an investor, with Gotion Indonesia as a strategic partner.Planned to be built on Sulawesi Island, the proposed plant will feature HPAL technology to enable the conversion of nickel ore or limonite into mixed hydroxide precipitate (MHP). MHP is used in batteries for electric vehicles (EVs).The facility is predicted to have a production capacity of 120,000 tonnes of nickel in MHP annually.Indonesia’s Minister of Industry Agus Gumiwang Kartasasmita was quoted by VOI as saying: “This collaboration will later become a vertically integrated operation, which combines mining resources with HPAL facilities, to process Ni [nickel] Ore into MHP and Ni/Co [cobalt] Sulfate, which is a cathode precursor material for EV battery production.”Following its ore export ban policy, Indonesia has attracted massive investment to boost its own domestic nickel processing capacity.However, most of this investment has been allotted to the production of nickel pig iron.Kartasasmita was cited as saying that nickel export value could surge by 19 times when processed into battery materials.Kartasasmita elaborated: “Therefore, the government continues to support the growth of domestic industry especially in downstream mineral resources and development of EVs.”Image source: Talpa via PixabaySource: Neo HPAL Indonesia
21 Sep 2023, 08:00 AM

Harum Energy adds capital from Tanito Harum Nickel worth IDR 13.35 billion

Harum Energy
PT Harum Energy Tbk (HRUM) through its subsidiary, PT Harum Nickel Perkasa (HNP) has increased the paid-up capital in PT Tanito Harum Nickel (THN) worth IDR 13.35 billion on September 13 2023.The increase in THN capital was carried out by HNP by purchasing 12,621 THN shares from PT Mahkota Emas Nickel (MEN).Ray A Gunara, President Director of HRUM, in a written statement in Jakarta, quoted on Friday (15/9) stated that with the additional capital of the above amount, the Company's share ownership in THN, directly and indirectly, increased to 99%, from the previous 95%.The purpose of the transaction, according to Ray, is to increase HRUM's ownership in nickel management and refining business activities.The purchase of THN shares, according to Ray, did not have a material impact on HRUM's operational activities, law, financial condition and business continuity in the long term.HRUM posted revenue of USD 492.24 million in January-June 2023, growing 30.4% from USD 377.45 million in the same period in 2022.From this income, the coal issuer made a profit of USD 150.60 million in January-June 2023, an increase of 3.16% compared to USD 145.98 million in January-June 2022.In trading on the IDX, Thursday (14/9) HRUM shares amounted to IDR 1,800, an increase of IDR 40 compared to the previous day's closing.In the period 30 December 2022 to 13 September 2023, HRUM's share price rose 4.6%. Image source: Harum EnergySource: Energy Tambah Modal Tanito Harum Nickel Senilai Rp1335 Miliar
15 Sep 2023, 12:00 PM

Dana Brata (TEBE) will distribute interim dividends of IDR 38.55 billion

KONTAN/Yuliana Hema
PT Dana Brata Luhur Tbk ( TEBE ) will distribute interim dividends derived from profits for the period ending 30 June 2023. This interim dividend distribution refers to the Circular Decree in lieu of the PT Dana Brata Luhur Board of Commissioners Meeting No. 005/DBL-KEPKOM/IX/2023 dated September 5 2023.Based on this decision, the Board of Commissioners has approved the decision and action of the Board of Directors to distribute an interim dividend of IDR 38.55 billion which will be distributed to the 1.28 billion shares that have been issued by TEBE.So, this issuer operating in the mining services sector will distribute an interim dividend of IDR 30 per share.According to an announcement on the Indonesian Stock Exchange, Friday (8/9), the following is the TEBE Interim dividend distribution schedule:Cum dividend date in regular market & negotiated market: 15 September 2023Ex-dividend date in the regular market & negotiated market: 18 September 2023Cum dividend date in cash market: September 19, 2023Ex-dividend date on the cash market: September 20, 2023Recording date: 19 September 2023Dividend distribution: September 29, 2023As an illustration, as of semester I-2023, TEBE recorded a net profit of IDR 117.26 billion. This realization increased 13.73% from net profit in the same period last year of IDR 103.09 billion. As a result, TEBE's basic net profit per share increased to IDR 91.25 from the previous IDR 80.23.From the topline side, TEBE posted revenue of IDR 309.68 billion. This realization increased by 11.83% from the revenue recorded in semester I-2022 of IDR 276.90 billion.Image source: KONTAN/Yuliana HemaSource: Brata TEBE Akan Bagikan Dividen Interim Total Rp 3855 Miliar Simak Jadwalnya
15 Sep 2023, 08:00 AM

United Tractors (UNTR) Working on 2 x 110 MW Geothermal Potential

PT United Tractors Tbk. (UNTR) has the potential to operate a 2 x 110 MW geothermal power plant (PLTP) through PT Supreme Energy Rantau Dedap (SERD).PT Energia Prima Nusantara (EPN), a company whose 51.01 percent shares are owned by PT United Tractors Tbk. (UNTR) and 48.99 percent by PT Pamapersada Nusantara (PAMA), signed a Subscription Agreement on Monday, August 7 2023 to take 40.476 percent of the new shares issued by PT Supreme Energy Sriwijaya (SES).SES is a shareholder in PT Supreme Energy Rantau Dedap (SERD), a company holding a Geothermal Permit with a capacity of 2 x 49 MW which has been operating in Lahat Regency, Pagar Alam City and Muara Enim Regency, South Sumatra Province. SERD itself has the opportunity to increase its capacity to 2 x 110 MW in the future, in accordance with their Power Purchase Agreement (PPA) with PLN.External Relations Department Head of PAMA Gunawan Setiadi said, in the future coal will enter its old age so diversification is a necessity. One of the diversification steps taken by PAMA as an entity of the UNTR Group is by acquiring shares in companies operating in the geothermal sector."The acquisition process was also carried out in line with PAMA's efforts to continue to simultaneously encourage the transition to more environmentally friendly and renewable energy," he explained on the sidelines of the Media Gathering Road to 30 Years PAMA — Sustainability Growth event in Balikpapan, Tuesday (5/9 /2023).Apart from geothermal energy, PAMA through Energia Prima Nusantara is also starting to explore the solar panel energy business through the Solar Power Generation System (PLTS).As an initial stage, added Gunawan, the use of solar cell energy is still focused on internal companies, both at PAMA Group, United Tractor and Astra Group. For example, PAMA has installed a solar rooftop in the PAMA Head Office area.The solar panel installation was carried out in 3 stages starting from the PAMA 3 building, continuing to the PAMA 2 building and skybrige, to the southbound skybrige. Currently the solar panels that have been installed have a capacity of 200Kwp.Gunawan did not deny that the series of diversification actions had not optimally supported the company's financial performance. This is because the diversification process is still at the investment stage.Non Coal BusinessMeanwhile, PT United Tractors Tbk. (UNTR) targets coal and non-coal business revenues to be balanced by 2030.United Tractors Director Edhie Sarwono said that UNTR is developing a transition strategy to balance coal and non-coal business revenues in 20230. However, the coal business will continue to be optimized in line with the still high energy demand in Indonesia."In accordance with the energy transition agenda of the Government and the Astra Group, we have committed that coal business revenues will be balanced with non-coal businesses by 2030. However, this does not mean that we will reduce coal revenues, we will still optimize them and later balance them with non-coal businesses," " he explained at the Astra Tower, Wednesday (7/6/2023).Edhie said that currently the contribution of the coal business still reaches 72 percent of UNTR's total income. UNTR reported that net income in semester I/2023 reached IDR 68.67 trillion or 14 percent higher than semester I/2022 of IDR 60.44 trillion.On the other hand, UNTR's net profit rose 8 percent to IDR 11.21 trillion as of June 2023 from IDR 10.35 trillion in the same period in 2022.The breakdown of UNTR's income in semester I/2023 is that the construction machinery business line contributed 30 percent, mining contractors contributed 35 percent, and coal mining contributed 29 percent of revenue.Furthermore, gold mining contributed 5 percent, the construction industry 1 percent and energy less than 1 percent.UNTR's expansion in the non-coal sector which is currently and will continue to be massive is new renewable energy (EBT) and mineral mining. The development of the EBT sector is carried out through its subsidiary, PT Energi Prima Nusantara (EPN).Edhie said that EPN has three growth strategies, namely the development of solar panels or solar power plants (PLTS), hydroelectric power plants (PLTA), and investment or capital participation.In the PLTS sector, EPN has developed power up to 6 MW, and in the future it will build further up to 19 MW in the company's pipeline. Meanwhile, in the PLTS business, EPN is currently developing power up to 7.4 MW."For EBT, we are collaborating with PLN for a Power Purchase Agreement (PPA). So we will sell power to PLN, then PLN will distribute it to customers," he explained.The majority of EPN's electricity customers come from the Astra Group and its entities, especially for factory needs. Public customer contribution has only reached 4 percent.From the investment side, EPN has invested capital in PT Arkora Hydro Tbk. (ARKO). EPN is recorded as controlling 26.55 percent of ARKO shares as of April 2023.According to Edhie, the company is open to the opportunity to acquire other EBT assets. This has become one of the focuses of EPN's expansion.image source:  UNTRSource: Tractors UNTR Working on 2 X 110 Mw Geothermal Potential
14 Sep 2023, 12:00 PM

Agincourt Resources Wins TrenAsia ESG Award 2023 with Action Gold Predicate

PT Agincourt Resources
PT Agincourt Resources won the 2023 TrenAsia ESG Award in the Gold company category with the Action title. This award reflects the company's strong commitment to the company's sustainable operational concept. Agincourt Resources has actively contributed to the improvement, maintenance and preservation of the surrounding environment. Agincourt Resources has also implemented various programs designed to provide social, economic and environmental benefits to local communities. These programs aim to encourage community independence in five main areas, namely health, education, micro-enterprise development, improving public facilities, and building positive relationships with local communities.In 2022, the company will successfully implement 132 CSR programs with a total of 30,565 beneficiaries. Agincourt Resources has also committed to adhering to the highest standards of corporate governance, adopting best practices from the international business sector, and complying with local and national regulations.In carrying out company operations, management of operational impacts on biodiversity related to Martabe Gold Mine operations is based on a strict mitigation hierarchy and is in line with best industry practices. The Martabe Gold Mine has also met most of the requirements of IFC Performance Standard 6.Protecting biodiversity in the Batang Toru Ecosystem is a long-term commitment that requires the cooperation of all key stakeholders. This involves developing and implementing strategic conservation programs and other initiatives to conserve the area's valuable biodiversity.The TrenAsia ESG Award 2023 strengthens Agincourt Resources' position as a company that not only focuses on business, but also cares about the environment and surrounding communities. This company continues to strive to carry out its operations with a positive impact for all parties involved. Chief Executive Officer (CEO) of PT Tren Media Berjejaring Sukirno said this award was given to companies that are committed to implementing environmental, social and governance (ESG) business"Congratulations to Agincourt Resources for winning the 2023 TrenAsia ESG Award in the Consumer Cyclical company category. Hopefully this award can be a motivation and example for other companies in Indonesia," he said shortly after giving awards to the winners at the Raffles Jakarta Hotel, Wednesday, 30 August 2023.Meanwhile, Chairman of the TrenAsia ESG Award Jury, Mas Achmad Daniri, revealed that the Environment, Social and Governance (ESG) aspect has become a very important topic in various circles, including business actors, governments and investors. Not only at the global level, Indonesian people's awareness of ESG is increasingly sharp.Daniri believes that with ESG practices, companies can not only pursue high profits and returns, but focus on how these profits have a positive impact on the environment and society. This is also proven by companies that have prioritized ESG, are more resilient and able to provide sustainable investment results."Companies are assessed not only based on financial performance and annual programs, but their commitment and consistency towards sustainable business. "In the assessment process, the TrenAsia ESG Award Jury found many interesting facts from the various ESG initiatives and implementation that the company has carried out, both in reports and facts on the ground," said Daniri.TrenAsia ESG Award 2023TrenAsia ESG Award 2023 is's commitment under the auspices of Trend Networked Media, which is an online media with a focus on reporting on economic, business and investment news. This event is expected to increase the commitment of companies in Indonesia in managing their ESG-based business lines.The TrenAsia ESG Award 2023 has screened more than 115 companies in 29 industrial subsectors, which were assessed based on ESG implementation and its derivative variables. The judging process starts from June to August 2023, based on sustainability reports and company annual reports for the period 2021 and 2022.The jury team for the 2023 TrenAsia ESG Award consists of Shinta Widjaja Kamdani, General Chair of the Indonesian Entrepreneurs Association (Apindo) and Deputy Chairperson, Deputy Chairperson, Coordinator for Maritime, Investment and Foreign Affairs, Indonesian Chamber of Commerce and Industry; Mas Achmad Daniri, Expert Council of the National Committee for Governance Policy (KNKG); Maria Rosaline Nindita Radyati, President Director of the Institute for Sustainability & Agility; and Adhitya Noviardi, Editor in Chief source: PT Agincourt ResourcesSource: Resources Raih Tren Asia ESG Award 2023 Predikat Action Gold
14 Sep 2023, 09:00 AM

RMKE Will Soon Complete the Hauling Road Project for PTBA
PT RMK Energy Tbk. (RMKE) is focusing on completing the construction of a hauling road project that is integrated with several mines in Muara Enim, South Sumatra, as the company's effort to boost revenue in the remainder of 2023.Head of Investor & Public Relations RMK Energy Julius Caesar Samosir said that the project was built to connect the company's loading station to the PT Bukit Asam (Persero) Tbk mine. (PTBA) and a number of other private mines.He said this development was one of the company's steps to boost business revenue and profits in H-II/2023. Meanwhile, RMKE has so far succeeded in building 34 km of hauling roads out of a total length of 39 km."By completing construction of the hauling road to PTBA and several private mines, upstream volumes will increase and in parallel this will increase RMKE revenue," he explained when contacted by Bisnis, quoted Monday (11/9/2023).Apart from that, the company is also focused on continuing to increase production from RMKE's in-house coal mine, PT Truba Bara Banyu Enim (TBBE). Meanwhile, coal production at TBBE has increased to 150,000 tons per month, from previously 70,000 tons of coal in May 2023.Previously, RMKE had raised its revenue target for 2023. This year, the company targets revenue to increase to IDR 3.2 trillion.This is in line with RMKE's decision to increase its mining production target to 2.1 million tonnes and mining transportation services to 10.8 million tonnes.The company also managed to record operating revenues of IDR 1.3 trillion in H-I/2023 or grew 19.7 percent yoy from the same period the previous year.The growth in business revenue came from the services segment which was recorded to have increased 99.7 percent yoy in H-I/2023.On the other hand, the issuer providing coal logistics services recorded a gross profit of IDR 289.9 billion or an increase of 28.5 percent yoy in the first six months of this year. The company also posted a consolidated net profit of IDR 199.2 billion or grew 28.8 percent yoy. Image source: market.bisnis.comSource: to Increase Revenue RMKE Immediately Completes Hauling Road Project to PTBA



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