Initial Public Offering
On 16t July 2008, 31,985,962,000 shares in AE were publicly listed in the Indonesian Stock Exchange (IDX) (ticker code: ADRO). Thirty five percent of those (11,139,331,000 shares) were marketed in an Initial Public Offering (IPO). The IPO raised Rp12.2 trillion, the largest IPO in the history of the IDX until now. The net proceeds from the IPO were entirely spent as of 29 May 2009 and this was reported to the shareholders during the AGMS on 3 June 2009. Please click here for the Company's prospectus.
Indonesian Stock Market in 2018
In 2018, Indonesian stock market was mainly affected by the uncertainties in the global economy. The trade war between the US and China, monetary policy normalization in the USA and European Union which caused capital outflows from the emerging countries, including Indonesia, and lower-than-expected financial performance in Europe and in the emerging countries were some factors that caused the global economic uncertainties during 2018. In the domestic economy, Indonesia’s trade deficit and widening current account deficit put pressure on Rupiah, which ultimately affected the financial performance of the companies listed on Indonesia Stock Exchange.
For the year 2018, the Jakarta Composite Index (JCI), which encompasses all stocks listed on the Indonesia Stock Exchange (IDX), averaged at 6,087, 6% higher than the 2017 average of 5,738. It was opened at 6,339, and closed at 6,194 on the last trading day of the year. It reached its lowest at 5,633 on 3rd July 2018, and reached its highest at 6,689 on 19th February 2018. During 2018, the trading volume totaled 7 billion shares, with the largest contribution made by the financial sector that comprised 31%, followed by the consumer goods (21%), while the mining sector contributed around 6% to the volume of JCI.
ADRO in 2018
In 2018, ADRO moved downward towards the end of the year. The DMO price cap policy imposed by the Government of Indonesia and the coal import quota policy of the Chinese Government put pressure on ADRO until the last trading day of 2018. ADRO opened the year at Rp1,865 and peaked at Rp2,650 on 29th January 2018. ADRO closed at at its lowest price of Rp1,215 in the end of 2018. AE’s market capitalization at the end of December 2018 was US$2.7 billion. Average trading volume, average daily turnover, and average stock liquidity in 2018 were 70.5 million, 9.5 million, and US$ 9.3million, respectively. Consensus rating for ADRO at the end of 2018 was 4.56, from 23 buys, 3 holds and 1 sell. Despite the declining trend, ADRO maintained the average Beta of 1-1.1x, or moved in congruence with the market. In addition, ADRO recorded a low P/E of 9x.
At the end of December 2018, ADRO’s public shareholders composed 37% of the total shares, out of which 41% were domestic holders, an increase from 30% at the end of December 2017, and the rest were foreign holders. As of December 2018, PT Adaro Strategic Investment remained the only controlling shareholder of Adaro Energy with ownership of 43.91%, while the BoC and BoD held the total of 12% of the total outstanding shares.
During 2018, AE’s BoC member, Arini Saraswaty Subianto, increased her ownership in the company to 79,399,250 shares or 0.25% of the total outstanding shares by way of share transfer. Furthermore, AE’s BoD members, Chia Ah Ho and David Tendian sold 1 million and 5 million shares of their ownership, respectively. As stated in the BoC and BoD Charters, all members of BoC and BoD are required to report their dealings in AE’s shares within 3 business days. These transactions had been reported to the regulators in accordance with the applicable rules and regulations.
Adaro Indonesia's Senior Notes
On November 2019, PT Adaro Indonesia, a subsidiary of PT Adaro Energy Tbk (AE), has issued a US$750,000,000 bond which carries a coupon rate of 4.25% per annum due in 2024 (“The Bond”). AE, together with AI, signed an indenture agreement relating to The Bond with Bank of New York Mellon as Trustee.
The Bond is guaranteed by AE and has been listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on November 1, 2019.
DBS Bank Ltd., Citigroup Global Markets Singapore Pte. Ltd., UBS AG, Singapore Branch, MUFG Securities Asia (Singapore) Limited and Oversea-Chinese Banking Corporation Limited are the initial purchasers of The Bond. AI received BBB- and Ba1 ratings from Fitch Ratings and Moody’s, respectively, both with stable outlook. Net proceeds from issuance of The Bond will be used to repay a portion of AI’s existing debts and for general corporate purposes.
Shareholders of 5% or more as of December 2019
|1||PT Adaro Strategic Investments||14,045,425,500||43.91|
BOC and BOD Ownership as of December 2019
|1||Edwin Soeryadjaya||President Commissioner||1,051,738,544||3.29|
|2||Theodore Permadi Rachmat||Vice President Commissioner||812,988,601||2.54|
|3||Arini Saraswaty Subianto||Commissioner||79,893,250||0.25|
|4||Garibaldi Thohir||President Director||1,976,632,710||6.18|
|5||Christian Ariano Rachmat||Vice President Director||20,000,000||0.06|
|6||Chia Ah Hoo||Director||9,093,500||0.03|