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 2019
The global economic condition in 2019 was generally affected by the ongoing trade war between US and China. A number of countries, including Indonesia, had their economic growth adversely impacted by this geopolitical issue for most of the midyear, however, the market received positive sentiments when the conflict simmered towards the end of the year.
In Indonesia particularly, 2019 was “a political year” as the nations for the first time held the presidential election simultaneously with the legislative elections on April 17, 2019. Many considered the 2019 presidential election a rematch of the 2014 encounter, as it was a race between the same two candidates, the incumbent Joko Widodo and the challenger Prabowo Subianto. Indonesian stock market was heavily affected by the uncertainty surrounding the heated political situation, because majority of the market participants chose a “wait and see” position during the election period.
In 2019, the Jakarta Composite Index (JCI) opened at 6,181, then stayed relatively stable during the year, and closed at 6,300 at the year-end. Total market capitalization of Indonesia’s stock market was recorded Rp7,290 trillion at the year-end, 3% higher than Rp7,045 trillion at the previous year-end. The Rp/US$ exchange rate recorded strong appreciation of the Rupiah, from Rp14,481/US$1 in December 2018 to Rp13,900/US$1 in December 2019.
During 2019, the Finance Sector Index made the largest contribution to the JCI (34.8%), followed by Consumer Goods Index (16.3%), while the Mining Sector Index (JAKMINE) recorded a 5.2% contribution to the JCI. From the beginning of January until the end December 2019, the JAKMINE decreased 11.4%, from 1,748 to 1,549, with an average trading volume of 715 million in 2019. Among all mining stocks, ADRO was the 2nd largest contributor (14.5%) to the JCI, after Bayan Resources.
ADRO in 2019
Along 2019, ADRO was heavily affected by the subdued global thermal coal market. At the beginning of the year, ADRO opened at Rp1,225, before hitting a record low on August 15 at Rp1,010 as the pressure in the global thermal coal market kept pushing coal prices down. Towards the second half of the year, ADRO rebounded and gradually climbed to peak at Rp1,715 on December 16. ADRO closed at Rp1,555 at the year-end, or 27% higher than the opening price at the beginning of the year. ADRO’s total trading volume was 49.3 million shares, a 188.4% increase year-over-year.
At the end of December 2019, ADRO market capitalization totaled US$3.43 billion, higher than the US$2.7 billion recorded at the end of December 2018. Average trading volume and average daily turnover in 2019 were 58.45 million and 5.56 million, respectively. ADRO booked an average Beta of 1.3x, or moved faster than the market. Consensus rating for ADRO at the end of 2019 was 3.77, from 14 buys, 8 holds, and 4 sells.
In 2019, a BoC member of AE, Arini Saraswaty Subianto, increased her ownership in AE to 79,893,250 shares or 0.25% of the total outstanding shares by way of share purchase. This transaction 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 May 2020
|1||PT Adaro Strategic Investments||14,045,425,500||43.91|
BOC and BOD Ownership as of May 2020
|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||10,593,500||0.03|