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 2020
During 2020, the Indonesian economy was hit by the ongoing pandemic COVID-19. Since President Joko Widodo announced the first COVID-19 cases, Jakarta Composite Index (JCI) decreased significantly. At the beginning of January 2020, the (JCI) was opened at 6,313, and continued to decline along with the spread of COVID-19 across the country. The JCI reached its lowest level of 3,911 in March 2020. Growing concern about how the government handle the pandemic and increasing number of COVID-19 cases had negative impact as many foreign investors decided to pull out from Indonesia’s capital market. Based on the data from Indonesia Stock Exchange (IDX), up until the end of December 2020, foreign investors had offloaded US$3.2 billion of their investment in stocks.
At the end of 2020, the JCI closed at 5,979, 5% lower compare to 6,300 at the end of 2019. The total market capitalization of Indonesia’s stock market stood at Rp6,968 trillion in the end of 2020, decreased 4% year-over-year from Rp7,265 trillion. The Finance Sector Index made the largest contribution in terms of market capitalization to the JCI (36%), followed by Consumer Goods Index (15%), while the Mining Sector Index (JAKMINE) recorded a 6% contribution to the JCI. The Rp/USD exchange rate depreciated y-o-y from Rp13,900 in December 2019 to Rp14,296 in December 2020.
ADRO in 2020
During 2020, ADRO had poor share price performance due to the negative sentiment due to the COVID-19 pandemic, which affected global coal demand and hence put downward pressure on coal price for most of 2020. The weaker coal market affected the company’s earnings in 2020. At the beginning of 2020, ADRO was opened at Rp1,495. It reached its lowest in March 2020 at Rp610, along with the increased uncertainties due to the pandemic. Towards the fourth quarter of 2020, sign of recovery started to emerge in a number of coal importing countries, such as China and India, as they started to lift their lockdowns rules. Along with the increasing coal price, ADRO gradually increased until it reached its highest level of Rp1,600 in December 2020. At the end of the year, ADRO closed at Rp1,445, or 3% lower compared to the beginning of the year.
ADRO market capitalization at the end of December 2020 was US$3.2 billion, or down from US$3.43 billion at the end of December 2019. Average trading volume in 2020 was 82.20 million shares, and average daily trading value was US$6.8 million. Consensus rating for ADRO at the end of 2020 was 4.68 from 26 buy, 0 hold and 2 sells recommendations.
As at end of 2020, the total public ownership was 36.30% of the total outstanding shares. The composition of domestic investor vs. foreign investor was 52.39% vs. 47.61%. Ownership from domestic investors increased from 45.98% at the end of 2019 as domestic investors have taken more position in the overall Indonesian stock market in 2020. ADRO shareholders were dominated by institutions, whereby a total of 33.22% were local institutions and 47.47% were foreign institutions.
Dealings in company’s shares
During 2020, AE’s BoD member, Chia Ah Hoo, increased his ownership in the company to 10,593,500 shares or 0.03% of the total outstanding shares from the transfer of shares. Furthermore, another AE’s BoD members, Christian Ariano Rachmat, sold 4 million shares of his ownership, made his total ownership was 16,000,000 shares at the end of 2020. These transactions were reported to the regulators within three business days as stated in the related rules and regulations.
Shareholders of 5% or more as of April 2021
|1||PT Adaro Strategic Investments||14,045,425,500||43.91|
BOC and BOD Ownership as of April 2021
|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||16,000,000||0.06|
|6||Chia Ah Hoo||Director||10,593,500||0.03|