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Resources Prima, a Singapore-listed coal miner operating in Indonesia, has two new shareholders worth taking note of.
a. Ang Liang Kim, who made an off-market deal to personally buy 110.75 million shares -- and another 58.8 million shares through a vehicle -- in March. The seller was Madrone Enterprises, which is owned by the CEO's family (which still controls 40.5% of the company).
Based on a Google search, Ang Liang Kim is likely to be Dato Ang, a Singaporean, who has held a number of board seats in listed Malaysian as well as private companies. He is aged around 68.
b. Giang Sovann, a new shareholder, who bought 1 million shares from the open market just two months ago.
Mr Sovann, 60, has been the lead independent director of Resources Prima since Nov 2014.
| Date | Shareholder | Buy/Sell | Price | No. of shares | Interest after buy/sell |
| 13-May-2016 | Giang Sovann | Open market buy | 3.0 c | 1 m | 1 m |
| 16-Mar-2016 | Madrone Enterprises | Off-market sale | 5.0 c | 90 m | 742,384,980 (40.5%) |
| 2-Mar-2016 | Madrone Enterprises | Off-market sale | 5.90 c | 169,574,000 | 832,384,980 (45.4%) |
| 2-Mar-2016 | L K Ang Corporate* | Off-market buy |
5.90 c | 58,824,000 | |
| 2-Mar-2016 |
Ang Liang Kim |
Off-market buy |
5.90 c | 110,750,000 | 185,434,000 (10.12%) |
| 2-Dec-2015 |
Ho Wen Yan |
Off-market sale | 10 c | 29 m | 75.8 m (4.14%) |
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* Ang Liang Kim holds 88.6% of the issued share capital of L.K. Ang Construction which in turn holds 100 % of the issued share capital of L.K. Ang Corporate. |
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Agus Sugiono, executive chairman and CEO of Resources Prima. NextInsight file photo.Resources Prima is awaiting the award of IPPKH2, a permit from the Indonesian government allowing it to mine about 900 hectares of its coal concession.
This permit is vital for the company's prospects to be re-rated by investors as it adds to the 300 hectares or so that it currently is allowed to mine.
The in-principle approval was granted in Jan 2016, so it's been a puzzling long wait of 6-7 months so far for IPPKH2 to be granted.
In Jan 2016, Executive Chairman and CEO Agus Sugiono was quoted saying: “The issuance of the In-Principle IPPKH2 is a major milestone in obtaining the IPPKH2. We estimate that, together with the Indonesian Minister of Forestry, the procedures will be completed by the end of March 2016."
With no sign of the IPPKH2, the share price has slid, triggered by margin selling, according to market talk.
| Jakarta miners index: +37% ytd |
Resources Prima: - 36% ytd |
Over in the Jakarta stock market, the share prices of coal miners have been running up, in part because of stable coal prices which have lately showed signs of inching up.
Since the start of the year, the miners index -- which covers miners of various commodities including coal -- has soared 37% as of today, July 13. (Source)
And Resources Prima? It has a year-to-date return of minus 36%.
