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Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal companies through Vallar Plc, allowing the nation’s biggest producer of the fuel to list in London.
Bloomberg further reported, Vallar will buy 75 percent of PT Berau Coal Energy and 25 percent of PT Bakrie & Brothers’ PT Bumi Resources in a cash and stock transaction, the company said today in a statement. Bakrie Group will be the largest combined shareholder in Vallar -- to be renamed Bumi Plc -- and have the right to nominate the chairman, chief executive officer and chief financial officer.
The reverse takeover, which gives control to the holders of the acquired company, will create an Indonesian “resources champion,” combining the nation’s largest coal producer, Bumi, and fifth-largest, Berau, according to Vallar. Rothschild, former co-president of New York hedge-fund firm Atticus Capital LLC, raised 707.2 million pounds ($1.13 billion) in Vallar’s initial public offering in London in July and had considered deals of as much as $5 billion.
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“This acquisition should be well received by investors since this is a good price for high-quality coal assets,” Liberum Capital analysts wrote in a report. “A London-listed, large scale, pure play Indonesian coal play should offer a unique commodity exposure and have strong investment appeal.”
Bumi Plc will target coal output of 140 million metric tons a year and be the largest thermal-coal supplier to China, Rothschild said on a conference call.
Mandatory Offer
Vallar, whose London-traded shares were suspended today, plans to make a mandatory offer to Berau’s minority shareholders and increase its ownership in Bumi in 2011, it said. Bakrie Group will hold 43 percent of Vallar stock after the deal.
The planned London listing, the first for an Indonesian company, “will enhance our international profile, provide a currency and platform for development in the region and put us in a much stronger position to build on the organic growth that our combined assets already provide,” Indra Bakrie, proposed chairman of Jersey, Channel Islands-based Vallar, said in the statement.
The “remarkable” deal is a “win-win” for shareholders, said Rothschild, who in April ranked seventh in the Sunday Times “Rich List,” an annual estimate of net worth of the 25 wealthiest U.K.-based hedge-fund managers.
Bumi Production
Indonesia is Asia’s biggest exporter of thermal coal, used in power stations. Bumi Resources, the country’s largest coal miner by volume with a market value of 54 trillion rupiah ($6 billion), produced 60 million tons and sold 58 million tons of the fuel last year.
The Jakarta-based company is a unit of Bakrie & Brothers, an investment company controlled by the family of billionaire and politician Aburizal Bakrie, Indonesia’s fourth-richest man, according to Forbes Asia. Sovereign wealth fund China Investment Corp. bought $1.9 billion of debt from Bumi in September 2009.
Bumi shares reversed losses after today’s announcement, rising 2 percent to 2,600 rupiah at 3:40 p.m. Jakarta time. The stock has climbed 7.2 percent this year, compared with a 44 percent gain in the benchmark Jakarta Composite Index.
Berau, with a market value of 18.2 trillion rupiah, is 75 percent owned by PT Bukit Mutiara, a unit of PT Recapital Advisors. Bukit Mutiara will retain 15.3 percent after the sale, Berau said in a statement.
Berau expects to produce 17.9 million tons of coal this year, rising to as much as 22 million tons by 2012, President Director Rosan Roeslani said Aug. 19. The Jakarta-based company raised $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
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- CNBM International Corporation - China
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- PTC India Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
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