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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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Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compa ...
Wednesday, 26 October 11
INDIAN MARKET WAS REMAINED TIGHT THE WHOLE LAST WEEK - BRS
The market once more seems to be at a crossroads. The indices last week remained fairly stable (except for the Panamax sector), ending the week as f ...
Tuesday, 25 October 11
DRY BULK MARKET STEADY, ANALYSTS LOOKING FOR ADDED PRESSURE ON THE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was unchanged on Monday, with the industry’s benchmark, the BDI (Baltic Dry Index) ending the session at 2,153 points, exa ...
Monday, 24 October 11
NEW HEAD OF INDONESIA'S MINING MINISTRY GETS RAKED OVER THE COALS - JOSEPH KIRSCHKE
COALspot.com - Following Indonesia’s presidential cabinet shakeup last week, many are questioning the qualifications of Energy and Mineral Res ...
Monday, 24 October 11
CHINA QINHUANGDAO COAL PRICE RISES TO HIGHEST IN THREE YEARS - BUSINESSWEEK
Business week reported that, China’s power-station coal price rose to the highest level in three years as power stations and central heating p ...
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- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
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