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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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Saturday, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
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- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
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