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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, 03 September 11
FEW SHIPS REPORTED FIXED FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued the upward trend during last week with BDI up by about 13 pct closing at 1,740 points and cape index up ...
Saturday, 03 September 11
TNPL TO BUY 240K MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure 240,000 MT +/- 5 percent of non-coking imported coal with ...
Friday, 02 September 11
CAPESIZE DEMAND LIFTS DRY BULK MARKET ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what proves to be the best week of the year for Capesize owners, strong demand has helped propel the dry bulk market to new highs yesterday. The ...
Thursday, 01 September 11
EWP TO BUY 195KT OF VIETNAM COAL
COALspot.com - Korea Midland Power (KOMIPO) has issued an International open bidding for 490kt of sub bituminous coal, according to a bid invitation ...
Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry ...
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- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
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