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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, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
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- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
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