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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, 21 July 11
DRY BULK RATES EDGE FURTHER DOWN ON WEAK MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell once again on Wednesday marking the ninth straight day of losses. The industry’s benchmark, the Baltic Dry Index (BDI ...
Wednesday, 20 July 11
ANTWERP RECEIVES THE CAPESIZE MG COURAGE
The deepening of the Western Scheldt has made the port of Antwerp easily accessible not only to Ultra Large Container Ships of over 10,000 TEU but a ...
Wednesday, 20 July 11
KALIMANTAN GOLD APPOINTS COMMISSIONER TO SUBSIDIARY
Kalimantan Gold Corporation Limited has announced the appointment of Dr. Bambang Setiawan as Commissioner (a senior advisor) to the Board of PT Kali ...
Wednesday, 20 July 11
CHALLENGER GETS TABANG PROJECT IUP PERMIT
COALspot.com - Challenger Deep Resources Corporation has been getting exploration permit or Izin Usaha Pertambangan (IUP) for its Tabang coal in Eas ...
Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibilit ...
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- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Siam City Cement - Thailand
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
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