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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 15 July 11
BUKIT ASAM 1H COAL SALES UP 44 PERCENT
The state-controlled PT Tambang Batubara Bukit Asam Tbk (PTBA) is estimated to post 6.5 million tons of coal sales in the first half of this year, a ...
Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
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- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
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