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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
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- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- MS Steel International - UAE
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
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