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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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Monday, 20 June 11
KPCL SETS ALL INDIA & POSSIBLY A WORLD RECORD FOR COAL DISCHARGING
COALspot.com - Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unload ...
Monday, 20 June 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2011 IS ON THE WAY
Press Release - Since the beginning of 2011, international commodity price has been in a high level, resulting in “TENSION” of energy co ...
Sunday, 19 June 11
S6 AND S7 ROUTES LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market seemed to be stabilizing and the BDI and Cape index was up marginally and closed at 1,423 points and 1,824 points ...
Sunday, 19 June 11
BUMI 1Q NET PROFIT INCREASES 16.5 PERCENT
PT Bumi Resources Tbk (BUMI), Indonesia's largest coal exporter that is 25% owned by London-listed Vallar Plc, reported a16.49% increase in net pro ...
Friday, 17 June 11
DRY BULK BREATHES SIGH OF RELEAF ON RENEWED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has caught a sign of relief from the middle of the week onwards, as the BDI (Baltic Dry Index) increased once again yesterday, t ...
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- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
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- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
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- Tamil Nadu electricity Board
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- Central Electricity Authority - India
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- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
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- Orica Mining Services - Indonesia
- White Energy Company Limited
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- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
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- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Electricity Authority, New Zealand
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- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
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- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
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- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
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- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
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- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
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- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
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- Interocean Group of Companies - India
- PowerSource Philippines DevCo
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- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
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- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
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- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
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- Mjunction Services Limited - India
- Coal and Oil Company - UAE
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