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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
Monday, 13 June 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 1.2 PERCENT IN JUNE
COALspot.com - The Ministry of Energy & Mineral Resources sets coal spot price benchmark for June 2011 at US$ 119.03 per ton, higher than US$ 1. ...
Sunday, 12 June 11
THE FREIGHT MARKET IS LIKELY TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued to soften this week except for Panamax index. The BDI was down by about 4.77 pct and closed at 1,418 poi ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Friday, 10 June 11
BUKIT ASAM RECORDED RP1.3 TRILLION PROFIT IN MAY - TEMPO INTERACTIVE
Tempo Interactive reported that, PT PT Tambang Batubara Bukit Asam Tbk (PTBA) made a net profit of Rp 1.3 trillion (approx. US$ 152,779,410) at the ...
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- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
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