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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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Saturday, 28 May 11
WCI-CHINA RATES SLIDED TO 15K AND FROM ECI AROUND 12K - FEARNLEYS AS
Handy
Rates in the Atlantic remain steady/flat with the Black Sea remaining quiet with little fresh enquiries. The Continent is seeing more tonnag ...
Saturday, 28 May 11
GOLDEN MINES IPO AT RP 2,300 - RP 3,500
Coal miner PT Golden Energy Mines, a wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA) which is controlled by Indonesian businessman ...
Friday, 27 May 11
LARGER DRY BULK CARRIERS LEAD BDIS RALLY THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Larger dry bulk vessels have kept on leading the market’s rise this week, with the BDI (Baltic Dry Index) rising by a more than healthy 3.43% ...
Wednesday, 25 May 11
70 PERCENT OF HARUMS PRODUCTION SOLD - BISNIS INDONESIA
Coal producer PT Harum Energy Tbk claimed that out of this year's total production target of 10 million tons, 70% or 7 million tons had been sold, ...
Wednesday, 25 May 11
MINERS BACK GOVT PLAN TO FREEZE MINING PERMITS - THE JAKARTA POST
Indonesian coal miners hailed the government’s decision to impose a moratorium on the issuance of new mining permits, saying the freeze would ...
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- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- MS Steel International - UAE
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
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