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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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Tuesday, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
Monday, 16 May 11
INDO TAMBANG 1Q SALES REVENUE UP - INSIDER STORIES
Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) ...
Sunday, 15 May 11
THE FREIGHT MARKET REMAINED SOFT - VISTAAR
COALspot.com - "The freight market overall remained soft", said Capt. Reddy, Director of Vistaar Shipping Singapore. He further added, &qu ...
Saturday, 14 May 11
WELSPUN TO ACQUIRE AN INDONESIAN COAL MINE - MEDIA
The India based Welspun Power and Steel Ltd is planning to acquire 456,000 shares in PT Batubara Energy Indonesia, representing 75% interest, accord ...
Saturday, 14 May 11
DRY BULK MARKET ON A DOWNFALL ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what is now pretty clear will be yet another challenging year for dry bulk ship owners, the Baltic Dry Index returned to its usual pattern of dec ...
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- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- The University of Queensland
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
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