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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Saturday, 30 April 11
BUKIT ASAM PROFIT HAS JUMPS 108 PERCENT IN Q1, 2011
The Indonesian state-controlled coal miner PT Bukit Asam Tbk (PTBA) reported a 108.07 percent jump in net profit during the first three months of 20 ...
Saturday, 30 April 11
THE PANAMAX WAS THE BIGGEST GAINER
COALspot.com - The freight market appeared to recover slightly after the Easter holidays. However they market may not move up much and likely to mai ...
Friday, 29 April 11
KOMIPO ISSUES TENDER FOR 710,000 MT OF LCV & HCV COAL
COALspot.com - Korea Midland Power Co. Ltd (KOMIPO) has issued a spot supply tender for supply of total 710,000 MT of thermal coal for delivery betw ...
Friday, 29 April 11
HARUM EYES IDR 2.58 TRILLION COAL TAKEOVER
PT Harum Energy Tbk (HRUM), that is controlled by Indonesian tycoon Kiki Barki, is poised to spend Rp 2.58 trillion (approximately US$ 301.296 mln) ...
Friday, 29 April 11
CHINA'S IMPORTS 27 PERCENT LESS COAL IN Q1 2011 - ICAP SHIPPING
ICAP Shipping reported that, China's coal imports in the first quarter were some 27% down on a year ago at 32.3 Mt (2010: 44.4 Mt). Part of the rea ...
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- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
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