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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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Sunday, 17 April 11
THE FREIGHT MARKET APPEARS WILL CONTINUE TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - "The freight market continued to soften further with all segments down except for the handy size which was marginally up by 10 p ...
Sunday, 17 April 11
ADARO TO PROPOSE US$75 MILLION DIVIDEND
COALspot.com - One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) is keen to propose a final dividend of US$75 million or Rp 20.17 (U ...
Saturday, 16 April 11
TNPL RECEIVES 1.6MT OF COAL OFFERS - SOURCES
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. has closed its 160,000 MT coal inquiry today.
More than a half a dozen of Indian coal t ...
Friday, 15 April 11
DRY BULK MARKET KEEPS ON FALLING, ON LOW DEMAND AND HIGH SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its falling patern this week, with the industry’s benchmark, the Baltic Dry Index (BDI) retreating again yesterda ...
Thursday, 14 April 11
SUPRAS IN N.CHINA GET CLOSE TO $12000 FOR TRIPS VIA INDONESIA TO INDIA - FEARNBULK
Handy
The Atlantic market remains flat - very little new/fresh business and slow activity. Considerable prompt tonnage remains unfixed. The USG pa ...
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- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- PTC India Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
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