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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, 13 April 11
CAPESIZE VESSELS ARE DELIVERED AT A PACE OF ONE NEW VESSEL EVERY SECOND DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a clear sign that it will take a significant rise in global seaborne dry bulk trade in order to be able to absorb the flurry of new building tonn ...
Sunday, 10 April 11
SOFT FREIGHT MARKET TREND LIKELY TO BE CONTINUED - VISTAAR SHIPPING
COALspot.com - The freight market continued to soften further with the BDI breaking the 1,500 points and closing at 1376 points down by almost 10 pc ...
Thursday, 07 April 11
HANDY RATES SLIDING NOW - FEARNBULK
Handy
Slowly softening rates as more tonnage is accumulating in the Atlantic basin.The trans-Atlantic round is around $15k pd with trips to ...
Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the large ...
Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug ...
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- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
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