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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, 06 April 11
FORBES & MANHATTAN COAL ANNOUNCES SIGNIFICANT OFF TAKE AGREEMENT
Steady Cash Flow Will Fund Production Ramp Up
Forbes & Manhattan Coal Corp., ("Forbes Coal" or the "Company") is a produc ...
Tuesday, 05 April 11
DRY BULK MARKET DOWN ON FIRST DAY OF SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market began the second quarter on a downward pattern, with the industry’s benchmark, the Baltic Dry Index (BDI) shedding 1.45 pe ...
Monday, 04 April 11
INDONESIA INTERNATIONAL CONFERENCE FOCUS ON INDONESIA'S ECONOMY (IICFIE) 2011 MASTER PLAN TO ACCELERATE THE ECONOMIC DEVELOPMENT
Press Release - Since couple of years, Indonesia's economy show impressive growth. What is the Indonesia's Economic Corridor and the Master plan t ...
Saturday, 02 April 11
TNPL CALLS FOR 160KT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure another 160,000 MT +/- 5 percent of Non-Coking imported C ...
Saturday, 02 April 11
THE FREIGHT MARKETS LIKELY TO BE SOFT NEXT WEEK - VISTAAR SINGAPORE
COALspot.com - The freight market softened this week affecting all sectors with BDI down by 65 points (down by 4.10 pct) and closed at 1,520 points. ...
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- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
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