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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bott ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
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- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
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