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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, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Central Java Power - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- PTC India Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
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