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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
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- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
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