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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, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Australian Coal Association
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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