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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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Tuesday, 26 October 10
DRY BULK MARKET TO KEEP RISING THIS WEEK ON STRONG CHINESE IRON ORE AND THERMAL COAL DEMAND - HELLENIC SHIPPING
Overcapacitated or not, the dry bulk market keeps its positive momentum as we move forward this week, with the Baltic Dry Index (BDI) rising by 0.77 ...
Monday, 25 October 10
TWO CHINESE COMPANIES INK DEAL TO TAP AUSSIE COAL RESERVES
China Daily reportd that, two Chinese coal firms have teamed up to explore and develop coal resources in an area in Australia that has forecast rese ...
Monday, 25 October 10
DRY BULK MARKET STILL HEAVILY DEPENDENT ON CHINA, POSTS SMALL WEEKLY LOSS OF 1.27% - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With every twitch and turn from China’s metals industry, the dry bulk market is disproportionally affected, as evidenced by the course of the ...
Sunday, 24 October 10
SUPRAMAX VESSELS BEING FIXED AROUND $ 15 K PER DAY DELIVERY N. CHINA FOR TRIP VIA INDONESIA TO INDIA - VISTAAR SHIPPING
COALspot.com: The freight market this week remained almost at same levels with not much change. However the Far East/SE Asia market was quite soft w ...
Saturday, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
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- Parliament of New Zealand
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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