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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
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