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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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Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
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