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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, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Parliament of New Zealand
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
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