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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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
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