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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, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
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