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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Australian Coal Association
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