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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, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- VISA Power Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Central Electricity Authority - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
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