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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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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- The University of Queensland
- Marubeni Corporation - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
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