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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Planning Commission, India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
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