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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, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Posco Energy - South Korea
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
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