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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, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
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