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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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Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- The Treasury - Australian Government
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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