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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, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
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