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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
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