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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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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
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- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
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- Energy Development Corp, Philippines
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- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
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- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
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- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
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- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
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- The University of Queensland
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- Minerals Council of Australia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
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- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Australian Coal Association
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
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- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
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- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- PTC India Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
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- Coal and Oil Company - UAE
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- Latin American Coal - Colombia
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