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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, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
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