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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, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
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- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
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