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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, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
Tuesday, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
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- Economic Council, Georgia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- The University of Queensland
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
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