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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, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
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- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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