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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, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
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- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
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