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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, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
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- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
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- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
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