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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, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- White Energy Company Limited
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
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