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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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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Planning Commission, India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
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