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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
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