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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 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
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