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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 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
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- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
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- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Planning Commission, India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- The University of Queensland
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
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