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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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Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- The University of Queensland
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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