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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, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Australian Coal Association
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
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