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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, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY 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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Uttam Galva Steels Limited - India
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- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
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- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
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- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
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- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
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- Energy Link Ltd, New Zealand
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- Tamil Nadu electricity Board
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- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
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- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
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- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Planning Commission, India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
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- Iligan Light & Power Inc, Philippines
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- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- MS Steel International - UAE
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