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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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Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
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- GMR Energy Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
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