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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, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Planning Commission, India
- The University of Queensland
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
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