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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, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
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