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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, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
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- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- London Commodity Brokers - England
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- The University of Queensland
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
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