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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, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
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