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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, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
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- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
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