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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Planning Commission, India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Aditya Birla Group - India
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