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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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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
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