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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 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
Friday, 18 December 15
CHINA GROWTH SHOCK TO HIT ENERGY, SHIPPING, STEEL MOST - FITCH
Energy, shipping and steel would be the hardest-hit sectors in Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese growth, says Fitch R ...
Friday, 18 December 15
WEEKLY U.S. COAL PRODUCTION REMAINS FLAT ACROSS ALL BASINS
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 17 December 15
THE LOW DEMAND AND EXCESS COAL OUTPUT, KEEP THE FOB INDONESIA COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q1 2016 rose month on month and decline slightly week over week. For the week ended December 11, 20 ...
Thursday, 17 December 15
GLADSTONE PORT COAL RECORD LOOMING, EXPORTS UP 12% - GLADSTONE OBSERVER
COAL exports from Gladstone's port have taken a leap, with more than seven million tonnes leaving the wharves in November.
That increase i ...
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- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Australian Coal Association
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
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