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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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Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
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- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Planning Commission, India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
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