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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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Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
Wednesday, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
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- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Planning Commission, India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
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