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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, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
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- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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