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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
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