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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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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- VISA Power Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
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