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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, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
Friday, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
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- Petrochimia International Co. Ltd.- Taiwan
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- Timah Investasi Mineral - Indoneisa
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- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- VISA Power Limited - India
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- Goldman Sachs - Singapore
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- Georgia Ports Authority, United States
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- Orica Australia Pty. Ltd.
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- Star Paper Mills Limited - India
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- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
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- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
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- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
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- Global Green Power PLC Corporation, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
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- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
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- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Central Electricity Authority - India
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- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
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- Tata Chemicals Ltd - India
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- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
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- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Parliament of New Zealand
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- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
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- Economic Council, Georgia
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- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
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- Trasteel International SA, Italy
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