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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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Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- The University of Queensland
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Planning Commission, India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
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