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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Australian Coal Association
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
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