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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
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- Mjunction Services Limited - India
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- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- The Treasury - Australian Government
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- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
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- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
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- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
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- Bhatia International Limited - India
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- Deloitte Consulting - India
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- Trasteel International SA, Italy
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- Minerals Council of Australia
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- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
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- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
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- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
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- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
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- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
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- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
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- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
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- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
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- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Meralco Power Generation, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
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