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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
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- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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