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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, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
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