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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
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