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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
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- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
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- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
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- Bhushan Steel Limited - India
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- Africa Commodities Group - South Africa
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- Meralco Power Generation, Philippines
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- Latin American Coal - Colombia
- Electricity Authority, New Zealand
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- Anglo American - United Kingdom
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- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Australian Coal Association
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Minerals Council of Australia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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