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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, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- SMC Global Power, Philippines
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