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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, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
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