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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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Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
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- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
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