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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, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- White Energy Company Limited
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- MS Steel International - UAE
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
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