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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, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
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