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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, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
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