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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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Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
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- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
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