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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, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
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