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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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Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
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