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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, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- The University of Queensland
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- PTC India Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
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