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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- PTC India Limited - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
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