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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Planning Commission, India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
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