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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Monday, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
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