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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 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
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- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- ICICI Bank Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- CNBM International Corporation - China
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- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
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- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
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- The University of Queensland
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- Merrill Lynch Commodities Europe
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- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
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- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
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- Karbindo Abesyapradhi - Indoneisa
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- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
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- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
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- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
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