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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, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
Wednesday, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
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- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
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- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
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- Electricity Generating Authority of Thailand
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- Sojitz Corporation - Japan
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- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
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- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
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- Georgia Ports Authority, United States
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- Australian Commodity Traders Exchange
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- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Australian Coal Association
- The University of Queensland
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- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
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- Wilmar Investment Holdings
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- Marubeni Corporation - India
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- Karbindo Abesyapradhi - Indoneisa
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- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
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- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
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- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
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- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
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- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
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- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
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