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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Australian Coal Association
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
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