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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
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- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
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