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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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Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
Friday, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
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- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
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