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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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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
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- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- The University of Queensland
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
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