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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, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
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- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Aditya Birla Group - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
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