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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, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
Sunday, 26 January 14
FREIGHT RATES FALL FURTHER ON LACK OF CARGOES - SOLYM CARRIERS
COALspot.com: The freight market has continued to soften further this week with BDI down by 12.31 pct. BDI was closed at 1,246 points week ended 24 ...
Friday, 24 January 14
US COAL PRODUCTION UP 3.9% ON WEEK IN WEEK ENDED SATURDAY - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.1 million short tons (mmst) of coal in ...
Friday, 24 January 14
DRY BULK MARKET STRUGGLING TO FIND FIRM FOOTING IN START OF 2014 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been faltering since the start of 2014, struggling to hold its ground as low seasonal demand has hindered further growth in ...
Thursday, 23 January 14
PANAMAX : THIS WEEK THE ACTIVITY CAME DOWN DRAMATICALLY - FEARNRESEARCH
Handy
With the Chinese New Year approaching the activity and rate levels are sliding in both hemispheres. Rates in the Atlantic have knocked off so ...
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- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
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