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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, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
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- London Commodity Brokers - England
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
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