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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, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
Friday, 08 November 13
DRY BULK MARKET BOUNCES BACK ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market staged a mild comeback this week, as the industry's benchmark, the Baltic Dry Index (BDI) inched forward step by step and bit b ...
Friday, 08 November 13
US'S OCTOBER COAL PRODUCTION INCREASED BY 1.78% M-M - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 07 November 13
FORMOSA PLASTICS SEEKS 80K MT OF 5850 GAR COAL
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for 80,000 mt of bituminous coal for delivery in Nov - Dec'13 for its Chi ...
Thursday, 07 November 13
INDONESIAN COAL EXPORT VOLUME INCREASED; REVENUE DECREASED
COALspot.com: Indonesia, the 15th largest economy, 4th largest coal producer in the world and world's largest multi grade coal exporter shipp ...
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- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Australian Coal Association
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
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