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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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Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
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- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Planning Commission, India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
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