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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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Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
Thursday, 26 September 13
DRY BULK MARKET KEEPS ON RALLYING ON THE BACK OF HIGH CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its momentum over the course of the past week, on the back of increased demand for Capesizes and an improvement of mark ...
Wednesday, 25 September 13
RBCT'S COAL EXPORT DECLINES IN AUGUST
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal in South African as well as in the world has shipped 16. ...
Wednesday, 25 September 13
CAPES TOUCHING RATES NO ONE BELIEVED COULD BE ACHIEVED IN 2013 - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market is the gift that keeps on giving these days. With rates for Capes touching numbers ...
Wednesday, 25 September 13
IS IT TIME AGAIN TO SUPERSIZE AGAIN? - GEORGE LAZARIDIS
After an early arrival of the seasonal rally in the Capesize market, things look to be on the upbeat for these dry bulk giants. With the Index reach ...
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- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Australian Coal Association
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
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