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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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Saturday, 10 August 13
MOODY'S: OUTLOOK FOR US COAL INDUSTRY CHANGES TO STABLE FROM NEGATIVE
Moody's Investors Service has changed its outlook for the US coal industry to stable from negative, the rating agency says in a new report, "U ...
Saturday, 10 August 13
DEMOLITION ACTIVITY TO BE CRUCIAL AGAIN IN PROVIDING SUPPORT TO THE DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We appear to have forgotten demolition activity this year, with the Baltic Dry Index gaining traction in the latter part of the second half and emer ...
Friday, 09 August 13
US PRODUCED 4.00 PERCENT LESS COAL ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.00 million short tons (mmst) of ...
Thursday, 08 August 13
HANDY : NO POSITIVE SENTIMENT FOR THE FAR EAST MARKET - FEARNRESEARCH
Handy
No positive sentiment for the Far East market. There are a number of ships coming open in SE Asia this week and owners rating mid/high USD 8k ...
Thursday, 08 August 13
MALAYSIA HOSTS THIRD ANNUAL ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release : The third Annual Asian Sub-Bituminous Coal Users’ Group (ASBCUG) conference convenes Sept. 30-Oct. 3 at the Eastern & Orie ...
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- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
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