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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed duri ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
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- Ministry of Transport, Egypt
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- White Energy Company Limited
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- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Central Electricity Authority - India
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- Australian Coal Association
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- Baramulti Group, Indonesia
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- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
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- GAC Shipping (India) Pvt Ltd
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- PTC India Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- India Bulls Power Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Planning Commission, India
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- Interocean Group of Companies - India
- Georgia Ports Authority, United States
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- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
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- The University of Queensland
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- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
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- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
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- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
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- Sical Logistics Limited - India
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- Merrill Lynch Commodities Europe
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- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
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- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
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- Electricity Authority, New Zealand
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- Directorate General of MIneral and Coal - Indonesia
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- IHS Mccloskey Coal Group - USA
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- Mintek Dendrill Indonesia
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- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
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- Parry Sugars Refinery, India
- Economic Council, Georgia
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- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
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- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
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- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
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- Holcim Trading Pte Ltd - Singapore
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- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
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- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
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- Sakthi Sugars Limited - India
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- Eastern Energy - Thailand
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