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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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Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
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- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Australian Coal Association
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Posco Energy - South Korea
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
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