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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Sunday, 06 January 13
FREIGHT MARKET REMAINED FAIRLY STEADY - VISTAAR
WISH YOU ALL HAPPY NEW YEAR
COALspot.com - The freight market remained fairly steady in spite of Christmas / New Year Holidays. The BDI was almos ...
Saturday, 05 January 13
THE SHIPPING MARKET IN 2012 AND LOOKING FORWARD - BIMCO
Global Economy: Things will go up from here
The global economy continues to grow, albeit at a slower pace than previous years. The slower economic ...
Friday, 04 January 13
DRY BULK MARKET LOOKING FOR DIRECTION IN FIRST TRADING DAYS OF THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is actively looking for its footing at the start of the New Year, as charters have been scarce, as is usually the case during th ...
Thursday, 03 January 13
INDONESIAN SUB-BITUMINOUS COAL SWAPS CLOSED US$ 6.86 HIGHER FOR 2014 DELIVERY
COALspot.com - Swaps prices were changed positively for thermal coal for loading in the first quarter from Indonesia, according to SGX AsiaClear OTC ...
Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS
Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering ...
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- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- The University of Queensland
- Thiess Contractors Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
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