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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, 09 December 12
LOW DEMAND PUSHES CHARTER RATES TOWARDS DOWN - VISTAAR
COALspot.com - The freight market has softened and BDI, The Baltic Dry Index, a measure of shipping costs for dry bulk goods, plunged below 10 ...
Friday, 07 December 12
A NEW PHASE FOR AUSTRALIAN RESOURCES - A FITCH STREET INTERVIEW
This week Matt Jamieson spoke with Andrew Colquhoun in Fitch's Asian sovereign rating team, and Vicky Melbourne, Fitch's commodity analyst based i ...
Friday, 07 December 12
SHIPPING INDUSTRY LOOKING ON YET ANOTHER TOUGH YEAR AS WE APPROACH 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With shipping finance "on the ropes" as traditional lenders appear to be cutting their losses and tonnage oversupply still the most import ...
Thursday, 06 December 12
PANAMAX : THE POSITIVE VIBES IN THE ATLANTIC REMAINS - FEARNLEYS AS
Handy
The Atlantic market is still depressed with dearth of cargoes and more ships. The trips from Continent to Feast fixed around USD 12k. Trips f ...
Thursday, 06 December 12
STRONG CHINESE DEMAND FOR DRY BULK COMMODITIES EXPECTED FOR 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A new analysis from BIMCO released yesterday suggests that 2013 is expected to be a stronger year in terms of China's "hunger" for commod ...
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- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
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