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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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Friday, 28 September 12
DRY BULK SECOND HAND VESSELS ON HIGH DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the demise of the dry bulk market and the collapse of freight rates since the beginning of 2012, on the back of record breaking newbuilding ...
Thursday, 27 September 12
MINING RE-COMMENCES AT ORPHEUS' B2 EAST KALIMANTAN COAL PROJECT
- B2 project overburden removal completed and coal exposed
- Coal getting has commenced with target production of 30,000tpm
- Orpheus to re ...
Thursday, 27 September 12
HANDY: THE PACIFIC MARKET IS GETTING WEAKER WITH UPCOMING GOLDEN WEEK HOLIDAYS - FEARNLEYS AS
Handy
Yet another week with rates softening in all trades. Especially owners with ships open Continent struggle to find employment paying decent mo ...
Thursday, 27 September 12
DRY BULK MARKET LOSES STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The rise of the BDI (Baltic Dry Index), the dry bulk industry’s benchmark during the course of the previous week, proved to be short-lived, as ...
Wednesday, 26 September 12
NEWBUILDING ORDERING ACTIVITY REMAINS SUBDUED ON GLOBAL MARKET UNCERTAINTY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding ordering activity has been on the down side during the past few weeks, a trend also noticeable during the course of the past few days, a ...
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- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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