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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
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- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
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