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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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Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
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- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
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