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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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Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
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- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
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