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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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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
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- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- PTC India Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
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