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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, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
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- Baramulti Group, Indonesia
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- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
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- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
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- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- The Treasury - Australian Government
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- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
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- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
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- Chamber of Mines of South Africa
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- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
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- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
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