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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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