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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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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Economic Council, Georgia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- White Energy Company Limited
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
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