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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Straits Asia Resources Limited - Singapore
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- Bhoruka Overseas - Indonesia
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- Deloitte Consulting - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Vedanta Resources Plc - India
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- Electricity Authority, New Zealand
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- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
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- Electricity Generating Authority of Thailand
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- Maheswari Brothers Coal Limited - India
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- Larsen & Toubro Limited - India
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- Parliament of New Zealand
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- Africa Commodities Group - South Africa
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- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
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- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
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- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
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- Altura Mining Limited, Indonesia
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- London Commodity Brokers - England
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- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
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- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
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- Bhatia International Limited - India
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- Kideco Jaya Agung - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
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