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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Aditya Birla Group - India
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