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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
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- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
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