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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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Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
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- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
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