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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, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
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- Planning Commission, India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
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