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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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