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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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Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
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- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Planning Commission, India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- PTC India Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
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