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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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Monday, 19 December 11
PLN WILL NO LONGER BUY COAL FROM TRADERS
COALspot.com - Indonesia's state electricity company PT Perusahaan Listrik Negara will no longer allow traders to become their suppliers, said, its ...
Saturday, 17 December 11
THE FREIGHT MARKET SEEMS TO HAVE ALMOST BOTTOMED OUT AND MAY REMAIN STEADY AT THESE LEVELS CAPT REDDY
COALspot.com - The BDI and Cape index closed lower this week with BDI closing at 1,888 points (down by 1.76 pct) and Cape index at 3,572 points (dow ...
Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smal ...
Thursday, 15 December 11
BERAU SEES INDIA AS POTENTIAL MARKET FOR LOW-CALORIE COAL - THE JAKARTA POST
The Jakarta Post reported that, Publicly listed coal mining company PT Berau Coal Energy (BRAU), the fifth largest coal producer in Indonesia, sees ...
Thursday, 15 December 11
PANAMAX HARDLY AFFECTED BY THE RECENT FIRMER TENDENCY FOR THE BIG SISTERS - FEARNBULK
Handy
The rates are more or less the same as last week. Continent/US Gulf fixing at tick below USD 10k and Gulf/Continent levels at USD 25k. Trips ...
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- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- White Energy Company Limited
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
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