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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, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
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- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- The University of Queensland
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Planning Commission, India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
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