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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- The University of Queensland
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
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