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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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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mi ...
Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
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- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- VISA Power Limited - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
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