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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, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
Saturday, 12 November 11
DRY BULK MARKET REGAINS SOME OF THE LOST GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which ha ...
Friday, 11 November 11
PETROCOM ENERGY PLANS $40M TO BUILD COAL PLANT IN CILEGON - JP
The Jakarta Post reported that, Hong Kong-based Petrocom Energy Ltd has unveiled plans to invest up to US$40 million on a proposed coal-blending fac ...
Friday, 11 November 11
GOVT WAITS LEGAL DECISION ON BUKIT ASAM, ADARO DISPUTE - JP
The Jakarta Post reported that, The government says that it will not interfere in the settlement process of the dispute between state coal miner PT ...
Thursday, 10 November 11
INDONESIAN REFERENCE COAL PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the November 2011 Indonesian Coal Reference Price for thermal coal at U ...
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- Bharathi Cement Corporation - India
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- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
- White Energy Company Limited
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- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
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- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
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- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
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- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
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- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
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- Leighton Contractors Pty Ltd - Australia
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- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
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- Economic Council, Georgia
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- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
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- Heidelberg Cement - Germany
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- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
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- Parliament of New Zealand
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- Energy Development Corp, Philippines
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- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
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