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Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
.jpg) The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbung Energy & Metal on Friday approved the management’s plan to purchase a 23.8 percent stake in London-listed Bumi for $1 billion as well as buying back up to 5 percent of its floating stocks in the market to stabilize their price.
The approval paves the way for Borneo Lumbung to jointly own a combined 47.6 percent stake in Bumi, previously known as Vallar, with two Bakrie Group affiliates, Bakrie & Brothers (BNBR) and Long Haul Holdings.
Borneo Lumbung is owned by businessman Samin Tan, who also owns investment firm Renaissance Capital.
The extraordinary meeting of shareholders on Friday also approved the appointment of Alexander Ramlie — a former banker at local and overseas lenders and executive at Indonesian private equity firm Ancora Capital — as Borneo Lumbung’s new chief executive, replacing Samin.
Samin indirectly controls 73 percent of the company.
“I was asked to replace him [Samin]. That will be effective from today,” Ramlie told reporters. Samin will be nominated for a position at the board of Bumi, replacing Indra Bakrie.
The Bakrie family has been rumored to have close ties with Samin’s business empire, although it has gone on record to deny the existence of any structural connection.
Proceeds from the stock sale to Borneo Lumbung will be used to help refinance Bakrie’s mounting debt, which is owed to a number of overseas lenders, led by Credit Suisse.
Borneo Lumbung’s shares closed 1.2 percent higher on the Indonesia Stock Exchange on Friday, at Rp 830.
Source: The Jakarta Globe
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Monday, 28 November 11
CITING CONTRACTS, MINING FIRMS ARE NOT PAYING ROYALTIES UNDER LAW - THE JAKARTA POST
The Jakarta Post reported that, when the 2009 Law on Minerals and Coal was endorsed, hopes that Indonesia could maximize its revenue from the minera ...
Monday, 28 November 11
NEW ENVIRONMENTAL MARINE REGULATIONS TO IMPACT SHIPPING IN 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
August of next year will see some major changes for marine navigation. It’s when the North American ECA will come into force, introducing a 1% ...
Sunday, 27 November 11
INDIA'S KPCL TO IMPORT 50 MMT OF COAL FOR 10 YEARS
COALspot.com - Karnataka Power Corporation Limited (KPCL) will buy 5 million metric tonnes of coal annually for 10 years starting from 2015.
In a ...
Saturday, 26 November 11
INDIAN PORTS ARE BECOME COAL STOCKPILES..!!
COALspot.com - The Indian coal stocks and power tariff situation is the hot topic among the world coal producers as well as Indian coal importers.&n ...
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 ...
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- PTC India Limited - India
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- Indo Tambangraya Megah - Indonesia
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- Eastern Energy - Thailand
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- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
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- Petron Corporation, Philippines
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- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
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- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
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- London Commodity Brokers - England
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- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- White Energy Company Limited
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- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
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- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
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- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
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- Posco Energy - South Korea
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- SMC Global Power, Philippines
- Bangladesh Power Developement Board
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- Economic Council, Georgia
- Attock Cement Pakistan Limited
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- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
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- Tamil Nadu electricity Board
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- PNOC Exploration Corporation - Philippines
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- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
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