Monday, 09 Jan 2012
It is reported that Mr Nat Rothschild has gained the upper hand in his power struggle with the Indonesian Bakrie family after side lining their top adviser at Bumi Resources the GBP 1.5 billion valued coal mining concern that they co own.
Credit Suisse which is particularly close to the Bakries has effectively been replaced as one of Bumi brokers by Bank of America Merrill Lynch. Although Credit Suisse remains a broker for now, it is expected to exit Bumi within two to three months.
The scion of the Rothschild banking dynasty formed Bumi when the Bakrie family Indonesian coal assets were reversed into his much trumpeted cash shell, Vallar last summer.
Mr Rothschild is cochairman with Indra Bakrie. However by November, Mr Rothschild had fired off a letter to Bumi CEO Mr Ari Hudaya complaining about standards of corporate governance at PT Bumi. Mr Rothschild accused PT of needing a radical cleaning up.
The Bakries countered by describing his comments as immature, hasty, irrational and poorly judged.
The loan and the problems it caused made Credit Suisse seem closer to the Bakries than to Mr Rothschild and it, inadvertently, became part of the row. JP Morgan, the company other broker, has largely stayed out of the conflict and has retained its position.
A source close to the situation said "This whole row has put Credit Suisse in an awkward spot and it's been close to the Bakries for a long time. This is a very logical move."
(sourced Independent.co.uk)
Showing posts with label Bumi Resources. Show all posts
Showing posts with label Bumi Resources. Show all posts
Monday, January 9, 2012
Thursday, November 17, 2011
Coal miner Bumi on track for 2011 target, output up
Thu Nov 17, 2011
* Says Q3 group production up 35 pct to 23 mln tonnes
* Berau Coal sales up 20 pct to 5.5 mln tonnes
* Realised prices for Q3 of $94 per tonne, up 32 percent
LONDON, Nov 17 (Reuters) - Coal miner Bumi Plc , a joint venture between Nat Rothschild and Indonesia's influential Bakrie family, said it was on track to hit its output target of 86 million tonnes in 2011 after a 35 percent rise in production in the third quarter.
Over the first nine months of the year, the group's production has totalled 62 million tonnes.
Realised prices for the group over the quarter were $94 per tonne, up by almost a third on the same period a year ago.
Subsidiary Berau Coal saw sales rise 20 percent compared with the same period last year while coal output increased 23 percent. Berau's 2011 output target is on track and its longer term expansion plan is on schedule, the group said.
Bumi Plc also owns a 29 percent stake in Jakarta-listed PT Bumi, which controls the KPC and Arutmin coal mines.
Relations between Rothschild and his Indonesian partners have deteriorated in recent weeks, with a leaked letter for Rothschild last week calling for a "radical cleaning up" of corporate governance at PT Bumi in a show of frustration.
The Bakries have since gone public themselves with their own criticism of Rothschild's broadside.
Bumi Plc, which began life as Rothschild vehicle Vallar, gained a premium London listing earlier this year.
Its shares have since dropped more than 20 percent, slipping below 850 pence in September in a dip that triggered the mandatory repayment of a loan and almost forced the Bakries into default, before they signed a deal earlier this month to sell half their stake.
(sourced Reuters)
* Says Q3 group production up 35 pct to 23 mln tonnes
* Berau Coal sales up 20 pct to 5.5 mln tonnes
* Realised prices for Q3 of $94 per tonne, up 32 percent
LONDON, Nov 17 (Reuters) - Coal miner Bumi Plc , a joint venture between Nat Rothschild and Indonesia's influential Bakrie family, said it was on track to hit its output target of 86 million tonnes in 2011 after a 35 percent rise in production in the third quarter.
Over the first nine months of the year, the group's production has totalled 62 million tonnes.
Realised prices for the group over the quarter were $94 per tonne, up by almost a third on the same period a year ago.
Subsidiary Berau Coal saw sales rise 20 percent compared with the same period last year while coal output increased 23 percent. Berau's 2011 output target is on track and its longer term expansion plan is on schedule, the group said.
Bumi Plc also owns a 29 percent stake in Jakarta-listed PT Bumi, which controls the KPC and Arutmin coal mines.
Relations between Rothschild and his Indonesian partners have deteriorated in recent weeks, with a leaked letter for Rothschild last week calling for a "radical cleaning up" of corporate governance at PT Bumi in a show of frustration.
The Bakries have since gone public themselves with their own criticism of Rothschild's broadside.
Bumi Plc, which began life as Rothschild vehicle Vallar, gained a premium London listing earlier this year.
Its shares have since dropped more than 20 percent, slipping below 850 pence in September in a dip that triggered the mandatory repayment of a loan and almost forced the Bakries into default, before they signed a deal earlier this month to sell half their stake.
(sourced Reuters)
Monday, March 7, 2011
Vallar, Bumi complete $1.48 billion transaction
Mon,Mar 07, 2011 10:06PM |The Jakarta Post|Business
JAKARTA: British investment giant Vallar Plc. has closed a transaction with Indonesia’s top coal producer, Bumi Resources, in a reverse takeover deal that would allow a London Stock Exchange listing for soon-to-be established Bumi Plc., both companies said in separate statements Friday.
Bakrie and Brothers (BNBR), the majority shareholder of Bumi, received 90.1 million new Vallar shares Friday issued at a value of £10 (US$16.26) each in exchange for a 25 percent stake in the coal miner.
Vallar’s 25 percent stake in Bumi was valued at Rp 2,500 per share, totaling Rp 13 trillion (US$1.48 billion). The shares were previously held by Bakrie and Brothers.
Bakrie chief executive officer Bobby Gafur Umar said the transaction was a “win-win” step for both parties.
“By being listed on the London Stock Exchange we expect BNBR’s value, profile and position at the international level to increase,” he said in a written statement.
Bobby added that the acquisition would allow his company greater access to capital and financial markets.
Tags : shareholders, stake in coal mine, acquisition,
Bakrie and Brothers (BNBR), the majority shareholder of Bumi, received 90.1 million new Vallar shares Friday issued at a value of £10 (US$16.26) each in exchange for a 25 percent stake in the coal miner.
Vallar’s 25 percent stake in Bumi was valued at Rp 2,500 per share, totaling Rp 13 trillion (US$1.48 billion). The shares were previously held by Bakrie and Brothers.
Bakrie chief executive officer Bobby Gafur Umar said the transaction was a “win-win” step for both parties.
“By being listed on the London Stock Exchange we expect BNBR’s value, profile and position at the international level to increase,” he said in a written statement.
Bobby added that the acquisition would allow his company greater access to capital and financial markets.
Tags : shareholders, stake in coal mine, acquisition,
Thursday, February 17, 2011
Indonesia may regulate price of coal sold to state utility PLN
Wed Feb 16, 2011 11:56am GMT
JAKARTA Feb 16 (Reuters) - Indonesia may regulate the price of coal sold to state utility firm PT Perusahaan Listrik Negara (PLN) if negotiations between the company and several coal producers fail to reach an agreement, the energy ministry told lawmakers in a report.
The ministry said that since November PLN has faced problems from coal suppliers asking for higher prices due to the increasing world prices caused by extreme cold weather and floods in Australia.
PLN has been negotiating prices with six companies and it expects to complete the talks by the end of this month. According to the ministry, PLN has not yet reached an agreement with PT Tambang Batubara Bukit Asam and Kaltim Prima Coal, a unit of top miner Bumi Resources .
"If agreement cannot be reached between PLN and these suppliers, we will recommend to issue a ministerial decree which will determine prices of coal sold to PLN," the ministry said in the report.
The ministry said the price would refer to the existing coal price benchmark issued monthly by the ministry, and would limit the increase in PLN's coal costs to not more than 2.13 trillion rupiah ($238.9 million) for this year.
PLN, the biggest domestic consumer of coal, estimates its coal-fired power plants will burn 52 million tonnes this year, up from 36 million tonnes in 2010.
For the monthly coal price benchmark in the world's largest exporter of thermal coal see . ($1 = 8914.5 Rupiah) (Reporting by Alfian; Editing by Neil Chatterjee,sourced:Thomson Reuters)
(sourced:Thomson Reuters)
Tags:Indonesia coal news, Indonesia coal policy, government regulating coal pricing, state coal utility, PT Perusahaan Listrik Negara(PLN), negotiations, coal producers in Indonesia, agreement, suppliers, Bumi Resources, PT Tambang Batubara Bukit Asam, Kaltim Prima Coal, Indonesia coal benchmark price, thermal coal prices,
JAKARTA Feb 16 (Reuters) - Indonesia may regulate the price of coal sold to state utility firm PT Perusahaan Listrik Negara (PLN) if negotiations between the company and several coal producers fail to reach an agreement, the energy ministry told lawmakers in a report.
The ministry said that since November PLN has faced problems from coal suppliers asking for higher prices due to the increasing world prices caused by extreme cold weather and floods in Australia.
PLN has been negotiating prices with six companies and it expects to complete the talks by the end of this month. According to the ministry, PLN has not yet reached an agreement with PT Tambang Batubara Bukit Asam and Kaltim Prima Coal, a unit of top miner Bumi Resources .
"If agreement cannot be reached between PLN and these suppliers, we will recommend to issue a ministerial decree which will determine prices of coal sold to PLN," the ministry said in the report.
The ministry said the price would refer to the existing coal price benchmark issued monthly by the ministry, and would limit the increase in PLN's coal costs to not more than 2.13 trillion rupiah ($238.9 million) for this year.
PLN, the biggest domestic consumer of coal, estimates its coal-fired power plants will burn 52 million tonnes this year, up from 36 million tonnes in 2010.
For the monthly coal price benchmark in the world's largest exporter of thermal coal see . ($1 = 8914.5 Rupiah) (Reporting by Alfian; Editing by Neil Chatterjee,sourced:Thomson Reuters)
(sourced:Thomson Reuters)
Tags:Indonesia coal news, Indonesia coal policy, government regulating coal pricing, state coal utility, PT Perusahaan Listrik Negara(PLN), negotiations, coal producers in Indonesia, agreement, suppliers, Bumi Resources, PT Tambang Batubara Bukit Asam, Kaltim Prima Coal, Indonesia coal benchmark price, thermal coal prices,
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