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Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth largest coal mining producer PT Berau Coal, after PT Bukit Mutiara converts its debt to Rizal Risjad into BRAU shares.
Bukit Mutiara, wholly owned subsidiary of PT Recapital Advisors, controls 99% stakes in Berau Coal Energy.
When Bukit Mutiara acquired 90% stakes in PT Risco, now Berau Coal Energy, Rizal Risjad provided vendor financing worth US$580 million to Bukit Mutiara early January this year.
Recapital President Director Rosan P. Roeslani said Bukit Mutiara has an option to convert its debt obtained from Rizal into Berau Energy shares in December 2010.
"The debt might be converted into Berau Energy shares. In return, Rizal Risjad would own 10% stakes in Berau Energy," Rosan said.
Berau Coal Energy has determined to offload 3 billion shares in the primary market via initial public offering at the price of Rp300-Rp400 per share.
By considering the price, Berau Coal Energy will snap up cash of Rp900 billion to Rp1.2 trillion. The current size is 4 billion shares lower than initial plan mentioned in the IPO prospectus of 7 billion shares on the back of raising funds from bond issuance and band loans.
Rosan said Berau Coal Energy has secured loan facilities worth US$400 million from some foreign banks including Credit Suisse, Deutsche Bank, and a Chinese bank.
In parallel, Berau Coal is underway to issue US$350 million bond, offering interest rate of 12.5% for 5 year maturity.
"About US$600 million will be used to refinance debt to Credit Suisse," he said. The IPO proceed of around US$100 million will be used to finance capital expenditure in the next three years.
Berau Coal aims to jack up coal production volume from 17.9 million tons in 2010 to 21 million tons in 2012. As of June this year, revenue has reached US$475 million from a year earlier of US$376 million.
Source: Insider Stories
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Monday, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
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- Price Waterhouse Coopers - Russia
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