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Monday, 30 November 09
RECAPITAL TO ACQUIRE BERAU COAL
 Unlisted Indonesian coal producer Berau will redeem outstanding bonds before the acquisition by Recapital Advisers is completed by the end of this year.
Finance Asia reported that, Recapital Advisers, an Indonesia-based investment firm, on Friday entered into a definitive agreement to acquire a majority stake in Berau Coal, according to a source, beating several strategic buyers who had shown interest in the Indonesian coal producer.
On the same day, Berau sent out an irrevocable 30-day notice to its bondholders to redeem $225 million of outstanding fixed-rate bonds in a move that will see the company clean up its balance sheet before the new owners take over. The bonds, which were issued in December 2006, will be redeemed at 104.688% of face value, which is in accordance with the original terms.
No financial details were revealed with regard to the acquisition, but media have previously suggested that the deal may value Berau at at least $1.3 billion -- a number sources have acknowledged isn't far off. The deal is expected to be finalised by year-end.
Unlisted Berau is the fifth largest producer of thermal coal in Indonesia with contracts to develop three coal mine areas in East Kalimantan covering total concession areas of 118,400 hectares. It is currently 51%-owned by Indonesian individual Rizal Risjat through his investment firm Armadian Tritunggal. Dutch firm dan Rognar Holding owns 39%, while 10% is in the hands of Sojitz Corp, a listed Japanese trading and investment company. The three firms own Berau as a joint venture. Recapital will initially buy Armadian's 51% stake but is also expected to take over the minority stakes owned by its two partners.
The company has been up for sale for the best part of this year after it failed to go public last year. The company was marketing an initial public offering to investors in August 2008, but the listing was called off when risk appetite among investors deteriorated rapidly as the financial crisis gathered pace. Berau needs fresh capital to expand operations at its existing three mines. The company produced 13.2 million tonnes of coal in 2008 and aims to produce 15 million tonnes this year. It has earlier said that it plans to raise its annual production capacity to 20 million tonnes from 15 million tonnes today.
China's Huaneng Power, Indonesia's Indika Energy and Thailand's top coal miner Banpu are among the companies that are believed to have submitted bids for Berau, while mining giants Xstrata and Peabody Energy also showed interest early on.
The shareholders of Berau Coal are being advised on the sale by Bank of America Merrill Lynch, Deutsche Bank and PacBridge Capital Partners, an advisory firm run by former Merrill Lynch banker Sheldon Trainor. Recapital is advised by Credit Suisse.
Merrill (and Trainor) also arranged a $279 million buyout of Berau in August 2006 that cleaned up a messy ownership structure. The buyout saw Rizal Risjat, who previously held 9.3%, secure a majority stake in the company, while other owners were able to exit. The US investment bank was also mandated on last year's aborted IPO and acted as the sole bookrunner for the coal miner's $325 million dual-tranche bond in December 2006, which included the fixed-rate tranche that is now being redeemed.
The acquisition agreement comes at a time when there has been a lot of international interest in Indonesian coal companies. In September, Chinese sovereign wealth fund China Investment Corporation (CIC) invested $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Thursday, 17 December 09
CIL TO IMPORT 4 MILLION TONNES COAL FOR NTPC
The country's largest coal miner Coal India Ltd (CIL) will import 4 million tonnes of coal for state-run power company NTPC.
"Earlier, ther ...
Wednesday, 16 December 09
COAL MARKETS 2010 CONFERENCE - PRESS RELEASE
COALspot.com (Singapore) Press Release – Back for the 8th year, Coal Markets 2010 will be taking place in Singapore on 28 – 29 Jan ...
Wednesday, 16 December 09
CHINA 2010 COAL TERM PRICES SEEN RISING 8% ON YEAR
Term prices of thermal coal for 2010 in China are expected to rise about 8 percent from this year's levels, as demand for power has been roaring ba ...
Wednesday, 16 December 09
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL INTERESTS
Emerging coal producer Kangaroo Resources has significantly enhanced its production pipeline in Indonesia after reaching agreement to acquire a coki ...
Wednesday, 16 December 09
UAE'S RAS AL KHAIMAH TO INVEST $5.2B IN EAST KALIMANTAN PROJECT
Shrugging off neighbor Dubai’s debt problems, the smaller United Arab Emirate of Ras Al Khaimah announced on Tuesday that it would increase it ...
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- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Deloitte Consulting - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- VISA Power Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
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