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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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Wednesday, 16 December 09
COECLERICI EYES SECOND RUSSIA COAL MINE
* CEO says "seriously considering" mid-small size purchase
* Will use mine to increase exports to Asia
* Says delays at ports will not c ...
Wednesday, 16 December 09
INDONESIA'S FIRST PRIVATE RAILWAY TO BOOST RAK'S MINING INTERESTS
MEC infra to invest $1b in construction of 130-km transport link
A 130-kilometre railway that will ease the transport of raw materials and finish ...
Tuesday, 15 December 09
KOMIPO HAS ISSUED A NEW TENDER FOR 30000 MT OF 5200 NAR KCAL/KG COAL
COALspot.com (South Korea): South Korean state-owned utility Korea Midland Power (KOMIPO) has issued an new tender for prompt supply of 30000 M ...
Tuesday, 15 December 09
CHINA CUTS IMPORT DUTIES ON COAL, RAISES FOR OTHERS
China will lower import duties on more than 600 products next year, including coal, naphtha and phosphate ore, the Finance Ministry said on Tuesday. ...
Tuesday, 15 December 09
NTPC'S COAL WOES UNLIKELY TO END SOON
State-owned power producer NTPC’s woes over shortages of coal may not end soon. Though the company is importing 12.5 million tonnes of coal&nb ...
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- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
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