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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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Monday, 14 December 09
RICHARDS BAY COAL TO FINISH EXPANSION IN 1ST QUARTER
Richards Bay Coal Terminal, which ships more than a quarter of Europe’s energy coal, said it will complete its Phase 5 expansion project in th ...
Monday, 14 December 09
SOUTH AFRICAN STEAM COAL PRICES FIRMING UP FOR Q1 TRADE
Reuters reported that Q1 South African coal prices firmed again slightly largely on Asian demand but European delivered prices were little changed.
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Sunday, 13 December 09
THE FREIGHT MARKET SEEMS TO BE COMING OFF A BIT AND THE MARKET MAY BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com (Singapore): "The market softened this week especially in the Cape and Panamax segment , where as the Supramax and Handy size was ...
Sunday, 13 December 09
NAPOCOR CUTS COAL IMPORT PROJECTION FOR 2010
STATE-RUN National Power Corp. slashed its planned coal importation for 2010 to only 200,000 metric tons from 3.4 million MT this year, as the gover ...
Sunday, 13 December 09
CHINESE BUYERS SEEK LARGE TONNAGE OF SOUTH AFRICA STEAM COAL
Reuters reported that Chinese utilities on the coast and inland are seeking several cape cargoes each of South African coal for 2010 delivery becaus ...
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- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
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