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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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Saturday, 12 December 09
QUEENSLAND APPROVES A$4 BILLION COAL TERMINAL PROJECT
Queensland’s state government said it has signed a mandate approving development of the A$4 billion ($3.7 billion) Wiggins Island coal termina ...
Saturday, 12 December 09
INDONESIA'S COAL RUSH - SOOTY SUCCESS
Rising demand from China and India is stoking Indonesia’s exports of coal
FOR power stations on the coast of China, it is often cheaper to ...
Thursday, 10 December 09
ENVIROCOAL REGISTERED IN 33 COUNTRIES
PT Adaro concerned to register the brand overseas
PT Adaro Energy Tbk has registered the Envirocoal trademark for its coal products in 33 countri ...
Thursday, 10 December 09
INDIA TO IMPORT 28 MILLION TONNE OF STEAM COAL
Faced with short supply of coal from domestic sources, the Indian power ministry has revised upwards its coal import target for the current fiscal t ...
Thursday, 10 December 09
INDONESIA'S NEW MINING LAW WILL NOT LIMIT COAL EXPORTS, SAYS GOVERNMENT
The government will allow coal producers to continue exporting even if they miss domestic sales requirements, a senior mining official said, marking ...
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- Sakthi Sugars Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
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