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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, 09 December 09
INDONESIA'S RECAPITAL TO PAY $1.48 BLN FOR BERAU
Recapital Advisors, an Indonesian investment firm, will pay $1.48 billion in cash and notes to buy coal miner PT Berau Coal, $300 million of which i ...
Wednesday, 09 December 09
COAL INDIA YET TO IMPLEMENT IMPORT LINKED PRICES
Coal India Ltd is adopting a conservative approach in pricing despite being allowed to charge import-linked price for the country's minuscule reser ...
Wednesday, 09 December 09
INDIA NEEDS TO IMPORT 29 MILLION TONNE STEAM COAL IN 2009 - 10
Mr Sriprakash Jaiswal Indian minister of state (Independent Charge) for coal informed the Rajya Sabha that Central Electricity Authority has estimat ...
Tuesday, 08 December 09
VOLATILE COAL PRICES SPUR ASIAN HEDGING
Volatile coal prices are forcing staid Asian power firms to change the way they buy fuel, setting the scene for a hedging boom as a growing array of ...
Tuesday, 08 December 09
MEC TO SHIP 2M T INDONESIA COAL TO INDIA IN 2010 - REUTER'S INTERVIEW
The UAE's Middle East Coal plans to start operation of coal mines in Indonesia's East Kalimantan province next year with initial production of 2 m ...
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- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
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