We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 08 December 09
RICHARDS BAY COAL SHIPMENTS FELL 11% IN NOVEMBER FROM YEAR AGO
Coal exports from South Africa’s Richards Bay, site of the continent’s largest export terminal for the fuel, fell 11 percent in November ...
Tuesday, 08 December 09
HIGH GLOBAL COAL PRICES HIT POWER PROJECTS
Spot prices for the fuel have appreciated almost 10% in November.
After a sedate year, rising coal prices could hit the coffers of import-based d ...
Monday, 07 December 09
HOW INDIA CAN CUT ITS ENERGY NEEDS BY 20%!
Using energy more efficiently can reduce our energy needs by one fifth; it is a strategy we must pursue even as we promote renewables, says Kirit Pa ...
Monday, 07 December 09
ASIA COAL POWER IN INDONESIA DISCUSSES NEW MINING LAW, COAL AND POWER SECTORS AS INVESTMENTS POUR INTO COALMINES TO SECURE SUPPLIES
COALspot.com (Singaproe): Press Release - Asia Coal Power pinpoints growing power demand in Asia & Power sector investments in Indonesia's coal ...
Monday, 07 December 09
DRY BULK RATES' VOLATILITY TO STAY, BUT RECOVERY IS UNDERWAY SAYS ION VAROUXAKIS HEAD OF FREESEAS
In an interview with Hellenic Shipping News, Mr. Ion G. Varouxakis, Chairman of the Board, President and CEO of Nasdaq-listed Freeseas, explains why ...
|
|
|
Showing 6191 to 6195 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Australian Coal Association
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
|
| |
| |
|
