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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Monday, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
Monday, 07 December 09
CHINA COKING COAL PRICE MAY RISE 14% ON DEFICIT, CITIGROUP SAYS
Coking coal prices in China, the world’s biggest steel producer, may rise 14 percent next year because of a supply deficit, Citigroup Inc. sai ...
Monday, 07 December 09
JSW STEEL TO SELL MOZAMBIQUE COAL MINE FOR RS 300 CRORE
JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy as the mine has become commercially unviable for the steel producer, a t ...
Monday, 07 December 09
BLACK RIDGE MINING ENTERS AGREEMENT WITH INDONESIAN COAL PRODUCER
Australian-listed Black Ridge Mining has entered into an exclusive dealing and non-circumvention agreement with Indonesian coal producer PT. Inmas A ...
Sunday, 06 December 09
THE ECI / CHINA (S7) ROUTE SOFTENED AND WAS AT US$ 25,275 PER DAY - VISTAAR
COALspot.com (Singapore): "The market was bit soft in the beginning of the week, however towards mid week that market started to pick up and th ...
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- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- The University of Queensland
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
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