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.
|
|
Sunday, 06 December 09
NEW MANGALORE PORT GETS UPCL'S FIRST COAL PARCEL FROM INDONESIA
The Lanco Group-promoted Udupi Power Corporation Ltd (UPCL) has received the first parcel of imported coal from Indonesia at the New Mangalore Port. ...
Friday, 04 December 09
CHINA'S COAL IMPORTS PREDICTED TO DECLINE IN 2010
China's eye-catching coal import figure s are unlikely to extend into 2010 given the predicted narrow-down of the coal price spread between the hom ...
Friday, 04 December 09
SUBHASH PROJECTS BEGINS MINING AT INDONESIAN COAL BLOCK
Kolkata-based infrastructure company Subhash Projects and Marketing (SPML) has begun mining at its coal block in Indonesia and will begin despatchin ...
Friday, 04 December 09
DRY BULK MARKET IS ON THE RISE AGAIN
Proving rather resilient, compared to previous behaviors, the dry bulk market has been on a rebound mode once again, after a two-week fall, which su ...
Friday, 04 December 09
INDONESIA'S BUMI EYES MARKETING DEAL FOR BERAU COAL
Reuters reported that, Indonesian coal miner PT Bumi Resources Tbk said on Thursday it is in talks to be the exclusive marketing agent for coal prod ...
|
|
|
Showing 6201 to 6205 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- The University of Queensland
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
|
| |
| |
|
