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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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Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with ...
Thursday, 03 December 09
JAPAN 2010 COAL IMPORTS SEEN FLAT, INDIA'S ROBUST - INDUSTRY
* Japan's demand seen steady in 2010 at 110 mln tonnes
* India's demand seen as robust, at 70 mln tonnes
Reuters reported that, Thermal coal i ...
Thursday, 03 December 09
INDONESIA MAY ALLOW COAL SALES BELOW GOVT PRICE
Reuters reported that, Indonesia is considering giving producers some flexibility to sell coal below the government's monthly benchmark price to co ...
Thursday, 03 December 09
INDONESIA SEEKS TO INCREASE COAL SHIPMENTS TO INDIA, CHINA
Bloomberg reproted that, Indonesia, Asia’s biggest coal exporter, seeks to increase shipments to India and China as the economies improve and ...
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- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
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