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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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Thursday, 03 December 09
COAL INDIA IPO LIKELY TO HIT MARKETS BY NOVEMBER 2010
Soon investors will get to own a slice of India's largest coal mining company. Coal India its initial public offering will hit markets in November ...
Thursday, 03 December 09
PROLONGED COAL MARGIN SQUEEZE AHEAD - WESCOAL
Mining Weekly reported that, Coal junior Wescoal foresees a continued margin squeeze ahead. The JSE AltX-listed company's gross margin was reduced ...
Tuesday, 01 December 09
COAL DEMAND REBOUNDING FROM DOWNTURN - U.S. MINING EXECS
The coal industry is slowly rebounding from last year's recession with demand and prices inching upward, although inventories at U.S. power ...
Tuesday, 01 December 09
INDONESIA COAL OUTPUT SEEN LIFTED BY CHINA, INDIA
Reuters reported that, Indonesia's coal output is expected to grow by as much as 12 percent in 2010, boosted by demand from power hungry China and ...
Monday, 30 November 09
NTPC SCOUTS FOR MORE COAL BLOCKS IN INDONESIA
State-run National Thermal Power Corporation (NTPC) today said it has identified three more coal blocks in Indonesia for acquisition.
"We ha ...
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- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- GMR Energy Limited - India
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