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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, 30 November 09
THE FUTURES FOR THREE YEARS (2010-2012) WAS SOFT COMPARED TO LAST WEEK - VISTAAR SINGAPORE
COALspot.com (Singapore): BDI continued to drop this week and touched below 4,000 mark level. The drop in BDI was almost 12 pct and closed at 3,975 ...
Monday, 30 November 09
INDIA UTILITIES MOVE TO COAL INDEX - PRICING
Indian state utilities are leading a switch to coal index-linked pricing from fixed prices to secure imports and to be visibly paying fair market pr ...
Friday, 27 November 09
IMPORTING LIGNITE INTO COAL RICH KOSOVO
Balkan Insight has discovered that one of Kosovo’s biggest firms is being forced to import lignite from Malaysia and Indonesia, despite estima ...
Friday, 27 November 09
SOUTH AFRICA STILL TOPS IN COAL EXPORT RANKINGS
Mining Weekly reported that, Despite significant coal-mining capacity recently discovered in the Southern African region, according to senior coal a ...
Friday, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
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- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Mercator Lines Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
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