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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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- Economic Council, Georgia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
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