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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, 27 November 09
EXXARO SEES HIGH COAL DEMAND RAISING PRICES
Reuters reported that, South African diversified miner Exxaro Resources said on Thursday it expected coal prices to rise to between $70 and $75 per ...
Friday, 27 November 09
CENTENNIAL SAYS ENERGY-COAL PRICE TO RISE AS CHINA SEEKS FUEL
Bloomberg reported that, Centennial Coal Co., an Australian producer of the fuel, said contract prices are expected to rise in 2010, with Chinese co ...
Friday, 27 November 09
IN FIRST-10-MONTH OF 2009 COAL IMPORTS IN GUANGXI-FANGCHENG EXCEEDED FULL-2008 IMPORTS
According to Customs statistics, during the January-October, Fangcheng port accumulatively imported 3.676mln tons valuing U.S.$370, rising by 53.8% ...
Thursday, 26 November 09
CHINA'S COAL IMPORTS TO RISE BY 170 PERCENT IN 2009
According to the statistics released by China's General Administration of Customs on November 23, China's coal imports for October totaled 11.1 mi ...
Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
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- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Australian Coal Association
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
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