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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
Friday, 20 November 09
CHINESE COKING COAL SUPPLY TO BE 'TIGHT' IN 2010, KGI SAYS
Bloomberg Reported that, Stephen Wang, an analyst with KGI Securities in Taipei, comments on the outlook for Chinese steel production and demand for ...
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- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
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