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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Friday, 20 November 09
INDONESIAN CO PLANS JV WITH NAGARJUNA
Economic Times reported that, Infrastructure firm Nagarjuna Constructions Company (NCC) is set to form a joint venture with an Indonesian coal minin ...
Thursday, 19 November 09
S. KOREA TO BUY COAL FROM CHINA FOR US$ 85-90/T IN 2010
Head of one S. Korea power company on November 18 unveiled that S. Korea’s power companies may purchase coal from China at the contract price ...
Thursday, 19 November 09
SNAPSHOT OF INDONESIA'S COAL INDUSTRY - FACT BOX BY REUTERS
Indonesian plans to cap coal exports to meet domestic demand will not hit global supplies in the near term, but could start to bite in three to five ...
Thursday, 19 November 09
INDONESIA COAL EXPORTS CURB WILL TAKE TIME TO BITE
Indonesia's plans to cap coal exports to satisfy demand at home are unlikely to crimp global supplies for as long as five years, when new power pla ...
Thursday, 19 November 09
THE GOVERNMENT TO GUARANTEE COAL SUPPLIES FOR POWER PLANTS
The government guarantees coal supplies for power plants under a 10,000 MW-capacity power plant construction acceleration program.
Minister of En ...
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- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
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