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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
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- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
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