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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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Wednesday, 30 December 09
CHINA'S 2010 COAL DEMAND COULD RISE 4%-6%, ACCORDING TO CHINA SECURITIES JOURNAL
China, which is the world’s second-largest energy user, may consume between 4 and 6% more coal next year on continued economic growth, China S ...
Tuesday, 29 December 09
PROFIT IN COAL INDUSTRY DOWN 9.4% Y-O-Y IN JAN.- NOV.
In November, China's coal production was 289mln tons, up 26.3% year on year, an increase of 5.2% over last month. China's average daily trucks loa ...
Tuesday, 29 December 09
DHARMA HENWA EYES 20% REVENUE GROWTH
Local integrated mining services provider PT Dharma Henwa, which was earlier this year acquired by coal mining giant PT Bumi Resources, expects reve ...
Monday, 28 December 09
NEED TO IMPORT COAL COMES EARLY
Viet Nam may need to start importing coal as early as 2012, three years earlier than expected, to meet its electricity demands.
The Viet Nam Coal ...
Monday, 28 December 09
GOVT EYES $3.57B MINING, GEOTHERMAL INVESTMENT
The country can expect up to US$3.57 billion in investment in mining and geothermal energy next year, which would represent an increase by more than ...
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- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
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