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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, 28 December 09
INDONESIAN MINER LINKED TO FUGITIVE FINANCIER
The Energy Ministry is unlikely to approve the transfer of ownership of coal miner PT Riau Baraharum on allegations it is indirectly owned by fugiti ...
Monday, 28 December 09
SOMALI PIRATES SAY $4 MILLION RANSOM PAID FOR COAL SHIP
A helicopter dropped a $4 million ransom payment on Sunday on to the deck of a Chinese coal ship hijacked by Somali pirates in mid-October, a pirate ...
Saturday, 26 December 09
COAL INDIA, RIO TINTO MAY HOLD TALKS SOON ON TIE-UP
State owned Coal India Limited (CIL), which is in the race for acquisition of overseas coal properties to plug the demand supply shortfall of the dr ...
Saturday, 26 December 09
COKING COAL PRICES MAY RISE BY 10 - 15% FROM APRIL 2010
The price of coking coal, one of the key raw materials for steel production, is likely to increase by 10-15% in next April, the month in which m ...
Saturday, 26 December 09
COAL INDIA SECURES TWO BLOCKS IN MOZAMBIQUE
It's official now. Mozambique has awarded two coal acreages in its Maotize region with an estimated one billion tonne reserves to Coal India Ltd bu ...
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- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Aditya Birla Group - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
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