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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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Thursday, 24 December 09
DRY BULK CHARTERING - SHIPPING UPDATE
Handy
Continued firm conditions for the Handymax / Supramax market in the Atlantic despite the BSI´s downward trend. As chrs scramble to cov ...
Thursday, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerize ...
Wednesday, 23 December 09
INDONESIA POWER CHIEF TO BUILD PLANTS OUTSIDE JAVA
Indonesia's state electricity firm plans to build new power plants outside Java island with a combined capacity of around 2,000 megawatts to resolv ...
Wednesday, 23 December 09
BUKIT ASAM SEES CHINA COAL DEMAND BOOST
* Rebound in prices to have pushed up 2009 revs
* To more than double Tarahan port capacity
Reuters reported that, Indonesian state-owned coal m ...
Wednesday, 23 December 09
MACARTHUR COAL OFFERS TO BUY RIVAL GLOUCESTER
Queensland-based Macarthur Coal will offer to buy fellow Australian Gloucester Coal, in a move to add two new mines and increase coal resources.
...
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- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
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