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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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Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
Tuesday, 22 December 09
NEWCASTLE COAL SHIP QUEUE LONGEST IN TWO YEARS AS EXPORTS SLOW
Bloomberg reported that, the queue of coal ships waiting at Australia’s Newcastle port, the world’s biggest export harbor for the fuel, ...
Monday, 21 December 09
INDONESIA HAS EXPORTED AROUND 195.303 MILLION TONS OF COAL TILL END OF NOVEMBER 2009
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in November 2009, by taking 28.69% of total exported quan ...
Monday, 21 December 09
RUSSIAN COAL MINER SUEK EYES '10 LONDON IPO
* Company valued at around $8-$9 bln - banking source
* IPO could take place in H1 - source
* May list 25 pct of share capital - report
Reuters ...
Monday, 21 December 09
IGCC OUTLOOK CHINA 2010 TO BE HELD IN APRIL 2010 IN SHANGHAI
COALspot.com (China): Press Release - Aiming at unveiling the growth area of IGCC polygeneration, IGCC Outlook China 2010 is planned to be hel ...
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- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
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