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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Sunday, 20 December 09
GLOBAL COAL MAJORS MAKE THEIR PRESENTATIONS
Major energy companies from four countries, including the U.S., Indonesia and South Africa, have completed detailed presentations before a committee ...
Saturday, 19 December 09
THE FUTURES FOR 2010 - 2012 FIRMED UP COMPARED TO LAST WEEK AND WAS AT AROUND CAPE US$ 28,000 PER DAY - VISTAAR
COALspot.com (Singapore): The freight market continued to soften this week with major drop in the cape size index by almost 21 pct and Panamax , Sup ...
Friday, 18 December 09
CARGOTEC WINS IBJ'S BEST SHIP LOADING / UNLOADING SYSTEM AWARD WITH SIWERTELL
Cargotec’s Siwertell ship unloader has recently won International Bulk Journal’s best ship loading/unloading system award for 2009; out ...
Friday, 18 December 09
THERMAL COAL PROJECT MOVES AHEAD
A proposal for Australia's largest thermal coal project in Queensland's central west has taken a step forward.
Hancock Prospecting is proposing ...
Friday, 18 December 09
CHURCHILL MINING COMPLETES FEASIBILITY STUDY FOR EAST KUTAI COAL PROJECT
Churchill Mining Plc has announced the completion of the feasibility study for its flagship project, the 75% held East Kutai coal project in Indones ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- MS Steel International - UAE
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
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