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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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Friday, 18 December 09
COKING COAL SHORTAGE IN CHINA TO SPUR DEMAND FIGHT WITH JAPAN
China, the world’s largest steelmaker, faces a shortage of coking coal that may drive imports next year and spur a fight for resources with Ja ...
Thursday, 17 December 09
THE 6TH CLEAN ENERGY FORUM - CLEAN COAL 2010
COALspot.com (China) - Press Release: The 6th Clean Energy Forum--Clean Coal 2010 January 27-29, 2010 Renaissance Tianjin Teda Hotel And Conven ...
Thursday, 17 December 09
JFE STEEL INVESTS $555 MILLION IN AUSTRALIA COAL MINE
JFE Steel Corp., Japan’s second- largest producer, will invest 50 billion yen ($555 million) in a coal mine in Queensland, Australia, includin ...
Thursday, 17 December 09
CHINA, INDIA DEMAND MAY BOOST THERMAL COAL PRICE, JPMORGAN SAYS
Demand for thermal coal from China and India may boost prices of the fuel to $80 a metric ton next year amid reduced supplies and lower inventories, ...
Thursday, 17 December 09
RBCT PROBLEMS TO CAUSE STEAM COAL PRICE SPIKE IN Q1
Bugs in the new computer system at South Africa's Richards Bay Coal Terminal and persistent rail problems will make it impossible for exporters to ...
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- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
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