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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, 17 December 09
CIL TO IMPORT 4 MILLION TONNES COAL FOR NTPC
The country's largest coal miner Coal India Ltd (CIL) will import 4 million tonnes of coal for state-run power company NTPC.
"Earlier, ther ...
Wednesday, 16 December 09
COAL MARKETS 2010 CONFERENCE - PRESS RELEASE
COALspot.com (Singapore) Press Release – Back for the 8th year, Coal Markets 2010 will be taking place in Singapore on 28 – 29 Jan ...
Wednesday, 16 December 09
CHINA 2010 COAL TERM PRICES SEEN RISING 8% ON YEAR
Term prices of thermal coal for 2010 in China are expected to rise about 8 percent from this year's levels, as demand for power has been roaring ba ...
Wednesday, 16 December 09
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL INTERESTS
Emerging coal producer Kangaroo Resources has significantly enhanced its production pipeline in Indonesia after reaching agreement to acquire a coki ...
Wednesday, 16 December 09
UAE'S RAS AL KHAIMAH TO INVEST $5.2B IN EAST KALIMANTAN PROJECT
Shrugging off neighbor Dubai’s debt problems, the smaller United Arab Emirate of Ras Al Khaimah announced on Tuesday that it would increase it ...
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- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
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