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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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Monday, 14 December 09
RICHARDS BAY COAL TO FINISH EXPANSION IN 1ST QUARTER
Richards Bay Coal Terminal, which ships more than a quarter of Europe’s energy coal, said it will complete its Phase 5 expansion project in th ...
Monday, 14 December 09
SOUTH AFRICAN STEAM COAL PRICES FIRMING UP FOR Q1 TRADE
Reuters reported that Q1 South African coal prices firmed again slightly largely on Asian demand but European delivered prices were little changed.
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Sunday, 13 December 09
THE FREIGHT MARKET SEEMS TO BE COMING OFF A BIT AND THE MARKET MAY BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com (Singapore): "The market softened this week especially in the Cape and Panamax segment , where as the Supramax and Handy size was ...
Sunday, 13 December 09
NAPOCOR CUTS COAL IMPORT PROJECTION FOR 2010
STATE-RUN National Power Corp. slashed its planned coal importation for 2010 to only 200,000 metric tons from 3.4 million MT this year, as the gover ...
Sunday, 13 December 09
CHINESE BUYERS SEEK LARGE TONNAGE OF SOUTH AFRICA STEAM COAL
Reuters reported that Chinese utilities on the coast and inland are seeking several cape cargoes each of South African coal for 2010 delivery becaus ...
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- Bhatia International Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Aditya Birla Group - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
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