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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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- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Australian Coal Association
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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