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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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Saturday, 12 December 09
QUEENSLAND APPROVES A$4 BILLION COAL TERMINAL PROJECT
Queensland’s state government said it has signed a mandate approving development of the A$4 billion ($3.7 billion) Wiggins Island coal termina ...
Saturday, 12 December 09
INDONESIA'S COAL RUSH - SOOTY SUCCESS
Rising demand from China and India is stoking Indonesia’s exports of coal
FOR power stations on the coast of China, it is often cheaper to ...
Thursday, 10 December 09
ENVIROCOAL REGISTERED IN 33 COUNTRIES
PT Adaro concerned to register the brand overseas
PT Adaro Energy Tbk has registered the Envirocoal trademark for its coal products in 33 countri ...
Thursday, 10 December 09
INDIA TO IMPORT 28 MILLION TONNE OF STEAM COAL
Faced with short supply of coal from domestic sources, the Indian power ministry has revised upwards its coal import target for the current fiscal t ...
Thursday, 10 December 09
INDONESIA'S NEW MINING LAW WILL NOT LIMIT COAL EXPORTS, SAYS GOVERNMENT
The government will allow coal producers to continue exporting even if they miss domestic sales requirements, a senior mining official said, marking ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Coal Association
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
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