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