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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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Wednesday, 09 December 09
INDONESIA'S RECAPITAL TO PAY $1.48 BLN FOR BERAU
Recapital Advisors, an Indonesian investment firm, will pay $1.48 billion in cash and notes to buy coal miner PT Berau Coal, $300 million of which i ...
Wednesday, 09 December 09
COAL INDIA YET TO IMPLEMENT IMPORT LINKED PRICES
Coal India Ltd is adopting a conservative approach in pricing despite being allowed to charge import-linked price for the country's minuscule reser ...
Wednesday, 09 December 09
INDIA NEEDS TO IMPORT 29 MILLION TONNE STEAM COAL IN 2009 - 10
Mr Sriprakash Jaiswal Indian minister of state (Independent Charge) for coal informed the Rajya Sabha that Central Electricity Authority has estimat ...
Tuesday, 08 December 09
VOLATILE COAL PRICES SPUR ASIAN HEDGING
Volatile coal prices are forcing staid Asian power firms to change the way they buy fuel, setting the scene for a hedging boom as a growing array of ...
Tuesday, 08 December 09
MEC TO SHIP 2M T INDONESIA COAL TO INDIA IN 2010 - REUTER'S INTERVIEW
The UAE's Middle East Coal plans to start operation of coal mines in Indonesia's East Kalimantan province next year with initial production of 2 m ...
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- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Parliament of New Zealand
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
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