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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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Tuesday, 08 December 09
RICHARDS BAY COAL SHIPMENTS FELL 11% IN NOVEMBER FROM YEAR AGO
Coal exports from South Africa’s Richards Bay, site of the continent’s largest export terminal for the fuel, fell 11 percent in November ...
Tuesday, 08 December 09
HIGH GLOBAL COAL PRICES HIT POWER PROJECTS
Spot prices for the fuel have appreciated almost 10% in November.
After a sedate year, rising coal prices could hit the coffers of import-based d ...
Monday, 07 December 09
HOW INDIA CAN CUT ITS ENERGY NEEDS BY 20%!
Using energy more efficiently can reduce our energy needs by one fifth; it is a strategy we must pursue even as we promote renewables, says Kirit Pa ...
Monday, 07 December 09
ASIA COAL POWER IN INDONESIA DISCUSSES NEW MINING LAW, COAL AND POWER SECTORS AS INVESTMENTS POUR INTO COALMINES TO SECURE SUPPLIES
COALspot.com (Singaproe): Press Release - Asia Coal Power pinpoints growing power demand in Asia & Power sector investments in Indonesia's coal ...
Monday, 07 December 09
DRY BULK RATES' VOLATILITY TO STAY, BUT RECOVERY IS UNDERWAY SAYS ION VAROUXAKIS HEAD OF FREESEAS
In an interview with Hellenic Shipping News, Mr. Ion G. Varouxakis, Chairman of the Board, President and CEO of Nasdaq-listed Freeseas, explains why ...
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- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Parliament of New Zealand
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
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