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