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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Monday, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
Monday, 07 December 09
CHINA COKING COAL PRICE MAY RISE 14% ON DEFICIT, CITIGROUP SAYS
Coking coal prices in China, the world’s biggest steel producer, may rise 14 percent next year because of a supply deficit, Citigroup Inc. sai ...
Monday, 07 December 09
JSW STEEL TO SELL MOZAMBIQUE COAL MINE FOR RS 300 CRORE
JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy as the mine has become commercially unviable for the steel producer, a t ...
Monday, 07 December 09
BLACK RIDGE MINING ENTERS AGREEMENT WITH INDONESIAN COAL PRODUCER
Australian-listed Black Ridge Mining has entered into an exclusive dealing and non-circumvention agreement with Indonesian coal producer PT. Inmas A ...
Sunday, 06 December 09
THE ECI / CHINA (S7) ROUTE SOFTENED AND WAS AT US$ 25,275 PER DAY - VISTAAR
COALspot.com (Singapore): "The market was bit soft in the beginning of the week, however towards mid week that market started to pick up and th ...
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- McConnell Dowell - Australia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
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