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