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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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Sunday, 06 December 09
NEW MANGALORE PORT GETS UPCL'S FIRST COAL PARCEL FROM INDONESIA
The Lanco Group-promoted Udupi Power Corporation Ltd (UPCL) has received the first parcel of imported coal from Indonesia at the New Mangalore Port. ...
Friday, 04 December 09
CHINA'S COAL IMPORTS PREDICTED TO DECLINE IN 2010
China's eye-catching coal import figure s are unlikely to extend into 2010 given the predicted narrow-down of the coal price spread between the hom ...
Friday, 04 December 09
SUBHASH PROJECTS BEGINS MINING AT INDONESIAN COAL BLOCK
Kolkata-based infrastructure company Subhash Projects and Marketing (SPML) has begun mining at its coal block in Indonesia and will begin despatchin ...
Friday, 04 December 09
DRY BULK MARKET IS ON THE RISE AGAIN
Proving rather resilient, compared to previous behaviors, the dry bulk market has been on a rebound mode once again, after a two-week fall, which su ...
Friday, 04 December 09
INDONESIA'S BUMI EYES MARKETING DEAL FOR BERAU COAL
Reuters reported that, Indonesian coal miner PT Bumi Resources Tbk said on Thursday it is in talks to be the exclusive marketing agent for coal prod ...
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- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
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