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