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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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Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with ...
Thursday, 03 December 09
JAPAN 2010 COAL IMPORTS SEEN FLAT, INDIA'S ROBUST - INDUSTRY
* Japan's demand seen steady in 2010 at 110 mln tonnes
* India's demand seen as robust, at 70 mln tonnes
Reuters reported that, Thermal coal i ...
Thursday, 03 December 09
INDONESIA MAY ALLOW COAL SALES BELOW GOVT PRICE
Reuters reported that, Indonesia is considering giving producers some flexibility to sell coal below the government's monthly benchmark price to co ...
Thursday, 03 December 09
INDONESIA SEEKS TO INCREASE COAL SHIPMENTS TO INDIA, CHINA
Bloomberg reproted that, Indonesia, Asia’s biggest coal exporter, seeks to increase shipments to India and China as the economies improve and ...
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- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
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