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