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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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Thursday, 03 December 09
COAL INDIA IPO LIKELY TO HIT MARKETS BY NOVEMBER 2010
Soon investors will get to own a slice of India's largest coal mining company. Coal India its initial public offering will hit markets in November ...
Thursday, 03 December 09
PROLONGED COAL MARGIN SQUEEZE AHEAD - WESCOAL
Mining Weekly reported that, Coal junior Wescoal foresees a continued margin squeeze ahead. The JSE AltX-listed company's gross margin was reduced ...
Tuesday, 01 December 09
COAL DEMAND REBOUNDING FROM DOWNTURN - U.S. MINING EXECS
The coal industry is slowly rebounding from last year's recession with demand and prices inching upward, although inventories at U.S. power ...
Tuesday, 01 December 09
INDONESIA COAL OUTPUT SEEN LIFTED BY CHINA, INDIA
Reuters reported that, Indonesia's coal output is expected to grow by as much as 12 percent in 2010, boosted by demand from power hungry China and ...
Monday, 30 November 09
NTPC SCOUTS FOR MORE COAL BLOCKS IN INDONESIA
State-run National Thermal Power Corporation (NTPC) today said it has identified three more coal blocks in Indonesia for acquisition.
"We ha ...
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- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
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- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Minerals Council of Australia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
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