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