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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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Monday, 30 November 09
THE FUTURES FOR THREE YEARS (2010-2012) WAS SOFT COMPARED TO LAST WEEK - VISTAAR SINGAPORE
COALspot.com (Singapore): BDI continued to drop this week and touched below 4,000 mark level. The drop in BDI was almost 12 pct and closed at 3,975 ...
Monday, 30 November 09
INDIA UTILITIES MOVE TO COAL INDEX - PRICING
Indian state utilities are leading a switch to coal index-linked pricing from fixed prices to secure imports and to be visibly paying fair market pr ...
Friday, 27 November 09
IMPORTING LIGNITE INTO COAL RICH KOSOVO
Balkan Insight has discovered that one of Kosovo’s biggest firms is being forced to import lignite from Malaysia and Indonesia, despite estima ...
Friday, 27 November 09
SOUTH AFRICA STILL TOPS IN COAL EXPORT RANKINGS
Mining Weekly reported that, Despite significant coal-mining capacity recently discovered in the Southern African region, according to senior coal a ...
Friday, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
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- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Australian Coal Association
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
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