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