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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, 27 November 09
EXXARO SEES HIGH COAL DEMAND RAISING PRICES
Reuters reported that, South African diversified miner Exxaro Resources said on Thursday it expected coal prices to rise to between $70 and $75 per ...
Friday, 27 November 09
CENTENNIAL SAYS ENERGY-COAL PRICE TO RISE AS CHINA SEEKS FUEL
Bloomberg reported that, Centennial Coal Co., an Australian producer of the fuel, said contract prices are expected to rise in 2010, with Chinese co ...
Friday, 27 November 09
IN FIRST-10-MONTH OF 2009 COAL IMPORTS IN GUANGXI-FANGCHENG EXCEEDED FULL-2008 IMPORTS
According to Customs statistics, during the January-October, Fangcheng port accumulatively imported 3.676mln tons valuing U.S.$370, rising by 53.8% ...
Thursday, 26 November 09
CHINA'S COAL IMPORTS TO RISE BY 170 PERCENT IN 2009
According to the statistics released by China's General Administration of Customs on November 23, China's coal imports for October totaled 11.1 mi ...
Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
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- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
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