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