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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
Friday, 20 November 09
CHINESE COKING COAL SUPPLY TO BE 'TIGHT' IN 2010, KGI SAYS
Bloomberg Reported that, Stephen Wang, an analyst with KGI Securities in Taipei, comments on the outlook for Chinese steel production and demand for ...
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- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
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