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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Friday, 20 November 09
INDONESIAN CO PLANS JV WITH NAGARJUNA
Economic Times reported that, Infrastructure firm Nagarjuna Constructions Company (NCC) is set to form a joint venture with an Indonesian coal minin ...
Thursday, 19 November 09
S. KOREA TO BUY COAL FROM CHINA FOR US$ 85-90/T IN 2010
Head of one S. Korea power company on November 18 unveiled that S. Korea’s power companies may purchase coal from China at the contract price ...
Thursday, 19 November 09
SNAPSHOT OF INDONESIA'S COAL INDUSTRY - FACT BOX BY REUTERS
Indonesian plans to cap coal exports to meet domestic demand will not hit global supplies in the near term, but could start to bite in three to five ...
Thursday, 19 November 09
INDONESIA COAL EXPORTS CURB WILL TAKE TIME TO BITE
Indonesia's plans to cap coal exports to satisfy demand at home are unlikely to crimp global supplies for as long as five years, when new power pla ...
Thursday, 19 November 09
THE GOVERNMENT TO GUARANTEE COAL SUPPLIES FOR POWER PLANTS
The government guarantees coal supplies for power plants under a 10,000 MW-capacity power plant construction acceleration program.
Minister of En ...
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- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- The University of Queensland
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
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