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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 $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
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- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
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