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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, 13 November 09
API4 IGNORES LOW COAL TRADES - SWISS SINGAPORE
* Jan, Feb S.Africa coal prices hit 12-month highs
* Indian trader says deals done dollars below index
Reuters reported that, the physical coal ...
Thursday, 12 November 09
INDONESIA'S BUMI COAL PRODUCTION TO INCREASE
The sale is predicted to jump 14 percent to 58 million tons.
Viva News reported that, PT Bumi Resources Tbk. (BUMI) projected that the company's ...
Thursday, 12 November 09
INDIA'S BHEL IS IN INDONESIA NOW WITH THE COST EFFECTIVE CFBC BASED BOILER TURBINE PACKAGES
COALspot.com(Indonesia): BHEL, the largest engineering and manufacturing enterprise in India in the energy-related / infrastructure sector, is now f ...
Thursday, 12 November 09
NTPC FARAKKA AND KAHALGAON UNITS SHUT DOWN ON COAL SHORTAGE
Operations at two units each of power major NTPC Ltd’s 1600 MW Farakka and the 2340 MW Kahalgaon stations have ground to a halt due to an acut ...
Thursday, 12 November 09
GANGAVARAM PORT SETS RECORD BY DISCHARGING 80,514 TONNE OF COAL CARGO
Gangavaram Port, the deepest port in the country with water depth of 20 meters, has achieved an unprecedented milestone by discharging 80,514 metric ...
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- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Planning Commission, India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
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