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