Monday, January 4, 2010

Recapital finalize to acquire Berau Coal

PT Recapital Advisors eventually accomplished the acquisition of 90 percent shares of PT Berau Coal holding company cost US$1.52 billion or IDR14.29 trillion.
CEO Recapital Rosan Perkasa Roeslani said all bond payment linking to the equity swap of Berau Coal from creditor is finalized.
"We change the management, Didi Cahyanto acting as CEO of Berau Coal replacing Bob Kamandanu who is now the commissioner," he said yesterday.
Besides, John Ramos who formerly was the corporate finance of Recapital is assigned as finance director of Berau Coal. "Now the commissioner of Berau Coal is Rosan, Bob Kamandanu, and Subagyo HS," he said.
However, he declined to comment on acquisition transaction value. My source said the acquisition value stood at US$1.52 trillion paid in cash.
He said Berau target to rise production up to 17 million tons this year or rose from 14 million tons last year. The earning before interest, tax, depreciation and amortization is estimated at US$340 million.
The change of Berau directors and commissioners was based on the GMS held on December 30, 2009. The GMS agreed to place the Recapital representative and also to swap 90 percent Berau holding stocks. REcapital acquired 90 percent stocks of Berau holding firm through PT Bukit Mutiara. Equity swap is effectively done this month.
Some 51 percent Berau stocks are owned by PT Armadian Tritunggal, the compnay almost fully owned by Rizal through PT Risco, and Rognar Holding B.V. owns 39 percent Berau shares.
Armadian also owns 12.8 percent Rognar stocks directly. PT Risco will later acquire 87.2 percent Rognar shares through Winchester(Seychelles) and Aries (Malta). Along with the acquisition of Berau, Recapital plans to have Armadian IPO.
Berau holding firm was formerly Armadian which will sell 30 percent shares to market targeting US$100 million funds. The owner of 51 percent shares of the five largest coal producer nationwide has appointed Bahana Securities as the underwriter.
PT Bumi Resources Tbk plans to provide US$300 million loans to Bukit Mutiara. On the other side, Bumi has negotiated for the involvement of Huaneng Power International from China to join the acquisition structure up to 90 percent Berau holding firm shares.

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