Jul 15, 2010

Berau Coal to buy Maple US$200 mio

PT Berau Coal Energy, parent company of PT Berau Coal, plans to use 8% of proceed from initial public offering (IPO) of 7 billion shares or 18.18% stakes to bankroll acquisition of Maple Holdings Limited stakes from Regulus International Pte Ltd worth US$200 million.
In the IPO prospectus published today, Berau Coal Energy, which is now wholly owned by PT Bukit Mutiara, special purpose vehicle (SPV) of PT Recapital Advisors, aims to use 92% of the IPO proceed to fulfill working capital requirement.
Berau Coal Energy will lend the IPO proceed to its wholly owned subsidiary Seacoast Offshore Inc to acquire Maple Holdings. The 5 year loan will be charged with a 2.5% annual interest rate.
Maple Holdings is SPV company founded in Labuan, Malaysia. Maple has 10 year rights of coal marketing from Berau Coal to overseas market excluding Japan.
PT Danatama Makmur and PT Recapital Securities are mandated to underwrite Berau Coal IPO. Credit Suisse Securities and JPMorgan Securities also help marketing in the global market.
Bukit Mutiara is 99.6% owned by PT Bentara Energi Asia Utama and Arnanto holds 0.4% stakes. PT Recapital Advisors owns 99% of Bentara Energi and Andy Widya Susatyo hold 1% stakes in Bentara.
Recapital Advisors is 99.11% controlled by PT Tripillar Gunaperkasa, while the remaining is owned by Rosan P. Roeslani, Recapital Advisors' President Directior.
Tripillar Gunaperasa is controlled by Rosan Roeslani of 73%, Sandiaga S. Uno of 12%, and Elvin Ramli holds 15% stakes.

Disclosure: No position at the stock mentioned above.
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