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Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
 The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country’s largest coal producer, and a Chinese sovereign wealth fund that would require the Bakrie group company to ultimately pay 19 percent interest at maturity, an exchange director said on Thursday.
Eddy Sugito, a director of the exchange, known as the IDX, said the bourse was seeking an explanation of the phrase “debt-like instruments,” which was how Bumi described the nature of the investment being purchased by China Investment Corp., the sovereign wealth fund.
Eddy said the IDX would analyze Bumi’s disclosure to the exchange, as well as media reports on the deal, before deciding whether to request further explanations from Bumi.
Bumi president director Ari S Hudaya on Wednesday announced that CIC would invest $1.9 billion in “debt-like instruments” offered by Bumi and that the money would be used to restructure Bumi’s debts and finance capital expenditure.
Ari said $600 million was repayable in four years, $600 million in five years and the remaining $700 million in six years. The investment attracts a 12 percent annual cash coupon, with a total internal rate of return of 19 percent, with the balance payable at the time of final maturities.
Ari Pitojo, an equity analyst at PT Mandiri Sekuritas, said the market needed an explanation from Bumi about the nature of the “debt-like instruments” and the high internal rate of return.
Dileep Srivastava, Bumi’s vice president for investor relations, told the Jakarta Globe that there was no reason for the market to worry about the 19 percent rate on the debt.
“[This deal] has huge potential because we have common interests, and it’s the first big investment by CIC in Indonesia,” Dileep said. He would not elaborate on “debt-like instruments,” but he hinted that Bumi’s assets could be offered as collateral to CIC.
“I can’t disclose the details yet as I am bound by the confidentiality agreement,” he said. “All I can say is that the security packages that are being required will be the same as earlier packages [offered to creditors].
“If you want to buy a new house, and you don’t have money, what do you use to get a loan?”
Pardomuan Sihombing, the head of research at PT Paramitra Alfa Sekuritas, said on Thursday that the 12 percent annual interest rate was relatively cheap.
“When compared to Indonesian government dollar bonds, which have an 11 percent annual interest rate, the 1 percent premium for a corporate loan is very cheap,” Pardomuan said.
He said Bumi’s ability to maintain sufficient cash flow and repay the debt would depend on its earnings growth, which could be threatened by a plunge in global coal prices.
“If Bumi’s earnings growth remains stable at near its current growth rate, I think they would have no trouble repaying the debts. But there would be trouble if coal prices slump again in later years,” Pardomuan said.
Bumi posted earnings of $125 million in the first quarter of this year. It has not yet released second-quarter earnings, nor has it issued any earnings forecast for this year.
The company’s total debt, including short-term debt, stood at $3.4 billion in the first quarter, compared to assets of $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Tuesday, 13 October 09
JSW ENERGY SCOUTING FOR PARTNERS, ACQUISITIONS
Business-Standard reported that, JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business ...
Tuesday, 13 October 09
INDIA INTERESTED IN AMERICAN COAL
UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.
The Business Standard ...
Tuesday, 13 October 09
RIVERSDALE MAY USE ZAMBEZI RIVER TO TRANSPORT MOZAMBIQUE COAL
Mining Weekly reported that, ASX-listed coal-miner Riversdale Mining would submit a feasibility study and an environmental-impact study (EIS) for it ...
Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010
Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal ...
Monday, 12 October 09
BISICHI MINING FINALIZES COAL SUPPLY CONTRACT FOR 2010-2012
Small Cap News reported that, Bisichi, the South Africa based coal mining group, has agreed a three year coal supply contract between its principal ...
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- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
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