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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
Monday, 12 October 09
INDONESIA TO CUT ROYALTIES TO BOOST LOW QUALITY COAL
Reuters reported that, Indonesia, the world's biggest exporter of thermal coal, plans to cut royalties paid by producers holding certain contracts ...
Monday, 12 October 09
SAMPUR COAL POWER PLANT AGREEMENT
Sunday Observer reported that, The construction work of the Sri Lanka-India joint venture coal power plant which costs US dollars 500 million will c ...
Saturday, 10 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - CAPT. REDDY
COALspot.com (Singapore): The BDI again firmed up this week by almost 14 pct to 2,695 points. The cape size index moved up quite sharply by 25 pct t ...
Saturday, 10 October 09
COAL PRICES TIPPED TO SURGE BY 40% AS GLOBAL DEMAND RECOVERS NEXT YEAR
Power-station coal prices may climb by more than 40 percent in 2010 from current levels as a global economic recovery boosts demand from power plant ...
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- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
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