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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Saturday, 10 October 09
PT BUMI RESOURCES TO EXPECT 2010 ELECTRIC AND COAL PRICE UP TO US$ 100/T
Indonesia coal producer, PT Bumi Resources recently stated that the revival of the global economy pushes up the demand from power plants and steel m ...
Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
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- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Australian Coal Association
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
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