We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
Thursday, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
|
|
|
Showing 6361 to 6365 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
|
| |
| |
|
