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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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Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
Wednesday, 07 October 09
WORLD'S LEADING COAL-BASED PP PROJECT TO BEGIN TRIAL PRODUCTION NEXT YEAR IN NW CHINA
Xinhua Net reported that, a coal-based polypropylene (PP) production project in northwest China, believed to be the world's largest one, is to ...
Wednesday, 07 October 09
INDIA SAIL TO IMPORT 10-11 MLN T COAL IN FY10 - EXEC
Reuters reported that, Steel Authority of India Ltd plans to import 10-11 million tonnes of coal in the current year to March, below last year's 13 ...
Wednesday, 07 October 09
DOMESTIC SHIPPING FIRMS READY FOR NEW RULES ON COAL, INDUSTRY GROUP SAYS
The Jakarta Globe reported that, The domestic coal-shipping sector is ready for the introduction of shipping regulations requiring all power station ...
Wednesday, 07 October 09
CHINESE BANK MAY PULL OUT OF SUMATRA COAL RAILWAY
The Jakarta Globe reported that, The Export-Import Bank of China may pull out of a $1.28 billion South Sumatra coal-railway project with state-owned ...
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- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Minerals Council of Australia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
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