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.
|
|
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 ...
|
|
|
Showing 6366 to 6370 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
|
| |
| |
|
