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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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Tuesday, 06 October 09
COAL INDIA AIMS TO BUY MINE ABROAD BY MARCH
*Coal India to issue its first coal import tender by Nov
*ArcelorMittal, 9 others in race to develop abandoned mines
*52 firms keen to partner coa ...
Monday, 05 October 09
SOUTH AFRICAN COAL RISES ON INDIAN BUYING, DOMESTIC DEMAND
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Monday, 05 October 09
BANPU EYES INCREASE IN COAL OUTPUT
The Nation reported that, Banpu plans to boost its coal output to 23 million tonnes next year once production begins at the East Block of its Indomi ...
Monday, 05 October 09
COAL TRADING C&O TO INVEST $100 M NEXT YEAR
The Jakarta Post reported that, Coal and Oil (C&0) Group of India plans to invest up to US$100 million in Indonesia next year to acquire coal mi ...
Sunday, 04 October 09
INDONESIAN COAL EXCHANGE FOR PRICE BENCHMARKING IN OFFING
Reuters cited Mr Bob Kamandanu chairman of the Indonesian Coal Producers Association as saying that Indonesia plans to set up a coal exchange to cre ...
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- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
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