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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Sunday, 04 October 09
GRASIM TO CONSOLIDATE CEMENT BIZ
The Statesman reported that, India's largest cement producer Aditya Birla group today said it would consolidate its cement businesses by merging Gr ...
Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...
Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...
Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...
Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...
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- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- The University of Queensland
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- MS Steel International - UAE
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
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