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