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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
Tuesday, 22 September 09
SHORT PERIOD RATE FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI just dropping by about 5 pct to 2,356 points last week. The change ...
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- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- The University of Queensland
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Planning Commission, India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
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