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