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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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Friday, 18 September 09
STANCHART TO ADVISE BAYAN ON INDONESIA COAL FINANCING
Indonesian coal miner PT Bayan Resources Tbk said on Wednesday it has appointed Standard Chartered Bank as a financial adviser for raising at least ...
Friday, 18 September 09
COKING COAL SUPPLY TO FALL 3 MILLION TONS IN CHINA ON SHUTDOWN
Bloomberg reported that, Coking coal supply in China, the largest consumer, may fall by 3 million metric tons a month after a mine accident this mon ...
Thursday, 17 September 09
FOUR LEFT IN INDIA'S MMTC COAL IMPORT TENDER-SOURCE
Reuters reported that, India's MMTC Ltd has accepted four out of five submissions for an import tender for 12.5 million tonnes of coal, with a bid ...
Thursday, 17 September 09
INDIA SEEKS COAL
IBT commodities reported that, India is on a coal buying spree. The big Asian nation is scrambling to cover an expected shortfall in domestic supply ...
Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
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- Siam City Cement - Thailand
- MS Steel International - UAE
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
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