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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, 16 September 09
NAPOCOR GETS 3 OFFERS IN COAL TENDER
ABS-CBN news reported that, The Philippines' state-run National Power Corp. (Napocor) said on Wednesday it received offers from 3 Indonesian firms ...
Wednesday, 16 September 09
S.KOREA KOSEP BUYS 1.06 MLN T COAL-SOURCE
* 6,080 kcal/kg at $63-65, 4,900-5,350 kcal/kg at $56-58
* Initially about 5 mln T offered for tender
Reuters reported that, Korea South ...
Tuesday, 15 September 09
CHINA COAL EXPORT ROSE M-O-M FOR THE STRAIGHT 3 MONTHS
Alibaba reported that, In the January-August period, China coal exports slid by 55.9% to 14.83mln tons month on month. In August, China exported 1.9 ...
Monday, 14 September 09
CIL MAY REDUCE FLOOR PRICE OF E-AUCTION COAL
After receiving a lukewarm response to the forward e-auction started in two of its subsidiaries, Coal India Limited (CIL) is mulling to reduce the f ...
Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
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- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
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