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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, 09 September 09
CHINESE INTEREST IN AUSTRALIA COAL TICKS UP AS PRICES FALL
After a lull of about two months, Australian thermal coal producers are now seeing renewed interest from Chinese buyers for spot cargoes in the four ...
Wednesday, 09 September 09
SALES FORECAST UP ON BETTER DISTRIBUTION
The Jakarta Post reported that, State coal producer PT Tambang Batubara Bukit Asam (PT BA) expects coal sales to rise by 11 percent next year as it ...
Wednesday, 09 September 09
NTPC HIRES MACQUARIE TO ADVISE INDONESIA COAL MINE PURCHASE
Bloomberg reported that, NTPC Ltd., Asia’s biggest power utility by value, has hired Macquarie Group Ltd. to evaluate a proposed coal mine pur ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL FALLS MOST IN 11 WEEKS ON EXCESSIVE PRICES
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Tuesday, 08 September 09
INDIA MAY HAVE A JOINT WORKING GROUP FOR COAL WITH INDONESIA: SRIPRAKASH JAISWAL - PRESS RELEASE
Press Information Bureau of India reported in its web site that, The Coal Ministry has, in principle, agreed to set up a Joint Working Group for coa ...
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- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
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