We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 08 September 09
INDONESIA OFFERS AN OPPORTUNITY TO INDIANS
Meri News reported that, Indonesia is all set to launch the country's second 10,000 MW accelerated power expansion programme. The new power develop ...
Tuesday, 08 September 09
BUKIT ASAM AIMS 14 MLN TONS COAL PRODUCTION
VIVA News reported that, The rise in coal production is mainly triggered by the step-up in domestic demand.
Coal mining company PT Tambang Batuba ...
Tuesday, 08 September 09
MERCHANT BANKERS ADVISE CIL ON INDONESIAN MINE BUYS
Business Standard reported that, State-owned Coal India Ltd (CIL) is being advised by four to five merchant bankers on acquisition of coal assets in ...
Tuesday, 08 September 09
THE 3RD ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2009 - PRESS RELEASE
The 3rd Asia Pacific Coal Trading & Investment Outlook 2009
Analysis of Asia Coal Market amid Global Financial Crisis
COALspot.com(Chin ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL EXPORTS MAY RISE ON SALES TO INDIA
Bloomberg reported that, South African coal exports may rise to 100 million metric tons a year by 2020 and India may become the biggest destination ...
|
|
|
Showing 6441 to 6445 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
|
| |
| |
|
