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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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Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
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