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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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Saturday, 05 September 09
INDIA BUYING INTO AUSTRALIA'S COAL - INTERVIEW
India is in line to buy vast amounts of Australian coal. An Indian cabinet minister is on a special mission to Australia to help satisfy India's ur ...
Saturday, 05 September 09
52 COMPANIES SUBMIT EOIS TO COAL INDIA
The Hindu, India's largest English news paper reported that, International mining majors from the U.S., South Africa, Australia and Indonesia are a ...
Friday, 04 September 09
INDONESIA PAITON ENERGY BUYS COAL FROM ADARO, KIDECO
PT Paiton Energy, an Indonesian independent power producer, has agreed to buy 3 million tonnes of coal from PT Adaro Energy Tbk (ADRO.JK) and PT Kid ...
Thursday, 03 September 09
ICVL IN TALKS FOR COAL BLOCKS IN INDONESIA
These acquisitions will help ICVL meet an internal target of importing at least 5 million tonnes (mt) of coking coal by 2012-13
LiveMint reported ...
Tuesday, 01 September 09
THREE COAL INVESTMENTS AND A SECTOR ON FIRE
With recession fears fading into the past in Asia and growth increasingly back on track in the West, global energy demand is again surging. It's no ...
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- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
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