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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Monday, 31 August 09
INDONESIA ADARO'S NET PROFIT SOARS 1,506 PERCENT ON HIGH PRICES
The Jakarta Post reported that, the country's second largest coal producer, PT Adaro Energy said Sunday that its first-half net profit soared 1,506 ...
Sunday, 30 August 09
THE FUTURES FOR THREE YEARS FOR 2010-2012 IS AROUND PANAMAX / US$ 15,500 & SUPRAMAX / US$ 13,500 PER DAY
COALspot.com (Singapore): The dry bulk market continued to be soft this week and the BDI was almost stable and closed at 2,421 points this week.
...
Friday, 28 August 09
INDONESIA SEEKS TO INCREASE COAL PRODUCTION TO BOLSTER REVENUE
The Jakarta Post, the leading english news paper in Indonesia reported that, Indonesia expects to increase coal production by up to 20 million tons ...
Friday, 28 August 09
MERCURIA ENERGY OPENS INDONESIA TRADING OFFICE
COALspot.com ( Indonesia): Mercuria Energy Group has opened a new office in Jakarta, Indonesia, focussed on trading coal.
Jakarta-based Emanuele ...
Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
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Showing 6461 to 6465 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
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