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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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