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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Wednesday, 26 August 09
COAL INDIA MAY HIKE COAL PRICES BY UP TO RS 175 (ABOUT US$ 3.60) A TONNE
The Economic Times reported that, state-owned Coal India may hike coal prices by up to Rs 175 (~ US$ 3.60) a tonne to close the gap between domestic ...
Tuesday, 25 August 09
KOREA TO INTRODUCE COAL-MINING ROBOTS TO REDUCE THE RISK OF HUMAN LOSSES FROM CONVENTIONAL MINING
Far East Gizmos reported that, The state-run Korea Coal Corp. (KOCOAL) signed a memorandum of understanding (MOU) on Monday with three Korean engine ...
Tuesday, 25 August 09
INDIA'S GNFC EXTENDED ONLINE BIDDING FOR PURCHASE OF 260,000 T COAL TO 23RD SEPTEMBER 2009
COALspot.com (India): Gujarat Narmada Valley Fertilizers Co. Ltd. (GNFC) invites offers (e-Tender) for supply of 130,000 MT +/- 5% on firm basis and ...
Tuesday, 25 August 09
ANTAM CONSIDERS ACQUIRING BHP
The Jakarta Post reported that, State mining company PT Aneka Tambang (Antam) is contemplating acquiring BHP Billiton's coal concessions in Central ...
Tuesday, 25 August 09
COAL OUTPUT TO RISE IN H2 BUT EXPORTS TO GO FLAT
The leading english news paper in Indonesia reported that, It is estimated coal production will rise by 5.7 percent in the second semester from a ye ...
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- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Parliament of New Zealand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
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