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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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Tuesday, 25 August 09
INDIAN FIRM TO INVEST $44 MN IN INDONESIA
Economic Times - India Times reported that, BEML Limited, India-based second largest heavy equipment producer in Asia, will invest $44 million in In ...
Tuesday, 25 August 09
BHARAT LOOKS TO BULLDOZE RIVALS WITH LOWER PRICES
The Jakarta Globe reported that, The country’s two established heavy equipment suppliers now have a competitor in the form of Indian firm Bhar ...
Tuesday, 25 August 09
PIKE RIVER DELAYS COAL EXPORTS FROM NEW ZEALAND MINE
South African mining Weekly reported that, The first 60,000-t export shipment from ASX-listed Pike River Coal’s new mine has been delayed unti ...
Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brok ...
Monday, 24 August 09
10,000 MW TO BE GENERATED THROUGH THAR COAL RESERVES BY 2020
Four projects of 2450 MW approved; govt to invest Rs80bn in five years on infrastructure
The News Pakistan reported that, The Thar Coal a ...
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- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- The University of Queensland
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
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