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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, 24 August 09
10 LAKH (1 MILLION) TONNE COAL BURNT IN KPT
Times of India reported that, In an unusual phenomenon, 10 lakh tonne coal cache stored at a plot in Kandla Port Trust was reduced to ashes after it ...
Monday, 24 August 09
LANCO IN TALKS FOR INDONESIAN COAL MINE
Economic Times of India reported that, Infrastructure company Lanco Infratech is in advanced talks with Indonesian engineering, procurement and cons ...
Saturday, 22 August 09
'THE BDI IS LIKELY TO BE HOLDING AROUND 2,500 POINTS' - SHIPPING UPDATE
COALspot.com (Singapore): The dry bulk market continued to be soft and the BDI dropped by 10 percent this week and closed at 24,68 points this week. ...
Saturday, 22 August 09
INDIAN COAL BUYERS RE-EMERGE WITH FRESH TENDERS
Reuters world's largest international multimedia news agency reported that,Indian coal end-users have re-emerged after a few weeks with several fre ...
Friday, 21 August 09
HUANENG YIMIN TO HIKE COAL OUTPUT
China Daily, the largest English portal in China reported that, China's first large coal-electricity joint project, Huaneng Yimin Coal Electricity ...
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- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
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