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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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Thursday, 20 August 09
INDONESIA'S DELTA DUNIA BUYS COAL FIRM FOR $550 MLN
* Delta Dunia to acquire BUMA for $550 million
* Expect to complete the deal in the fourth quarter of 2009
* Delta Dunia has appointed Barclays Ca ...
Thursday, 20 August 09
MUNDRA PORT BAGS MORMUGAO PORT COAL TERMINAL DEVELOPMENT CONCESSIONS
NDTV reported that, Mundra Port and Special Economic Zone (Mundra Port) the largest private port in India has won the bid for the development of coa ...
Thursday, 20 August 09
INDONESIA'S BUKIT ASAM SET FOR MINE ACQUISITIONS
* Allocates $150 million for coal mine acquisitions
* Expects one deal to be completed by the end of 2009
Reuters world's largest international ...
Thursday, 20 August 09
INDONESIAN COAL EXPORT LESSENS IN FIRST SEMESTER
Domestic coal use has grown by five million tons.
Viva News reported that, Domestic coal export up until the first half of 2009 decreased by four ...
Wednesday, 19 August 09
STEAM COAL PRICES ARE SINKING - THE GERMAN COAL IMPORTERS ASSOCIATION
COALspot.com (German): Oversupply in the World Market. In 2Q 2009 the steam coal prices sank massive in comparison to the previous years quart ...
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- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
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