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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, 17 August 09
COAL EXPORTS CONTINUE DESPITE SHORTAGE
Vietnam News reported that, Viet Nam is exporting more coal despite a warning from experts that the country could face a shortage of this fossil fue ...
Monday, 17 August 09
S.KOREA JULY COAL IMPORTS UP TO 8.97 MLN T
* Imports of heating coal in July up 3.7 percent on year
* LNG imports in July fall for seventh straight month
Alibaba reorted that, South Kore ...
Monday, 17 August 09
COAL INDIA PLANS A PRICE HIKE OF 11%
With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will push up inflation by around 0.16%, the company said
L ...
Monday, 17 August 09
BANPU SEES INDONESIAN MINE OUTPUT UP 10 PCT IN 2010
Reuters reported that, Thailand's top coal miner, Banpu, said on Monday it expected coal output from its Indonesian mines to rise 10 percent to abo ...
Monday, 17 August 09
COAL IMPORTS SURGE IN H1
China is one of the world's leading coal producers. But even so, imports of coal have surged in the first half of the year, hitting a record in Jun ...
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- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
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