We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 13 August 09
RIO PREPARES COAL IPO AFTER FAILING TO FIND BUYER
Bloomberg reported that, Rio Tinto Group, the world’s third- largest mining company, is preparing an initial public offering for its U.S. ...
Thursday, 13 August 09
NOBLE'S PROFIT DOUBLES ON GLOUCESTER COAL ACQUISITION
Bloomberg reported that, Noble Group Ltd., a Hong Kong-based supplier of raw materials from soybeans to coal, said second- quarter profit more than ...
Thursday, 13 August 09
CHINA COAL-PRICES UNCHANGED, BUT LIKELY TO MOVE HIGHER
Alibaba reported that, Spot coal prices in China's top coal port Qinhuangdao were unchanged from a week earlier, but are still looking bullish in t ...
Thursday, 13 August 09
INDONESIA'S BERAU COAL SEES 2010 OUTPUT UP 16 PCT
Reuters reported that, Indonesia's fifth-largest coal miner, PT Berau Coal, expects 2010 production to be nearly 16 percent higher than this year, ...
Thursday, 13 August 09
JAYPEE GROUP. L&T INK RS 4,000-CRORE (US$ 824,818,084) DEAL
Second order bagged by L&T in the supercritical segment.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has s ...
|
|
|
Showing 6506 to 6510 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Planning Commission, India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
|
| |
| |
|
