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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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Wednesday, 12 August 09
COAL INDIA TO IMPORT 4 MLN T 2009/10 - MEDIA
State-run Coal India Ltd plans to directly import 4 million tonnes of coal in the current fiscal year to March 2010, Chairman Partha Bhattacharyya s ...
Wednesday, 12 August 09
CHINA'S LARGEST COAL PRODUCER TO SET UP COAL RESERVES
China's National Development and Reform Commission has commissioned China Shenhua Energy Co., the nation's largest coal producer, to build 10 stor ...
Wednesday, 12 August 09
NALCO SMELTER CONSTRUCTION MAY FACE DELAY
The Jakarta Post reported that, India’s state-run National Aluminum Company (Nalco) may postpone the construction of an aluminum smelter in In ...
Wednesday, 12 August 09
COAL MINE PLAN SHOT DOWN OVER GREEN CONCERNS
The Times of India reported that, In a major setback to Adani Powers, the principal chief conservator of forests (PCCF) has rejected its proposal fo ...
Tuesday, 11 August 09
INDONESIA'S COAL EXPORTS TO INDIA WILL BE EXEMPTED FROM DUTIES STARTING JANUARY 1, 2013 - BERITA SORE
Berita sore reported that, ASEAN is scheduled to sign a long-awaited Free Trade Agreement (FTA) with India in Bangkok on Thursday aimed at boosting ...
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- The Treasury - Australian Government
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
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