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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Saturday, 08 August 09
TWO / THREE YEAR CHARTER RATES FOR SUPRAMAX IS AROUND US$ 15,000-16,000 PER DAY - CAPT. REDDY
COALspot.com (Singapore): The dry bulk market tumbled this week and the BDI dropped by almost 17% and closed at 2,772 points.
The cape and panam ...
Saturday, 08 August 09
SULTAN MINING SIGNS P8-BILLION, 10-YEAR COAL-SUPPLY CONTRACT WITH KEPCO POWER CORP.
COAL developer Sultan Mining and Energy Development Corp. (SMEDC) reported on Thursday that its subsidiary MG Mining and Energy Corp. signed an P8-b ...
Friday, 07 August 09
NEED TO HIKE DOMESTIC PRICES - COAL INDIA
WSJ reported that, The chairman of Coal India Ltd., the country's biggest coal producer, Friday said there was a need to hike domestic coal prices ...
Friday, 07 August 09
INDONESIA COAL NEWS UPDATES
PTBA to Produce 13 Million Tons
President Director of Tambang Batubara Bukit Asam (PTBA), Sukrisno has estimated coal production of the company th ...
Friday, 07 August 09
BALTIC DRY INDEX HAS WORST WEEK SINCE OCTOBER AS DEMAND SLOWS
Bloomberg reported that, The Baltic Dry Index, a measure of shipping costs for commodities, had its worst week since October as Chinese demand for s ...
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- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
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