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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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Friday, 07 August 09
COAL-PRICE FORECAST RAISED AT MERRILL ON CHINA, INDIA DEMAND
Bloomberg reported that, Bank of America Corp.’s Merrill Lynch & Co. unit increased its price forecast for Asian power-station coal becaus ...
Friday, 07 August 09
CHINESE DEMAND FOR FOREIGN COAL SOARS
Mining Weekly reported that, Chinese coal imports rocketed by 126,3%, year-on-year, in the first half of this year, the country’s customs auth ...
Thursday, 06 August 09
RICHARDS BAY COAL SHIPMENTS FELL 3% ON YEAR IN JULY
Bloomberg reported that, Richards Bay Coal Terminal, Africa’s largest coal-export facility, exported 3 percent less of the fuel in July than i ...
Thursday, 06 August 09
NTPC LOOKS TO BYPASS STATE TRADING FIRMS ON COAL IMPORT
A reduced coal import bill for NTPC could lead to lower power tariffs
Live mint.com reported that, India’s largest power generation utility ...
Thursday, 06 August 09
CHINA JULY COAL IMPORTS AT 9.5 MLN T, DEMAND FIRM
* Coal imports at key ports in July 2.8 times year-ago levels
* July coal imports down nearly 40 percent from June
* China still buying overseas c ...
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- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- PTC India Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
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