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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, 05 August 09
PEOPLE'S MINING SHOULD BE REGULATED UNDER RPP MINERBA
The Indonesian Institute of Science (LIPI) has called on the government to include a specific provision for people’s mining in the draft govern ...
Tuesday, 04 August 09
SRI LANKA IS LOOKING FOR 650,000 TON OF COAL NEXT YEAR FOR ITS FIRST 900 MW POWER PLANT.
COALspot.com ( Sri Lanka) : Lanka Coal Company Limited was issued a tender on 23 July 2009 to purchase 650,000 +/- 20% MT Bituminous Coal per a ...
Monday, 03 August 09
ONE YEAR CHARTER RATES FOR SUPRAMAX WAS AT AROUND USD 18,500 - VISTAAR SINGAPORE
COALspot.com (Singapore) : The freight market was flat this week with hardly any change in the BDI.The cape was up by about 4 pct and closed at 5,38 ...
Saturday, 01 August 09
APGENCO SAYS BOUGHT 500,000T MALAYSIAN COAL
The Malaysian Insider reported that, Indian state utility Andhra Pradesh Power Generation Corporation Ltd (Apgenco) has bought 500,000 tonnes of Mal ...
Thursday, 30 July 09
KOMIPO OFFERED 3 MILLION MT IN TENDER, TEN TIMES OVERSUBSCRIBED
Korea Midland has received offers for 3 million mt of bituminous steam coal in its latest tender despite the power utility seeking only 300,000 mt, ...
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- Mercator Lines Limited - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
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