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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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Thursday, 30 July 09
PNOC FORGES JOINT VENTURES AS STEPS UP COAL OPERATIONS
The Philippine National Oil Co.-Exploration Corp. has entered joint venture agreements with food and beverage conglomerate San Miguel and Filipinas ...
Thursday, 30 July 09
NAMANE OF SOUTH AFRICA IN SUDAN COAL DEAL, BUSINESS REPORT SAYS
Namane of South Africa in Sudan Coal Deal, Business Report Says
Namane Resources Ltd. of South Africa signed a coal-supply agreement with the Nat ...
Wednesday, 29 July 09
RP COAL DEMAND TO SURGE BY 2014 - PHILIPPINES UPDATE
CEBU, Philippines - With the entry of new coal-fired power generation plants in the Philippines, the Department of Energy (DOE) projected an increas ...
Wednesday, 29 July 09
INDIA HUNGRY FOR OUR COKING COAL ASSETS
The Australian reported that, INDIA is about to embark on a program of rapid coal sector acquisitions in Australia as it looks to plug a huge annual ...
Tuesday, 28 July 09
SHENZHEN ENERGY INKS COAL PURCHASE CONTRACT WITH CHINA SHENHUA
China Knowledge reported that, Shenzhen Energy Group Co Ltd has signed a five-year contract with China Shenhua Energy Co Ltd, which is engaged in th ...
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- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
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