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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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Tuesday, 28 July 09
BUKIT ASAM ENJOYS STRONG FIRST HALF
The Jakarta Post reported that, state coal miner PT Tambang Batubara Bukit Asam (PTBA) enjoyed a strong first half performance with six-month net pr ...
Tuesday, 28 July 09
NEWCASTLE LOADED 1.943 MILLION TONS OF COAL IN THE WEEK ENDED 27TH JULY 2009
COALspot.com (Singapore) : The volume exported from Australia’s Newcastle port in the week ended - 07:00 hours 27 July 2009 ...
Monday, 27 July 09
INDIA PAYING HIGHEST PRICE FOR S.AFRICA COAL - PRODUCERS
* Spread between South African and Pacific origin coal very wide
* Lack of European buying makes India indicator of value
Reuters reported that, ...
Monday, 27 July 09
TAIWAN'S FORMOSA EYES S.AFRICAN COAL FOR Q4: TRADE
Reuters reported that, Taiwan's Formosa Plastics Group is looking to buy two South African thermal coal cargoes for delivery in the fourth-quarter, ...
Monday, 27 July 09
ADANI POWER'S $625 MILLION IPO TO GENERATE HOT DEMAND
WSJ reported that, Adani Power, the electricity generating unit of India's Adani Enterprises Ltd., is set raise up to US$625 million in wha ...
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- Uttam Galva Steels Limited - India
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- GVK Power & Infra Limited - India
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- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
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- Eastern Coal Council - USA
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- IHS Mccloskey Coal Group - USA
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- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
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- Sakthi Sugars Limited - India
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- Goldman Sachs - Singapore
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- Ministry of Finance - Indonesia
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- Indogreen Group - Indonesia
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- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
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- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
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- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- White Energy Company Limited
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- ASAPP Information Group - India
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- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
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- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- VISA Power Limited - India
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- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
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- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
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- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
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- Directorate General of MIneral and Coal - Indonesia
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- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Australian Coal Association
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
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- Bangladesh Power Developement Board
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- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
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- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
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- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
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