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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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Monday, 27 July 09
MIDDLE EAST COAL TO MOVE ON $1B EAST KALIMANTAN PROJECT
The Jakarta globe reported that, Middle East Coal reiterated on Monday that it would push ahead its $1 billion development program for East Kutai Re ...
Monday, 27 July 09
SHORT AND ONE YEAR PERIOD RATES FOR SUPRAMAX WAS FIRM AT AROUND US$ 18, 000 -18,500 PER DAY
COALspot.com (Singapore): The Supramax charter rates up sharply last week (ended 24th July 2009), especially India / Far East region said, Capt ...
Monday, 27 July 09
COKING COAL, IRON-ORE LIKELY TO BENEFIT NON-INTEGRATED STEEL PRODUCERS
Economictimes reported that, The second half of the financial year 2008-09 was one of the toughest periods for steel companies, especially the non-i ...
Monday, 27 July 09
GMR ENERGY BUYS EMCO POWERGEN SUBSIDIARY
DNA India reported that, Thane-based transformer manufacturer Emco Ltd has sold its stake in unlisted power generation subsidiary Emco Energy to Ban ...
Sunday, 26 July 09
CESC PLANS 2000 MW POWER PLANT IN BIHAR
Jai Bihar reported that, RPG flagship company CESC Ltd on Friday unveiled its plan to set up a 2,000 MW power generation plant at Pirpainti near Bha ...
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- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
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