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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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Saturday, 25 July 09
HUANENG EYES MAJORITY STAKE IN PT BERAU COAL
CCTV reported that, China's largest publicly traded power company has submitted a bid for controlling stake in Indonesia's fifth largest coal mine ...
Saturday, 25 July 09
ADANI POWER TO IMPORT COAL FOR MUNDRA PLANT
BL reported that more than 50% of the coal requirement for Adani Power’s 4,620 MW Mundra plant will have to be imported from Indonesia though ...
Friday, 24 July 09
INDONESIAN COAL NEWS - UPDATE
Income from tax slow
Since the economic crisis in October 2008 until now, tax from the general mining sector is slow. According to the Director Gene ...
Friday, 24 July 09
S.AFRICA JAN-JUNE EXPORTS TO ASIA AROUND 1.4 MLN T
* China takes 140-150,000 tonnes
* S.Korea imports zero
* Hong Kong utilites buy S.African coal
South African coal exports to Asia excluding India a ...
Friday, 24 July 09
BIG ADARO SHAREHOLDERS CREATE HOLDING COMPANY
The nation’s second-largest coal producer, PT Adaro Energy, said on Thursday that five key shareholders had merged their holdings in the compan ...
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- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
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