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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, 23 July 09
COAL IMPORTS SURGE; EXPORTS DOWN IN H1
China Trade Information reported that, China’s coal imports surged by 126.3 percent year-on-year in the first half of 2009, reaching 48.3 mill ...
Thursday, 23 July 09
SRI LANKA CALLS FOR COAL SUPPLY BIDS
Daily Mirro reported that, In a move to install the country’s first coal power plant, Sri Lanka has invited bids to supply 2.4 million metric ...
Thursday, 23 July 09
POWER INVESTORS TURN BACKS ON VIETNAMESE COAL IMPORTERS
VietNamNet Bridge reported that, Investors of power plants always seek foreign coal sources to import themselves, believing they can come by it chea ...
Wednesday, 22 July 09
BERAU COAL DRAWS LOCAL, CHINESE BIDS - SOURCES
* Indonesian coal firm draws local, Chinese bids-sources
* Deal could value Berau at more than $1 billion-sources
Reuters reported that, China' ...
Wednesday, 22 July 09
ONE TENDERS FOR 114,000 MT FOR NOV-JAN
Moroccan state-owned power utility Office National de l’Electricité (ONE) has launched a tender for three handymax shipments of coal fo ...
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- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
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