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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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Wednesday, 22 July 09
TAIPOWER RECEIVES 37 OFFERS IN TENDERS
State utility Taiwan Power has received offers for 37 panamax cargoes of bituminous and sub-bituminous coal in two tenders involving 12 panamax ship ...
Wednesday, 22 July 09
PRIME MINISTER APPROVAL SOUGHT TO HIKE COAL PRICES IN INDIA
PTI reported that decrying the low prices of the industrial fuel, the coal ministry will approach Dr Manmohan Singh PM of India next month for raisi ...
Tuesday, 21 July 09
BHATIA SAYS GETS ORDER FOR 800,000T COAL FROM KPCL
Reuters reported that, Indian traders Bhatia received on Tuesday a purchase order for 800,000 tonnes thermal coal at $63.00 C&F from Karnataka P ...
Tuesday, 21 July 09
NZ'S PIKE RIVER SAYS SELLS COAL AT $128 PER TONNE
Reuters reported that, New Zealand miner Pike River Coal said on Tuesday it had sold its premium hard coking coal at $128 a tonne for the curr ...
Tuesday, 21 July 09
NEWCASTLE COAL EXPORTS FALL 5%, SHIP QUEUE INCREASES
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 5 per ...
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- VISA Power Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Australian Coal Association
- Central Electricity Authority - India
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