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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, 21 July 09
FIRST QUARTER COAL MARKET AND EURACOAL'S OUTLOOK FOR THE FUTURE
Euracoal reports that for the first time in many years, the world market for hard coal fell by some 8 % during the first quarter 2009. This latest E ...
Monday, 20 July 09
CHINAS COAL DEMAND, OUTPUT TO PICK UP IN H2 - GROUP 2
Financial24 reported that, China's coal demand is expected to gradually pick up in the second half of the year, and coal output will likely grow fa ...
Monday, 20 July 09
ADANI POWER LAUNCHES IPO, AIMS HIGHER CAPACITY
Economic Times reported that, Adani Power Ltd, a power project development company, promoted by Adani Enterprise went for an initial public offering ...
Monday, 20 July 09
BANPU'S SECOND-HALF PROFIT MAY DROP ON COAL PRICES
Bloomberg Reported that, Banpu Pcl, Thailand’s biggest coal producer, expects profit to decline in the second half from the first six months a ...
Monday, 20 July 09
CHINA COAL PRODUCES 52.7 MLN TONNES OF COAL IN 1H, UP 5.4 PCT
China Mining reported that, China Coal Energy Co., the country's second largest coal producer, said Saturday that it produced 52.67 million tonnes ...
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- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
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