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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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Friday, 17 July 09
THE NEW LAW OF MINERAL AND COAL MINING NO 4/2009 CREATE CONDUCIVE CLIMATE OF INVESTMENT IN INDONESIA
COALspot.com (Indonesia): The new Law of Mineral and Coal Mining No 4/2009, which replaces the old mining law No. 11/1967 has been signed by the Pre ...
Friday, 17 July 09
INDIA COAL TRADERS MUST OWN POWER, MINES - C&O BOSS
· Coal traders need to diversify to grow
· Coastal Energen to build first merchant power plant
· Tamil Nadu to see st ...
Friday, 17 July 09
CHINA SHENHUA ENERGY'S COAL OUTPUT SWELLS 17.6% IN H1
China Knowledge reported that, China Shenhua Energy Co Ltd, which is engaged in the coal mining, power generation and transportation businesses, on ...
Thursday, 16 July 09
CHINA ISSUES SECOND BATCH OF '09 EXPORT QUOTAS
China has issued 25 million tonnes of coal export quotas for the second batch this year, the National Development and Reform Commission said Wednesd ...
Thursday, 16 July 09
NTPC TO ENGAGE BANKERS TO ACQUIRE OVERSEAS COAL MINES
The Hindu reported that, State-run power generation company NTPC said it would appoint merchant bankers next month for acquiring coal mines identifi ...
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- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
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