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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, 15 July 09
INDONESIAN FIRM SUBMITS LOWEST BID FOR NAPOCOR COAL
ABS-CBN News reported that, An Indonesian firm offered to supply 195,000 tons of thermal coal to top Philippine electricity producer National Power ...
Wednesday, 15 July 09
INDIAN COAL MINISTRY TO CONSIDER POWER PLANT ALTERATION PROPOSALS
PTI reported that the coal ministry has agreed to consider applications of power plants seeking long term coal linkage due to enhancement in electri ...
Wednesday, 15 July 09
SHENHUA STARTS WORK ON INDONESIA POWER PLANT
Bloomberg reported that China Shenhua Guohau Power a unit of China’s biggest coal producer started construction of a power plant and mine in I ...
Wednesday, 15 July 09
PLN OPENS TENDERS FOR SUPPLY OF LOW - GRADE COAL
The Jakarta Globe, a Indonesian new paper reported that, State power utility PT PLN has opened a tender for the supply of low-grade coal for the nat ...
Tuesday, 14 July 09
MMTC SAYS MAY RE-TENDER FOR 12.5 MLN T COAL
* KIS has demanded investigation into procurement
* MMTC says import delays could add to power shortages
Alibaba reported that, India's s ...
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- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
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