We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 08 December 09
RICHARDS BAY COAL SHIPMENTS FELL 11% IN NOVEMBER FROM YEAR AGO
Coal exports from South Africa’s Richards Bay, site of the continent’s largest export terminal for the fuel, fell 11 percent in November ...
Tuesday, 08 December 09
HIGH GLOBAL COAL PRICES HIT POWER PROJECTS
Spot prices for the fuel have appreciated almost 10% in November.
After a sedate year, rising coal prices could hit the coffers of import-based d ...
Monday, 07 December 09
HOW INDIA CAN CUT ITS ENERGY NEEDS BY 20%!
Using energy more efficiently can reduce our energy needs by one fifth; it is a strategy we must pursue even as we promote renewables, says Kirit Pa ...
Monday, 07 December 09
ASIA COAL POWER IN INDONESIA DISCUSSES NEW MINING LAW, COAL AND POWER SECTORS AS INVESTMENTS POUR INTO COALMINES TO SECURE SUPPLIES
COALspot.com (Singaproe): Press Release - Asia Coal Power pinpoints growing power demand in Asia & Power sector investments in Indonesia's coal ...
Monday, 07 December 09
DRY BULK RATES' VOLATILITY TO STAY, BUT RECOVERY IS UNDERWAY SAYS ION VAROUXAKIS HEAD OF FREESEAS
In an interview with Hellenic Shipping News, Mr. Ion G. Varouxakis, Chairman of the Board, President and CEO of Nasdaq-listed Freeseas, explains why ...
|
|
|
Showing 6191 to 6195 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- PTC India Limited - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
|
| |
| |
|
