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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, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with ...
Thursday, 03 December 09
JAPAN 2010 COAL IMPORTS SEEN FLAT, INDIA'S ROBUST - INDUSTRY
* Japan's demand seen steady in 2010 at 110 mln tonnes
* India's demand seen as robust, at 70 mln tonnes
Reuters reported that, Thermal coal i ...
Thursday, 03 December 09
INDONESIA MAY ALLOW COAL SALES BELOW GOVT PRICE
Reuters reported that, Indonesia is considering giving producers some flexibility to sell coal below the government's monthly benchmark price to co ...
Thursday, 03 December 09
INDONESIA SEEKS TO INCREASE COAL SHIPMENTS TO INDIA, CHINA
Bloomberg reproted that, Indonesia, Asia’s biggest coal exporter, seeks to increase shipments to India and China as the economies improve and ...
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- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Parliament of New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
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