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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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Thursday, 03 December 09
COAL INDIA IPO LIKELY TO HIT MARKETS BY NOVEMBER 2010
Soon investors will get to own a slice of India's largest coal mining company. Coal India its initial public offering will hit markets in November ...
Thursday, 03 December 09
PROLONGED COAL MARGIN SQUEEZE AHEAD - WESCOAL
Mining Weekly reported that, Coal junior Wescoal foresees a continued margin squeeze ahead. The JSE AltX-listed company's gross margin was reduced ...
Tuesday, 01 December 09
COAL DEMAND REBOUNDING FROM DOWNTURN - U.S. MINING EXECS
The coal industry is slowly rebounding from last year's recession with demand and prices inching upward, although inventories at U.S. power ...
Tuesday, 01 December 09
INDONESIA COAL OUTPUT SEEN LIFTED BY CHINA, INDIA
Reuters reported that, Indonesia's coal output is expected to grow by as much as 12 percent in 2010, boosted by demand from power hungry China and ...
Monday, 30 November 09
NTPC SCOUTS FOR MORE COAL BLOCKS IN INDONESIA
State-run National Thermal Power Corporation (NTPC) today said it has identified three more coal blocks in Indonesia for acquisition.
"We ha ...
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- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
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