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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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Monday, 30 November 09
THE FUTURES FOR THREE YEARS (2010-2012) WAS SOFT COMPARED TO LAST WEEK - VISTAAR SINGAPORE
COALspot.com (Singapore): BDI continued to drop this week and touched below 4,000 mark level. The drop in BDI was almost 12 pct and closed at 3,975 ...
Monday, 30 November 09
INDIA UTILITIES MOVE TO COAL INDEX - PRICING
Indian state utilities are leading a switch to coal index-linked pricing from fixed prices to secure imports and to be visibly paying fair market pr ...
Monday, 30 November 09
RECAPITAL TO ACQUIRE BERAU COAL
Unlisted Indonesian coal producer Berau will redeem outstanding bonds before the acquisition by Recapital Advisers is completed by the end of this y ...
Friday, 27 November 09
IMPORTING LIGNITE INTO COAL RICH KOSOVO
Balkan Insight has discovered that one of Kosovo’s biggest firms is being forced to import lignite from Malaysia and Indonesia, despite estima ...
Friday, 27 November 09
SOUTH AFRICA STILL TOPS IN COAL EXPORT RANKINGS
Mining Weekly reported that, Despite significant coal-mining capacity recently discovered in the Southern African region, according to senior coal a ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- McConnell Dowell - Australia
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