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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, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
Friday, 27 November 09
EXXARO SEES HIGH COAL DEMAND RAISING PRICES
Reuters reported that, South African diversified miner Exxaro Resources said on Thursday it expected coal prices to rise to between $70 and $75 per ...
Friday, 27 November 09
CENTENNIAL SAYS ENERGY-COAL PRICE TO RISE AS CHINA SEEKS FUEL
Bloomberg reported that, Centennial Coal Co., an Australian producer of the fuel, said contract prices are expected to rise in 2010, with Chinese co ...
Friday, 27 November 09
IN FIRST-10-MONTH OF 2009 COAL IMPORTS IN GUANGXI-FANGCHENG EXCEEDED FULL-2008 IMPORTS
According to Customs statistics, during the January-October, Fangcheng port accumulatively imported 3.676mln tons valuing U.S.$370, rising by 53.8% ...
Thursday, 26 November 09
CHINA'S COAL IMPORTS TO RISE BY 170 PERCENT IN 2009
According to the statistics released by China's General Administration of Customs on November 23, China's coal imports for October totaled 11.1 mi ...
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- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Planning Commission, India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
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