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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
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- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Australian Coal Association
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
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