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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Friday, 20 November 09
CHINESE COKING COAL SUPPLY TO BE 'TIGHT' IN 2010, KGI SAYS
Bloomberg Reported that, Stephen Wang, an analyst with KGI Securities in Taipei, comments on the outlook for Chinese steel production and demand for ...
Friday, 20 November 09
INDONESIAN CO PLANS JV WITH NAGARJUNA
Economic Times reported that, Infrastructure firm Nagarjuna Constructions Company (NCC) is set to form a joint venture with an Indonesian coal minin ...
Thursday, 19 November 09
S. KOREA TO BUY COAL FROM CHINA FOR US$ 85-90/T IN 2010
Head of one S. Korea power company on November 18 unveiled that S. Korea’s power companies may purchase coal from China at the contract price ...
Thursday, 19 November 09
SNAPSHOT OF INDONESIA'S COAL INDUSTRY - FACT BOX BY REUTERS
Indonesian plans to cap coal exports to meet domestic demand will not hit global supplies in the near term, but could start to bite in three to five ...
Thursday, 19 November 09
INDONESIA COAL EXPORTS CURB WILL TAKE TIME TO BITE
Indonesia's plans to cap coal exports to satisfy demand at home are unlikely to crimp global supplies for as long as five years, when new power pla ...
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- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
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