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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, 19 November 09
THE GOVERNMENT TO GUARANTEE COAL SUPPLIES FOR POWER PLANTS
The government guarantees coal supplies for power plants under a 10,000 MW-capacity power plant construction acceleration program.
Minister of En ...
Thursday, 19 November 09
FAST-TRACK FOCUS ON COAL POWER MAY COST INDONESIA BILLIONS
The Jakartaglobe reported that, As it begins to tap its massive coal reserves to generate cheap electricity, Indonesia may face additional costs of ...
Wednesday, 18 November 09
THAI PTT PLANS COAL MINE INVESTMENT IN INDONESIA
* To conclude Indonesian coal mine buy in 6 months
* Sees coal output jumping to 20 mln tonnes in five years
Reuters reported that, PTT , ...
Wednesday, 18 November 09
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT
“Building Asia’s Infrastructure”
COALspot.com (Indonesia) Press Release: Infrastructure Asia 2010 is Asia’s premier infra ...
Wednesday, 18 November 09
AMBUJA COAL TENDER PRICES EQUATE TO $61.50/T FOB
Reuters reported that, coal prices achieved by Indian cement maker Gujarat Ambuja in its early November tender equate to $61.50 a tonne FOB Richards ...
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- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
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