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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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Tuesday, 17 November 09
JSW STEEL MAY SPEND $500 MILLION TO ACQUIRE COAL MINES OVERSEAS
JSW Steel Ltd., India’s third- biggest producer, may spend $500 million buying coal mines overseas, securing supplies for its local expansion. ...
Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
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- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Australian Coal Association
- The State Trading Corporation of India Ltd
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