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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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Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
Friday, 13 November 09
API4 IGNORES LOW COAL TRADES - SWISS SINGAPORE
* Jan, Feb S.Africa coal prices hit 12-month highs
* Indian trader says deals done dollars below index
Reuters reported that, the physical coal ...
Thursday, 12 November 09
INDONESIA'S BUMI COAL PRODUCTION TO INCREASE
The sale is predicted to jump 14 percent to 58 million tons.
Viva News reported that, PT Bumi Resources Tbk. (BUMI) projected that the company's ...
Thursday, 12 November 09
INDIA'S BHEL IS IN INDONESIA NOW WITH THE COST EFFECTIVE CFBC BASED BOILER TURBINE PACKAGES
COALspot.com(Indonesia): BHEL, the largest engineering and manufacturing enterprise in India in the energy-related / infrastructure sector, is now f ...
Thursday, 12 November 09
NTPC FARAKKA AND KAHALGAON UNITS SHUT DOWN ON COAL SHORTAGE
Operations at two units each of power major NTPC Ltd’s 1600 MW Farakka and the 2340 MW Kahalgaon stations have ground to a halt due to an acut ...
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- PTC India Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- The University of Queensland
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
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