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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Thursday, 12 November 09
GANGAVARAM PORT SETS RECORD BY DISCHARGING 80,514 TONNE OF COAL CARGO
Gangavaram Port, the deepest port in the country with water depth of 20 meters, has achieved an unprecedented milestone by discharging 80,514 metric ...
Thursday, 12 November 09
FOREIGN INVESTMENT IN RUSSIAN COAL SECTOR
Reuters reported that, Russia's coal mines, particularly in the Arctic and Far East, are attracting interest from foreign investors as commodity pr ...
Thursday, 12 November 09
BANPU TO INVEST US$ 466 M
Plan targets 33.5m tonnes of coal per year
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, is planning capital investments of ...
Wednesday, 11 November 09
NORTHSTAR TAKES 40 PER CENT OF INDONESIAN MINING COMPANY
AltAssets reported that, PT Northstar Pacific Partners, the Indonesian affiliate of US private equity firm TPG, has taken a 40 per cent stake in Ind ...
Wednesday, 11 November 09
INDONESIAN COAL MINERS SOLD BIG VOLUMES OF 2010 TO CHINA
* China has scooped up large volumes of Indonesian coal
* Total exports to China in 2010 seen to exceed 20 million T
* Chinese, Indian demand may ...
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- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
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