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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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Wednesday, 11 November 09
INDIAN COAL IMPORT FROM SA IN OCTOBER
Reuters reported that India imported 2.4 million tonnes of coal from South Africa's Richards Bay Coal Terminal in October 2009, 35% of the total of ...
Wednesday, 11 November 09
INDONESIA ASKS DOMESTIC COAL FIRMS TO SET ASIDE 30PCT OF OUTPUT
Indonesian government said that it had asked domestic coal producers to set aside 30% of their output next year to meet demand from new coal fired p ...
Wednesday, 11 November 09
MINING ACQUISITIONS BECOMING MORE STRATEGIC - E&Y
Mining Weekly reported that, Although miners around the world are looking to position themselves for growth, companies are being more selective when ...
Tuesday, 10 November 09
THAI COAL MINER BANPU Q3 NET UP, BEATS FORECAST
Reuters reported that, Thailand's top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, hel ...
Monday, 09 November 09
NAPOCOR DEFERS 50,000 T COAL TENDER
Top Philippine electricity producer National Power Corp. (Napocor) has indefinitely postponed a tender for supply of 50,000 tons of steam coal sched ...
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- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Marubeni Corporation - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
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