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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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Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT
Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after ...
Saturday, 07 November 09
THE STEAM COAL MOVEMENT FROM INDONESIA TO INDIA REMAINED QUITE STRONG - CAPT. REDDY
COALspot.com (Singapore): The BDI continued rising this week and was up by 290 points up by almost 9 pct and the index closed at 3,393 points.
B ...
Friday, 06 November 09
COAL INDIA ABANDONS PLAN TO BUY ASSET IN AUSTRALIA
Coal India’s efforts to acquire a mid-sized virgin thermal coal block from a private party in Australia have drawn a blank.
The effort was ...
Friday, 06 November 09
NEW ASSETS WILL INCREASE COKING AND THERMAL COAL PRODUCTION
Coal and metals processing company Coal of Africa Limited (CoAL) aims to produce 10-million tons a year of coking coal and two-million tons a year o ...
Friday, 06 November 09
NTPC TO APPOINT MERCHANT BANKER FOR S AFRICA COAL MINE
State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker ne ...
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- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Australian Coal Association
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
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