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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, 05 November 09
MERCATOR LINES AIMS TO BECOME A $5 BILLION COMPANY
Mercator Lines, India’s second largest private sector shipping line, plans to invest and expand, riding India’s next wave of growth, the ...
Thursday, 05 November 09
HMS BERGBAU AG OPENING INDIAN OFFICE
Further step on internationalization track Office in Mumbai Participation in demand for coal imports
HMS Bergbau AG, is an international coal tra ...
Thursday, 05 November 09
SAM'S SEAFOOD HOLDINGS MOVES STEP CLOSER TO COAL EXPLORATION IN INDONESIA
Sam’s Seafood Holdings Limited, which is proposed to be renamed Pan Asia Corporation Limited, is moving closer to becoming an exploration and ...
Wednesday, 04 November 09
INDONESIA CAP ON COAL EXPORTS MAY HIT INDIAN POWER SECTOR
BL reported that Karnataka power sector is likely to be partially impacted by the Indonesian Government move to restrict coal exports.
Private se ...
Wednesday, 04 November 09
SA 2010 COAL EXPORTS SEEN AT 65M TO 68M TONS - ANALYSTS
South Africa's thermal coal exports could rise to as high as 68 million tonnes in 2010 but are more likely to be 64-65 million compared to 60 milli ...
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- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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