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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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Sunday, 01 November 09
MINES REGULATION AMENDMENT BILL TO BE TABLED IN PARLIAMENT
Thaindia News reported that, A bill seeking to amend the Mines and Minerals Development Regulation Act, 1957, will be introduced in the winter sessi ...
Sunday, 01 November 09
THE COAL MOVEMENT TO INDIA FROM SOUTH AFRICA AND INDONESIA WOULD BE CONTINUE INCREASE - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI continued to be firm with an increase of 60 points and closed at 3,103 points.
The cape index also was firm an ...
Sunday, 01 November 09
INDONESIA ADARO Q3 NET PROFIT JUMPS ON COAL DEMAND
* Q3 net profit up 131.6 percent to 1.27 trillion rupiah
* Q3 revenue up 56.8 percent to 7.12 trillion rupiah
Reuters reported that, Indonesia' ...
Sunday, 01 November 09
PT INDIKA MAY BUY STAKES IN BHPB INDONESIA OPERATIONS
Dow Jones reported that Indonesian coal producer PT Indika Energy may buy stakes in BHP Billiton Limited's Indonesian coal operations and in local ...
Sunday, 01 November 09
ADAVALE RESOURCES MAKES COAL ACQUISITIONS IN INDONESIA
Adavale Resources Limited has entered into an agreement to acquire the rights to two thermal coal projects Tapan and Jambi in Sumatra Indonesia, hel ...
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- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
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