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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Thursday, 29 October 09
MMTC AWARDED 12.5 MILLION TONS TO THREE INDIAN TRADERS
COALspot.com (India): State-run trading firm MMTC awarded tenders for the import of 12.5 million tonnes of coal for NTPC to three Indian coal trader ...
Thursday, 29 October 09
COAL OF AFRICA SEES VELE OUTPUT BY APRIL 2010
* First coal from Mooiplaats mined and sold
* Talks with Transnet on rail PPP on track
Reuters reported that, Coal of Africa (CoAL) said on Mond ...
Thursday, 29 October 09
UAE FUND EYES INDIA POWER FOR INDONESIAN COAL
Reuters reported that, the UAE's Middle East Coal (MEC) is in talks to buy equity stakes in India's power plants in exchange for long-term coal su ...
Thursday, 29 October 09
CESC POSTS RS 126 CRORE (US$ 26,655,178) NET PROFIT IN QUARTER TWO
Economic Times reported that, Energy major CESC posted a marginal increase in net profit at Rs 126 crore (US$ 26,655,178) for the quarter ended Sep ...
Thursday, 29 October 09
INDIA MMTC TENDER SET TO BOOST S.AFRICA COAL
The South African coal market is set to be boosted further by India's state-owned trading firm MMTC Ltd's tender for 12.5 million tonnes, Indian t ...
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- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
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