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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
INDIA CEMENTS SET TO ACQUIRE COAL MINE IN INDONESIA
Business-Standard reported that, India Cements is set to acquire a coal mine in Indonesia for around $20 million (around Rs 100 crore). The company ...
Thursday, 29 October 09
PTC INDIA UNIT CHASES 2.5 MTPA INDONESIAN COAL
Reuters reported that, PTC Energy is in talks with an Indonesian firm to source 2.5 million tonnes per annum (MTPA) coal for its 350-400 MW power to ...
Thursday, 29 October 09
CHINA MAY SEEK THERMAL COAL ELSEWHERE IF AUSTRALIAN EXPORT COSTS RISE, SAYS REPORT
The Australian reported that, CHINA is likely to turn to alternative markets for thermal coal if the cost and availability of Australia's exports a ...
Thursday, 29 October 09
CURRENCIES, ASIA DEMAND TO LIFT EUROPE COAL PRICE
Supportive currency movements and strong Asian demand mean the price of coal delivered into Europe is poised to rise more than 30 percent to above $ ...
Wednesday, 28 October 09
AUSTRALIAN POWER STATION COAL PRICE TOPPED USD 73 A TONNE
Reuters reported that prices of power station coal in Australia, a benchmark for Asia, crept up for the fourth week and topped USD 73 a tonne, as a ...
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- Medco Energi Mining Internasional
- Planning Commission, India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
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