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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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Saturday, 24 October 09
NTPC SEEKS ALTERNATE COAL SUPPLY FOR KAHALGAON
State-run NTPC is looking at alternate sources of coal to fire its Kahalgaon (Bihar) and Farakka (West Bengal) and power stations, which are facing ...
Saturday, 24 October 09
ADANI, MMTC IN RACE TO SUPPLY COAL TO GSECL
Business-Standard reported that, as many as five companies are in fray to supply 15 lakh (1.5 million) metric tonnes of non-coking steam (ther ...
Saturday, 24 October 09
INDONESIA STATE POWER FIRM PLANS TO DELAY COAL SUPPLIES
Indonesia's state-controlled electricity company is negotiating with two coal producing firms to delay plans to supply coal to a power plant in Wes ...
Friday, 23 October 09
MONGOLIA LISTS 8 POTENTIAL BIDDERS FOR COAL PROJECT
Reuters reported that, Mongolia has shortlisted eight potential partners for its huge Tavan Tolgoi coking coal project, according to Temuulen Ganzor ...
Friday, 23 October 09
2010 WILL BE 'BRIDGE YEAR' FOR COAL - CONSOL CHIEF
Mining Weekly reported that, After a difficult 2009, 2010 will likely be a “bridge” year for the US coal industry, followed by improved ...
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- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- PTC India Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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