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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, 15 October 09
SOUTH AFRICAN MINING COMPANY ACCEPTED $92 MILLION BID FOR COAL MINE STAKE IN SIYANDA COAL
Paguntaka reported that, Sentula Mining Ltd. gained in Johannesburg trading after the South African company accepted a 686 million-rand ($92 million ...
Thursday, 15 October 09
GOVT TO CAP COAL EXPORTS AT 150 MILLION TONS A YEAR
The Jakarta Post reported that, The government plans to cap coal exports at around 150 million tons a year in a bid to guarantee supply for domestic ...
Thursday, 15 October 09
AUSTRALIAN MINING COMPANIES REPORTED FINDING 1.5 BILLION COAL MINE DEPOSIT IN MOZAMBIQUE
Paguntaka reported that, Mozambique is a country that has the potential mining areas are very rich. Many mining companies who want to invest in the ...
Wednesday, 14 October 09
INDONESIA POWER FIRM SIGNS LOAN AGREEMENTS FOR OVER $1 BLN
Reuters reported that, Indonesia's state electricity firm PT Perusahaan Listrik Negara (PLN) has raised more than $1 billion from a group of banks ...
Wednesday, 14 October 09
LARSEN & TOUBRO MAY ENTER POWER GENERATION BUSINESS IN INDIA
Bloomberg reported that, Larsen & Toubro Ltd., India’s biggest engineering company, said it is considering entering the power generation b ...
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- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
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