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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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- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
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