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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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Wednesday, 14 October 09
INDONESIA MULLS TO LIMIT COAL EXPORT
China View reported that, The Indonesian government planned to limit coal export of up to 150 million tons per year due to the growing coal demand i ...
Wednesday, 14 October 09
SA'S COAL OUTPUT LIKELY TO RISE BY 2011, BOOSTED BY WATERBERG MINES
Mining weekly reported that, South Africa's coal production will struggle to meet demand over the next few years, but coal production could likely ...
Tuesday, 13 October 09
INDONESIA'S BAYAN SEES 2010 COAL OUTPUT UP 42 PCT
Reuters reported that, Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK) said on Tuesday it expects its coal output to increase by 42 percent i ...
Tuesday, 13 October 09
STRAITS ASIA UPBEAT ON MEETING 2009 COAL OUTPUT
Reuters reported that, Singapore-listed coal miner Straits Asia is still optimistic about meeting its coal output target of 9 million tonnes this ye ...
Tuesday, 13 October 09
THERMAL COAL DEMAND IN CHINA DRIVES PRICE INCREASES
Metal Miner reported that, Thermal coal prices have been falling this year; contrary to many other commodities, both metals and energy that hit bott ...
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- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Parliament of New Zealand
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
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