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