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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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Tuesday, 13 October 09
JSW ENERGY SCOUTING FOR PARTNERS, ACQUISITIONS
Business-Standard reported that, JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business ...
Tuesday, 13 October 09
INDIA INTERESTED IN AMERICAN COAL
UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.
The Business Standard ...
Tuesday, 13 October 09
RIVERSDALE MAY USE ZAMBEZI RIVER TO TRANSPORT MOZAMBIQUE COAL
Mining Weekly reported that, ASX-listed coal-miner Riversdale Mining would submit a feasibility study and an environmental-impact study (EIS) for it ...
Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010
Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal ...
Monday, 12 October 09
BISICHI MINING FINALIZES COAL SUPPLY CONTRACT FOR 2010-2012
Small Cap News reported that, Bisichi, the South Africa based coal mining group, has agreed a three year coal supply contract between its principal ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
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