We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 6346 to 6350 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
|
| |
| |
|
