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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
Monday, 12 October 09
INDONESIA TO CUT ROYALTIES TO BOOST LOW QUALITY COAL
Reuters reported that, Indonesia, the world's biggest exporter of thermal coal, plans to cut royalties paid by producers holding certain contracts ...
Monday, 12 October 09
SAMPUR COAL POWER PLANT AGREEMENT
Sunday Observer reported that, The construction work of the Sri Lanka-India joint venture coal power plant which costs US dollars 500 million will c ...
Saturday, 10 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - CAPT. REDDY
COALspot.com (Singapore): The BDI again firmed up this week by almost 14 pct to 2,695 points. The cape size index moved up quite sharply by 25 pct t ...
Saturday, 10 October 09
COAL PRICES TIPPED TO SURGE BY 40% AS GLOBAL DEMAND RECOVERS NEXT YEAR
Power-station coal prices may climb by more than 40 percent in 2010 from current levels as a global economic recovery boosts demand from power plant ...
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- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- The University of Queensland
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Planning Commission, India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
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