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