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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Saturday, 10 October 09
PT BUMI RESOURCES TO EXPECT 2010 ELECTRIC AND COAL PRICE UP TO US$ 100/T
Indonesia coal producer, PT Bumi Resources recently stated that the revival of the global economy pushes up the demand from power plants and steel m ...
Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
|
|
|
Showing 6356 to 6360 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
|
| |
| |
|
