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.
|
|
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
Thursday, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
|
|
|
Showing 6361 to 6365 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
|
| |
| |
|
