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