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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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Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
Wednesday, 07 October 09
WORLD'S LEADING COAL-BASED PP PROJECT TO BEGIN TRIAL PRODUCTION NEXT YEAR IN NW CHINA
Xinhua Net reported that, a coal-based polypropylene (PP) production project in northwest China, believed to be the world's largest one, is to ...
Wednesday, 07 October 09
INDIA SAIL TO IMPORT 10-11 MLN T COAL IN FY10 - EXEC
Reuters reported that, Steel Authority of India Ltd plans to import 10-11 million tonnes of coal in the current year to March, below last year's 13 ...
Wednesday, 07 October 09
DOMESTIC SHIPPING FIRMS READY FOR NEW RULES ON COAL, INDUSTRY GROUP SAYS
The Jakarta Globe reported that, The domestic coal-shipping sector is ready for the introduction of shipping regulations requiring all power station ...
Wednesday, 07 October 09
CHINESE BANK MAY PULL OUT OF SUMATRA COAL RAILWAY
The Jakarta Globe reported that, The Export-Import Bank of China may pull out of a $1.28 billion South Sumatra coal-railway project with state-owned ...
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- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
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