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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Sunday, 04 October 09
GRASIM TO CONSOLIDATE CEMENT BIZ
The Statesman reported that, India's largest cement producer Aditya Birla group today said it would consolidate its cement businesses by merging Gr ...
Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...
Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...
Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...
Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...
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- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
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