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