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