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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, 30 September 09
INDIA CEMENTS SET TO PRODUCE POWER; EYES COAL MINE IN INDONESIA
Financial Express reported that, Tamil Nadu-based India Cements Ltd (ICL) has firmed up plans to produce power to meet its current and future requir ...
Wednesday, 30 September 09
COKING COAL PRICES MAY TOUCH $200/TN IN 2010-11
Business Standard reported that, Driven by surge in imports of coking coal by China, growth in Japanese steel output and signs of recovery in the In ...
Wednesday, 30 September 09
PURNOMO BIDS 'GOODBYE' TO ENERGY MINISTRY
The Jakarta globe reported that, In what could be construed as a resignation speech from a government official — but perhaps wasn’t &mda ...
Tuesday, 29 September 09
MINING AND ENERGY DAY 2009
The Minister of Energy and Mineral Resources, Purnomo Yusgiantoro led the ceremony marking 2009 Mining and Energy Day celebrations, held at the Depa ...
Tuesday, 29 September 09
BUKIT ASAM REDUCES ITS SALES TARGET
Tempo Interactive reported that, PT Tambang Batubara Bukit Asam Tbk has decided to reduce its sales target this year from 14.5 million tons of coal ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
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