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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
Tuesday, 22 September 09
SHORT PERIOD RATE FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI just dropping by about 5 pct to 2,356 points last week. The change ...
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- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Australian Coal Association
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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