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