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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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Tuesday, 22 September 09
AUSTRALIA SEES HIGHER ASIAN THERMAL COAL IMPORTS
* Asia '09 imports to rise 3.5%, vs pvs f'cast of 3.3% fall
* Asia 2010 thermal coal imports expected to rise 6.3 pct
* China to become net im ...
Tuesday, 22 September 09
PANAMA CANAL EXPANSION MAY AID COLOMBIA COAL TO ASIA
* Colombia producers hope for growth in Asia shipments
* Panama Canal will allow smaller coal Capesize vessels
* Australia, Indonesia to remain bi ...
Monday, 21 September 09
ACCC SET TO APPROVE NEWCASTLE COAL SHIPPING AGREEMENT
ABC reported that, The competition regulator says it is likely to approve a new agreement over coal loading arrangements at Newcastle.
Australian ...
Friday, 18 September 09
PEABODY ENERGY ESTABLISHES ASIAN COAL TRADING HUB IN SINGAPORE
Peabody Energy announced it has opened an office in Singapore that will serve as the new hub for Peabody COALTRADE International activities in South ...
Friday, 18 September 09
AUSTRALIA NEWCASTLE COAL PORT: SEEKS INTERIM QUOTA SYSTEM
Reuters reported that, Australia's Newcastle coal terminal wants to re-introduce an interim export quota system after a group of miners led by BHP ...
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- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
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