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