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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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Friday, 18 September 09
STANCHART TO ADVISE BAYAN ON INDONESIA COAL FINANCING
Indonesian coal miner PT Bayan Resources Tbk said on Wednesday it has appointed Standard Chartered Bank as a financial adviser for raising at least ...
Friday, 18 September 09
COKING COAL SUPPLY TO FALL 3 MILLION TONS IN CHINA ON SHUTDOWN
Bloomberg reported that, Coking coal supply in China, the largest consumer, may fall by 3 million metric tons a month after a mine accident this mon ...
Thursday, 17 September 09
FOUR LEFT IN INDIA'S MMTC COAL IMPORT TENDER-SOURCE
Reuters reported that, India's MMTC Ltd has accepted four out of five submissions for an import tender for 12.5 million tonnes of coal, with a bid ...
Thursday, 17 September 09
INDIA SEEKS COAL
IBT commodities reported that, India is on a coal buying spree. The big Asian nation is scrambling to cover an expected shortfall in domestic supply ...
Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
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- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
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