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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, 16 September 09
NAPOCOR GETS 3 OFFERS IN COAL TENDER
ABS-CBN news reported that, The Philippines' state-run National Power Corp. (Napocor) said on Wednesday it received offers from 3 Indonesian firms ...
Wednesday, 16 September 09
S.KOREA KOSEP BUYS 1.06 MLN T COAL-SOURCE
* 6,080 kcal/kg at $63-65, 4,900-5,350 kcal/kg at $56-58
* Initially about 5 mln T offered for tender
Reuters reported that, Korea South ...
Tuesday, 15 September 09
CHINA COAL EXPORT ROSE M-O-M FOR THE STRAIGHT 3 MONTHS
Alibaba reported that, In the January-August period, China coal exports slid by 55.9% to 14.83mln tons month on month. In August, China exported 1.9 ...
Monday, 14 September 09
CIL MAY REDUCE FLOOR PRICE OF E-AUCTION COAL
After receiving a lukewarm response to the forward e-auction started in two of its subsidiaries, Coal India Limited (CIL) is mulling to reduce the f ...
Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
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- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Planning Commission, India
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