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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, 09 September 09
CHINESE INTEREST IN AUSTRALIA COAL TICKS UP AS PRICES FALL
After a lull of about two months, Australian thermal coal producers are now seeing renewed interest from Chinese buyers for spot cargoes in the four ...
Wednesday, 09 September 09
SALES FORECAST UP ON BETTER DISTRIBUTION
The Jakarta Post reported that, State coal producer PT Tambang Batubara Bukit Asam (PT BA) expects coal sales to rise by 11 percent next year as it ...
Wednesday, 09 September 09
NTPC HIRES MACQUARIE TO ADVISE INDONESIA COAL MINE PURCHASE
Bloomberg reported that, NTPC Ltd., Asia’s biggest power utility by value, has hired Macquarie Group Ltd. to evaluate a proposed coal mine pur ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL FALLS MOST IN 11 WEEKS ON EXCESSIVE PRICES
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Tuesday, 08 September 09
INDIA MAY HAVE A JOINT WORKING GROUP FOR COAL WITH INDONESIA: SRIPRAKASH JAISWAL - PRESS RELEASE
Press Information Bureau of India reported in its web site that, The Coal Ministry has, in principle, agreed to set up a Joint Working Group for coa ...
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- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Australian Coal Association
- PowerSource Philippines DevCo
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Planning Commission, India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
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