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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, 08 September 09
INDONESIA OFFERS AN OPPORTUNITY TO INDIANS
Meri News reported that, Indonesia is all set to launch the country's second 10,000 MW accelerated power expansion programme. The new power develop ...
Tuesday, 08 September 09
BUKIT ASAM AIMS 14 MLN TONS COAL PRODUCTION
VIVA News reported that, The rise in coal production is mainly triggered by the step-up in domestic demand.
Coal mining company PT Tambang Batuba ...
Tuesday, 08 September 09
MERCHANT BANKERS ADVISE CIL ON INDONESIAN MINE BUYS
Business Standard reported that, State-owned Coal India Ltd (CIL) is being advised by four to five merchant bankers on acquisition of coal assets in ...
Tuesday, 08 September 09
THE 3RD ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2009 - PRESS RELEASE
The 3rd Asia Pacific Coal Trading & Investment Outlook 2009
Analysis of Asia Coal Market amid Global Financial Crisis
COALspot.com(Chin ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL EXPORTS MAY RISE ON SALES TO INDIA
Bloomberg reported that, South African coal exports may rise to 100 million metric tons a year by 2020 and India may become the biggest destination ...
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- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Planning Commission, India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
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