We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
|
|
|
Showing 6446 to 6450 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
|
| |
| |
|
