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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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Saturday, 05 September 09
INDIA BUYING INTO AUSTRALIA'S COAL - INTERVIEW
India is in line to buy vast amounts of Australian coal. An Indian cabinet minister is on a special mission to Australia to help satisfy India's ur ...
Saturday, 05 September 09
52 COMPANIES SUBMIT EOIS TO COAL INDIA
The Hindu, India's largest English news paper reported that, International mining majors from the U.S., South Africa, Australia and Indonesia are a ...
Friday, 04 September 09
INDONESIA PAITON ENERGY BUYS COAL FROM ADARO, KIDECO
PT Paiton Energy, an Indonesian independent power producer, has agreed to buy 3 million tonnes of coal from PT Adaro Energy Tbk (ADRO.JK) and PT Kid ...
Thursday, 03 September 09
ICVL IN TALKS FOR COAL BLOCKS IN INDONESIA
These acquisitions will help ICVL meet an internal target of importing at least 5 million tonnes (mt) of coking coal by 2012-13
LiveMint reported ...
Tuesday, 01 September 09
THREE COAL INVESTMENTS AND A SECTOR ON FIRE
With recession fears fading into the past in Asia and growth increasingly back on track in the West, global energy demand is again surging. It's no ...
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- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
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