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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Monday, 31 August 09
INDONESIA ADARO'S NET PROFIT SOARS 1,506 PERCENT ON HIGH PRICES
The Jakarta Post reported that, the country's second largest coal producer, PT Adaro Energy said Sunday that its first-half net profit soared 1,506 ...
Sunday, 30 August 09
THE FUTURES FOR THREE YEARS FOR 2010-2012 IS AROUND PANAMAX / US$ 15,500 & SUPRAMAX / US$ 13,500 PER DAY
COALspot.com (Singapore): The dry bulk market continued to be soft this week and the BDI was almost stable and closed at 2,421 points this week.
...
Friday, 28 August 09
INDONESIA SEEKS TO INCREASE COAL PRODUCTION TO BOLSTER REVENUE
The Jakarta Post, the leading english news paper in Indonesia reported that, Indonesia expects to increase coal production by up to 20 million tons ...
Friday, 28 August 09
MERCURIA ENERGY OPENS INDONESIA TRADING OFFICE
COALspot.com ( Indonesia): Mercuria Energy Group has opened a new office in Jakarta, Indonesia, focussed on trading coal.
Jakarta-based Emanuele ...
Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
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- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Economic Council, Georgia
- PTC India Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
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