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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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
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