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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, 25 August 09
INDIAN FIRM TO INVEST $44 MN IN INDONESIA
Economic Times - India Times reported that, BEML Limited, India-based second largest heavy equipment producer in Asia, will invest $44 million in In ...
Tuesday, 25 August 09
BHARAT LOOKS TO BULLDOZE RIVALS WITH LOWER PRICES
The Jakarta Globe reported that, The country’s two established heavy equipment suppliers now have a competitor in the form of Indian firm Bhar ...
Tuesday, 25 August 09
PIKE RIVER DELAYS COAL EXPORTS FROM NEW ZEALAND MINE
South African mining Weekly reported that, The first 60,000-t export shipment from ASX-listed Pike River Coal’s new mine has been delayed unti ...
Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brok ...
Monday, 24 August 09
10,000 MW TO BE GENERATED THROUGH THAR COAL RESERVES BY 2020
Four projects of 2450 MW approved; govt to invest Rs80bn in five years on infrastructure
The News Pakistan reported that, The Thar Coal a ...
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- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
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