Below is a list with tagged columns and company profiles.

Today's Headlines BUMI

  • Indonesian Coal Miner Bumi Resources Prepares Rights Issue

    Indonesian Coal Miner Bumi Resources Prepares Rights Issue

    Indonesian coal miner Bumi Resources plans to conduct a rights issue in June 2017 through which it aims to raise IDR 26.9 trillion (approx. USD $2.0 billion). Bumi Resources will sell 29.1 billion shares, equivalent to 79.5 percent of the company's enlarged capital. Proceeds from this corporate move go to the debt restructuring program. Bumi Resources wants to pay off its debt to the China Investment Corporation (CIC) as well as eight other creditors. Bumi Resources has some USD $4.2 billion worth of commercial debts (excluding intercompany loans).

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  • News from Indonesia’s Coal Mining Industry: Production & Export

    News from Indonesia’s Coal Mining Industry: Production & Export

    Bob Kamandanu, Chairman of the Indonesian Coal Mining Association (APBI), advises the government of Indonesia to cut the country’s coal production by about 50 million tons and cap coal exports at 300 million tons in 2015 in an effort to boost global coal prices which are currently touching an eight-year low amid the sluggish global economy (particularly weakening coal demand from China) in combination with a coal oversupply. Indonesia is the world’s leading exporter of thermal coal which is primarily used in electricity generation.

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  • Daily Indonesian Market Roundup: Corporate & Financial Headlines

    What are the important corporate news headlines from Indonesia on Wednesday 13 August 2014? Below we present our daily market roundup. This includes the following companies and topics: Saratoga Investama Sedaya, Bumi Resources, First Resources Ltd, Indosat, Intiland Development, Nusantara Infrastructure, Semen Indonesia, Apexindo Pratama Duta, Dwi Aneka Jaya Kemasindo, Sumitomo Corporation, Gilang Agung Persada, Rekayasa Industri, tin sales, and undisbursed loans.

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  • Daily Market Roundup: Corporate & Financial News Indonesian Markets

    What is the most important corporate news from Indonesia on Monday 11 August 2014? Here we present the daily market roundup. This includes following companies: Unilever Indonesia, Nippon Steel & Sumitomo Metal Corp, Krakatau Steel, Bumi Resources, Humpuss Intermoda Transportasi, MNC Sky Vision, Kalbe Farma, Logindo Samudramakmur, Multi Bintang Beer, Sebuku Iron Lateritic Ores, the Sarulla Operation Limited consortium, Mandiri Tunas Finance, Bank Internasional Indonesia (BII), and the Kuala Namu-Tebing Tinggi Toll Road.

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  • Bumi Resources Debt Settlement: CIC Takes 19% Stake in Kaltim Prima Coal

    China Investment Corporation (CIC), a sovereign wealth fund, now officially holds a 19 percent stake (worth USD $950 million) in Kaltim Prima Coal, subsidiary of Indonesia's largest coal miner (yet debt-ridden) Bumi Resources. This share transfer is part of Bumi Resources’ debt settlement program with CIC. After the share transfer, Bumi Resources still owes CIC about USD $1.03 billion. Another chunk of this debt will be settled through transferring 42 percent of the shares of another subsidiary, Bumi Resources Minerals, (worth USD $257 million) to CIC.

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  • Bakrie Group's Bumi Resources: Shares Plunge on Bond Default Concern

    Shares of Bumi Resources, Indonesia’s largest coal miner by production volume, had plunged more than 13 percent by 16:00pm local Jakarta time on increased concern that a default is looming after the company failed to gain approval from bondholders to change the terms of its USD $375 million bonds due on 5 August. The Bakrie Group-controlled miner intended to extend the maturity of its bonds while lowering the coupon and conversion price. However, this plan was not approved in a bondholders’ meeting held in Singapore on 20 June 2014.

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  • Company Profile of Debt-Ridden Bumi Resources: Indonesian Coal Miner

    Indonesia Investments updated the company profile of Bumi Resources, a leading Indonesian natural resources group focused primarily on coal mining. The company is Indonesia's largest coal miner by production volume and the world's largest thermal coal exporter. However, due to weak global demand and weak corporate management, the company is at risk of default in the near future due to maturity of its debts. Moody’s has downgraded Bumi’s corporate rating from Caa1 to Ca.

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Latest Columns BUMI

  • Coal Mining Indonesia: Producers to Boost Production in 2018

    Coal Mining Indonesia: Producers to Boost Production in 2018

    The big Indonesian coal miners that are listed on the Indonesia Stock Exchange expect to raise their production volumes in 2018 amid rising global demand and the subsequent stronger coal price. Moreover, most local coal companies were heavily affected by bad weather in 2017 and therefore their output had been curtailed naturally, while coal prices had actually been skyrocketing since mid-2016.

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  • Indonesian Coal Miner Bumi Resources Sees Better Times Ahead

    Indonesian Coal Miner Bumi Resources Sees Better Times Ahead

    After years of concern amid scandals, debt woes and low coal prices, there seems light at the end of the tunnel for Indonesia's largest coal producer Bumi Resources, a listed miner controlled by the Bakrie Group. Although its audited earnings (covering full-year 2016) will be released next month, a source within Bumi Resources said the company will post its first profit since 2011. The miner's net income is expected to reach USD $101.6 million, improving significantly from a net loss of USD $2 billion in the preceding year.

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  • Heavy Volatility after Lifting of Bumi Resources' Trading Suspension

    Heavy Volatility after Lifting of Bumi Resources' Trading Suspension

    The Indonesia Stock Exchange (IDX) suspended trading of the shares of coal miner Bumi Resources between 1 July and 4 October 2016 because the company had not reported its financial report (covering the corporate earnings of 2015) in time. On Tuesday (04/10) Bumi Resources, part of the controversial Bakrie Group conglomerate, finally announced that it recorded a net loss of USD $1.9 billion over 2015. This poor performance was mainly attributed to the impairment of assets and write-offs for its receivables.

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  • Daily Indonesian Market Roundup: Corporate & Financial Headlines

    Daily Indonesian Market Roundup: Corporate & Financial Headlines

    What is the most important corporate news from Indonesia on Tuesday 12 August 2014? Here we present the daily market roundup. This includes following companies: Bank Internasional Indonesia, Kalbe Farma, Sri Rejeki Isman (Sritex), Phapros, Siloam International Hospitals, Asia Resource Minerals, Bumi Resources, Kao Corporation, Garuda Indonesia as well as June 2014 retail sales (Bank Indonesia survey), and the 10 years’ imprisonment demand for suspended Banten Governor Ratu Atut Chosiyah.

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  • Indonesian Miner Bumi Resources almost Defaulted on $300 Million Bond

    Bumi Resources, a leading Indonesian coal mining company, came close to default on its USD $300 million November 2016 bond before paying an overdue coupon earlier this week. The company, which is in the hands of the controversial Bakrie family, is obliged to make two coupon payments per year but postponed payment due on 12 May 2014 in order to negotiate with its creditors and lenders. According to a statement of Bumi Resources Director Dileep Srivastava, the payment was done on 11 June 2014.

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