Apr 9, 2010

BUMI provides 12% loan to Bukit Mutiara

PT Bukit Mutiara, a parent company of PT Berau Coal, Indonesia's fifth largest coal mining, has obtained US$300 million of loan facility from PT Bumi Resources Tbk (BUMI).
In BUMI financial report last year, the loan facility agreement, signed by BUMI on November 2009, was in relation with acquisition deal of 100% interest in PT Risco, controlling shareholder of 90% interest in one of the largest coal producers, which is Berau Coal.
Bukit Mutiara is 100% owned by Recapital Advisors led by Rosan P. Roeslani. Before Bukit Mutiara acquired Risco and closed in Februari 2010, Risco was controlled by three Indonesian stellar businessmen Rizal Risjad (65%), Handy Purnomo (20%), and Garibaldi Thohir (15%). 
Under the agreement, the loan is unsecured and shall be repaid in full upon its maturity in 2015. The interest rate of the loan is 12% annually and is payable every quarter.  
According to BUMI financial report, Bukit Mutiara has to procure that Berau Coal can enter into an agreement with BUMI or its affiliate companies. Berau Coal will grant BUMI or its affilate marketing rights over all its coal other than the coal it sells in certain countries under existing marketing arrangements agreed between Bukit Mutiara and Berau Coal. 
As of December 2009, BUMI booked the loan outstanding to Bukit Mutiara of US$250 million. Bukit Mutiara has planned to buy 100% shares in Regulus International (SG) and Maple (Labuan), setting up a marketing agreeent with Berau Coal.
Enercorp Ltd
BUMI also sold 50% interest in its marketing agent Enercorp Ltd on December 30 2009 to Thionville Financier Ltd worth US$90 million. BUMI booked gain on sale of investments of US$41.02 million in its profit and loss.
Who is Thionville Financier? Thionville Financier is a representative company of Blue Lotus Investment in East Coast of Africa. 
In 2009, Blue Lotus through Thionville, has owned a mining company in Indonesia. The total value of the commitment was approximately US$130 million.
Blue Lotus Group obtained an economic interest in the mining assets previously owned by JKG mining company in South Africa. 
With this transaction, Blue Lotus has become one of the major players in the mining sector in Indonesia. 
At present, there are 131 mining companies, 40 of them being the major ones. This mining company is among the mid-large companies with a total production capacity of 9,000 ha of mining area and 80 million tons of reserves.
Blue Lotus is a private global partnership, which has been investing and managing asset globally since its establishment in 1998.

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