Bayans debt2equity ratio oscillates around 2:1 after they...

Bayans debt2equity ratio oscillates around 2:1 after they acquired the strategic Pakar coal project and injected it into KRL. Right now they are seeking a loan to help repay their maturing debt. Expanding the KSC JV as planned to 4 or even 15 plants would have required lots of additional funding with additional risks while the export ban of low rank coal seems light years away. Additionally foreign mining companies are going to be handicapped with their limited ownership of natural resources in Donesia. Nowadays Bayan has simply more pull than White has. Q.E.D. there is no need to pursue the KSC joint venture on the terms that have been negotiated as the first of its kind. Even more after Bayan had to figure out that Peabody was given an option to acquire 15 % of White Energy once the first plant in the US is on the way.

I can´t imagine that both parties are going to war at the High Court of Singapore later in the year. May be White gets Bayans stake in KSC and a new coal purchase agreement for Tabang + Pakar. The ransom could be a lot of new WEC shares for Bayan. With this ticket in hand Low Tuck Kwong can join Brians & Travers journey to the Moon that will be heavily delayed otherwise.