Astra sells stake in Sumalindo<\/p>\n
JAKARTA: PT Astra International said Monday it has sold a
\n74.56 percent stake in plywood producer PT Sumalindo Lestari Jaya
\nfor Rp 13.98 billion (US$1.23 million) to unlisted PT Sumber
\nGraha Sejahtera.<\/p>\n
The sale and purchase agreement for Sumalindo was signed
\nMonday in Jakarta, Astra said in a statement.<\/p>\n
Analysts in Jakarta say the sale of Sumalindo is also in line
\nwith the company's plan to sell assets and issue rights shares to
\nrefinance its debt.<\/p>\n
Astra, which is 32 percent owned by Singapore's Cycle &
\nCarriage Ltd., has debt worth $726 million and Rp 881 billion,
\nwith annual payments due until 2006.<\/p>\n
The company needs to restructure its debt after admitting it
\nwill have trouble meeting the debt payments due later this year
\nand in 2003. Astra will have debt worth Rp 165 billion and $135
\nmillion maturing by December. -- Dow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Pegadaian-profit
\nPegadaian posts Rp 57b in profit
\nJP\/14\/brief<\/p>\n
Pegadaian posts Rp 57b in profit<\/p>\n
JAKARTA: Indonesia's state-owned pawnshop operator Perum
\nPegadaian boosted its net profit to Rp 57.95 billion (around
\nUS$6.2 million) in the first six months of the year from Rp 31.42
\nbillion a year earlier, it said Monday.<\/p>\n
The company added revenues rose to Rp 370.22 billion in the
\nfirst six months of the year from Rp 250.70 billion a year
\nearlier.<\/p>\n
It added its equity rose to Rp 534.96 billion from Rp 452.18
\nbillion, whereas total liabilities increased to Rp 1.79 trillion
\nfrom Rp 1.38 trillion mostly because the company issued Rp 300
\nbillion of bonds earlier this year.<\/p>\n
Pegadaian bonds are among the most frequently traded in the
\nlocal secondary bond market. -- Dow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-CPC-oil
\nCPC to raise oil prices by 5.55%
\nJP\/14\/brief<\/p>\n
CPC to raise oil prices by 5.55%<\/p>\n
TAIPEI: Taiwan's state-run Chinese Petroleum Corp. said Monday
\nit is raising its gasoline and diesel prices an average of 5.55
\npercent from Tuesday due to rising global oil prices.<\/p>\n
Unleaded gasoline will be raised by NT$1.0 (US$29) per liter
\nand diesel by $0.5, a company statement said.<\/p>\n
Separately, it is raising the fuel oil price by NT$180 or an
\naverage 2.59 percent per kiloliter.<\/p>\n
Such price hikes have been driven by higher global crude oil
\nprices, with an increase of $1.0 in the crude oil price
\ntranslating to an increase in costs for the company by NT$7.0
\nbillion a year.<\/p>\n
The company should have raised the gasoline price by over
\nNT$2.0 per liter to fully mirror the higher crude oil price if
\nnegative impacts on consumers and economy were not taken into
\nconsideration, it added. -- AFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-ATV-China
\nATV allowed to broadcast in China
\nJP\/14\/brief<\/p>\n
ATV allowed to broadcast in China<\/p>\n
HONG KONG: Hong Kong-based Asia Television Ltd. (ATV) said
\nMonday it will become the territory's first TV station in
\nmainland China after gaining approval to broadcast in southern
\nGuangdong province.<\/p>\n
ATV said in a statement it has been given approval by the
\nState Administration for Radio, Film and Television to beam its
\ntwo free-to-air channels -- ATV World and ATV Home -- to the
\nPearl River Delta region.<\/p>\n
Chief executive Chan Wing-kee hailed the approval as a \"giant
\nstep forward\" that will boost ATV's future business development
\nand provide it with more opportunities to cooperate with other
\nstations in Guangdong.<\/p>\n
However, Chan maintained ATV would remain a local television
\nstation and that is programs would continue to cater to the
\ntastes of Hong Kong viewers. -- AFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Opel-forecast
\nOpel revises loss forecast lower
\nJP\/14\/brief<\/p>\n
Opel revises loss forecast lower<\/p>\n
FRANKFURT: Troubled German automaker Opel is expected to
\nrecord losses of 400 million euros (around US$392 million) this
\nyear, down from 500 million in previous company forecasts, the
\nHandelsblatt newspaper reported Monday.<\/p>\n
Quoting sources close to the company, the paper said the
\nGerman arm of U.S. giant General Motors had revised down its
\nlosses following better sales in the first seven months of 2002
\nand increased orders by the end of the year.<\/p>\n
\"It is too early to confirm the figures. But we have always
\nsaid that we were going to greatly reduce our operating losses
\nfor this year and we are now in that position,\" Opel spokesman
\nUlrich Weber told AFP.<\/p>\n
Opel lost 674 million euros last year, but has enacted a vast
\ncost-cutting program. -- AFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Hitachi-Seiki-collapses
\nJP\/14\/brief<\/p>\n
Hitachi Seiki collapses: report<\/p>\n
TOKYO: Japanese industry machinery maker Hitachi Seiki Co.
\nLtd. sought court protection from creditors on Monday buried
\nunder liabilities of US$427 million, Kyodo News agency said.<\/p>\n
Hitachi Seiki applied for the Civil Rehabilitation Law as it
\ncould no longer bear the brunt of plunging sales caused by the
\nbursting of the nation's bubble economy in the early 1990s, Kyodo
\nsaid.<\/p>\n
The company also cited the yen's appreciation against the
\ndollar and stagnant economic activity overseas, it said.<\/p>\n
Hitachi Seki's liabilities totaled 50.4 billion yen on a
\nparent-only basis as of the end of June.<\/p>\n
The company, controlled 5.7 percent by Nissan Fire and Marine
\nInsurance and 4.8 percent by Sumitomo Mitsui Banking, has no
\ncapital relationship with electronics giant Hitachi Ltd. -- AFP<\/p>",
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