Bank Mega, CSFB to bid for Danamon<\/p>\n
JAKARTA: PT Bank Mega confirmed on Monday that Credit Suisse
\nFirst Boston Corp. (CSFB), has joined its consortium bidding for
\nthe government's 51 percent stake in PT Bank Danamon Indonesia.<\/p>\n
Bank Mega's President Commissioner Chairul Tanjung told Dow
\nJones Newswires that the Philippines' JG Summit Holdings Inc. has
\nalso joined the consortium, which already includes PT Bhakti
\nCapital.<\/p>\n
CSFB couldn't be reached for confirmation Monday. --Dow Jones<\/p>\n
Sampoerna Q1 sales drops<\/p>\n
JAKARTA: Sampoerna said the sales volume for the first quarter
\nof its machine-made cigarettes fell 9.2 percent to 3.408 billion
\nsticks from 3.752 billion a year earlier, while the sales volume
\nof its hand-rolled cigarettes dropped 9.9 percent to 5.553
\nbillion of sticks from 6.164 billion.<\/p>\n
The company said the market share of its three major brands -
\nDji Sam Soe, Sampoerna A-mild and Sampoerna A-International -
\ndropped to 18.6 percent by the end of the first quarter from 19
\npercent as of Dec. 31.<\/p>\n
\"We remain confident with our strategy to monitor the
\ndevelopment of or market share to identify any potential threat
\nto our long-term market positioning,\" the company said.<\/p>\n
It said its first quarter figures reflected the impact of its
\nstrategy to pass on tax increases to consumers at the beginning
\nof the fiscal year.<\/p>\n
The government late last year increased cigarette prices,
\nwhich are used as the base to calculate the excise tax that
\ncigarette companies pay to the government.<\/p>\n
The price of machine-made clove cigarettes produced by large
\ncompanies rose Rp 75 a stick, while the price for those made by
\nmedium companies rose Rp 60 a stick and those by small companies
\nrose Rp 50. --Dow Jones<\/p>\n
Danareksa to issue Rp 500b in bonds<\/p>\n
JAKARTA: Indonesia's state-owned investment bank PT Danareksa
\nplans to issue around Rp 500 billion (US$56.8) in bonds by June
\nto refinance maturing debts and raise working capital.<\/p>\n
Danareksa's President Zes Virawan told reporters over the
\nweekend that the company has named its unit PT Danareksa
\nSekuritas and PT Trimegah Securities as underwriters for the
\nproposed bond issue.<\/p>\n
He didn't provide further details on the plan, such as
\nmaturity and coupon rate indications.<\/p>\n
Many Indonesian companies are rushing to tap the local debt
\nmarket this year as declining interest rates have made it cheaper
\nto borrow, while demand for bonds is also strong among investors
\ndue to higher returns compared with bank rates. -- Dow Jones<\/p>\n
DBS Bank posts modest rise in Q1<\/p>\n
SINGAPORE: DBS Group Holdings said Monday net profit in the
\nfirst quarter to March rose a modest 0.4 percent from a year
\nearlier but added it was optimistic it would be able to weather
\nthe fallout from the SARS outbreak and weak economic conditions.<\/p>\n
The net profit of Southeast Asia's biggest bank net profit was
\nS$279 million (US$157.6 million) for the quarter, up from S$278
\nmillion.<\/p>\n
Its performance in the March quarter was above analysts'
\nforecasts of S$221.60 million to S$233 million, according to a
\npoll by financial news agency AFX-Asia.<\/p>\n
The net profit was down 1.1 percent from S$282 million in the
\nDecember quarter.<\/p>\n
Net interest income fell 10.6 percent from a year earlier to
\nS$599 million as net interest margins fell 2.02 percent
\n\"primarily due to intense housing loan competition,\" the bank
\nsaid in a statement.<\/p>\n
The bank set aside provisions for potential losses on loans of
\nS$115 million in the March quarter, up from S$96 million a year
\nearlier due to the \"uncertain economic environment and continuing
\nweak equity and property markets.\" -- AFP<\/p>\n
S&P affirms Petronas ratings<\/p>\n
KUALA LUMPUR: Standard and Poor's (S&P) on Monday affirmed its
\nBBB-plus foreign currency and A-plus local currency ratings for
\nMalaysian oil company Petronas, and added the ratings outlook was
\nstable.<\/p>\n
The international credit rating agency said Petroliam Nasional
\nBhd.'s (Petronas) ratings reflected the company's exclusive
\nownership and control of Malaysia's substantial hydrocarbon
\nresources and \"very strong financial profile.\"<\/p>\n
\"These strengths are slightly offset by risks relating to its
\nincreasingly large presence outside Malaysia, as well as the
\ncyclical, capital intensive and competitive nature of the
\nindustry,\" Eel-Lin Tan, S&P's credit analyst said.<\/p>\n
S&P said the start of operations at Petronas' third LNG
\nfacility in April 2003 should further enhance cash flow
\ngeneration, as will the full commissioning of its petrochemical
\ncomplex.<\/p>\n
But the rating firm said that Petronas was exposed to
\nuncertain operating and political conditions through its
\ninternational businesses, many of which are located in the Middle
\nEast, Africa and Asia, and require substantial capital
\nexpenditures in the next few years. -- AFP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bank-mega-csfb-to-bid-for-danamon-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}