BRI gets syndicated loan<\/p>\n
SINGAPORE (AFP): Bank Rakyat Indonesia (Persero) yesterday
\nobtained a syndicated loan of US$87 million, officials said.<\/p>\n
\"Proceeds from the facility are to finance the bank's general
\nworking capital requirements,\" the statement said.
\nThe loan is for four years and one month but each lender may
\nextend the period at the end of two years and one month from the
\ndate of the loan agreement.<\/p>\n
Bank Rakyat will pay an interest of one percent per annum
\nabove the annual rate of the Singapore Inter Bank Offered Rate
\n(SIBOR).<\/p>\n
The lead managers are Arab Bank, DKB Merchant Bank
\n(Singapore), KDB International (Singapore), Oversea-Chinese
\nBanking Corp., Westdeutsche Landesbank Girozentrale and The
\nYasuda Trust and Banking Co.<\/p>\n
There are 31 other banks participating in the syndicate.
\nBank Rakyat is wholly owned by the Indonesian government and has
\nthe largest banking network in the country providing services
\nthroughout the 27 provinces with over 3,500 locations.<\/p>\n
Getting tourism publicity<\/p>\n
JAKARTA (JP): Travel writers from Europe and Japan will brief
\nexecutives of Indonesian tourism-related companies and tourism
\nofficials on the strategy and tactics of getting the most
\neffective publicity on the print media.<\/p>\n
The briefing, organized by Mepco and Purel Mondial, will be
\nheld at a one-day seminar at the Kartika Plaza Beach Hotel, Bali
\non May 11, Arifin Hutabarat, the organizer, said yesterday.<\/p>\n
Hutabarat said publicity on the print media, including
\ninternational and regional ones, is one of the best alternatives
\nto support tourism promotion.<\/p>\n
\"However, executives of travel-related businesses and tourism
\nofficials often simply do not know how to get mass media
\nexposure,\" he said in referring to the objective of the seminar.
\n(vin).<\/p>\n
Bunas to sell rights stocks<\/p>\n
JAKARTA (JP): A special shareholders meeting of PT Bunas
\nFinance Indonesia, a multi finance company, approved the
\ncompany's proposal to offer them 28,829,508 shares with the price
\nof Rp 1,500 (70 U.S. cents) through a rights issue.<\/p>\n
The company's president, Francis Lay, told a press conference
\nyesterday that 70 percent of the funds to be raised from the
\nrights issue will be used for expanding the company's leasing
\nbusiness, 20 percent for consumer financing and the remaining 10
\npercent for factoring business.<\/p>\n
Francis said the shareholders also approved the company's plan
\nto increase the number of Bunas's branch offices from nine to 11
\nin Sumatra and Kalimantan.<\/p>\n
The shareholders also approved Yan Peter Wangkar as the
\ncompany's marketing director to replace Danny Firmansjah.(03)<\/p>\n
KL to form investment firm<\/p>\n
KUALA LUMPUR (AFP): The Malaysian government is to form a new
\ninvestment firm to manage billions of dollars worth of
\ninvestments and assets, Deputy Prime Minister Anwar Ibrahim said
\nyesterday.<\/p>\n
The new holding company will replace the government's
\ninvestment arm, Minister of Finance Inc. (MoF) and will have its
\nown board run by professionals instead of civil servants, Anwar
\ntold an informal press briefing.<\/p>\n
\"The new firm will ensure that the government's burgeoning
\nassets are managed by full-time professionals,\" Anwar, who is
\nalso finance minister, said.<\/p>\n
Anwar said Prime Minister Mahathir Mohamad would be the
\nchairman of the board, with himself as deputy.<\/p>\n
Anwar said the new entity -- which officials said might be
\ncalled Khazanah Holdings -- would have a structure similar to the
\nTemasek Holdings, the Singapore government's main investment arm.<\/p>\n
Deputy Finance Minister Mustapa Mohamed said on Monday that
\nthe government had invested 21.7 billion ringgit (US$8.7 billion)
\nin 1,109 companies mostly in the 1970s after the implementation
\nof a national policy to enhance commercial participation of
\nindigenous Malaysians.<\/p>\n
The investments accounted for 71.8 percent of the companies'
\ntotal paid-up capitals, officials said.<\/p>\n
China gets ADB loan<\/p>\n
MANILA (AFP): The Asian Development Bank (ADB) has approved a
\nUS$78 million loan to China to co-finance a power project in
\nGuangzhou and an acrylic fiber project in Anhui province, the
\nPhilippines-based lending institution said yesterday.<\/p>\n
The loan, comprising a $63 million facility for the Guangzhou
\nproject and $15 million for the fiber project, complements $305
\nmillion in loans arranged by the ADB in 1991 and 1993.<\/p>\n
The syndicate is composed of the Bank of Tokyo, Fiji Bank, the
\nLong-Term Credit Bank of Japan, Mitsui Trust and Banking Co.,
\nSanwa International Finance, Sumitomo Bank, Shanghai
\nInternational Finance Co., Asahi Bank, the Norinchukin Bank, and
\nSakura Bank.<\/p>\n
The Guangzhou project will add a second stage of 1,200
\nmegawatts to a $1 billion pumped storage scheme, which will make
\nit the largest its kind in the world.<\/p>\n
It will ease power shortages in Guangdong province when it is
\ncommissioned in 1999, a bank statement said.<\/p>\n
Rubber prices advance<\/p>\n
SINGAPORE (AFP): Singapore rubber futures prices were mixed
\nyesterday with TSR 20 steadier on covering against worries that
\nIndonesian producers would be unable to ship their rubber,
\ndealers said.<\/p>\n
\"Buyers are quite aggressive at the moment,\" a dealer said,
\nadding that there were few sellers.<\/p>\n
Medan, a major port for shipment of SIR 20 out of Indonesia,
\nhas been hit by workers' riots recently.<\/p>\n
At around 0940 GMT, RSS 1 was quoted a cent higher at 148.00
\nSingapore cents, RSS 3 was down half cent to 92.50 U.S. cents
\nwhile TSR 20 gained a cent to 162.00 Singapore cents.<\/p>\n
Vietnamese invest overseas<\/p>\n
HANOI (Reuter): Vietnam is not only receiving big wads of
\ninvestment money from Western and Asian firms, its companies are
\nalso putting money into projects overseas, an official newspaper
\nsaid yesterday.<\/p>\n
The government's investment authority, the State Committee for
\nCooperation and Investment (SCCI), has licensed about 20
\nVietnamese investment projects abroad in the past five years, the
\nstate-owned trade union newspaper Lao Dong said.<\/p>\n
Vietnamese firms have invested in Russia, Hong Kong, Britain,
\nSingapore, Thailand, Japan and Laos in fields like shipping
\nservices, food production, fishing and processing of maritime
\nproducts and production of construction materials, it said.<\/p>\n
The biggest investment abroad was US$2 million and the average
\nwas between $300,000 and 700,000, the newspaper said. It gave no
\ndetails and SCCI comment was not available.<\/p>\n
Official newspapers have earlier reported that the SCCI has
\nissued 895 licenses for foreign projects in Vietnam valued at
\n$8.5 billion since 1988 when Hanoi began to lure foreign
\ninvestment.<\/p>\n
Motorola technology center<\/p>\n
CANBERRA (AFP): Industry Minister Peter Cook announced
\nyesterday that U.S. electronics and mobile telecommunications
\ngiant Motorola would establish a technology center in Australia.<\/p>\n
Cook said the move would involve investment, technology
\ntransfer, research and development, and exports of more than
\nA$400 million (US$280 million) by 2000.<\/p>\n
\"This substantial initiative by Motorola confirms that
\nAustralia's information technology and telecommunications
\nindustries are of world class standard,\" he said in a statement.<\/p>\n
\"The company is planning a major expansion into the Asia-
\nPacific region and Australia is set to benefit from that
\nstrategy.\"<\/p>\n
The site had not been chosen but the center would employ 400
\nresearch and development engineers by 2000, and was a key element
\nof a partnership agreement signed with the government.<\/p>\n
Under the deal, Motorola would give Australia a prominent role
\nin its regional development and assist local companies with
\nexports, Cook said.<\/p>",
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