BRI names underwriters<\/p>\n
JAKARTA: PT Bank Rakyat Indonesia (BRI) said it had named UBS
\nWarburg and PT Bahana Securities as joint lead underwriters for
\nits initial public offering (IPO), which is scheduled for the
\nsecond half of 2003.<\/p>\n
It has also named UBS as lead underwriter for its subordinated
\ndollar bonds, the bank said in a statement.<\/p>\n
The government plans to sell a 30 percent stake in the bank
\nlater this year, while the bank has planned to issue US$120
\nmillion in bonds in the middle of the year.<\/p>\n
The bank also said it had appointed Makes & Partner as legal
\nconsultant and both PT Piesta Penilai and PT Satyatama Graha Tara
\nas valuers. -- JP<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-Telkom-name-auditor
\nTelkom to name auditor this week
\nJP\/14\/BRIEF<\/p>\n
Telkom to name auditor this week<\/p>\n
JAKARTA: PT Telekomunikasi Indonesia (Telkom) said on Monday it
\ncould appoint a new auditor as early as this week in a bid to
\ncomply with U.S. Securities & Exchange Commission regulations.<\/p>\n
\"We expect to name an auditor soon or this week,\" said
\nRochiman Sukarno, Telkom's investors relations manager.<\/p>\n
The U.S. Securities & Exchange Commission (SEC) last week
\nrejected Telkom's 2002 financial report on the grounds it wasn't
\naudited by a company accredited with the SEC.<\/p>\n
The U.S. capital markets watchdog has told Telkom to resubmit
\nthe reports by June 30, with an option to extend the deadline to
\nJuly 15.<\/p>\n
Telkom has said it is unlikely to meet the deadline even if it
\nis extended, citing difficulties in finding a suitable auditor.<\/p>\n
There is a limited number of SEC-recognized auditing firms in
\nIndonesia, and several of them may not be able to audit Telkom
\ndue to a conflict of interest, Telkom said in a statement late
\nWednesday.<\/p>\n
Failure to comply with the SEC's deadline may result in the
\ndelisting of Telkom's American Depository Receipts traded on the
\nNew York Stock Exchange.<\/p>\n
Telkom reported net profit of Rp 8.34 trillion (U$1 billion)
\nlast year, almost double the Rp 4.25 trillion the previous year.<\/p>\n
Telkom officials have said it didn't expect the new audit to
\nproduce different financial results. --Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-PetroVietnam-oil-KL
\nPetroVietnam to exploit oil in Malaysia
\nJP\/14\/BRIEF<\/p>\n
PetroVietnam to exploit oil in Malaysia<\/p>\n
HANOI: Vietnam's state-owned oil and gas giant PetroVietnam
\nsigned a deal with Malaysia's Petronas and Pertamina of Indonesia
\nto exploit an oil block in Malaysian waters, the company said.<\/p>\n
The Vietnamese company and Pertamina will each take a 30
\npercent stake in the block, with Petronas holding the remainder,
\nDang Huu Tuy, a company spokesman, told AFP.<\/p>\n
Block SK-305 has a total area of 15,000 square meters and is
\nlocated off Sarawak, eastern Malaysia.<\/p>\n
PetroVietnam declined to give specific figures for the value
\nof the deal.<\/p>\n
In 2001, the three countries signed an oil and gas cooperation
\nagreement, allowing common exploration in the three countries on
\nthe basis that the host country would take a 40 percent stake in
\nany project, with the remaining 60 percent split evenly between
\nthe two other partners.<\/p>\n
In January 2002, a similar contract was signed for two blocks
\nin Vietnam -- Blocks 10 and 11 in the Nam Con Son basin, in the
\nsouth of the country.<\/p>\n
Tuy said the parties are soon to discuss an agreement for
\nanother block in Indonesia. --AFP<\/p>",
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