Danamon to issue subdebt<\/p>\n
PT Bank Danamon Indonesia, the country's fifth-largest bank in
\nasset terms, plans to issue Rp 500 billion (US$56.8 million) to
\nRp 1 trillion of subordinated bonds this year, its director,
\nRiswinandi, told Dow Jones Wednesday.<\/p>\n
"The issuance of the sub-debt is aimed at strengthening the
\nbank's working capital and to increase its capital adequacy
\nratio," said Riswinandi. As of Dec 31, 2002, the bank's capital
\nadequacy ratio was at 25.3 percent.<\/p>\n
Riswinandi, who goes by one name like most Indonesians, didn't
\nprovide further details.<\/p>\n
The government owns a 99.36 percent stake in Bank Danamon,
\nwhich was formed after a merger of several local banks in the
\nwake of the 1997-98 Asian financial crisis. It plans to divest
\nmost of its stake in the first quarter of this year.<\/p>\n
The government is hoping to sell a 20 percent stake via a
\npublic offering and a 51 percent stake to a strategic
\nshareholder, which will also have management control of the bank.<\/p>\n
To attract investors, Bank Danamon's management recently
\nboosted the share price of the bank by combining five existing
\nshares to one new share. -- Dow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-HK-ShangriLa
\nShangri-La yield to rise by 10%
\nJP\/ \/<\/p>\n
Shangri-La yield to rise by 10%<\/p>\n
HONG KONG: Hong Kong-listed hotel group Shangri-La Asia Ltd.
\nexpects its revenue per available room, or yield, for its China
\noperations to grow this year, building on the 11 percent on-year
\nrise in 2002, a CLSA analyst said Wednesday.<\/p>\n
Shangri-La expects its yield in China to rise by a further 10
\npercent in 2003 as lower room rates boost occupancy, the analyst
\nsaid after meeting with Shangri-La Asia Chief Financial Officer
\nMadhu Rao, who isn't immediately available for comment.<\/p>\n
China is expected to contribute up to 50 percent of Shangri-La
\nAsia's annual earnings over the next three years, compared with
\n37 percent in 2002 and 28 percent three years ago, the analyst
\nsaid.<\/p>\n
Shangri-La Asia is penciling in further expansion in China
\nwhere it currently owns or manages 16 hotels with 8,150 rooms
\navailable, the analyst said in a research note.<\/p>\n
Rao said he expects that to nearly double to 30 hotels with
\n16,000 rooms within the next five years, according to the
\nanalyst. The hotel group experienced difficult operating
\nconditions in most of Asia in 2002, except for Hong Kong, China,
\nand Jakarta where yields improved, the analyst said. -- Dow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Honda-diesel
\nHonda unveils its first diesel engine
\nJP\/ \/<\/p>\n
Honda unveils its first diesel engine<\/p>\n
TOKYO: Major Japanese car maker Honda on Wednesday unveiled
\nits first diesel engine to target the environment-sensitive
\nEuropean market.<\/p>\n
Honda Motor Co. Ltd. plans to mass-produce the 140-horsepower
\n2.2 liter i-CTDi engine in Japan and install it in its new Honda
\nAccord, which will be marketed in Europe from late 2003.<\/p>\n
The all-aluminum diesel engine, which features a turbo-charger
\nand four valves per cylinder, will clear European emission
\nstandards, the firm said.<\/p>\n
Honda has so far sold diesel-powered automobiles in Europe by
\npurchasing engines from other companies.<\/p>\n
"It took us four to five years to develop our first diesel
\nengines," said Honda spokesman Kaoru Tanaka.<\/p>\n
"Without our own diesel engines, we cannot fight in Europe,
\nwhere diesel engines are dominating the region's market," Tanaka
\nsaid. -- AFP<\/p>",
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