GT Petrochem restructures its $440m debt<\/p>\n
JAKARTA: Indonesia's tire cord producer PT GT Petrochem
\nIndustries said on Friday it has reached an agreement with its
\ncreditors to restructure US$440 million of its debt.<\/p>\n
Under the restructuring agreement, which is effective March 7,
\nthe company's debt falls to $248 million, bearing a progressive
\ninterest rate of the Singapore interbank offered rate plus one to
\ntwo percent.<\/p>\n
GT Petrochem, a unit of tire producer PT Gajah Tunggal, said
\nit will issue floating rate notes in various tenures to repay the
\noutstanding debt.<\/p>\n
Its creditors include Bayerische Hypo-und Vereinsbank AG,
\nLehman Brothers Commercial Corporation Ltd, Raiffesen Zentralbank
\nOesterreich AG, Transpacific Financial Services Ltd. and UBS AG.<\/p>\n
Gajah Tunggal was founded by businessman Sjamsul Nursalim, who
\nafter the 1997 Asian financial crisis pledged the company and its
\nunits along with other assets to the government to settle his Rp
\n27.4 trillion (US$3.09 billion) of debts. --Dow Jones<\/p>\n
Samsung to scrap $820m shares<\/p>\n
SEOUL: The world's largest memory chipmaker Samsung
\nElectronics said on Friday it would buy back stocks worth around
\nUS$820 million to prop up share prices.<\/p>\n
Samsung Electronics Co. said it would buy back and cancel 3.1
\nmillion ordinary shares and 470,000 preferred shares between
\nMarch 11 and June 10.<\/p>\n
The Samsung board approved the spending of one trillion won
\n(US$820 million) for the buyback, the company said.<\/p>\n
The announcement led to shares rebounding over two percent in
\nmorning trade on Friday.<\/p>\n
Samsung Electronics forecast a net profit of more than six
\nbillion dollars this year, adding it would also boost investment.<\/p>\n
Its net profit soared to a record 7.5 trillion won last year
\nfrom 2.95 trillion won in 2001.--AFP<\/p>\n
Merck to take over Banyu<\/p>\n
TOKYO: U.S. pharmaceutical giant Merck said on Friday it has
\nsealed a US$1.5 billion dollar deal to take full control of
\nJapanese counterpart Banyu, despite reported complaints from
\ninvestors that the asking price was too low.<\/p>\n
The agreement will push Merck and Co Inc.'s stake in Banyu
\nPharmaceutical Co. Ltd. to around 80 percent from 51 percent.<\/p>\n
The exact percentage of the shares tendered will be calculated
\nafter the Tokyo Stock Exchange closes later in the day, while the
\nactual transaction will be carried out on March 13.<\/p>\n
\"We are very pleased about the outcome and wish to thank all
\nBanyu shareholders that supported our tender offer,\" David
\nAntice, president of human health and responsible for Merck's
\nbusiness in Japan, said in a statement.<\/p>\n
But the takeover had met opposition from Banyu investors who
\ncomplained the asking price was not enough, reports said. -- AFP<\/p>",
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