Guthrie confirms bond postponed<\/p>\n
KUALA LUMPUR: Malaysian plantations group Kumpulan Guthrie
\nBhd. confirmed Friday its earlier plan to tap the global capital
\nmarket via a US$245 million Islamic bond, or Sukuk, program has
\nbeen postponed indefinitely, a company spokesperson said.<\/p>\n
The $245 million Sukuk, part of a $395 million program
\nlaunched late-2001, was initially planned for mid-2003, the
\nspokesperson told Dow Jones Newswires on condition of anonymity.<\/p>\n
The remaining $150 million of the program had been issued in
\nDecember 2001.<\/p>\n
She cited adverse global economic conditions for the
\npostponement of the $245 million issue.<\/p>\n
The bond issue is aimed at replacing pricey rupiah-denominated
\nborrowings used initially to finance Guthrie's 1.5 billion
\nringgit purchase in 2000 of massive tracts of oil palm land in
\nIndonesia.<\/p>\n
Due to the postponement of the $245 million Sukuk issue,
\nGuthrie is now using ringgit-denominated Islamic borrowings to
\nfinance the Indonesian estates, which are collectively known as
\nMinamas Plantation Group, the spokesperson added. -- Dow Jones<\/p>",
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