Indosiar sets coupon at 12.8%<\/p>\n
JAKARTA: Indonesian television company PT Indosiar Visual
\nMandiri said Thursday that it has set the coupon for its Rp 717
\nbillion rupiah (US$86 million) in five-year bonds at 12.8%.<\/p>\n
The bonds will be offered only to the company's existing
\nshareholders. For every 500 shares held, one bond can be bought
\nat Rp 175,000, or 82.5% of the bond's face value.<\/p>\n
As a sweetener, each bond will be issued with 131 warrants.
\nEach warrant can be converted into one share six months after the
\nbonds are issued at prices that will be determined later.<\/p>\n
The company will issue the bonds next month.<\/p>\n
The proceeds of the issue will be used for working capital and
\nto repay debt. -- Dow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-AIG-take-over-GE
\nAIG to take over GE units
\nJP\/14\/Brief<\/p>\n
AIG to take over GE units<\/p>\n
TOKYO: Major U.S. insurance group AIG said Thursday it will
\nbuy General Electric's Japanese life insurance arm, making it
\nJapan's largest foreign life insurer in a deal that could trigger
\nfurther consolidation in the industry.<\/p>\n
The deal is worth between US$2.1 and $2.2 billion and includes
\nthe purchase of the GE's U.S. auto and home insurance operations.<\/p>\n
The move highlights the potential of Japan's insurance market
\n-- the second largest in the world -- despite the tough
\nenvironment as a flight to quality stands to benefit foreign
\ninsurers that commit long-term, experts said.<\/p>\n
American International Group Inc. (AIG) will become the
\nlargest foreign life insurer in Japan after the deal is completed
\n-- by the end of September at the earliest and by the end of the
\nyear at the latest. -- AFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-BAT-remain-Myanmar
\nBAT vows to remain in Myanmar
\nJP\/14\/Brief<\/p>\n
BAT vows to remain in Myanmar<\/p>\n
LONDON: Tobacco giant BAT insisted Thursday it would keep
\ndoing business with Myanmar unless ordered to stop, despite Prime
\nMinister Tony Blair saying it was wrong for British companies to
\ndeal with the military regime.<\/p>\n
"At the moment, we have no intention of pulling out. That's
\nour position," a BAT spokesman said.<\/p>\n
Only if the British government or the European Union decided
\nto impose sanctions on the country, "then we won't do business
\nthere," he said.<\/p>\n
BAT, which runs a cigarette factory employing 500 people in
\nMyanmar, a joint venture with the country's military
\ndictatorship, was placed in the firing line on Wednesday after
\nBlair hinted strongly he wanted them to pull out.<\/p>\n
Speaking in parliament, the prime minister said: "We are
\nmaking it clear to British companies that we do not believe this
\nis appropriate in circumstances where this regime continues to
\nsuppress the basic human rights of its people." -- AFP<\/p>",
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