JP\/14\/brief<\/p>\n
Astra to meet creditors Dec. 12<\/p>\n
JAKARTA: PT Astra International, Indonesia's largest
\nautomotive company, said Thursday it plans to meet creditors Dec.
\n12 in Singapore to seek their approval for a US$800 million debt
\nrestructuring plan.<\/p>\n
The company broke up a meeting earlier this week in Singapore
\ndue to insufficient attendance by its creditors.<\/p>\n
Singapore's Cycle & Carriage Ltd. holds a 32 percent stake in
\nAstra, which it bought after the 1997-98 Asian financial crisis.<\/p>\n
Astra has proposed a debt restructuring program which includes
\nraising up to $150 million through a rights issue, and
\nrefinancing almost half its total borrowings.<\/p>\n
The debt restructuring plan requires approval of at least two-
\nthirds of Astra's creditors.<\/p>\n
A company spokesperson said Astra has rescheduled an
\nextraordinary shareholders' meeting to approve the plan to Dec.
\n20 from Dec. 16. --Dow Jones<\/p>\n
BRI mulls $100m subdebt issue<\/p>\n
JAKARTA: Indonesia's state-owned PT Bank Rakyat Indonesia, or
\nBRI, is considering selling around US$100 million worth of
\nsubordinated debt next year to improve its capital base, the
\ncompany said Thursday.<\/p>\n
"We are looking into the possibility of issuing subdebt to
\nmaintain our capital adequacy ratio at 12 percent," BRI's
\nCorporate Communication Manager Denny Adji told Dow Jones
\nNewswires.<\/p>\n
He declined to provide further details.<\/p>\n
Earlier this month BRI's sister company, listed PT Bank Negara
\nIndonesia (BNI), issued $150 million of subordinated debt priced
\nat 99.041 to yield 10.25 percent.<\/p>\n
Bank Negara Indonesia's issue followed a $125 million issue by
\nthe country's largest state-owned bank by assets PT Bank Mandiri
\nin July, which was priced at 99.148 to yield 10.625 percent.<\/p>\n
BRI has the biggest network in Indonesia, with a total of
\n4,514 branches across the country.<\/p>\n
Its assets totaled Rp 82.26 trillion as of Sept. 30, up from
\nRp 70.43 trillion a year earlier.<\/p>\n
The bank recorded a pretax profit of Rp 1.32 trillion in the
\nfirst nine months of the year, up from Rp 1.11 trillion a year
\nago.<\/p>\n
BRI provides around 90 percent of its Rp 38.40 trillion in
\nloans to small and medium size businesses.--Dow Jones<\/p>\n
Final bids for Indosat on Dec. 13<\/p>\n
JAKARTA: The Indonesian government Thursday said it will
\nreceive final bids for the sale of its 41.94 percent stake in PT
\nIndonesian Satellite Corp. on Dec. 13.<\/p>\n
"The winner of the bidding will be announced two or three days
\nafter," the State Enterprise Deputy Minister Mahmuddin Yasin told
\nreporters.<\/p>\n
He said the government and the bidders are now finalizing the
\nsale and purchase agreement. "We will meet with the bidders next
\nweek for further negotiations on the agreement," he added.<\/p>\n
He didn't elaborate further.<\/p>\n
There are four bidders in the final round of bidding for the
\nIndosat stake.<\/p>\n
These are Singapore Technologies Telemedia Pte. Ltd., Telekom
\nMalaysia Bhd., Malaysian company Desa Mahir Sdn. Bhd. and a
\ncompany of unknown origin, Gilbert Global Equity Capital Asia
\nLtd.<\/p>\n
All four bidders were selected from a list of 14 investors who
\nhad made preliminary offers for the stake, the statement said.<\/p>\n
The government has a 56.9 percent stake in Indosat. The sale
\nof most of its stake is part of its effort to raise funds to
\nreduce its budget deficit, expected to be around 2.5 percent of
\ngross domestic product this year.<\/p>\n
In May, the government sold a 8.1 percent stake in Indosat,
\nraising Rp 1.1 trillion. --Dow Jones<\/p>\n
Toyota eyes 10% of Chinese market<\/p>\n
TOKYO: Japan's top-ranked carmaker Toyota Motor Corp. said
\nThursday it is aiming to win 10 percent of the Chinese market by
\nselling up to 400,000 vehicles a year by 2008.<\/p>\n
"In China we are banking on a market share in the order of 10
\npercent: 300,000 or 400,000 vehicles by around 2007-2008," Toyota
\npresident Fujio Cho told journalists.<\/p>\n
"In the run-up to the Beijing Olympics, the Chinese market is
\ngoing to grow. We think it will reach four million vehicles," he
\nsaid.<\/p>\n
A late entrant to the Chinese market, Toyota took a big step
\ntowards catching up with its rivals in August by announcing a
\ntie-up with local giant First Automotive Works to manufacture mid
\nto high end sedans, mini-cars or minivans and sports utility
\nvehicles. --AFP<\/p>",
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