BRI names underwriters
BRI names underwriters
JAKARTA: PT Bank Rakyat Indonesia (BRI) said it had named UBS Warburg and PT Bahana Securities as joint lead underwriters for its initial public offering (IPO), which is scheduled for the second half of 2003.
It has also named UBS as lead underwriter for its subordinated dollar bonds, the bank said in a statement.
The government plans to sell a 30 percent stake in the bank later this year, while the bank has planned to issue US$120 million in bonds in the middle of the year.
The bank also said it had appointed Makes & Partner as legal consultant and both PT Piesta Penilai and PT Satyatama Graha Tara as valuers. -- JP
;DJ; ANPAf..r.. CorporateBrief-Telkom-name-auditor Telkom to name auditor this week JP/14/BRIEF
Telkom to name auditor this week
JAKARTA: PT Telekomunikasi Indonesia (Telkom) said on Monday it could appoint a new auditor as early as this week in a bid to comply with U.S. Securities & Exchange Commission regulations.
"We expect to name an auditor soon or this week," said Rochiman Sukarno, Telkom's investors relations manager.
The U.S. Securities & Exchange Commission (SEC) last week rejected Telkom's 2002 financial report on the grounds it wasn't audited by a company accredited with the SEC.
The U.S. capital markets watchdog has told Telkom to resubmit the reports by June 30, with an option to extend the deadline to July 15.
Telkom has said it is unlikely to meet the deadline even if it is extended, citing difficulties in finding a suitable auditor.
There is a limited number of SEC-recognized auditing firms in Indonesia, and several of them may not be able to audit Telkom due to a conflict of interest, Telkom said in a statement late Wednesday.
Failure to comply with the SEC's deadline may result in the delisting of Telkom's American Depository Receipts traded on the New York Stock Exchange.
Telkom reported net profit of Rp 8.34 trillion (U$1 billion) last year, almost double the Rp 4.25 trillion the previous year.
Telkom officials have said it didn't expect the new audit to produce different financial results. --Dow Jones
;DJ; ANPAf..r.. CorporateBrief-PetroVietnam-oil-KL PetroVietnam to exploit oil in Malaysia JP/14/BRIEF
PetroVietnam to exploit oil in Malaysia
HANOI: Vietnam's state-owned oil and gas giant PetroVietnam signed a deal with Malaysia's Petronas and Pertamina of Indonesia to exploit an oil block in Malaysian waters, the company said.
The Vietnamese company and Pertamina will each take a 30 percent stake in the block, with Petronas holding the remainder, Dang Huu Tuy, a company spokesman, told AFP.
Block SK-305 has a total area of 15,000 square meters and is located off Sarawak, eastern Malaysia.
PetroVietnam declined to give specific figures for the value of the deal.
In 2001, the three countries signed an oil and gas cooperation agreement, allowing common exploration in the three countries on the basis that the host country would take a 40 percent stake in any project, with the remaining 60 percent split evenly between the two other partners.
In January 2002, a similar contract was signed for two blocks in Vietnam -- Blocks 10 and 11 in the Nam Con Son basin, in the south of the country.
Tuy said the parties are soon to discuss an agreement for another block in Indonesia. --AFP