BRI unveils coupon for Rp 500b bond
BRI unveils coupon for Rp 500b bond
JAKARTA: Bank Rakyat Indonesia (BRI) said on Wednesday its 10- year Rp 500 bonds will carry an indicative annual coupon of between 13-14.37 percent for the first six years.
The coupon for the remaining four years will range from 23- 24.35 percent, said BRI finance director I Wayan Alit Antara.
The bank has an option to buy back the bonds in the sixth year, he said.
The bonds, which will be offered between Jan. 6 and Jan. 8 and listed on the Surabaya Stock Exchange on Jan. 14, will be unsecured, Antara said.
BRI will use the proceeds to strengthen its working capital and increase lending. The bank lends mainly to farmers and small businesses.
PT Andalan Artha Advisindo, PT Trimegah Securities and PT Danareksa Sekuritas will act as joint lead underwriters for the bonds, which target domestic investors.
Some investors, who attended the bond offering presentation in Jakarta, said they weren't overly concerned by the Rp 294 billion lending fraud involving BRI in September as the bank has been taking efforts to recover its losses. -- Dow Jones
;AFP; ANPAf..u.. Brief-Global-Crossing U.S. firm emerges from Chaper 11 JP/14/Brief
U.S. firm emerges from Chaper 11
NEW JERSEY: Global Crossing has emerged from Chapter 11, the company announced jointly late on Tuesday with Singapore Technologies Telemedia.
Global Crossing's reorganization plan, which was confirmed by the United States Bankruptcy Court for the Southern District of New York on Dec. 26, 2002, became effective Tuesday, Global Crossing said in a statement.
In a purchase agreement, ST Telemedia invested US$250 million in Global Crossing for a 61.5 percent equity share of the company. It has agreed to buy $200 million in senior secured notes intended originally for distribution to former creditors.
Under the final reorganization plan the $200 million cash injection by ST Telemedia was used by Global Crossing to pay its creditors.
Global Crossing CEO John Legere said: "Global Crossing today emerges with an unmatched asset -- an IP-based network reaching more than 500 major commercial centers around the world and serving tens of thousands of customers, including more than 40 percent of the Fortune 500. -- AFP
;AP; ANPAf..r.. Brief-China-news Xinhua to buy U.S. news company JP/14/briefs
Xinhua to buy U.S. news company
SHANGHAI: A subsidiary of China's state-run Xinhua News Agency said Wednesday that it has agreed to buy New York-based Market News International in the first acquisition of an American news business by a Chinese company.
Details of the deal between Xinhua Financial Network and Market News International were not announced.
Xinhua Financial Network, also known as Xinhua Finance, is partly owned by Xinhua, China's main government-run news agency.
Market News International is a specialized agency serving traders and investors. It has offices in New York, Washington and several European capitals.
"Xinhua Finance's tremendous distribution capabilities in Asia open up new and exciting opportunities," Michael Connor, chief executive officer of Market News International, said in a statement.
Xinhua Financial, which describes itself as an independent financial information and services company, said it was seeking other opportunities for partnerships and acquisitions as it expands its international services.
The Hong Kong-based company, founded in 1999, provides real- time financial information including index values for the mainland Chinese stock markets in Shanghai and Shenzhen. -- AP
;AFP; ANPAf..r.. Brief-Vietnam-US Vietnam Airlines to fly to U.S. JP/14/brief
Vietnam Airlines to fly to U.S.
HANOI: Vietnam Airlines said on Wednesday it will begin direct daily flights to the United States, its most important trading partner, by the end of 2005 as a result of last week's landmark U.S.-Vietnam aviation agreement.
Pham Ngoc Minh, deputy general director of the national flag carrier, said its first destination would most probably be San Francisco, the departure hub for 60 percent of Americans traveling to Vietnam.
"We had planned to open direct flights in 2006 but with this agreement we hope to begin the service at the very latest by the end of 2005," he said.
The formal commencement of air links will be another significant step in the full normalization of relations between the two former foes, who established diplomatic ties in 1995, 20 years after the end of the Vietnam War.
Trade between the two countries reached nearly three billion dollars in 2002, stimulated by a bilateral trade agreement, which came into force in December 2001.
Last year, 280,000 passengers traveled between the United States and Vietnam, 75 percent of whom were Vietnamese Americans, according to Minh. -- AP