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
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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
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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
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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