IBRA evaluating asset bidders

IBRA evaluating asset bidders

JAKARTA: The Indonesian Bank Restructuring Agency (IBRA) has
started to review preliminary bids from investors that were
interested in the assets previously owned by Texmaco Group,
Chandra Asri and Bakrie Nirwana Resort.

In a press release made available to The Jakarta Post, the
agency said the assets totaled Rp 18.6 trillion (US$2.5 billion)
in value.

"Each asset received bids from more than one investor," the
statement said, without naming the bidders.

After going through stages, the winning investors will be
obliged to make the first payment -- as much as 30 percent of the
asset value by July 15. The remaining 70 percent has to be fully
paid no later than July 20, it said.

All transactions will be wrapped up on July 24. -- JP

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CorporateBrief-CocaCola-ISO14001
Coca-Cola plants win ISO 14001
JP/14/BRIEF

Coca-Cola plants win ISO 14001

JAKARTA: Coca Cola Bottling Indonesia (CCBI) has earned the
International Standardization Organization (ISO) 14001
certificate for its environmental protection programs at its
plants across the country.

The firm got the certificate from PT Sucofindo for its ability
to control pollution at the plants.

The ISO 14001 is a type of certificate commonly awarded to
companies who manage to undertake various aspects of
environmental protection, including waste treatment, pollution
prevention and community development.

CCBI's national corporate affairs manager Bambang Chriswanto
said the certification was a result of the firm's long efforts to
produce quality products through environmentally friendly
processes.

Arief Safari, an operation director of PT Sucofindo, praised
the firm as one of few firms in the country who still care about
environmental protection amid financial constraints caused by the
economic crisis. -- JP

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CorporateBrief-SIA-lay-off-staff
SIA may lay off another 1,100 staff
JP/14/BRIEF

SIA may lay off another 1,100 staff

SINGAPORE: Singapore Airlines (SIA) may lay off another 1,100
employees in addition to the 414 staff retrenched last week, a
media report said Tuesday.

The Business Times said SIA, which has been losing S$6 million
(US$3.48 million ) a week over the past two months, was looking
to retrench 100 pilots and 1,000 cabin crew.

The paper, quoting unidentified sources, said the decision
could be announced over the next few weeks.

SIA spokesman Rick Clements told AFP that the numbers given in
the Business Times report were "pure speculation".

However he said it was well known that SIA was considering
making further retrenchments among its team of pilots and cabin
crew.

"We haven't said it wouldn't happen but we haven't given any
numbers," Clements said.

SIA employs about 1,800 pilots and 6,600 cabin crew out of
30,000 staff worldwide. -- AFP

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CorporateBrief-Russian-acquires-US-firm
Russian firm acquires U.S. firm
JP/14/BRIEF

Russian firm acquires U.S. firm

MOSCOW: Russia's Norilsk Nickel metals giant formalized the
acquisition Tuesday of the U.S. company Stillwater Mining for
US$100 million (86.6 million euros) in cash and some 877,000
ounces of palladium, the company said.

At current palladium prices, Norilsk will pay about $257
million in total for the 51-percent stake in Stillwater.

It marks the largest acquisition by a Russian company in the
United States, Norilsk Nickel said.

Analysts said the deal should reinforce Norilsk Nickel's
domination of the palladium market.

Based in Columbus, Montana, Stillwater is quoted on the New
York Stock Exchange. Its production of platinum group metals in
2002 is estimated at 640,000 ounces.

Norilsk Nickel, based in Russia's Far North, produces 45
percent of the world's output of palladium and 10 percent of
total world production of platinum. -- AFP

;Agencies;
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CorporateBrief-SingTel-sues-StarHub
SingTel sues rival StarHub
JP/14/BRIEF

SingTel sues rival StarHub

SINGAPORE: Singapore Telecommunications Ltd. (SingTel) has
filed a suit against StarHub Cable Vision (SCV), accusing its
rival of breaching a cable agreement, officials said Tuesday.

SCV, Singapore's sole pay-television operator, was accused of
using cables it leased from SingTel for home connections to
provide services to commercial clients, SingTel spokesman Ivan
Tan said.

A 1995 agreement limited SCV to use the leased cable to
residential customers but SCV allegedly used the lines to bring
cable television services to commercial customers, including
foreign embassies, hotels, shopping malls, churches and media
companies.

SingTel is seeking an unspecified amount in compensation for
loss and damages.

SingTel, Singapore's biggest telecommunications firm, has seen
its dominance face increasing challenges from newer companies
such as StarHub and Mobile One after the telecoms industry was
deregulated a few years ago. -AFP