Indofood names underwriters

Indofood names underwriters

JAKARTA : Indonesia's largest food company PT Indofood Sukses
Makmur has named four underwriters for its upcoming five-year
bond issue.

The four underwriters are PT ING Baring Securities Indonesia,
PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri
Sekuritas, it said.

The company will issue Rp 1 trillion (US$112 million) in bonds
in the second quarter of the year to refinance existing short-
term debt. The company hasn't decided on the coupon yet.

Falling interest rates in Indonesia are providing local
companies with opportunities to raise funds at more attractive
interest rates. --Dow Jones

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CorporateBrief-Sampoerna-profit
Sampoerna's net profit rises 75%
JP/14/brief

Sampoerna's net profit rises 75%

JAKARTA : Indonesia's second largest clove cigarette maker PT
Hanjaya Mandala Sampoerna said on Thursday its net profit rose 75
percent in 2002 to Rp 1.67 trillion (US$187 million) from Rp
955.41 billion a year earlier.

The sharp increase in net profit is partly due to a change in
accounting methods applied to derivative and hedging
transactions, which caused an adjustment in the 2001 net profit
from the Rp 1.48 trillion reported last year, the company said.

On an operational level, the company said net sales rose 7.5
percent in 2002 to Rp 15.13 trillion from Rp 14.07 trillion in
2001 and gross profit rose 13 percent to Rp 4.61 trillion from Rp
4.07 trillion.

Meanwhile, operating profit rose to Rp 2.73 trillion from Rp
2.65 trillion.

The company didn't provide any further comment on its
performance. --Dow Jones

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CorporateBrief-Bogasari-Singapore
Bogasari starts up plant in S'pore
JP/14/brief

Bogasari starts up plant in S'pore

SINGAPORE: Indonesia's Bogasari Flour Mills has started
running in Singapore its first overseas flour plant, a senior
company official told Dow Jones on Thursday.

Bogasari International is currently running at under 30
percent of full capacity of 60,000 metric tons of high-grade
flour a year, said Philip Purnama, Bogasari's senior vice
president and chief commercial officer.

"We started operation in March. Our target is to run at 60
percent capacity by the end of the year," said Purnama.

Bogasari, the biggest flour miller and wheat importer in
Indonesia, is also the world's biggest flour miller, with a
10,000-ton wheat milling capacity in Jakarta and a 6,000-ton
milling capacity in Surabaya.

The flour miller is a division of the world's leading instant
noodle maker, PT Indofood Sukses Makmur, and part of Indonesia's
Salim Group. -- Dow Jones

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CorporateBrief-Telkom-Motorola
Telkom, Motorola to build fixed phone
JP/14/brief

Telkom, Motorola to build fixed phone

JAKARTA: State-owned telecommunications company PT
Telekomunikasi Indonesia (Telkom) said Thursday it has signed an
agreement with Motorola Inc. to build 225,000 fixed wireless
telephones in Sumatra Province until approximately mid-2006.

Each fixed wireless telephone will cost US$116 to produce and
install, Telkom said in a statement.

Under the agreement, the U.S. company will design, develop and
build the fixed wireless telephone network, which will use the
code division multiple access, or CDMA 2001-X, system. Telkom
will operate the network.

Unlike a cellular phone, which uses satellites to transmit its
calls, a fixed wireless telephone uses a base station and has a
limited range. An advantage of fixed wireless is the ability to
connect users in remote areas without the need for laying new
cables.

Telkom operates more than 7.5 million fixed lines across
Indonesia. The government has 52 percent stake in Telkom, while
the rest is owned by the public. -- Dow Jones

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CorporateBrief-Hyundai-Pertamina
Hyundai to build ships for Pertamina
JP/14/brief

Hyundai to build ships for Pertamina

JAKARTA: National oil and gas company Pertamina on Thursday
signed a contract with South Korea's Hyundai Heavy Industries Co.
for the construction of two very large crude carriers.

The tankers, which will have the capacity to carry two million
barrels of crude oil, cost US$65.4 million each, said Pertamina's
downstream director Muchsin Bahar.

Hyundai will deliver the first tanker in September 2004, and
the second one three months later, Muchsin told reporters. The
tankers will ship crude oil from the Middle East to Pertamina's
refinery in Cilacap.

The contract is part of Pertamina's plan to buy 12 tankers
this year. In addition to these 12, Muchsin said Pertamina plans
to buy another 26 new tankers within the next five years. -- Dow
Jones