JAKARTA: Indonesia's retailer PT Matahari Putra Prima plans to
JAKARTA: Indonesia's retailer PT Matahari Putra Prima plans to
open at least six new department stores and six new supermarkets
next year to boost its sales, Matahari's spokeswoman, Renata
Lyfan, said on Friday.
"We plan to open at least 12 new outlets next year," she said,
adding that the number may increase if the company sees more
business opportunities.
The company plans to invest at least Rp 250 billion (US$29
million) to open the new outlets in 2004.
Matahari, which enjoys a 20 percent share in the domestic
retail industry excluding traditional markets, has so far opened
eight supermarkets and six department stores this year.
Renata said the company will open another new department store
in Jakarta early next month, bringing the total number of new
outlets this year to 15.
Matahari embarked on an aggressive expansion this year after
it finished a management restructuring last year.
The organizational restructuring started in 1997 when the
Lippo Group bought majority ownership in the company. Since 2000,
the restructuring had virtually halted expansion, with the firm
opening only one or two outlets per year. -- Dow Jones
;DJ;
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ChevronTexaco to build plant in Java
JP/14/brief
ChevronTexaco to build plant in Java
JAKARTA: Amoseas Indonesia Inc. said on Friday that it will
build a third geothermal electricity generating plant in West
Java, scheduled to start operations early in 2006.
The Indonesian unit of the U.S.'s ChevronTexaco Corp. said the
new 100-megawatt plant, called Darajat Unit III, will be located
adjacent to the existing Darajat Unit II situated near Garut.
Amoseas acts as an operator of the electricity plants under a
contract with state-owned oil and gas company Pertamina (PTM.YY).
Electricity from the new unit will be sold to state-owned
electricity utility PT Perusahaan Listrik Negara, which already
buys power from the two existing units.
The Darajat plants tap geothermal energy from a young volcano
in West Java. The volcano is part of the "Ring of Fire," the
world's most active volcanic zone, which in part stretches along
the southern coast of Sumatra and Java. -- Dow Jones
;Bloomberg;
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Pertamina appoints chief of oil-trading unit
JP/14/brief
Pertamina appoints chief of oil-trading unit
PT Pertamina, Indonesia's state oil company, appointed Ari
Soemarno as the new president of its oil trading unit, said Harry
Poernomo, vice-president for downstream affairs at Pertamina.
Soemarno, whose appointment took effect yesterday, replaced
Sungkono Wahju, said Harry in Jakarta on Thursday.
"It's just a normal reshuffle, part of a five-year
cycle," Poernomo said. "The old management has worked for five
years."
Soemarno is the older brother of Rini Soewandi, Indonesia's
trade and industry minister. Soemarno previously worked in
Pertamina's downstream oil department.
Other directors of the trading unit, Pertamina Energy
Trading Ltd., were also replaced, Poernomo said, without giving
details. The trading unit also has an office in Singapore. --
Bloomberg
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Brief-helicopters
Eurocopter to build helicopters in China
JP/14/brief
Eurocopter to build helicopters in China
SHANGHAI: China's Hafei Aviation Industry on Friday inked a
deal to build helicopters in the northeast of the country with
France's Eurocopter and Singapore Technologies Aerospace.
Hafei, a listed subsidiary of military contractor China
Aviation Industry Corp II, will produce EC120 helicopters, a
product it already supplies parts for, the company said in a
statement.
Eurocopter, a wholly-owned subsidiary of European aerospace
consortium EADS, which also makes Airbus planes, is taking a 61
percent stake in the venture, according to a report in the
official China Daily.
Hafei will own a 24 percent share and Singapore Technologies
Aerospace the remaining 15 percent of the new assembly line based
in the northeastern city of Harbin set to make 20 helicopters a
year, under the trade name HC120.
China is expected to need about 1,800 helicopters, worth some
4.9 billion, by 2013, reports said. -- AFP
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Brief-LG
LG in tug-of-war over bailout terms
JP/14/brief
LG in tug-of-war over bailout terms
SEOUL: Creditors and LG Group are engaged in a tug-of-war over
terms for bailing out LG Card hours before huge debts owed by the
country's largest credit card company mature, banking sources
said Friday.
Woori Bank and seven other creditors of LG Group have demanded
tycoon Koo Bon-Moo of LG Group put his personal assets up as
collateral in return for a two trillion won (US$1.7 billion)
emergency loan to LG Card.
Koo has not yet submitted a pledge in writing after the group
said Koo will provide his 5.46 percent stake in the group's
holding company, LG Corp., as collateral for such loan.
"Creditors will meet to make a final decision on the bailout
only after they secure the pledge in writing," a spokesman of
Woori Bank said.
Yonhap news agency said the eight lenders had decided the
amounts each would contribute to the bailout package.
The National Agricultural Cooperative Federation will provide
the largest chunk of 514 billion won, followed by Kookmin Bank
with 437 billion won, according to Yonhap. Korea Development Bank
will shoulder 287.8 billion won, Woori 246.3 billion won,
Industrial Bank of Korea 168.6 billion won. Hana Bank will also
provide 129.7 billion won, Shinhan Bank 113.7 billion won and
Chohung Bank 103 billion won.
LG Card shares were sharply higher in morning trade, ending
six days of straight falls, on the reports of an impending
bailout. -- AFP