JAKARTA: State-owned PT Bank Tabungan Negara, or BTN, has
JAKARTA: State-owned PT Bank Tabungan Negara, or BTN, has
appointed Trimegah Securities and Andalan Artha Advisindo
Securities as joint lead underwriters for its Rp 750 billion
(US$91 million) bond.
Akhabani, a director with Trimegah, told Dow Jones Newswires
Wednesday that he expects the mortgage provider to complete the
issue by end-August.
"We expect the bank to receive the proceeds by the end of
August," he said.
Earlier this year BTN's President Director Kodradi said BTN
planned to issue Rp 1 trillion in bonds, including Rp 250 billion
in subordinated debt. He said the fresh funds will enable the
bank to boost new loans this year to Rp 4.05 trillion from Rp 1.9
trillion last year.
Akhabani said BTN canceled the plan to issue the sub-debt as
its capital base continues to improve.
The maturity and coupon rate for the bond hasn't yet been
decided, he said. -- Dow Jones
'Enjoy Australia' campaign launched
CANBERRA: Singapore Airlines and the Australian government's
tourism marketing arm have joined forces to attract Asian
travelers to Australia as fears over the SARS virus abate, an
official said Wednesday.
The "Enjoy Australia" promotion to start this week will try to
entice visitors to Australia from Southeast Asia, Hong Kong,
Japan, South Korea, India and China.
Australian Tourism Commission manager for Asia and Japan,
Richard Beere, said the government had provided extra funding for
the campaign following the downturn caused by severe acute
respiratory syndrome.
The television and Internet promotion will offer special fares
for people traveling in coming months. Tickets will go on sale
this month.
Official figures show the number of Asian visitors to
Australia fell by around 45 percent in May compared to the same
month a year ago. -- AP
Yamaha to develop methanol cell
TOKYO: Japan's Yamaha Motor said Wednesday it plans to develop
the world's first environmentally-friendly methanol fuel cell for
small motorcycles.
"We are now collecting data from ongoing trials of the fuel-
cell powered motorcycle," said Kunihiko Nakajima, managing
director of the world's second largest motorbike maker.
"But I think it will take several years to recoup the
investment, even after commercialization because it will be too
expensive for customers," he told a news conference.
Invented in 1839 by William Grove from Britain, the fuel cell
produces electricity through a reaction between hydrogen and
oxygen, which leaves water as its only by-product. -- AFP