JP/14/Brief2 Gajah Tunggal clarifies
Tire maker PT Gajah Tunggal (GT) will manufacture a selected range of Michelin Group's associated brands of car tires, excluding the Michelin brand, including high-speed rated tires for various markets served by the world's largest tire producer, according to a statement from GT.
Gajah Tunggal clarified the previous report by The Jakarta Post which erroneously stated that the Michelin brand was one of the brands to be manufactured by the firm.
The statement also made it clear that there were two agreements signed by the firms: a manufacturing agreement and a distribution agreement.
Under the distribution agreement, GT will distribute in Indonesia, through its extensive network, a selected range of Michelin Group's passenger car and light truck tires, including Michelin and BFGoodrich brands, for the replacement market. -- JP
;AFP; ANPAf..r.. Brief-Indonesia-paper Moody's withdraws ratings on hugely-indebted APP JP/14/Brief Moody's withdraws ratings on APP
JAKARTA: Moody's Investors Service said on Friday it had withdrawn its credit ratings on the hugely indebted Asia Pulp and Paper group.
The statement noted that it had withdrawn the Ca debt rating and C preferred stock rating "because Moody's believes it lacks adequate information to maintain a rating."
APP, which is controlled by Indonesia's Widjaja family, defaulted in March 2001 on about US$13.9 billion worth of debt -- the largest default in the history of emerging markets.
It is in dispute with several foreign creditors about its plans to restructure the debt.
Moody said the ratings, which have now been withdrawn, reflected its view "that creditor interests will be impaired by the slow progress of the debt restructuring program." -- AFP
;AFP; ANPAf..r.. Brief-SKorea-Singapore Singapore's Temasek wins approval to buy into South Korean bank JP/14/Brief Temasek bid for Hana approved
SEOUL: South Korea's financial watchdog said on Friday it had approved a bid by Singapore's state investment arm to increase its stake to nearly 10 percent in Hana Bank, South Korea's third- largest lender.
The Financial Supervisory Commission said it had approved Temasek Holdings' purchase of up to 6.39 percent in the bank, in additional to the 3.6 percent stake it already holds.
The approval was granted on condition that Temasek limits its shareholder voting rights to less than 4 percent, the commission said.
German insurer Allianz AG has the largest stake in Hana with 5.83 percent, followed by South Korea's Dongwon Group with 5.11 percent, Singapore's Temasek Holdings with 3.60 percent and steel giant POSCO with 3.37 percent. -- AFP
;AP; ANPAf..r.. Brief-Singapore-Valuair Singapore's Valuair plans new fund-raising as route network grows JP/14/Brief Valuair plans to raise more funds
SINGAPORE: Singapore's first budget airline, Valuair, is on the lookout for new investors as it beefs up its fledgling route network, a spokesman said on Friday.
The company is also hopeful it will soon be able to secure landing rights in Jakarta, resolving an administrative dispute with Indonesian aviation authorities, spokesman Nilesh Pritam said.
"We will be going out for a second round of fund-raising soon as we expand our operations," Pritam said. -- AP