PGN to launch $250M bond roadshow
PGN to launch $250M bond roadshow
JAKARTA: Indonesia's state-owned gas distribution company PT Perusahaan Gas Negara (PGN) will embark on an overseas trip in August to market the first tranche of a planned US$500 million bond.
The company's President Director Washington Simanjuntak said Wednesday the marketing team will meet with prospective investors in Singapore, Hong Kong and London.
PGN is expected to offer up to $250 million in the bonds as the first tranche. The funds will be used to help finance gas pipeline projects in Sumatra. One of the projects will channel gas from south Sumatra to West Java.
Washington declined to name the underwriter for the bond issue.
But market sources said Credit Suisse First Boston has been selected as the underwriter.
The bonds will be listed on the Singapore Stock Exchange in September, Washington added. -- Dow Jones
;; ANPAf..r.. CorporateBrief-Korea-KTF KTF to set up unit in Indonesia JP/14/KTF
KTF to set up unit in Indonesia
SEOUL: South Korea's KTF Co. said on Wednesday it has signed a contract with PT Mobile-8 Telecom of Indonesia to provide wireless consulting services and network systems in a deal valued at US$17.5 million.
KTF, South Korea's second largest wireless operator, will provide consulting services on code division multiple access 1x networks, wireless data and billing services through June 2006.
KTF said it plans to set up a unit in Indonesia in August and transfer some employees to the region. It didn't provide more specific details.
PT Mobile-8 is scheduled to launch wireless services based on CDMA2000 1x technology in Jakarta by the end of this year.
Last month, mobile handset maker Samsung Electronics Co. signed a $120 million deal with PT Mobile-8 to provide CDMA systems.
Shortly after the markets opened, KTF shares rose 1.3 percent, or 300 won, to 23,600 won on the technology-laden Kosdaq market. -- Dow Jones
;; ANPAf..r.. CorporateBrief-CNPC CNPC buys refineries in Algeria JP/14/CNPC
CNPC buys refineries in Algeria
BEIJING: China National Petroleum Corp. (CNPC) has expanded its oil interests in Africa with the purchase of several refining businesses in Algeria for US$350 million, state press reported on Wednesday.
PetroChina Exploration and Development Co., a unit of CNPC, signed a contract last week with Algerian firm Hydrogen Carbide to jointly develop oilfields, and build and operate a refinery in the southwest part of the country, the China Business weekly reported, without citing sources.
CNPC will hold a 70 percent share in the company, the report said.
The deal allows the two companies to operate the SBAA oilfield in Adrar for 23 years, with annual output expected to reach 600,000 tons.
CNPC officials have long eyed Algeria as a vital source of overseas oil for an increasingly energy-hungry China.
CNPC reportedly plans to ship up to 5.0 million tons of crude oil a year from Algeria by 2005, which would make it China's second-biggest overseas oil production base behind Sudan. -- AFP