Prima Alloy to issue Rp 150b bonds
Prima Alloy to issue Rp 150b bonds
JAKARTA: Indonesia's PT Prima Alloy Steel said on Tuesday it
plans to issue Rp 150 billion (US$17.7 million) of five-year
bonds Oct. 20 to raise working capital and repay debt.
The steel-maker said in a prospectus published in a local
newspaper that the bonds will be listed on Surabaya Stock
Exchange on Nov. 3.
The bonds' coupon hasn't been decided, it said.
It has named PT Sucorinvest as the lead underwriter for the
issue.
The company is one of a slew of local companies tapping the
local bond market as falling interest rates keep demand for debt
notes healthy. Bond issuance is also an alternative to bank
loans, which remain scarce as banks are still reluctant to lend
after most of their loans turned bad following the 1997-98 Asian
financial crisis.--Dow Jones
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Tongkang plans $90m, Rp 225b bonds
JAKARTA: Indonesia's PT Pertamina Tongkang, the shipping unit
of national oil and gas company Pertamina, on Tuesday said it's
issuing US$90 million denominated bonds in the local market, less
than $100-$150 million originally expected.
Instead Pertamina Tongkang will offer Rp 225 billion
(US$26.5 million) worth of rupiah bonds, as demand for those
bonds in the local market is stronger, people close to the deal
said.
That's because Indonesian pension funds still impose limits on
their investment in assets denominated in foreign currencies.
The dollar bond will have a tenor of seven years and the
rupiah bond, a tenor of eight. Both issues will be listed on the
Surabaya Stock Exchange Nov. 7. Coupons for the two trances
haven't yet been decided, the company said in a statement.
Proceeds from the bond issue will go toward ship purchases and
working capital.
PT Citigroup Securities Indonesia and PT Bahana Securities are
joint-lead underwriters for the issue.--Dow Jones
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Zurich sells RI business to Manulife
ZURICH: Swiss insurance group Zurich Financial Services said
on Tuesday that it had sold its life insurance business in
Indonesia to Manulife Indonesia, as it continued to shift its
focus to key markets.
The terms and conditions of the sale will not be disclosed,
Zurich said in a statement.
Zurich Life Indonesia had 110,000 policy holders and generated
US$7.5 million (6.6 million euros) in premiums.
The sale does not affect Zurich's non-life business in
Indonesia, the group said.
The Swiss insurance group has been selling non-core businesses
since it shifted strategy following a record loss of $3.4 billion
in 2002.
Last month Zurich announced a return to profit for the first
half of 2003, reporting a $701-million net profit for the period.
-- AFP