Ratelindo plans to issue bonds

Ratelindo plans to issue bonds

JAKARTA: Indonesia's telecommunications company PT Radio
Telepon Indonesia, or Ratelindo, said on Tuesday that it plans to
issue Rp 500 billion of bonds in September to expand its
business.

The proceeds of the bonds will be used to develop a Code
Division Multiple Access, or CDMA, network service, Ratelindo's
director, Beta Winarto, told reporters.

He said the company expects to develop next year a service
that can handle 50,000 phone lines that make use of CDMA
technology.

Ratelindo is a unit of diversified holding company PT Bakrie &
Brothers. -- Dow Jones

;JP;REN;
ANPAf..r..
CorporateBrief-Gresik-complete-audit
Gresik to complete audit in August
JP/ /

Gresik to complete audit in August

JAKARTA: PT Semen Gresik, Indonesia's largest cement maker,
expects to complete an audit of PT Semen Padang, one of the
company's three bases of operations, before a meeting with
shareholders in August.

The audit by the local partner of Deloitte & Touche is
already in progress, the company said in its 2002 annual report
released in Jakarta today.

The audit comes after last month's removal of the unit's
management which had declined access for a thorough audit and
thwarted a bid two years ago by Mexico's Cemex SA to take over
control at Gresik. Cemex owns one-quarter of the Indonesian
company.

Trading in the company's stock resumed today after being
halted by the exchange for over a month after it submitted an
incomplete 2002 report because accounts from Semen Padang weren't
included.

Gresik reported a 15 percent decline in 2002 profit to Rp 269
billion (US$33 million) because of rising costs, while sales
grew 11 percent to Rp 5.2 trillion. -- Bloomberg

;JP;REN;
ANPAf..r..
CorporateBrief-Japanese-firm-main-wings
Japanese firm to build main wings
JP/ /

Japanese firm to build main wings

TOKYO: Japan's Mitsubishi Heavy Industries Ltd. will design and
manufacture the main wings of the next-generation B7E7 passenger
jet for Boeing Co., a leading Japanese financial daily reported
on Tuesday.

This is the first time that a Japanese company will
manufacture main wings, a major component of an aircraft, on
contract for a major foreign manufacturer, reported Nihon Keizai
Shimbun.

This deal is expected to provide a major boost to the Japanese
aircraft industry because it will give domestic producers
experience in designing all major aircraft components, the report
said.

Japanese companies have developed such parts as tail wings
with Boeing, taking on their production. But Boeing has always
produced main wings for its aircraft.

Mitsubishi Heavy expects to gain valuable experience and
technology from contracting to produce the main wings for the
B7E7 jetliner. -- DPA