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