DJ Approved FDI In Indonesia Up 46% To $4.67B In Jan-July
12 August 2003
DJ Approved FDI In Indonesia Up 46% To $4.67B In Jan-July
JAKARTA (Dow Jones)--Approved foreign direct investment in Indonesia rose 46% in the first seven months of the year to $4.67 billion compared with $3.19 billion in the same period a year ago, the investment board said Tuesday.
The most popular sectors for FDI were metal, machinery and electronic industries, the board said.
It didn't mention how much of the approved investment was actually new.
The board said last month that $2.40 billion of the approved FDI during the January-June period was due to a reclassification of some local firms as they were being acquired by foreign investors.
FDI has been in the doldrums since the 1997-98 Asian financial crisis, although levels have recovered in recent years. Last week's bombing in Jakarta, however, is likely to pour cold water on the fragile recovery.
The board said planned investment by local investors declined 23% to 11.73 trillion rupiah ($1=IDR8,535) in the January-July period compared with IDR15.32 trillion a year earlier.
-By I Made Sentana, Dow Jones Newswires; 62-21 39831277; I-Made.Sentana@dowjones.com
-Edited by Simon Harvey
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DJ Taiwan Selects Citigroup, UBS To Sell China Steel GDRs
12 August 2003
DJ Taiwan Selects Citigroup, UBS To Sell China Steel GDRs
TAIPEI (Dow Jones)--The Taiwan government Tuesday selected UBS AG (Z.UBS) and Citigroup Inc. (C) as the joint bookrunners and global coordinators for a global depositary receipts offering by China Steel Corp. (Q.CST), the island's largest steel maker.
UBS and Citigroup won the mandate to broker the NT$30.41 billion (US$1=NT$34.382) deal, which is Taiwan's largest GDR offering in recent years, from eight contenders, China Steel said in a statement issued late Tuesday.
The Cabinet's Development Fund, which will execute the share offering on behalf of the economic ministry, said it hopes to complete the issuance by the end of September. The ministry holds a a roughly 36.2% stake in China Steel
A fund official said China Steel's GDRs will likely be priced at "a very narrow discount, or even no discount at all" to its share price.
The fund initially hoped to sell 969 million shares, or a 10.2% stake, through the GDRs issuance.
However, it is now considering including the 233 million China Steel shares left unsold in a domestic offering earlier this month in the GDR offering, according to the China Steel statement.
In a three-day after-hours auction during last week, the government sold a total of 336.8 million shares in China Steel, out of the 570 million it hoped to sell.
-By Perris Lee, Dow Jones Newswires; 8862-2502-2557; perris.lee@dowjones.com
-Edited by John Viljoen
(END) Dow Jones Newswires
August 12, 2003 06:55 ET (10:55 GMT)
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