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Business in Asia Today

Hyundai Heavy in U.S.$60m Indian pipeline deal
SEOUL - Hyundai Heavy Industries said it had signed acontract with India's Mumbai Airline to undertake a project toreplace undersea pipelines for U.S.$60 million. The projectinvolves replacing 5.2 kilometers of undersea oil pipelinesconnected to the airline's fuel depot at Mumbai airport withlarger pipes and is to be completed by April next year, thecompany said.

Heinz forms JV with leading Indonesian producer
JAKARTA - HJ Heinz Company (NYSE:HNZ) announced that it hadcompleted a transaction for a joint venture with Indonesia'sleading ketchup and sauce producer, ABC Central Food Industryof Jakarta. Heinz will hold a majority interest in the jointventure, to be named PT Heinz ABC Indonesia, Heinz said in astatement. The joint venture company wouldcontinue ABC Central Food's business.

Japan telecom companies to build U.S.$26m network
TOKYO - Ten telecommunications companies affiliated withelectric power firms have announced a plan to jointly build asuper high-speed communications network, possibly by the endof December. The new network - estimated to cost 30 billionyen (U.S.$26 million) - will have a capacity of 100 gigabits asecond, some 156,000 times larger than ordinary telephonelines. The telecom firms include Tokyo TelecommunicationNetwork Co., Osaka Media Port Co. and Chubu TelecommunicationsCo.

S. African brewery eyes Foster's plant in China
BEIJING - South African Breweries (SAB) has confirmed thatit is involved in talks with Australia's largest brewer,Foster's Brewing, to buy two of its loss-making Chinesebreweries. Speaking in London, SAB managing director GrahamMackay said the company was interested in one of the breweries,but declined to say whether it was the Tianjin or Guangdongplant. SAB, the world's fourth largest brewer, already ownsfive small breweries across China, but is yet tolaunch its best known South African brand, Castle, on theChinese market.

Honda Motor to consolidate operations in Indonesia
JAKARTA - Honda Motor Co. (TSE:7267) said it would mergeits two Indonesian automotive subsidiaries PT Imora Honda andPT Honda Prospect Engine Manufacturing to form a new companyin a joint venture with PT Prospect Motor. The new company, tobe named PT Honda Prospect Motor (HPM) and capitalized atU.S.$70 million, is to be owned 51 per cent by Prospect Motorwith the remainder held by Honda. It will be headquartered inJakarta.

German power giant seeks Indian projects
NEW DELHI - Bayernwerk AG, a major German power company, isnegotiating with India's Jaiprakash Industries and BhilwaraGroup of Industries to set up four power projects in India.Horst Kreiser, a Bayernwerk representative, said the companywas negotiating with Jaiprakash Industries to build twoindependent joint venture power plants of 400 MW and 300 MWcapacity in the northern Indian states of Uttar Pradesh andHimachal Pradesh. Meanwhile, negotiations withthe Bhilwara Group to set up two joint venture power projectsof 192 MW and 86 MW capacity were at a preliminary stage, hesaid.

Takasaki Paper, Sanko Paper to merge
TOKYO - Takasaki Paper Mfg. Co. (TSE:3868) and Sanko PaperMfg. Co. (TSE:3885) have announced a plan to merge on October 1,creating Japan's fourth-largest paperboard company, with anestimated 7.9 percent market share. Takasaki will be thesurviving entity, with four of its shares valued at fiveshares in Sanko. Sales at the two companies total 58.6 billionyen (U.S.$508.3 million), and they jointly produce about onemillion tons of paperboard annually.

Australian housing sector flat
SYDNEY - Finance for owner occupied houses in Australiashowed only a small fall in December, signalling the housingindustry may be flat for some months to come. The AustralianBureau of Statistics reported housing finance slipped 0.3 percent, seasonally adjusted, in December after a rise of 6.2 percent the previous month. The median of economists' forecastshad suggested a small rise of 0.5 per cent in the data but theAustralian Bankers Association's information for themonth had earmarked a fall closer to 3.0 per cent.

PAL to pay additional U.S.$10.9m
MANILA - The Securities and Exchange Commission (SEC) hasordered the Philippine Airlines (PAL) to pay an additionalP423.471 million (U.S.$10.9 million) to service some of itsmaturing obligations. The SEC also allowed PAL tosell P441.925 million (U.S.$11.4 million) worth of assets toraise cash for its operations. The bulk of the P423.471million new disbursement authorized by the SEC will finance modification of PAL's Boeing 747-400 aircraft, to be done in Hong Kong for U.S.$3.57 million.

India Industrial Development Bank to launch flexibonds
MUMBAI - The Industrial Development Bank of India (IDBI)will launch the sixth issue of flexibonds from February 22 tomobilise Rs 15 billion (U.S.$353.3 million) including agreenshoe option of Rs 7.5 billion (U.S.$176 million). Theissue, which closes on March 15, includes a new instrumentdesigned for investors retiring in the next three to fiveyears.

(Asia Pulse)


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