Wednesday, March 18, 2009

Daily news - 18 Mar

SingTel injects US$25m more into associate
Singapore Telecommunications (SingTel) has pumped in another US$25 million into Pacific Bangladesh Telecom Limited (PBTL) to take its total investment in this overseas associate to US$143 million. The latest boost came from the subscription by SingTel for its pro-rata entitlement of about 1.07 million PBTL shares. PBTL is expected to use the additional capital to fund its domestic network expansion. Despite the latest injection, SingTel's stake in PBTL will remain unchanged at 45 per cent as the Bangladeshi operator's other major shareholders have also subscribed to their respective share allotments. PBTL is a member of the Pacific Group - one of the largest privately-owned business conglomerates in Bangladesh and a major shareholder of Arab Bangladesh Bank. Its other major stakeholders include Pacific Motors Limited, Pacific Traders Limited, Pacific Industries Limited and Far East Telecom. SingTel said in a statement yesterday the PBTL transaction, carried out through its wholly owned subsidiary SingTel Asia Pacific Investment, will not have a material impact on its financial year ending March 31.

Olam renews and raises trade facility to US$170m
Olam International has renewed a one-year revolving multicurrency trade facility and upsized it to US$170 million. It said yesterday that it would use the facility to finance its cocoa/coffee operations and working capital requirements in Nigeria and Ivory Coast. Originally set at US$150 million, Olam managed to increase the facility by another US$20 million upon renewal. Four banks - Standard Chartered Bank, Bank of Tokyo-Mitsubishi UFJ, ING Bank and Sumitomo Mitsui Banking Corporation - will provide the funds. Stanchart was the managing agent and Bank of Tokyo-Mitsubishi UFJ was the facility agent in the deal. 'In the current credit-constrained environment, the transaction represents another milestone for Olam, given the strong support it has received from the original lenders,' the company said.

Source: Kim Eng

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