Malakoff move has promise

Article Abstract:

Malakoff will take the entire equity stake of Tenaga Nasional in TNB Janamanjung, a firm set up to build and operate a big coal-fired power plant. The agreement also calls for Malakoff receiving Tenaga's 20% stake in Segari Energy Ventures, the owner of a gas-fired plant of which Malakoff already owns 75%. Under the deal, Malakoff will issue new shares that will leave Tenaga with at least a 20% stake in the company. Over the next two months, Malakoff and Tenaga will work out the final details of the Janamanjung deal as Malakoff pursues it due diligence review of the project.

Comment:

Will give Malakoff its entire equity stake in TNB Janamanjung, a firm set up to build and operate a big coal-fired power plant

Asset sales & divestitures, Acquisitions & mergers, Coal, Coal Mining, Natural Rubber, Forest Nurseries and Gathering of Forest Products, Malakoff Bhd., Article, TNB Janamanjung, Tenaga Nasional Berhad

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Views contrast sharply over pricing of sovereign bond

Article Abstract:

The sovereign bond offering of Malaysia which was issued on Jun 2, 1999, garnered mixed views among syndicate members. While junior members on the bond's syndicate team believe that its price was too low, officials of Salomon Smith Barney Inc, lead manager, claim that the price was right. Syndicate members cite the below 300 basis point-drop on the spread on the sovereign bond as an indication that it was mispriced, but Salomon officials say that the narrowing of spreads at the start of trading should be viewed in percentage terms.

Securities issued, listed, Securities Brokerage, Debt & Capital Management, Bond Brokerage, Analysis, Securities, Government securities, Financial management, Sovereign debt market, Bond brokers

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