Indonesia’s Danamon says will buy back $300 million bond

According to Reuters, “Indonesia’s fifth-largest lender, PT Bank Danamon Tbk, said on Thursday it plans to exercise its option to buy back $300 million of subordinated bonds as it has sufficient funds. Danamon, controlled by a consortium that includes Singapore’s state investor Temasek and Deutsche Bank, said its net profit for 2008 fell 28 percent to 1.53 trillion rupiah ($129.5 million), from 2.117 trillion rupiah in 2007. The bank said the drop in profit was due to 804 billion rupiah worth of non-recurring expenses, which it said were related to unwinding foreign exchange forward contracts and provisioning.”

read more: Reuters

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