PSA BOND ISSUE

Informed sources indicate that a major roadblock is the issue of Hutchison Port Holdings getting security clearance to bid for the project. The Cabinet Committee on Internal Security, which met in March to decide on the issue, referred the matter to the National Security Council who, in turn, requested an extension of the bid process to a date in May. Now, further delays in the bid process are anticipated while the security issue, and therefore Hutchison’s potential involvement in the project, continues to be mulled over.

Informed sources expect a good take-up of the bond particularly as it may represent a safe haven in what are perceived to be turbulent markets. A bond issue for $1 billion is expected.