ASIA

Busan to kickstart bond issue

19 years ago

Busan Port Authority (BPA) is to issuebonds to the value of SKWon294bn ($311.9m) to help finance its New Portand North Port developments.

No details of timing, interest rates or conditions of redemption have been released. An official of BPA commented that the issuance was “inevitable to implement planned large-scale projects as scheduled this year”, adding that the BPA will “do everything to save its budgets by trimming unnecessary expenditure”. BPA’s total expenditure of 2008 is put at SKWon571bn ($605.7m).