External debt has been managed prudently since the financial crisis of 1997.

Furthermore, one should assess the risk of growing external debt in terms of its quality compared with the 1997 financial crisis.

The external debt was restructured, and most creditors settled.

The proceeds will be used to pay down 275 million of external debt, reducing the company's gearing from about five times operating profit to two-and-a-half times operating profit.

In addition, 20 per cent of total external debt or 45 per cent of short-term external debt occurred as a result of borrowings by local branches of foreign banks.