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Business in Asia Today

Hyundai spells out restructuring plans
SEOUL - The Hyundai Group will sell some of its profitable but non-core firms, including those viable ones with debt ratios under 200%. The group's restructuring office said the move is aimed at improving finances of its five core sectors such as its auto, electronics, construction, heavy industry, finance and service affiliates. By 2003, Hyundai will dissipate as auto-related affiliates centerd around Hyundai Motor and Kia Motors will secede to form an independent unit. The other sectors will also separate.

Baan India registers 160% growth
NEW DELHI - Baan India, the Indian subsidiary of global enterprise software solution major Baan, registered 160 percent growth in 1998 and expects 100 percent growth in the current fiscal year.The U.S. parent had consolidated its Indian operations following a global restructuring exercise to re-orient its business activities, a company statement said.Baan India had also clinched a large order from the Calcutta-based multi-product major Usha Martin to service both its domestic and overseas operations, it said.Usha Martin would go live with 100 users and would move to another 100 by the year-end, a large order for the Indian market, where the average size of installations was only 50 licenses, it added.

Matsushita, Nintendo tie up to make advanced game system
TOKYO - Matsushita Electric Industrial Co. (TSE:6752) and NintendoCo. (TSE:7974) will form an alliance to develop an advanced home-use game machine system, in a move designed to challenge market leader Sony. The partners plan to integrate Nintendo's software and game-machine technology into DVD formats and digital home appliance systems developed by Matsushita. The two firms will commercialize an advanced version of the Nintendo 64 machine equipped with Matsushita's DVD drive equipment.

Motorola to go ahead with $1.5bn investment in China
TIANJIN - Gary Tooker, chairman of Motorola of the U.S., said his company will not change its plans to increase investment in China. Corporate sources said the plan involves $1.5 billion of increased investment and the money will be paid in by late next year. The funds will be used mainly to expand output of the most sophisticated semiconductor integrated circuit chips used in automotive electronic components, energy products, and other telecommunications components at a plant in the Xiqing Development Zone in Tianjin.

Indosat has $125m invested in troubled companies
JAKARTA - The state-owned telecommunication firm PT Indosat (JSX: ISAT) has investment valued at Rp1 trillion ($125 million) in nine units and affiliates listed among troubled companies. Company President Tjahjono S. said the investments are long term and that the company is restructuring its subsidiaries. He said the projects of some of the nine firms have to be rescheduled because of financial problems which he attributed to the economic crisis.

Malaysia awards RM35m contract to Sapura consortium
KUALA LUMPUR - The Malaysian government Wednesday awarded a RM35 million contract to a Sapura-led consortium for the development and implementation of the pilot phase of the Generic Office Environment under the Electronic Government flagship.The consortium members comprise Sapura Advance Systems Sdn Bhd, Microsoft Knowledge Capital Centre Sdn Bhd, Hewlett Packard Sales (Malaysia) Sdn Bhd and EDS MSC Sdn Bhd.

U.S.'s Tommy Hilfiger to enter India next year
NEW DELHI - Global fashion major Tommy Hilfiger Corporation (THC) of the United States has tied up with India's GVM International, a Murjani group company, to market and distribute Tommy Hilfiger casual and sportswear in India next year.THC was expanding its product line to offer a broader array of apparel, accessories, footwear and home furnishings other than casual wear through a range of licensing agreements, a company statement said.THC is operating in the United States, Canada, Mexico, Central and South America, Europe, Japan and Hong Kong.

Newbridge makes new offer for Korea First Bank
SEOUL - South Korea and Newbridge Capital Co. are unlikely to complete a deal for the latter's takeover of Korea First Bank by the Wednesday deadline as the U.S. private equity firm has presented an entirely new offer. The Financial Supervisory Commission (FSC) said it received an offer different from that stipulated in the memorandum of understanding signed with Newbridge in December. The commission needs more time to examine the offer, which will necessitate the delay.

Japan's JGC, French agency in radioactive waste pact
TOKYO - Plant engineering firm JGC Corp (TSE:1963) has forged technology ties with France's National Agency for Management of Radioactive Waste (ANDRA). The partnership will cover operations related to a radioactive waste-disposal facility to be built 400-500 meters underground. The firmshope the tie-up will generate sophisticated underground waste-disposal services in Japan and France by combining ANDRA's know-how and JGC's plant engineering technology.

Hoyts CEO agrees to sell stake to Packer
SYDNEY - Kerry Packer's Consolidated Press Holdings Ltd. is set to take control of Hoyts Cinemas Group Ltd. (ASX:HOY) with the cinema chain's chief executive officer, Peter Ivany, agreeing to sell his stake into the takeover bid. He told Hoyts board that he would accept CPH's A$2.05 per share offer for shares he had an interest in, representing about 11.2 percent of the company. The offer is less than the A$2.19-A$2.45 valuation by independent expert NM Rothschild & Sons. Ivany's acceptance gives CPH about 41.4% of Hoyts.

Brewer Lion Nathan to sell Pepsi business
MELBOURNE - Brewing group Lion Nathan Ltd. (ASX: LNN) has received a firm offer for its Pepsi softdrink business, chief executive Gordon Cairns said Wednesday."We have received a firm offer for Pepsi and we are going through the contract,"Cairns said."We are very confident we will be able to sell Pepsi."Lion Nathan has been flagging the sale of its Australian and New Zealand Pepsi bottlingfranchise, which returned to profitability for the first time in seven years last September, for some time as it waskeen to streamline its focus on beer.

BHP to sell New Zealand steel unit
SYDNEY - BHP Co. Ltd. (ASX: BHP) is to sell BHP Steel Building Products New Zealand for around A$15 million.The Australian resources giant said Wednesday it had signed a conditional agreement for the sale to listed New Zealand company Steel & Tube Holdings (STH), in a continuing asset rationalization drive.BHP owns 50.1 percent of the equity in STH, and the transaction is conditional on approval by STH's minority shareholders at an extraordinary general meeting to be held in June.

Indonesia's Tempo sees profits soar 438%
JAKARTA - Indonesian pharmaceutical and cosmetics company PT Tempo Scan Pacific (TSP), which suffered substantial losses in 1997, posted a 438% increase in net profit to Rp209.7 billion ($26.21 million) in 1998.TSP president Selamet Muljadi said that the 1998 consolidated sales value had increased by 42.7% from 1997."The major contribution to the profit upsurge came from the divisions of pharmaceuticals, health care, cosmetics and distribution," Muljadi said in the company's general shareholders' meeting.

ICO Global signs roaming pact with Indonesian telecoms
JAKARTA - ICO Global Communicationshas reached an agreement with telecommunication service providers Satelindo and Telkomsel to cooperate in establishing two-way roaming facilities. Customers of both cellular phone operators may use ICO global satellite facilities, and in return ICO customers may use the networks of the service providers.

(Asia Pulse)


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