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June 30, 1999atimes.com
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Business in Asia Today

China.com of Hong Kong to make NASDAQ debut this week
HONG KONG - China.com, a Hong Kong-based company offering Internet-related services, is likely to go public on the U.S. NASDAQ stock market later this week, sources close to the company said Monday. The company, whose shareholders include China's state-owned Xinhua News Agency and America Online, has already applied to the U.S. Securities and Exchange Commission for permission to register on the over-the-counter market. China.com plans to offer 4.25 million shares on the NASDAQ market to raise $60-68 million. If approved, its debut will be the first by a Hong Kong-based Net-related firm.

Legend to produce Siemens brand PCs for China, Asia-Pacific
BEIJING - China's top PC maker, Legend Computer Co., will produce complete Siemens-brand PCs for the Chinese and Asia-Pacific markets, according to a cooperation agreement signed recently by Legend and Germany's Siemens Information System Co. The two companies plan to cooperate later in more areas, including PC manufacturing and research and development worldwide. Legend announced in April that it planned to become one of the world's top 10 PC makers by 2000.

Australia's GPT launches bid for BT Hotel Trust, BT Hotel
SYDNEY - General Property Trust (ASX:GPT) launched a A$300 million (U.S.$196.95 million) takeover bid for BT Hotel Trust (ASX:BHT) and BT Hotel Ltd. to create the largest hotel and tourism portfolio in Australia. Through its manager, GPT Management Ltd., General Property Trust (GPT) has made an offer comprising GPT units and cash for each issued BT Hotel Trust (BHT) ordinary security. BHT owns the Hotel Intercontinental in Sydney, the Sheraton in Brisbane, the Park Royal Hotel in Canberra and the National Convention Center. The Trust also included its Hayman Island resort in the Whitsunday Islands and has committed to a Melbourne Airport Hilton development. In addition, it owns 50 percent of the Hamilton Island airport and 100 percent of Transport House, near the Hotel Intercontinental.

Fiat JV in China starts production of cars, trucks
BEIJING - A joint venture between Yuejin Motor (Group) Corp. and Fiat Auto PSA began producing hatch-back autos and pick-up trucks on June 18. Sources say the 50/50 joint venture, Nanya Auto Co. Ltd., has a registered capital of $87.64 million. According to the joint venture contract, Fiat Auto will provide the joint venture with technical support over the next three years by renovating existing products and upgrading engines and gearboxes. Meanwhile, both parties are to jointly develop and design a new series of automobiles. The newly launched models are the Carbo Brand NJ6400 and NJ1020. Both models are equipped with NJG415 gasoline engines with a displacement of 1.46 liters, and both are capable of reaching maximum speeds of 160 kilometers per hour.

Vietnam to lower electricity price for foreign users
HANOI - Electricity prices for foreign users in Vietnam will drop by between $0.01 and $0.05 per kWh beginning on July 1. State Pricing Committee Chairman Nguyen Ngoc Tuan told Vietnam News Agency that this was the first-ever reduction of electricity prices for foreign users. A new mode of payment will also be introduced next month. Foreign users will be able to pay in dong at a set exchange rate instead of paying bills in U.S. dollars only. Nguyen said the new prices already included the newly-applied value added tax (VAT), worth about 10 percent of the original value. Unfortunately for Vietnamese consumers, their prices, both industrial and household, are expected to increase slightly above the current rate of VND770 a kWh next month, Tuan said.

Japanese cars set to enter S.Korea in droves next year
SEOUL - The lifting of South Korea's import ban on Japanese autos Thursday is expected to result in a flood of Japanese cars entering the domestic auto market in 2000. Japanese automakers plan to launch the sale of their cars around May ofnext year to coordinate with the "2000 World Motor Show" which will be staged by foreign carmakers with operations in Korea. The onslaught of Japanese cars in the Korean market will start with large passenger cars and be followed later by mid-sized models. Japanese models sold in Korea have so far been limited to cars produced in Japanese plants in the United States such as the family sedan Toyota Avalon, mid-sized sedans Honda Accord and Civic and the sport-utility vehicle Suzuki Sidekick.

Dutch firm to build railway signaling system in West Java
JAKARTA - Alstom Signalling BV Nederlands and its agent in Indonesia, PT Prabawaw Paramita, have signed an in-principle agreement with the government to build railway signaling installations on the Cikampek-Padalarang track in West Java for smoother Jakarta-Bandung train operations. The signalling system, covering a distance of 75 kilometers and 13 stations, includes signaling installations at 11 stations, together with 20 kilometers of rail track, plus components and services. The project, using a soft loan of $23.5 million, will be funded by Bank Meespierson NV of the Netherlands under an export financing arrangement scheme.

Indian Petroleum Ministry plans wholly-owned shipping firm
NEW DELHI - The Indian Petroleum Ministry is planning to set up a wholly-owned liquified natural gas (LNG) shipping company to tap the vast potential offered by the fuel of the future. "We must have our own fleet and develop expertise in handling liquefied natural gas (LNG) as the fuel is the future for our country," Petroleum Minister V. K. Ramamurthy told PTI. The company will be fully owned by the Ministry and operated by Petronet LNG, which is planning to import the environment-friendly fuel from Qatar, he said. Ramamurthy said the new shipping company could also provide its services to other private players operating in the LNG business.

Asia-Pacific PC sales up 25% in first quarter says IDC
NEW DELHI - Personal computer sales in the Asia-Pacific regionrose by 25 percent in the first quarter of 1999 over the same period last year, according to International Data Corporation (IDC). Total shipments in Asia-Pacific stood at 2.95 million units in Jan-March 1999 with significant contributions from India, China, Australia and China. The sales grew by two percent over the figures achieved in the last quarter of 1998, IDC data revealed.

Australia's SPC to co-produce fruits with Siam Food
SYDNEY - Food processing firm SPC Limited has reached agreement with Siam Food of Thailand to co-manufacture a range of tropical fruit products in clear plastic cups using SPC's plastic cup filling, sealing and vision systems technologies. SPC said in a statement that it will invest about A$2 million (U.S.$1.31 million) in the Siam plant and commence production in September. The products will be manufactured using Thai, Australian and premium imported ingredients and materials, to strict SPC quality standards and under SPC staff supervision.

(Asia Pulse)


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