Applied refuses to cut prices

PUBLISHED : Tuesday, 25 November, 1997, 12:00am
UPDATED : Tuesday, 25 November, 1997, 12:00am

Electronic goods maker Applied International Holdings says it is prepared to do less business rather than cut prices in the face of the currency crisis. It said devaluation of several Southeast Asian currencies had led to calls by some clients for price cuts. Shareholders yesterday approved a two-for-five rights issue to raise $95.91 million. The company said it would continue to seek investment opportunities in the real-estate trade.