HSBC will hold stake
HSBC Holdings will maintain its 40 per cent stake in the Saudi British Bank, says the Saudi business newspaper Al-Eqtisadiah, which reported the bank would subscribe to 800,000 shares being floated.
The move follows close on a decision by Indosuez, the foreign partner in al-Bank al-Saudi al-Fransi, not to participate in the bank's capital increase, and Citibank, the foreign partner in Saudi American Bank, selling 10 per cent of its per cent stake totwo national institutions.
MTRC report wins again THE Mass Transit Railway Corp has won the Best Report Award for the third successive year.
Organised by the Hongkong Management Association, gold awards were also presented last night to First Pacific Co for the general (non-Hang Seng Index company) category, China Light and Power Co (Hang Seng Index company) and the stock exchange (non-profit-making and charitable organisations).
Wong's set for provision WONG'S International is expecting to make a provision for an unspecified stake in US personal computer maker Everex, which has filed for voluntary protection from creditors under Chapter 11 of the US Bankruptcy Code.
The book cost of the printed circuit board and electronic products maker's 15 per cent stake in Everex was $71.55 million, a sell-down of which has generated $107.96 million in extraordinary profit since 1987.
Cradock in China fund THE former foreign affairs adviser to British Prime Minister John Major, Sir Percy Cradock, has been appointed to the board of Kleinwort Benson's US$60 million China investment fund.
The fund, established in October last year and listed on the London stock exchange, invests in established or new unlisted Sino-foreign joint ventures as well as mainland B shares.