SembCorp to exit sectors to avoid fire sales; noncore property, financial and travel services are targeted

Article Abstract:

SembCorp Industries has announced its plans to get out of the real property industry as well as the financial services, hotels and resorts and ferries and cruises businesses. The firm is taking S$419.5 million in write-downs fo 1998. An affiliate, Sembawang Marine and Logistics Ltd has S$32.6 million in writedowns while another affiliate, Sembawang Resources Ltd will exit the hospitality and property development business to concentrate on its industrial-park and building-material businesses. SembCorp Industries' move is aimed at avoiding fire sales.

Strategy & planning, Planning, SembCorp Industries Ltd.

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Hutchison trades Orange control for cash, telecom stake

Article Abstract:

Hutchison Whampoa Ltd has agreed to sell its 44.8% controlling interest in UK mobile-telephone operator Orange PLC to Mannesmann AG for $14.6 billion worth of stocks and cash. The cash will be used by Hutchison to invest in new businesses and expand its existing ones. The deal also gives Hutchison about 10% equity interest in Mannesmann. Hutchison Chmn Li Ka-shing claims that the sale of Orange does not mean that the company is pulling out of the global telecommunications business.

Asset sales & divestitures, Cellular and Other Wireless Telecommunications, Mobile Radio Services, Mergers, acquisitions and divestments, Telecommunications services industry, Telecommunications industry, Wireless communications services, Mannesmann AG, Hutchison Whampoa Ltd., Orange PLC

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