UB SELLS KREST FINLEASE TO HYDERABAD GROUP

Article Abstract:

The loss-making Krest FinLease Ltd (KFL) of Vijay Mallya's UB group has been sold to a Hyderabad group of persons for a nominal price. KFL had deposits of Rs17 crore and losses of Rs25 crore. The financial services and real estate company was bolstered by Rs12.8 crore from the UB group. The poor performance was due to poor recovery, withdrawal of deposits, accounting for income from non-performing assets and adverse market conditions. Matured deposits and interest repayments have been significantly delayed. (nr)

Financial Services, Finance and Insurance, Hyderabad Industries Ltd, Krest FinLease Ltd.

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UBL TO BUY BACK 30% IN NATIONAL SORGHUM

Article Abstract:

United Breweries Ltd, the holding company of the UB group, is to buy back a 30 percent stake in National Sorghum Breweries (NSB) of South Africa at a cost of $14-15 million. The stake is now held by an offshore vehicle of the UB group which had invested Rs60.4 crore to acquire the stake in NSB's equity. NSB has been licenced to produce the UB beer brands like Kingfisher Lager. The UB group has a 50 percent representation on NSB's board along with management control. (khr)

Comment:

Is to buy back a 30% stake in National Sorghum Breweries of South Africa at a cost of $14-15 mil

South Africa, Malt & Malt By-Products, Malt Manufacturing, Malt, Article, National Sorghum Breweries, United Breweries Ltd.

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KPMG LIKELY TO BUY OUT FERGUSON'S OPERATIONS

Article Abstract:

KPMG Peat Marwick is expected to acquire the Indian operations of AF Ferguson. Sources say that the deal will be announced when Mr Collin Sherman, the chief executive officer of KPMG, visits India later in October 1998. KPMG had earlier tried to enter into a deal with Ernst & Young and Anderson to consolidate its position in the domestic market as it does not have direct audit operations but only provides tax services. (khr)

Other Financial Vehicles, Tax Shelter Investment Svcs NEC, Tax shelters, KPMG Peat Marwick, AF Ferguson

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