World Briefing

Sweden’s Skandia sets up China equity fund: Sweden’s Skandia Insurance Co has set up an equity fund to invest in China’s hard currency B shares, the Shanghai Securities News said on Friday. China Securities Co, one of China’s biggest brokerages, will act as the investment consultant for the fund and provide brokerage services for daily trading, the newspaper said. The value of the fund was expected to reach $13 million within one year, a China Securities official said.

San Mig to sell 100 mln Coca-Cola Bev shares: Philippine food and beverage giant San Miguel Corp said on Friday it plans to sell up to 100 million of its shares in Coca-Cola Beverages Plc (CCB). Coca-Cola Beverages is the demerged European business of the Australia-based Coca-Cola Amatil Limited (CCA). San Miguel has a 25 per cent stake in Coca-Cola Amatil. Last May, San Miguel said it was selling a minimum of 50 millionshares out of its 212.3 million Coca-Cola Beverages shares.

American Standard tenders on Thai unit: American Standard Inc has tendered to buy all the remaining shares it does not already hold in its Thai unit American Standard Sanitaryware (Thailand) (ASTL), the Thai firm said on Friday. In a statement to the Stock Exchange of Thailand, ASTL said its US parent, which currently holds a 69.24 per cent stake, had offered to buy the remaining 2.30 million ASTL shares at 210 baht ($5) per share. The offer period would take place from July 6 to August 10 with Dhana Siam Securities Plc acting as the buying agent, the statement said.

Meggitt buys up remaining 40% of Heatric

British aerospace and electronics group Meggitt Plc said on Friday it is buying the remaining 40 per cent of Heatric Ltd it does not already own for an initial 15 million pounds. A further five million pounds will be paid should Heatric’soperating profits in 1999 or 2000 exceed five million.

Heatric has designed a heatexchanger which is smaller than conventional models and a fraction of their weight – which it says is important for improving the efficiency of offshore gas production.

Jomo Twisting to issue shares to Claremont Capital: Jomo Twisting Thread Co Ltd said on Friday that it would issue three million new shares worth 330 million yen to Japanese finance firm Claremont Capital Holding KK later this month. Claremont Capital will become a major shareholder in the company with a stake of 23.4 per cent, Jomo Twisting Thread said in a statement. After the capital increase Daiei Inc, another major shareholder, will have a 7.6 per cent stake in Jomo Twisting Thread.

Hyundai Motor Union plans stir: All unionised workers at Hyundai Motors factory lines would down tools from 10.00 am on Monday. The industrial action follows a 24-hour strike on Tuesday, also in protest at the company’s decision to lay off 4,830 workers to maintain its competitiveness. But the company, the flagship unit of the Hyundai Group,has said the strike was illegal.