Foreign business news in brief

  • Business
  • Tuesday, 18 Feb 2003

SEOUL: Samsung Electronics Co Ltd said that it has signed a contract to buy a 5% stake in Symbian Ltd of the UK for £17mil in a bid to enter the Symbian OS-based smart phone market. 

“We have decided on the strategic investment to tap into leading technologies and secure competitiveness for new products in the growing smart phone market,” it said. 

Symbian is a software licensing company, owned by wireless industry leaders such as Ericsson and Nokia, to supply the advanced, open, standard operating system called Symbian OS for data-enabled mobile phones. – AFX 


HONG KONG: Wheelock and Co Ltd said it proposes to divest its retail business portfolio, comprising Lane Crawford and its interest in Joyce Boutique Holdings and City Super department stores, for HK$589.8mil. 

The aggregate loss of the retail business portfolio attributable to Wheelock was about HK$38.7mil for the 12 months to March 2002, and about HK$7.1mil for the six months to September. The retail business portfolio has experienced high volatility in the past few years, the company said. 

It said the proceeds from the disposal would be used for Wheelock group debt payments. – AFX  


TOKYO: The liabilities for firms that went bankrupt in January hit a post-war record of 1.219 trillion yen after the collapse of several large real-estate firms, among them Shoei Fudosan KK, with debt of 150 billion yen and Taiheiyo Kanko Kaihatsu, with liabilities of 116.4 billion, Teikoku Databank said. 

Recession-induced bankruptcies totalled 1,108 cases, accounting for 77.2% of total failures. One in four bankrupt companies had been operating for 30 years or longer. – AFX  

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