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Strategies & Market Trends : Asia Forum - Investment Ideas

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To: Stitch who wrote (8)	3/9/1998 12:21:00 AM
From: peter michaelson	Read Replies (1) of 23

Hey Stitch: What a company!! I'm still trying to digest the list of business activities. How did one firm get into so many businesses? I remember a company in Zimbabwe I liked (TA Holdings - ZSE) that was in about 30 businesses. It's history was that it was originally owned by a Tobacco Farmers Cooperative which earned lots of hard currency but was not allowed to expatriate such. Therefore, they spent it on lots of local businesses, all indifferently managed, and the whole company therefore sold for about 3 times after-tax earnings! I wanted my fund (which never took off) to buy TA and sell each business to its management. What a deal - never got anywhere. best, peter

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