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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Worswick who wrote (6123)	9/3/1998 9:48:00 AM
From: Stitch	Respond to of 9980

Clark, I would guess that Sime Darby will do ok throughout all this and maybe even be a beneficiary of the new rules. With a fixed exchange rate they will have a more predictable cash flow and borrowings will be less expensive. Nevertheless I confess I have had my eye off this ball for awhile now. Best, Stitch

To: Worswick who wrote (6123)	9/3/1998 9:57:00 AM
From: Robert Douglas	Respond to of 9980

Worswick, you wrote: Between times I think that England had currecny controls between 1945 and 1975 thereabouts. Travel to England look at the clogged roads, look at the absolutely totally clogged up infrastructure in the UK... to this day and then go to Europe where they had freely convertible currencies and see their infrastructure. It is totally stark view Stitch. I hope this isn't inappropriate commentary on the situation, which is certainly dire, but I couldn't help but chuckle at your blaming the roads and other infrastructure on currencies. <g> I think we have gone too far when we start attaching such monumental powers to the way currencies are exchanged. I certainly think the unpleasantness that immediately preceeded this 1945 period (you know, that paper hanging chap, it was in all the papers) had more to do with the differences in roads and infrastructures. Similar differences exist in many U.S. cities that were laid out during different eras-all under the same currency system. -Robert

To: Worswick who wrote (6123)	9/3/1998 10:56:00 AM
From: Stitch	Read Replies (1) \| Respond to of 9980

Clark, This could be telling insofar as Sidby is concerned: Minority Shrholder Mobius Vs Sime Darby Pilipinas Delisting 08/31/98 Dow Jones News Service (Copyright (c) 1998, Dow Jones & Company, Inc.) MANILA (Dow Jones)--Mark Mobius, managing director of financial concern Templeton Asset Management Ltd., is opposing the delisting of shares of Sime Darby Pilipinas Inc. (Q.SDP), a unit of Malaysia's Sime Darby Far East Ltd. Templeton Management holds a 5% interest in Sime Darby Pilipinas. According to a letter to Sime Darby Pilipinas from Mobius dated Aug. 27, released Tuesday by the Philippine Stock Exchange, Mobius said he is objecting to the proposed delisting because 'it is being undertaken to hide the effects' of Sime Darby Pilipinas' recent purchase of a 51.4% stake in U.K.-based Lec Refrigeration PLC. Sime Darby Pilipinas will invest 1.17 billion pesos (PHP) ($1=PHP43.592) in LEC Refrigeration, a refrigerator maker. Mobius has said in the past he believes the investment is an attempt by Sime Darby Bhd. (SIDBY) of Malaysia to prop up a money-losing London subsidiary. Sime Darby Pilipinas is 66%-owned by Sime Darby Far East, which in turn is a subsidiary of Sime Darby Bhd. Lec Refrigeration is wholly owned by Sime Darby London Ltd., also a unit of Sime Darby Bhd. Late last month, Sime Darby Pilipinas said its board approved a plan to delist its shares after a buyout of minority shareholders. The move, it said, was aimed at conserving its funds.