Venture to serve ASEAN

Venture to serve ASEAN

SINGAPORE (AFP): Sembawang Capital Pte. Ltd. of Singapore has joined hands with AT and T Credit Corp. of the United States to provide financial services in Southeast Asia, officials said yesterday.

The joint venture, called the Capita Corp. Singapore Pte. Ltd., will begin operations by providing leasing and financing equipment sales of U.S. telecom giant American Telephone and Telegraph Co. (AT and T) in Singapore and elsewhere in the ASEAN region.

The equipment includes telecommunications, general-purpose office, information technology and transport systems.

"After establishing a firm base in Singapore, the company may embark on similar businesses in the region by forming joint ventures with established institutions and local partners," a statement by Sembawang Capital said.

Singapore is a member of the Association of Southeast Asian Nations (ASEAN), which also groups Brunei, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.

The joint venture expects to achieve a turnover of S$90 million (US$64 million) in five years with assets of S$175 million.

"Approximately 3,000 multinational companies operate in the ASEAN region, with many of them using Singapore as their regional headquarters," said Irving Rothmans, executive vice president of AT and T Capital Corp.

"As a gateway to Southeast Asia, Singapore is the ideal location for overseeing business in fast-growing countries such as Malaysia, Indonesia, Thailand, Vietnam, the Philippines and Brunei," he added.

AT and T Capital is the parent of AT and T Credit Corp., the largest listed leasing and finance company in the United States. The company leases and finances equipment to about 500,000 businesses in the United States, Canada, Latin America, Europe and Asia.

Sembawang Capital, a leading leasing and financial institution here, is part of the diversified Sembawang group.