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.