Brokers in trouble
NZPA-Reuter Singapore The Singapore Stock Exchange has asked banks to put up about 5NZ119.79M to bail out brokers threatened by the collapse of Pan-Electric Industries, Ltd, industry sources said yesterday. Deals connected with PanElectric and other forward transactions before the abrupt closure of the Singapore and Malaysian exchanges had left several broking houses with severe cash problems, the sources said. Pan-Electric, a Singaporeanbased conglomerate with 68 subsidiaries at home and abroad, was put in receivership at the week-end with debts of JNZ343.2M.
The stock exchange halted J all trading to avert panic J selling and gave no indication » when they would resume. f The Singapore exchange 4 would guarantee the loan from J four major local banks and its i disbursement, but each bf its i 25 members would be liable , for JNZ4.7SM. i “Unless these brokers are < bailed out, the whole stock * market can be in serious i trouble,” a senior investment • analyst told Reuters. J Brokers estimated that total i forward share deals could run *, to SNZIS3BM, four times the „ total paid-up capital of all J brokinghouses of less than v 5NZ399.6M. ♦
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Press, 4 December 1985, Page 46
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187Brokers in trouble Press, 4 December 1985, Page 46
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