SINGAPORE ENDS SCHEME TO HELP BROKING FIRMS
The Stock Exchange of Singapore has
decided to discontinue a 150 mln dlr standby credit facility
for broking firms facing financial problems because of the
failure of Pan-Electric Industries Ltd, an exchange statement
said.
    The credit line from four local banks was set up on
December 3, 1985 to bail out firms involved in forward
contracts with Pan-Electric, which went into receivership in
November 1985 owing 390 mln dlrs. The company was wound up last
year.
    Local broking houses have been contributing a 0.125 pct
levy on share transactions to the scheme but will no longer do
so, the statement said.
 REUTER
