Singapore, Oct 10: Electronics-based Ultro Technologies Ltd said that the company had been buffered from Asia's economic slump as its core customers were European and US multinational corporations (MNCs) in the region."The MNCs are using Asia as a low cost manufacturing base. Forutunately that has not been that badly affected by the regional crisis," Larry Lim, Ultro's executive chairman told Reuters at the launch of its initial public offering (IPO).
The group, which distributes electronic components and manufactures connectors, is offering 36 million new shares at Singapore $0.25 each in the IPO.
"Only a small percentage of our customers are the local corporations. They are the ones who are badly affected," he said.
Ultro has operations in Singapore, India, Thailand, Malaysia and the Philippines.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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