THE PHILIPPINES
From Times Staff and Wire Reports
Attempt to Privatize Steel Firm Fails: The government’s first major privatization effort this year was the sale of a majority stake in the nation’s biggest steel firm. National Development Co., owner of National Steel Corp., said it has rejected bids submitted by Indian and Malaysian-Filipino groups. Both bids, submitted last week, were well below the $370-million indicative price set by National Development Co. for a 65% stake in the steel firm.
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