| Toshiba Establishes Financial Subsidiary in Singapore, Launch US$800 million CP/MTN Program 25 January, 1996 TOKYO -- Toshiba Corporation today announced that it has established its first Asian financial company in Singapore. Capitalized at 4 million Singapore dollars, the wholly-owned company, Toshiba Capital (Asia) Ltd. (TCAL), will start operation in March 1996 as the financial center for Toshibas business operations in Asia and Oceania. TCAL will launch commercial paper (CP) and Euro-Asian medium term note (MTN) programs with a combined facility of US$800 million in total. Once the new Singapore companys operations get under way, Toshiba expects the new company to minimize the cost of raising finance in the international money market, and that the concentration of settlement functions for its Asian business will cut settlements costs for international trades between Toshiba group companies. TCAL will support accounting for Toshibas Asian subsidiaries, undertake analysis of the investment environment and conduct investor relations activities in Singapore. In the near future, the new company will also act as a regional center for foreign exchange transactions. In cooperation with Toshiba Asia Pacific Pte., Ltd., TCAL will strongly support the operations of Toshibas Asian subsidiaries. Toshiba already has three finance subsidiaries in the U.S., the U.K. and the Netherlands. With the addition of TCAL, Toshiba aims to establish its own international financing and currency exchange network.
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