(A)
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Annex B
(page 2)
Hyundai Engineering & Construction Co. Ltd
Working Capital
Minimum required for listing as Hong Kong Government's Approved Contractor for Public Works -
HK$6.80 million (US$0.88 million)
(B)
Hyundai's Working Capital as assessed on 28 March 1992 -
US$ million
(1) Working Capital for the year ending 31 December 1990
112.5
(2)
Less outstanding payments from Iraq and Kuwait which were not likely to be collected as a result of continued UN sanction (a position admitted by Hyundai)
(819.1)
(3) Add additional banking
290
facilities granted to Hyundai;
revenue (current part) from recent land sales
114
Overall Deficit in Working Capital
(302.6)
(C)
Total shortfall [(A) + (B)]
US$303.5 million
GF 323
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