BRIEFS

BRIEFS

PRUDENTIAL BUYS ASSETS

FROM HONG KONG'S NAVAHONG KONG - Prudential Securities said its affiliates in Hong Kong and Singapore have agreed to acquire a range of assets from Nava SC Securities in Hong Kong and Nava Securities (Singapore).

The firm said in a statement that the acquisition will include the operating and settlement systems of Nava SC Securities, some of its retail client advisers, research teams in Hong Kong and Singapore, and seven of Nava SC Securities' seats on the Stock Exchange of Hong Kong.

Prudential will also assume Nava SC's business as provider of transaction and administration services for Standard Chartered Investment services, the retail investment division of Standard Chartered Bank of Britain.

CA PACIFIC FINANCE

IN HONG KONG CLOSES

HONG KONG - Hong Kong financial services company CA Pacific Finance has collapsed and an application to appoint a provisional liquidator will be made soon, according to a statement released by the Securities and Futures Commission.

Other members of the CA Pacific Group - CA Pacific Futures Ltd., CA Pacific Securities Ltd., and CA Pacific Forex Ltd. - will refrain from conducting business without the consent of the SFC.

CA Pacific Group Ltd. is 41.39 percent owned by Capital Asia Ltd. In a letter to the stock exchange, Capital Asia noted that CAPF had ''liquidity problems and is in financial difficulties.''

WORLD BANK TO SUPPORT

REFORM IN BULGARIA

SOFIA, Bulgaria - World Bank representatives currently in Sofia said Monday the bank will support the Bulgarian Cabinet's administrative reform program.

The Cabinet's program for administrative reform and for measures against corruption was discussed Monday by Kenneth Lay, director of the World Bank for southeastern Europe, in a meeting with Prime Minister Ivan Kostov.