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June 2, 1988

LOGICA SYSTEMS IN HONG KONG AIMS TO GROW BY MAKING FAR EASTERN ACQUISITIONS

By CBR Staff Writer

According to managing director Ken Hapgood, newly formed Logica Systems has now placed bids for three major Hong Kong bank projects, and clearly intends to develop its base within the Crown Colony’s financial sector. Hapgood also indicated, however, that he expects the company to expand and diversify its operations in Asia, through a series of acquisitions and regional joint ventures. As reported in April (CI No 918) the Hong Kong based Logica Systems was formed when UK parent Logica Plc bought out Jardine Matheson’s 50% stake in their Jardine Logica joint venture to gain 100% of the company. Logica formed the joint venture – its first – in 1983 to computerise the Hong Kong stock exchange. Jardine Matheson is one of the five British firms princely Hongs – that virtually owned and controlled Hong Kong until the early 1970’s, when local Chinese businessman flexed their financial muscles and started the expansion moves that led to their current domination of the colony’s financial life.

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