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KPMG COMPLETES AUDIT OF SHANGHAI PETROCHEMICAL COMPANY LIMITED (SPC), LARGEST OF CHINA'S STATE-OWNED BUSINESS SELECTED FOR PRIVATIZATION

 NEW YORK, Aug. 16 /PRNewswire/ -- KPMG, the world's largest professional services firm, has completed the audit of Shanghai Petrochemical Company Limited (SPC), an operation with approximately $500 million in sales and 40,000 employees. It is the largest of China's nine state-owned businesses initially selected for privatization.
 The SPC assignment is of historic note in that it will be the first of China's newly privatized enterprises listed on three stock exchanges -- New York, Hong Kong and Shanghai. The New York and Hong Kong listings have been completed, with Shanghai to follow shortly.
 In the listing of the company on these exchanges, KPMG offices in Beijing, Hong Kong and the U.S. collaborated to convert Chinese accounting systems to international accounting standards and then audited financial statements for three prior years in compliance with three different exchange requirements. The assignment was successfully completed within eight months.
 "KPMG is proud to have made a significant contribution to the privatization of Shanghai Petrochemical Complex, an historic assignment," says Stephen G. Butler, partner in charge, International, at KPMG Peat Marwick. "China is the new frontier for our profession and we look forward to many new opportunities to work successfully in China's expanding markets."
 KPMG, the world's largest professional services firm, operates in 125 countries with 819 offices and 76,000 employees worldwide. It was the first accounting firm to recognize the importance of global business, leading to the first international merger in the accounting profession in 1987.
 -0- 8/16/93
 /CONTACT: Katherine Cavanaugh of Dorf & Stanton Communications, 212-420-8100, or 800-223-2121, or Barbara Kraft or Kovin Kelly of KPMG Peat Marwick, 212-909-5266, or 212-909-5108/


CO: KPMG Peat Marwick; Shanghai Petrochemical Company Limited ST: New York IN: OIL SU:

MP-OS -- NYM007 -- 2860 08/16/93 08:02 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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