34 billion outstanding against KESO into government's equity.
Such a swap would also safeguard the interests of the minority shareholders and reflect the determination and continued support of the federal government to bring KESO out of the present financial crisis, Brig.
KESO is a leading Swiss cylinder manufacturer recognized throughout the world -- The company has sales of CHF 50 M, of which 50 percent are exports -- KESO's flat key cylinder concept strengthens ASSA ABLOY's total offering -- ASSA ABLOY is increasing its ownership from 35 to 65 percent -- Remaining shares will be acquired by the end of 2003
Ernst Keller, the owner and president of KESO, founded the company in 1963.
7% of budget deficit is contributed by the losses incurred by public sector corporations, such as KESO
, WAPDA, Steel Mills, and Railways.