Transfarm-Daewoo venture has yet to start operations.

CEBU CITY - From the time the Norkis-led Transfarm & Co. Inc. and Daewoo Corp. of Korea forged a joint-venture agreement in 1994 until their partnership soured in 1997, not a single Daewoo passenger car was manufactured at its assembly plant in Canamucan, Compostela, around 30 kilometers north of this city.

In its general information sheet filed with the Securities and Exchange Commission (SEC) Cebu extension office last year, TransDaewoo Automotive Manufacturing Co., Inc. reported that it has not started commercial operations.

Under a joint-venture agreement signed by Transfarm and Daewoo in April 1994, the start of commercial operations refers to the date …