/raid1/www/Hosts/bankrupt/TCRAP_Public/010831.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 31, 2001, Vol. 4, No. 171
Headlines
A U S T R A L I A
ANACONDA NICKEL: Capital Raising Yields A$140 Million
CABLE & WIRELESS: SingTel Stake Grows
CABLE & WIRELESS: Removed From S&P/ASX Index Lists
CABLE & WIRELESS: SingTel Waives Prescribed Occurrences
CABLE & WIRELESS: Shareholders Support SingTel's Offer
KEYCORP LIMITED: Director Wood Changes Interest
PACIFIC COMMERCE: Placed In Voluntary Administration
C H I N A & H O N G K O N G
AEROLIGHTS ENTERPRISES: Winding Up Petition Slated For Hearing
FOURSEAS.COM: Resolutions On Financial Restructuring Passed
FOURSEAS.COM: Shareholders Approve Share Consolidation
K.C. WING: Winding Up Sought By Wice Air
HANSON SWIMMING: Winding Up Petition Pending
I N D O N E S I A
ASTRA INTERNATIONAL: H101 Losses Up From Previous Year
SEMEN GRESIK: Likely To Ease Debt In Light Of Strong Currency
SEMEN GRESIK: To Spin-Off Units Despite Put Option Agreement
J A P A N
CRAYFISH CO: Updates Cost-Cutting Targets
EISAI CO: Unit Shuts Down Texas Plant
MITSUBISHI ELECTRIC: Semicon Sector Likely To Sink Into Red
K O R E A
DAEWOO MOTOR: Government Against Nationalization
HYNIX SEMICON: Defaults On Debt Payment
HYNIX SEMICON: KDB Won't Allot Fresh Funds Without Plan
KEANGNAM ENTERPRISE: Considers Rescheduling Of Debts
SAMSUNG ELECTRONICS: Toshiba Semicon Unit Acquisition Proposed
SAMSUNG ELECTRONICS: Signs MOU With Toshiba
SHINHAN BANK: Stock Buyers Asked To Perform Right By Aug 31
SHINHAN BANK: To Be Deleted From MSCI Indices Sept 7
M A L A Y S I A
ANSON PERDANA: Units' Winding-Up Petition Hearing Adjourned
BESCORP INDUSTRIES: Seeks KLSE Approval On Time Extension
CHASE PERDANA: Extension Application Still Pending
IDRIS HYDRAULIC: Unit TIB Acquires Shares From PICM
SENG HUP: Pengurusan Danaharta Extends Moratorium Period
SRIWANI HOLDINGS: Modifies Proposed Scheme
P H I L I P P I N E S
METRO PACIFIC: Pre-Qualified Bidders 55% Devt Rights
NATIONAL POWER: GSIS Claims Sole Reinsurance Responsibility
URBAN BANK: Export Bank Readies Payment For Depositors
WGA: SEC OKs Equity Restructuring
S I N G A P O R E
AMTEK ENGINEERING: Releases Financial Statement Ended June 30
HO WAH GENTING: Won't Consummate Toll Road Acquisition
I-ONE.NET INT'L: UOB Kay Hian To Underwrite 173M Rights Shares
PANPAC MEDIA.COM: Proposes 20M Shares Placement
T H A I L A N D
SIAM STEEL: Clarifies 2001 Income Statement Ended June 30
SIAM SNYTEC: SET Temporarily Suspends Trading
STA GROUP: Petition For Business Reorganization Filed In Court
SUN TECH: Reports On Fiscal Year Ended Financial Results
THAI TELEPHONE: Posts Board Of Directors' Resolutions
TPI POLENE: SET Posts `H' Sign
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Capital Raising Yields A$140 Million
-----------------------------------------------------
Anaconda Nickel Limited announced that the renounceable rights
issue of one ordinary share for every 4.1 shares at $1.55 per
share closed on 24 August.
Anglo American Plc, Sherritt International Corporation
and Glencore International AG have confirmed their support for
the Company, with the majority of funds raised under the issue
having already been received by the Company.
The fully underwritten rights issue raised A$140,260,000 in
inclement market conditions and minimized dilution of
shareholders through its premium.
CABLE & WIRELESS: SingTel Stake Grows
-------------------------------------
SingTel Australia Investment Limited increased its relevant
interest in Cable & Wireless Optus Limited on 29 August 2001,
from 2,003,559,166 ordinary shares (52.90 percent) to
2,256,267,728 ordinary shares (59.57 percent).
CABLE & WIRELESS: Removed From S&P/ASX Index Lists
--------------------------------------------------
Standard & Poor's announced Thursday the following changes to
S&P/ASX Indices:
Removal -
Cable & Wireless Optus Limited (ASX:CWO)(Optus) will be removed
from the S&P/ASX Indices as a result of the takeover offer for
the company by Singapore Telecommunications Limited (ASX:SGT)
(SingTel).
Addition -
Singapore Telecommunications Limited (ASX:SGT) will be added to
the S&P/ASX 20, S&P/ASX 50, S&P/ASX 100, S&P/ASX 200, and
S&P/ASX 300 Indices as a replacement company for Cable &
Wireless Optus Limited.
S&P announced that the timing of the change will be effective
after the close of business on the first day of official
quotation for SingTel on the Australian Stock Exchange. Hence
Optus will be removed from the indices and SingTel included in
S&P/ASX Indices effective the start of SingTel's second day of
trading on the Australian Stock Exchange. The date for SingTel
obtaining official quotation on the Australian Stock Exchange is
yet to be determined.
Jason Feldmayer, Director, S&P Index Services stated "The S&P
Australian Index Committee viewed SingTel as the most
appropriate replacement company for Optus at this time despite
it being an overseas based company. The Committee decided that
since Optus holders accepting option 2 of SingTel's offer will
be holding SingTel shares that the index should initially
reflect their holdings once Optus is removed."
"The committee will be monitoring SingTel, as with all other
companies, to see whether it should remain on the indices at
upcoming quarterly reviews."
Company additions to and deletions from an S&P equity index do
not in any way reflect an opinion on the investment merits of
the company.
CABLE & WIRELESS: SingTel Waives Prescribed Occurrences
-------------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced
Wednesday that its wholly owned subsidiary, SingTel Australia
Investment Ltd (SingTel Australia), has waived the prescribed
occurrences and material adverse change conditions to its offer
to acquire the ordinary shares of Cable & Wireless Optus
Limited.
Consequently, the offer by SingTel Australia for Optus is now
conditional only on 50 percent minimum acceptance.
Cable & Wireless Plc (C&W) is now obliged to accept SingTel
Australia's offer in respect of 19.8 percent of the shares in
Optus on or before 30 August. Based on current acceptance
levels, once C&W accepts the offer in respect of these shares,
the 50 percent minimum acceptance condition will be met and the
SingTel Australia offer will then be wholly unconditional. Based
on current acceptance levels, if C&W accepts SingTel Australia's
offer for its entire 52.31 percent stake, SingTel Australia will
have acquired 86.58 percent of Optus' shares.
SETTLEMENT AND THE SINGTEL DIVIDEND
Optus shareholders who accept the SingTel Australia offer on or
before the day on which it becomes wholly unconditional
(Unconditional Date) will be paid the consideration they choose
within seven days of the Unconditional Date.
As noted above, it is now likely that the Unconditional Date
will occur on or before 30 August and that Optus shareholders
who accept on or before the Unconditional Date and who choose
the Share Alternative or the Share and Cash Alternative will be
entitled to receive the SingTel dividend of S$0.055 per SingTel
share (less Singapore tax). Optus shareholders accepting the
offer after the Unconditional Date (or who choose the Share,
Cash and Bond Alternative) will not be entitled to receive the
SingTel dividend.
Lee Hsien Yang, President and Chief Executive Officer of
SingTel, commented: "Based on the current expected sequence of
events, SingTel expects that Optus shareholders who accept the
all share or share and cash alternative on or prior to the
unconditional date will be eligible to receive SingTel's
dividend. We encourage Optusshareholders to accept the offer as
soon as possible and look forward to welcoming them as SingTel
shareholders."
PAYMENT OF SINGTEL DIVIDEND IN AUSTRALIAN DOLLARS
On 17 August 2001, SingTel announced the making of a new rule
under its constitution to enable dividends payable in relation
to SingTel shares issued to accepting Optus shareholders to be
paid in Australian dollars. This rule will be effective prior to
the payment date for the SingTel dividend of S$0.055 per SingTel
share (less Singapore tax). Therefore, should Optus shareholders
accepting SingTel's offer become entitled to receive that
dividend, they will receive it in Australian dollars. The rate
of exchange used to determine the amount of Australian dollars
payable will be the average of the quoted rates, as selected by
any SingTel director, prevailing over the five market days
immediately preceding 6 September 2001.
EDITOR'S NOTE
Offer documents were dispatched to Optus shareholders the week
commencing 21 May 2001. However, if they have not been received
or if shareholders have any questions regarding how to accept
the Offer, they should contact Computershare Investor Services
Pty Limited on (011 61) 1.800.501.501. If shareholders have any
other questions regarding the Offer, they should call the Optus
Shareholder Information Line on (011 61) 1.800.677.678.
NOTICE UNDER SECTION 650F OF THE CORPORATIONS ACT 2001
To: Cable & Wireless Optus Limited ACN 052 833 208
and to: Australian Stock Exchange Limited
By this notice, SingTel Australia Investment Ltd ARBN 096 999
530 (the Bidder) declares the offers dated 23 May 2001 (the
Offers) made by it under an off-market takeover bid for ordinary
shares in Cable & Wireless Optus Limited and the contracts
formed by the acceptance of any of those Offers free from each
of the conditions set out in subparagraphs (iii) and (vi) of
paragraph 9.12(a) of the Offers.
The Offers are now free of those conditions.
The Offers now remain subject only to the condition set out in
subparagraph 9.12(a)(ii) of the Offer, which relates to minimum
acceptance.
The Bidder's voting power in Cable & Wireless Optus Limited, so
far as the Bidder knows, at the time of giving this notice is
54.1 percent.
CABLE & WIRELESS: Shareholders Support SingTel's Offer
------------------------------------------------------
Wednesday Chris Anderson, Chief Executive of Cable & Wireless
Optus, welcomed the SingTel offer. But for minimum acceptance,
the offer is free of all conditions. Anderson said shareholder
acceptances of the SingTel offer for Optus were running
strongly.
"SingTel today announced that, based on today's acceptance
levels, if Cable & Wireless Plc tomorrow accepts, in relation to
its entire shareholding, SingTel will have an interest in more
than 86 percent of Optus."
"We understand from the Computershare registry that acceptances
are continuing to flow today."
"Shareholders should be aware that if they wish to be eligible
for the SingTel dividend they should move quickly to accept the
offer," Anderson said.
Under the terms of the SingTel offer, shareholders who accept
tomorrow will be eligible for a dividend of S5.5 cents per
SingTel share (less Singapore tax).
Shareholders will still be able to sell into the bid after
tomorrow but they will not be eligible for the dividend.
If acceptances proceed beyond 90 percent before the close of the
offer (17 September) SingTel will immediately proceed to
compulsorily acquire the remaining Optus stock.
KEYCORP LIMITED: Director Wood Changes Interest
-----------------------------------------------
Keycorp Limited's Director John William Wood posted this notice:
NOTICE OF DIRECTOR'S INTERESTS
Section 205G of the Corporations Law
UPDATING NOTICE
Name of Director John William Wood
Name of Company Keycorp Limited
Date of Last
Notification to ASX November 2000
Date Director's
Interest Changed 16/08/2001 bought 10,000 Shares
17/08/2001 bought 10,000 Shares
20/08/2001 bought 10,000 Shares
21/08/2001 bought 10,000 Shares
22/08/2001 bought 10,000 Shares
23/08/2001 bought 10,000 Shares
24/08/2001 bought 10,000 Shares
27/08/2001 bought 10,000 Shares
28/08/2001 bought 10,000 Shares
29/08/2001 bought 10,000 Shares
* 100,000 in total
"I have a relevant interest in the following securities of the
company or related bodies corporate:
Keycorp Limited (ACN 002 519 986)
Type of security: Fully paid ordinary
Number of securities: 660,486
"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate:
33500 options exercisable before 17/12/01, previously disclosed
31700 options exercisable before 26/2/03, previously disclosed
PACIFIC COMMERCE: Placed In Voluntary Administration
----------------------------------------------------
The Directors of Citadel Pooled Development Limited (CID)
advised that Pacific Commerce Pty Ltd, in which it holds an
investment of more than $2 million, has been placed in Voluntary
Administration.
Citadel is in discussion with Price Waterhouse Coopers (PWC),
the administrators appointed by the Board of Pacific Commerce,
in regards to the possible restructuring of Pacific Commerce so
as to avoid liquidation and preserve as much value as possible
for all of the stakeholders.
Pacific Commerce was established in 1996 and has emerged as one
of Australasia's leading providers of business-to-business (B2B)
eCommerce and eBusiness solutions.
================================
C H I N A & H O N G K O N G
================================
AEROLIGHTS ENTERPRISES: Winding Up Petition Slated For Hearing
--------------------------------------------------------------
The petition to wind up Aerolights Enterprises Limited is set
for hearing before the High Court of Hong Kong on September 12,
2001 at 9:30 am. The petition was filed on June 28, 2001 by The
National Commercial Bank Limited Hong Kong Branch of Nos. 1-3
Wyndham Street, Hong Kong.
FOURSEAS.COM: Resolutions On Financial Restructuring Passed
-----------------------------------------------------------
The Board of Fourseas.com Limited announced that all the
resolutions approving the Financial Restructuring Proposal, the
Non-exempted Ongoing Connected Transaction, the general mandates
to issue and repurchase New Shares and the grant of Whitewash
Waiver set out in the notice of the Special General Meeting
contained in the Composite Document have been duly passed on
August 30, 2001.
The proposed resolutions relating to the Subscription Agreement,
the Disposal Agreement, the Management Agreement, the Joint
Venture Deeds and the transactions contemplated thereunder and
the grant of the Whitewash Waiver, which were taken by way of
poll, were approved by the Independent Shareholders present and
voting in person or proxy at the Special General Meeting.
COMPLETION OF FINANCIAL RESTRUCTURING PROPOSAL
The Capital Reorganization has been effective since 4:00 p.m. on
29th August, 2001 and the Subscription Agreement and the
Disposal Agreement are expected to be completed on 3rd
September, 2001. The Board also wishes to remind the
Shareholders of the expected timetable and the arrangements for
dealings in the shares of Fourseas.com, which have been set out
in the joint announcement of Fourseas.com and Giant Glory dated
2nd August, 2001.
It is the intention of Giant Glory that Fourseas.com will remain
listed on the Stock Exchange upon completion of the Subscription
Agreement. However, upon completion of the Subscription
Agreement, Giant Glory will hold approximately 90.19% of the
enlarged issued share capital of Fourseas.com and less than 25%
of the New Shares in issue will be held in the public hands.
Giant Glory and its directors and the Proposed Directors have
jointly and severally proposed to the Stock Exchange that they
will take appropriate steps as soon as possible upon completion
of the Subscription Agreement to ensure that not less than 25%
of the New Shares in issue will be held by the public so as to
meet the requirement of Rule 8.08 of the Listing Rules. It is
the intention of Giant Glory to place down its shareholding in
Fourseas.com to independent third parties not connected with the
directors, chief executive or substantial shareholder of
Fourseas.com or any of its subsidiaries or their respective
associates (as defined in the Listing Rules) as soon as possible
following completion of the Subscription Agreement.
If the Stock Exchange believes that (i) a false market exists or
may exist in the New Shares; or (ii) there are too few New
Shares in public hands to maintain an orderly market, then it
will consider exercising its discretion to suspend trading in
the New Shares on the Stock Exchange. Accordingly, Shareholders
and public investors should exercise caution when dealing in the
shares of Fourseas.com.
The Stock Exchange will also closely monitor all future
acquisitions or disposals of assets by Fourseas.com. The Stock
Exchange has indicated that it has the discretion to require
Fourseas.com to issue a circular to its Shareholders
irrespective of the size of any proposed transactions,
particularly when such proposed transactions represent a
departure from the principal activities of Fourseas.com. The
Stock Exchange also has the power to aggregate a series of
transactions of Fourseas.com and any such transactions may
result in Fourseas.com being treated as if it were a new listing
applicant.
FOURSEAS.COM: Shareholders Approve Share Consolidation
------------------------------------------------------
Fourseas.com Limited (Fourseas.com) advised market participants
that the shareholders of Fourseas.com have approved the
consolidation of shares on the basis of 10 existing ordinary
shares (Old Shares) of Fourseas.com into 1 new ordinary share
(New Shares).
Effective August 30, 2001, a temporary counter under stock code
2970 and stock short name "FOURSEAS.COM" will be established for
trading in board lots of 500 New Shares each to replace the
previous counter (stock code: 755) for trading in board lots of
5,000 Old Shares each.
K.C. WING: Winding Up Sought By Wice Air
----------------------------------------
Wice Air Freight (H.K.) Limited is seeking the winding up of
K.C. Wing Cheung Knitters Limited. The petition was filed on
August 9, 2001 and will be heard before the High Court of Hong
Kong on November 21, 2001 at 9:30 am.
Wice Air holds it registered office at Room 1001, Peninsula
Square, 18 Sung On Street, Kowloon, Hong Kong.
HANSON SWIMMING: Winding Up Petition Pending
--------------------------------------------
Hanson Swimming Pools Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 10, 2001 at 9:30 am.
The petition was filed on July 17, 2001 by Cheung Wai Man of
2/F., 9 Sun Street, Wanchai, Hong Kong.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: H101 Losses Up From Previous Year
------------------------------------------------------
Automaker PT Astra International consolidated net loss widened
to Rp993.08 billion for the first half ended June 30, 2001 from
Rp702.48 billion in January-June last year.
The company's financial report was unaudited.
* Net loss Rp993.08 billion vs Rp702.48 billion
* Net sales Rp14.50 trillion vs Rp12.87 trillion
* Cost of goods sold Rp12.03 trillion vs Rp10.36 trillion
* Gross profit Rp2.47 trillion vs Rp2.51 trillion
* Operating income Rp1.16 trillion vs Rp1.55 trillion
* Interest income Rp211.51 billion vs Rp166.55 billion
* Forex loss Rp2.16 trillion vs Rp1.10 trillion
* Loss per share Rp395 vs Rp283
SEMEN GRESIK: Likely To Ease Debt In Light Of Strong Currency
-------------------------------------------------------------
State-owned cement producer PT Semen Gresik Finance Director
Satriyo believes the rupiah will remain strong, which in turn
will ease the company's debt burden, Jakarta Post reported
yesterday.
He said the company must repay Rp215 billion and another US$162
million by January next year.
Earlier this year, the company issued bonds to secure funds for
the debt payment but then halved the issue due to sluggish
market conditions at the time.
"Semen Gresik would make up the shortfall with loans of up to
Rp700 billion from Bank Mandiri," Satriyo said.
The company suffered a net loss of Rp41.4 billion in the first
semester of this year due to foreign exchange losses.
SEMEN GRESIK: To Spin-Off Units Despite Put Option Agreement
------------------------------------------------------------
Cement producer PT Semen Gresik planned to spin off its two
cement subsidiaries, PT Semen Padang and PT Semen Tonasa,
despite the government's put option deal with Mexican-based PT
Cemex Indonesia to sell the company for US$520 million, Jakarta
Post reported Thursday referring to company President Urip
Timuryono.
"Reviews of the implementation of spin-off plans and the put
option agreement were being conducted simultaneously. The
government and our company are investigating the most effective
solution," Urip said.
The government is doing its best to raise this year an amount of
Rp6.5 trillion in privatization proceeds as part of reform
targets agreed with the International Monetary Fund (IMF).
"So far, no funds have been raised through privatization and
with only four months left before the deadline. Exercising
Cemex's put option deal, however, would earn the government
US$520 million, " State Minister for State Enterprises Laksamana
Sukardi said.
At present, Cemex owns 25.53 percent in the company, 11 percent
of which was acquired through the stock market.
Cemex's three-year campaign to become Semen Gresik's majority
shareholder has caused protests from local people.
"The government must take such demands into account, even though
conceding to them could jeopardize the put option deal," Urip
said.
The put option agreement is only valid if Semen Padang and Semen
Tonasa remain subsidiaries of Semen Gresik, else the government
would compensate Cemex for the loss of value in Semen Gresik.
=========
J A P A N
=========
CRAYFISH CO: Updates Cost-Cutting Targets
-----------------------------------------
Crayfish Co., Ltd. (Nasdaq: CRFH; MOTHERS: 4747) (Crayfish or
the Company), a leading provider of e-mail, web-hosting and
other Internet-related services to small and medium-sized
businesses in Japan, announced Wednesday that it believes,
absent an unforeseen substantial decline in earnings, there is a
substantial likelihood that operating profits for the month of
September 2001 will turn positive.
In its press release of July 25th, 2001, Crayfish announced the
following targets:
(1) To reduce cost of revenue by about 60% before the end of
December 2001
(2) To reduce SG&A expenses by about 60% before the end of
December 2001
(3) To reduce the number of personnel by about 50% before the
end of
December 2001
Based on its evaluation of the progress of measures taken to
achieve profitability as announced on July 25th, 2001, Crayfish
has revised the above goals. The new targets are as follows:
(1) To reduce monthly cost of revenues by approximately 60% of
the cost of revenues for June 2001, or to under JPY 100mn,
before the end of September 2001
(2) To reduce monthly SG&A expenses by approximately 60% of
the cost of revenues for June 2001, or to under JPY 100mn,
before the end of September 2001
(3) To reduce the total number of full-time personnel by
approximately 50% before the end of September 2001
Reductions in Cost of Revenues
The Company has substantially reduced its cost of revenues by
terminating its server leasing contract as announced in the
Company's press releases of July 24th, 2001 and July 25th, 2001.
Reductions in Selling, General and Administrative Expenses
The Company has substantially reduced its selling, general and
administrative expenses by: i) reducing research and development
expenses related to non-core operations; ii) restructuring its
external legal support system; iii) streamlining investor
relation operations.
Reductions in Full-time Personnel
The Company has reduced the total number of full-time employees
from 251 at June 30th, 2001 to 76 at September 1st, 2001.
Extraordinary Losses
The Company expects to incur a one-time charge totaling JPY
3.2bn during the fourth-quarter fiscal 2001 associated with its
cost-saving measures. Of the one-time charge, approximately JPY
900mn of charges have been incurred in connection with
termination of the server maintenance contract, write-offs of
fixed assets, discontinuation of non-profitable operations, and
a reduction in office size.
The remaining JPY 2.3bn has been incurred as a one-time loss
from the termination of the server lease in July as announced by
the Company on July 24th, 2001. The Company plans to have
completed the implementation of various cost-saving measures, as
described in its press release of July 25th, 2001, by the end of
September 2001.
About Crayfish
Crayfish is a leading provider of e-mail hosting and other
Internet-related services for small and medium-sized businesses
in Japan. Crayfish offers customizable, reliable and expandable
e-mail services and Internet solutions under the brand name
"DESKWING" as well as other Internet application services to
enhance its customers' communication, office operation and e-
commerce capabilities.
Founded in 1995, Crayfish had about 36,000 DESKWING subscribers
in Japan as of the end of May 2001. Crayfish has its American
Depository Receipts (ADRs) listed on Nasdaq National Market
(ticker: CRFH) in the USA, and its common shares listed on
MOTHERS (ticker: 4747) in Japan. Crayfish Co., Ltd. headquarters
is located at Shinjuku Park Tower 35th Fl. 7-1, Nishi-Shinjuku
3-chome, Shinjuku-ku, Tokyo 163-1035, Japan.
EISAI CO: Unit Shuts Down Texas Plant
---------------------------------------
Eisai Co.'s U.S. subsidiary, Eisai U.S.A. Inc., will close its
vitamin factory in Pasadena, Texas, due to losses incurred and a
decline in the factory utilization rate, Japan Times Online
reported Thursday citing the company's spokesman.
The company said the unit would stop its sale of synthetic
vitamin E products to food manufacturers though the company
would still continue to manufacture in Japan and maintains its
bulk sales to corporate clients in Japan, Europe and other Asian
markets.
"However, the U.S. unit will continue to sell medical inspection
machines," the company said.
Drugmaker Eisai in 1999, was found guilty of price-fixing in the
U.S. vitamin products market. It paid $40 million in penalties
in a plea bargain arrangement with the U.S. Justice Department.
MITSUBISHI ELECTRIC: Semicon Sector Likely To Sink Into Red
-----------------------------------------------------------
Mitsubishi Electric Corp said its semiconductor division will
likely slip into the red this year due to the info-tech slump,
Reuters reports Wednesday citing the company's spokesman.
NEC Corp, Fujitsu Ltd and Toshiba Corp, the company's rival
electronics conglomerates, recently trimmed down their earnings
forecasts due to big predicted losses on semiconductor division
as sector faces worst downturn ever.
The company has not changed its official forecasts, which is a
consolidated operating profit of Y150billion for the business
year to next March.
The company's shares are down by more than 30 percent since the
beginning of this year and hit their lowest mark in more than
two years last week.
=========
K O R E A
=========
DAEWOO MOTOR: Government Against Nationalization
------------------------------------------------
The government has no plans to turn Daewoo Motor into a public
enterprise, citing the heavy financial burden it would bring,
Digital Chosun reported on August 29, which quoted an official
of the Ministry of Finance and Economy.
However, the government is considering entrusting another
company to run Daewoo's main Bupyong plan, instead of
nationalizing it, as earlier suggested.
If Daewoo Motor's buyout negotiations fail, the government is
also thinking of entrusting Daewoo's other plants to other
companies, the official added.
HYNIX SEMICON: Defaults On Debt Payment
---------------------------------------
Hynix Semiconductor, which is heavily indebted with as much as
11 trillion won (US$8.5 billion), is in payment default due to a
cash shortage, reported Korea Inc on Wednesday referring to
unidentified industry sources.
A company spokesman also said Tuesday that Hynix will
temporarily suspend the refinancing of corporate bonds, a
decision made in consultation with creditor banks.
HYNIX SEMICON: KDB Won't Allot Fresh Funds Without Plan
-------------------------------------------------------
Korea Development Bank (KDB)'s governor Chung Gun-yong said
Wednesday the bank will not provide fresh funds to Hynix
Semiconductor Co, unless a reputable third party institution
proposes an objective bailout plan, Digital Chosun reported on
August 29.
The bailout plan currently being discussed among creditor banks
is not adequate enough to win credibility from investors, Chung
remarked. He proposed that a reputable third party institution
should assess the viability of Hynix and prepare an objective
bailout plan for approval by creditor banks.
Chung added the bank will not allow Hynix to have a free ride
without paying for losses expected from the company's
restructuring and the bank will not activate the immediate
purchase of corporate bonds program for Hynix. He asserted the
bank was not informed of the August 31 creditor banks meeting
and repeated that the creditor banks should meet only after a
reputable third party institution proposes an objective bailout
plan.
KEANGNAM ENTERPRISE: Considers Rescheduling Of Debts
----------------------------------------------------
Creditors of Keangnam Enterprise are considering rescheduling
the construction firm's debts in order to facilitate its sale to
a foreign buyer, Korea Herald reported on August 30 citing a
creditor source.
The unidentified creditor source said the sale negotiation with
the potential buyer, for which a memorandum of understanding was
signed in May this year, is still underway so details are still
confidential.
SAMSUNG ELECTRONICS: Toshiba Semicon Unit Acquisition Proposed
--------------------------------------------------------------
Samsung Electronics denied the reports that it may acquire the
memory chip manufacturing division of Japan's Toshiba. Company
officials said the press reports were based purely on
Toshiba's scenario, Korea Inc News reported August 29.
Meanwhile, Samsung officials reportedly confirmed that they have
received such an offer from Toshiba, noting that they are now
reviewing the feasibility of the proposal.
SAMSUNG ELECTRONICS: Signs MOU With Toshiba
-------------------------------------------
Samsung Electronics signed a memorandum of understanding with
Toshiba of Japan on cooperation in the development, marketing
and production of washing machines. As the first joint project,
the two companies will develop a large-capacity drum-type
washing machine tailored to Korean consumers, Korea
Herald reported on August 30.
Samsung said the Korean-type washing machine will be produced at
Toshiba's plants and released on the Korean and Japanese markets
this year. The two firms will also collaborate in marketing the
new product. The two firms will also develop a new version of
Samsung's automatic washing machine, with Samsung supplying the
new machines to Toshiba so that the latter can sell them in
Taiwan under the Toshiba brand name.
SHINHAN BANK: Stock Buyers Asked To Perform Right By Aug 31
-----------------------------------------------------------
Investors who wish to purchase stocks of Shinhan Financial
Holdings Company through Shinhan Bank's BW are required to
perform their right by August 31, 2001, Korea Inc News reported
August 29.
However, investors still need to check the deadline with each
securities firm before actually using the BWs because each
brokerage firm may have different deadline for closure of
applications.
SHINHAN BANK: To Be Deleted From MSCI Indices Sept 7
----------------------------------------------------
Shinhan Bank will be deleted from the MSCI indices as of
September 7, following its merger with Shinhan Securities,
Shinhan Capital and Shinhan Investment Trust to form Shinhan
Financial Group. Simultaneously, Shinhan Financial Group will be
added to the MSCI indices, Korea Herald reported on August 30,
which cited a Morgan Stanley Capital International (MSCI)
announcement Monday.
===============
M A L A Y S I A
===============
ANSON PERDANA: Units' Winding-Up Petition Hearing Adjourned
-----------------------------------------------------------
Anson Perdana Berhad announced the winding-up petitions filed by
Alliance Bank Malaysia Berhad (formerly known as Multi-Purpose
Bank Berhad) against its subsidiaries, Sharikat Tanaman Dan
Perusahaan Perak Sdn Bhd and Primason Sdn Bhd, have been
adjourned to 12 October 2001 for hearing.
BESCORP INDUSTRIES: Seeks KLSE Approval On Time Extension
----------------------------------------------------------
Bescorp Industries Berhad (BIB or the Company) has sought an
extension of time from the Kuala Lumpur Stock Exchange to submit
the Company's plan to regularize its financial condition to the
relevant regulatory authorities.
On 13 June, 2001, the Special Administrators (SAs) announced on
behalf of BIB, that the Company has entered into a Memorandum of
Understanding with the vendors of Cybron Holdings Berhad (CH or
White Knight), to formulate a Proposed Corporate Debt
Restructuring Scheme (PCDRS) that maximize the return to all
stakeholders of the Company. The SAs are in the midst of
finalizing the PCDRS together with the identified White Knight,
for submission to Pengurusan Danaharta Nasional Berhad
(Danaharta) and upon the approval from Danaharta, a submission
of the PCDRS will be made to the other relevant authorities in
due course.
CHASE PERDANA: Extension Application Still Pending
--------------------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB or the
Company) announced the Company, on 8 August 2001, made an
application to the Kuala Lumpur Stock Exchange (KLSE) for an
extension of time to release the Requisite Announcement for a
further period of three (3) months, i.e. 23 November 2001. The
application is currently pending the KLSE's approval.
The Company was required to make a Requisite Announcement to the
KLSE on a plan to regularize its financial condition within six
(6) months from the date of the First Announcement, that is, on
or before 26 August 2001.
On 1 August 2001, the Company announced that a revised debt
restructuring scheme has been presented to all lenders. The
Company is currently in the midst of fine-tuning the revised
debt-restructuring scheme and will be seeking the agreement-in-
principle from the lenders.
IDRIS HYDRAULIC: Unit TIB Acquires Shares From PICM
---------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Berhad (IHMB or the
Company), Commerce International Merchant Bankers Berhad (CIMB)
announced that on 28 August 2001, IHMB has been formally
informed by the Special Administrators (SA) of Kuala Lumpur
Industries Berhad (Special Administrators Appointed) (KLIB) vide
their letter dated 28 August 2001, that KLIB, a wholly-owned
subsidiary of Kuala Lumpur Industries Holdings Berhad (Special
Administrators Appointed) (KLIH) has accepted the bid by Talasco
Insurance Berhad (TIB) to acquire the entire equity interest in
People's Insurance Co. (M) Berhad (PICM) for a total cash
consideration of RM80,000,000. PICM is a wholly owned subsidiary
of KLIB.
The acceptance is however subject to the execution of a
conditional share sale agreement (SSA) between KLIB and TIB. A
full announcement setting out the terms of the Proposed
Acquisition will be made upon execution of the SSA.
The terms of the acceptance as stated in the letter of
acceptance dated 28 August 2001 are as follows:
(i) the purchase consideration for all the shares in PICM is
at RM80,000,000 ("Purchase Consideration");
(ii) the initial 20% of the Purchase Consideration (less the
earnest money of RM1,700,000 paid) shall be paid on the date of
the signing of SSA;
(iii) RM64,000,000, being the balance of 80% of the Purchase
Consideration, shall be payable at the end of one (1) year from
the date of the SSA;
(iv) TIB shall place RM64,000,000, being the balance due of
80% of the Purchase Consideration, as fixed deposits ("FD") on
the date of the SSA with a bank designated by Danaharta Managers
Sdn. Bhd. ("DMSB") for a tenure of one (1) year from the date of
the SSA;
(v) a letter of undertaking ("Letter of Undertaking") to be
executed among four (4) parties, namely TIB, DMSB, KLIB and the
designated bank stating, among other thing the following:
(a) TIB to place the FD for one (1) year tenure from the
date of SSA;
(b) TIB shall not create or permit to create any lien,
pledge, charge, encumbrance, mortgage, or any third party right
or interest on or in respect of the FD;
(c) TIB shall not uplift the FD and the designated bank
shall not process the upliftment of FD without prior written
consent from the SA of KLIB and DMSB; and
(d) the designated bank shall undertake that it is fully
aware of the purpose of the FD and shall not in any
circumstances agree, process or otherwise take any action to
uplift the FD save and except for the sole purpose of releasing
the FD to DMSB or its nominee at the end of one (1) year from
the date of the SSA or such earlier date as may be instructed by
TIB upon concurrence from DMSB and KLIB;
(vi) the interest on the FD will be paid to TIB or its
nominee;
(vii) TIB is estopped from going into any arrangement
including reconstruction, amalgamation or merger involving PICM
at any time prior to the completion of the SSA unless TIB fully
settles the balance Purchase Consideration of RM64 million;
(viii) the right of management and assumption of control over
PICM shall be passed to TIB upon the following being fulfilled:
(a) upon receipt of the 20% of the Purchase Consideration
and execution of the Letter of Undertaking;
(b) approval from the Bank Negara Malaysia;
(c) approvals being obtained from the shareholders of TIB
and/or IHMB, where applicable, for the purchase of the PICM
shares from KLIB;
(d) the delivery of pre-signed and undated resignation
letters by the directors and the company secretary to be
nominated by TIB when it takes over the right of management and
assumption of control over PICM stating that they have no claim
against PICM and/or KLIB in respect of breach of contract,
compensation for loss of office, redundancy or unfair dismissal
or any other grounds whatsoever;
(e) TIB providing an indemnity that should TIB be unable to
complete the purchase of PICM for whatsoever reasons, TIB will
indemnify PICM and/or KLIB against any actions, demands, claims,
proceedings, suits losses, damages, expenses and/or costs
incurred and/or suffered by PICM and/or KLIB during the period
of TIB's management of PICM including any loss of profit,
income, turnover and/or consequential or indirect damage of any
kind whatsoever caused directly or indirectly by TIB arising
there from; and
(f) any other terms and conditions of the SSA.
On, 30 July 2001, IHMB announced that its wholly owned
subsidiary, TIB had on the same date, submitted a proposal to
the SA of KLIH to acquire the entire equity interest in PICM,
who is acting on behalf of Pengurusan Danaharta Nasional Berhad.
SENG HUP: Pengurusan Danaharta Extends Moratorium Period
--------------------------------------------------------
The Special Administrators of Seng Hup Corporation Bhd (the
Company), namely Tan Kim Leong, JP and Siew Kah Toong announced
that the moratorium period for the Company has been extended by
Pengurusan Danaharta Nasional Berhad.
The moratorium under Section 41 of the Act, which took effect
from the date of their appointment, has been extended to 8
September 2002.
The extension is pursuant to Section 41(3) of the Act. During
the period of moratorium, no creditor may take action against
the Company except in accordance with Section 41 of the Act. All
dealings and enquires may be directed to the Special
Administrators.
SRIWANI HOLDINGS: Modifies Proposed Scheme
------------------------------------------
On behalf of Sriwani Holdings Berhad (SHB or the Company),
Commerce International Merchant Bankers Berhad (CIMB) announced
the details of the Modifications of the Proposed Scheme, which
include the additional terms and conditions and relevant certain
amendments made to the Proposed Scheme announced on 25 July 2001
(http://www.bankrupt.com/misc/Sriwani_ProposedScheme.doc)
DETAILS OF THE MODIFICATIONS
Scheme Liabilities
Pursuant to the Modifications, the amount owing to the Partially
Secured FI Lenders and Unsecured Scheme Creditors shall be
amended to include additional liabilities amounting to RM1.304
million and RM3.812 million respectively which were not
previously incorporated in the Proposed Creditors Scheme.
In addition to the abovementioned additional liabilities of
RM5.116 million collectively, the Board of Directors of SHB also
proposes to implement a separate scheme of arrangement and
compromise ("Separate Proposed Scheme") for the liabilities
owing to a separate class of creditors under SHB ("Separate
Scheme Creditors") amounting to RM7.63 million. The Separate
Proposed Scheme does not form part of the Modifications and
further details of which are set out in Section 4 herein.
Proposed Creditors Scheme
The Modifications in relation to the Proposed Creditors Scheme
shall entail the following:
(a) Partially Secured FI Lenders
As previously announced on 25 July 2001, the proposed settlement
arrangement with the Partially Secured FI Lenders shall be
classified into two (2) categories, namely Category A and
Category B. The additional liabilities of RM1.304 million to be
included under the Proposed Creditors Scheme forms part of the
amount owing to the Category A Partially Secured FI Lenders.
Save for the additional liabilities of the Category A Partially
Secured FI Lenders, there will be no change to the amount owing
to the Category B Partially Secured FI Lenders and the terms of
the proposed compromise and settlement arrangement with the
Category B Partially Secured FI Lenders from the previous
announcement on 25 July 2001.
With the inclusion of the abovementioned additional liabilities,
the total amount owing to the Partially Secured FI Lenders as at
31 December 2000 (taking into account subsequent repayments, if
any) is RM245.652 million, out of which RM161.985 million
relates to the amount owing to the Category A Partially Secured
FI Lenders.
The proposed compromise and settlement arrangement with the
Category A Partially Secured FI Lenders shall be based on the
following principal terms:
(i) Waiver of all interest, including penalty and default
interest, accrued from 1 January 2001 up to and including the
date of listing of the ICPS-A, ICPS-B, ICPS-C and ICULS on the
Main Board of the KLSE ("Completion Date");
(ii) Settlement of 15% of the total amount owing as at 31
December 2000 (taking into account subsequent repayments, if
any), after the waiver of the accrued interest referred to in
sub-paragraph (i) above of RM24.298 million via the issuance of
RM24.298 million of RM1.00 nominal value ICULS at an issue price
of RM1.00 per loan stock;
(iii) Settlement of the remaining 85% of the total amount
owing as at 31 December 2000 (taking into account subsequent
repayments, if any), after the waiver of the accrued interest
referred to in sub-paragraph (i) above of RM137.687 million via
the issuance of 137.687 million ICPS-B at an issue price of
RM1.00 per ICPS-B; and
(iv) In addition to sub-paragraphs (ii) and (iii) above, the
Category A Partially Secured FI Lenders shall further receive
the following:
(a) Compensation, computed based on an implied YTM of 3%
p.a. in respect of RM24.298 million of RM1.00 nominal value
ICULS and 137.687 million ICPS-B, discounted to net present
value at 3%, payable in the form of an additional 22.255 million
ICPS-B on the onset of the Proposed Creditors Scheme; and
(b) Annual coupon or dividend of 1.26 sen per ICULS/ICPS-B
based on the respective numbers of ICULS and ICPS-B issued and
held, as referred to in sub-paragraphs (ii), (iii) and (iv)(a)
above, payable at the end of each year, commencing on the second
(2nd) anniversary of the date of issuance of the ICULS and ICPS-
B.
(b) Unsecured Scheme Creditors
With the inclusion of the additional liabilities referred to in
paragraph 2.1 above, the total amount owing to the Unsecured
Scheme Creditors as at 31 December 2000 (taking into account
subsequent repayments, if any) is RM97.901 million. The proposed
compromise and settlement arrangement with the Unsecured Scheme
Creditors shall be based on the following principal terms:
(i) Waiver of all interest, including penalty and default
interest;
(ii) Further waiver of RM0.50 for every RM1.00 of the amount
owing to the Unsecured Scheme Creditors as at 31 December 2000
(taking into account subsequent repayments, if any), of RM97.901
million; and
(iii) Settlement of 100% of the total amount owing as at 31
December 2000 (taking into account subsequent repayments, if
any) after the waiver of the accrued interest and RM0.50 for
every RM1.00 of amount owing referred to in sub-paragraphs (i)
and (ii) above of RM48.95 million via the issuance of 48.95
million ICPS-C at an issue price of RM1.00 per ICPS-C.
Principal terms of the ICULS
The Modifications in relation to the principal terms of the
ICULS shall entail the following:
(a) Issue
In view of the additional scheme liabilities as mentioned in
Section 2.1 above, RM333.752 million of RM1.00 nominal value of
ICULS will be issued pursuant to the Proposed Creditors Scheme
and Proposed Additional Issue as compared to the issuance of
RM333.555 million of RM1.00 nominal value of ICULS announced
previously.
(b) Coupon payment
The ICULS shall carry a coupon of 1.26% p.a., payable annually
over the tenure of the ICULS at the end of each year, commencing
on the second (2nd) anniversary of the date of issuance, as
compared to coupon payments at the end of each financial year
announced previously.
Principal terms of the ICPS-B and ICPS-C
The Modifications in relation to the principal terms of the
ICPS-B and ICPS-C shall entail the following:
(a) Issue
In view of the additional scheme liabilities as mentioned in
Section 2.1 above, 292.446 million ICPS-B and 49.05 million
ICPS-C will be issued pursuant to the Proposed Creditors Scheme
and Proposed Additional Issue as compared to the issuance of
291.159 million ICPS-B and 47.144 million ICPS-C announced
previously.
(b) Dividend payment
The ICPS-B shall carry a dividend of 1.26 sen per ICPS-B which
shall be payable annually over the tenure of ICPS-B at the end
of each year, commencing on the second (2nd) anniversary of the
date of issuance, as compared to dividend payments at the end of
each financial year announced previously.
(c) Conversion rights
The holders of the ICPS-B and ICPS-C shall have the right to
convert the ICPS-B and ICPS-C into new SHB Shares at the
specified conversion price from the fourth (4th) anniversary
date of its issuance as compared to conversion on the maturity
dates of the ICPS-B and ICPS-C announced previously.
Notwithstanding the above, the holders of the ICPS-B shall also
have the right to convert the ICPS-B into new SHB Shares at the
specified conversion price upon default by SHB of the dividend
payment of 1.26 sen per ICPS-B on the due dates.
Proposed ICULS Call and Put Option Arrangements
The Modifications in relation to the terms and conditions of the
Proposed ICULS Call and Put Option Arrangements shall entail the
following:
(a) ICULS Call Option Exercise Period
As previously announced, the call option in relation to the
Proposed ICULS Call and Put Option Arrangements ("ICULS Call
Option") may be exercisable by SHB at any time during the tenure
of the ICULS Call Option.
Notwithstanding the above, upon the occurrence of an event for
the exercise of the put option in relation to the Proposed ICULS
Call and Put Option Arrangements ("ICULS Put Option"), the ICULS
Call Option shall be suspended during the period the ICULS Put
Option is open for exercise.
In addition to the above and pursuant to the Modifications, in
the event that a Primary ICULS Holder notifies the Company in
writing that it has entered or proposes to enter into an
arrangement to dispose of its respective units of the ICULS, the
ICULS Call Option in relation to such units of ICULS shall be
suspended for a period of thirty (30) days (or such longer
period as may be agreed between the Company and the Primary
ICULS Holder) from the date of the written notice by the Primary
ICULS Holder.
(b) Condition for ICULS Put Option Exercise
As previously announced, the ICULS Put Option is only
exercisable after the occurrence of certain specific events, as
detailed below:
(i) Receipt of proceeds from the proposed disposals of
assets underlying the respective security of the Primary ICULS
Holders pursuant to the Proposed Disposals; or
(ii) After the issuance of the annual audited accounts of
the SHB Group, up to the value of the respective Scheme Company
Surplus Cashflow. For the purpose herein, Scheme Company Surplus
Cashflow relates to fifty percentum (50%) of the net cashflow
generated by each of the Scheme Company at the end of each
financial year; or
(iii) Receipt of proceeds from the ICPS-A Conversion
Proceeds and Group Surplus Cashflow, subject to an accumulation
of RM25 million in the Sinking Fund 1; or
(iv) Event of default attributable to SHB as provided for
in the call and put option agreement to be entered into between
SHB and the Primary ICULS Holders pursuant to the ICULS Call and
Put Option Arrangements ("ICULS Call and Put Option Agreement").
Pursuant to the Modifications, the threshold for receipt of
proceeds from the ICPS-A Conversion Proceeds and Group Surplus
Cashflow in the Sinking Fund 1 for which the Primary ICULS
Holders shall be entitled to exercise the ICULS Put Option shall
be revised to RM10 million from RM25 million.
In addition to the abovementioned conditions for ICULS Put
Option exercise, the ICULS Put Option can now also be
exercisable upon the occurrence of the following events:
(i) Failure by SHB to complete the disposal of the assets
pursuant to the Proposed Disposals within the period commencing
on the date of issuance of the ICULS to the Primary ICULS
Holders up to and including the date preceding the fourth (4th)
anniversary date of issuance of the ICULS, or such extended
period as may be agreed between the Primary ICULS Holders and
SHB ("Disposal Period"), whereupon the exercise of the ICULS Put
Option pursuant to such an event shall be exercisable only by
the Primary ICULS Holders entitled to participate in the
proceeds of disposal of such asset under the Proposed Disposals;
or
(ii) Upon the following coming to the notice of the agent for
the Primary ICULS Holders which will be appointed pursuant to
the ICULS Call and Put Option Agreement ("Agent"):
ú the occurrence of an event of default as provided for in
the trust deed governing the ICULS; or
ú that SHB has committed a breach of any covenant, term,
stipulation or undertaking as stated in the ICULS Call and
Put Option Agreement; or
ú that any representation or warranty made in connection
with the execution and delivery of the ICULS Call and Put
Option Agreement is found to have been incorrect in any
material respect, and has continued to be incorrect for a
period of fourteen (14) days after the receipt of written
notice thereof has been given to SHB by the Agent.
Notwithstanding the above, in the event that the total
outstanding nominal amount of ICULS held by the Primary ICULS
Holders is RM10 million or less at any point in time, the
Primary ICULS Holders shall have the right to exercise the ICULS
Put Option up to the amount of funds being available in the
Sinking Fund 1 at that point of time.
(c) ICULS Put Option Exercise Period
As previously announced, the ICULS Put Option may only be
exercised by the Primary ICULS Holders within the period of
thirty (30) days from the date of the written notice from SHB on
the occurrence of the abovementioned events for ICULS Put Option
exercise.
In addition to the above and pursuant to the Modifications, SHB
shall give written notice referred to in the preceding
paragraph, within three (3) business days from the occurrence of
the abovementioned events for ICULS Put Option exercise coming
to its knowledge. SHB shall also, at the written request of any
of the relevant Primary ICULS Holders received by SHB not less
than three (3) business days prior to the expiry of the 30 days
period referred to above, grant an extension of a further thirty
(30) days for the exercise of the ICULS Put Option.
In the event that the conditions for the ICULS Put Option
exercise does not occur, the Primary ICULS Holders shall have
the right to exercise the ICULS Put Option for a period of
thirty (30) days commencing from the sixtieth (60th) day prior
to the maturity of the ICULS. As such, SHB is required to
provide written notification of the impending expiry date of the
ICULS Put Option to all the Primary ICULS Holders, sixty three
(63) days prior to the date of expiry.
Proposed Shareholders Put Option Arrangement
Pursuant to the Modifications, the put option for the ICULS
under the Proposed Shareholders Put Option Arrangement
("Shareholders Put Option") may only be exercisable by the
Primary ICULS Holders during certain specific periods as set out
in Table 1 (http://www.bankrupt.com/misc/Sriwani_table1.doc)
Where the option for the maximum allowable amount of ICULS
within a particular period is not fully exercised, the amount
unexercised shall be carried forward to the next year provided
always that the Shareholders Put Option shall immediately lapse
on the maturity date of the ICULS.
Notwithstanding the above, in the event that Certain
Shareholders commit a material breach of any of the terms or
conditions of the agreement to be entered between Certain
Shareholders and the Primary ICULS Holders pursuant to the
Proposed Shareholders Put Option Arrangement without prejudice
to the other rights, powers or remedies of the Agent and the
Primary ICULS Holders, the Shareholders Put Option in relation
to all the remaining ICULS under the Proposed Shareholders Put
Option Arrangement shall become immediately exercisable.
Proposed Disposals
The Modifications in relation to the terms of the Proposed
Disposals shall inter-alia, entail the following:
(a) Reserve Price
For the purpose of the Proposed Disposals, the Directors of SHB
shall assign a set of reserved prices to the respective assets,
being the minimum price for which the sales of the assets will
be contracted ("Reserve Price").
Notwithstanding the Reserve Price, the Directors of SHB shall
apply their best endeavors to ensure that the highest price is
procured. In the event that the Company receives an offer where
the purchase consideration for the disposal of the assets is:
(i) not less than the Reserve Price, no approval of the
relevant Primary ICULS Holder(s) shall be required for SHB or
the relevant Scheme Company to dispose of the asset; or
(ii) less than the Reserve Price, the approval of the
holders of more than fifty per cent (50%) of the units of ICULS
held at that point of time by the Primary ICULS Holders who
shall be entitled to the proceeds from the disposal of that
particular asset, shall be required for SHB or the relevant
Scheme Company to dispose of the asset.
(b) Disposal Period
It is the intention of the Directors of SHB to complete the
Proposed Disposals within the Disposal Period. Failure by SHB to
complete the proposed disposal of any particular asset within
the Disposal Period shall be an occurrence of event allowing the
Primary ICULS Holders entitled to the proceeds of such disposal
under the Proposed Disposals the right to exercise the ICULS Put
Option.
Nevertheless, in the event that a legally binding agreement for
the disposal of any of the assets earmarked for disposal under
the Proposed Disposals has been entered into, but is not
completed within the Disposal Period, SHB may request from the
respective Primary ICULS Holders for a reasonable extension of
time for the completion of the aforesaid agreement ("Extended
Disposal Period"), whereupon such request shall not be
unreasonably refused by the respective Primary ICULS Holders
provided always that the expiry date of the Extended Disposal
Period shall not fall beyond the sixtieth (60th) day prior to
the maturity of the ICULS.
(c) Additional Charge
The properties earmarked for disposal pursuant to the Proposed
Disposals shall include certain landed properties, the titles of
which have not been issued and hence, not charged to the Primary
ICULS Holders. The Board of Directors of SHB shall apply its
best effort to procure the titles of the above said landed
properties.
Subject to all approvals being obtained for the Proposed Scheme,
including but not limited to the approvals of the shareholders,
Scheme Creditors and all the relevant regulatory authorities as
well as the sanction of the High Court of Malaya for the
Proposed Scheme, the Board of Directors of SHB shall upon
obtaining the said titles, procure the same to be charged to the
relevant Primary ICULS Holders.
Proposed Maintenance of Sinking Fund Accounts
SHB shall be required to open three (3) sinking fund accounts
with a commercial bank to be approved by the Primary ICULS
Holders, pursuant to which, the said sinking fund accounts shall
be operated solely by the Agent.
The appointment of the Agent shall be made on such terms
acceptable to the Primary ICULS Holders and SHB shall be
required to maintain the appointment of the Agent (or its
successors) at all times during the tenure of the ICULS.
EFFECTS OF THE PROPOSED SCHEME
The effects of the Proposed Scheme on the issued and paid-up
ordinary share capital, the net tangible assets ("NTA") / net
tangible liabilities ("NTL") and the shareholdings of the
substantial shareholders of SHB after incorporating the
Modifications are as follows:
Share capital
The effects of the Proposed Scheme on the issued and paid-up
ordinary share capital of SHB are as set out in Table 2
(http://www.bankrupt.com/misc/Sriwani_table2.doc)
NTA / NTL
The proforma effects of the Proposed Scheme on the consolidated
NTA/NTL of the SHB Group based on the consolidated audited
accounts of the SHB Group as at 31 December 2000 are as set out
in Table 3 (http://www.bankrupt.com/misc/Sriwani_table3.doc)
Shareholdings of substantial shareholders
The effects of the Proposed Scheme on the shareholdings of the
substantial shareholders of SHB are as set out in Table 4
(http://www.bankrupt.com/misc/Sriwani_table4.doc)
DETAILS OF THE SEPARATE PROPOSED SCHEME
The Board of Directors of SHB proposes to compromise and settle
the additional liabilities of RM7.63 million owing to the
Separate Scheme Creditors in the following manner:
(i) Waiver of all interest, including penalty and default
interest, accrued from 1 January 2001 up to and including the
Completion Date;
(ii) Settlement of 100% of the total amount owing as at 31
December 2000 (taking into account subsequent repayments, if
any), after the waiver of the accrued interest referred to in
sub-paragraph (i) above of RM7.63 million via the issuance of
7.63 million ICPS-B at an issue price of RM1.00 per ICPS-B; and
(iii) In addition to sub-paragraph (ii) above, the Separate
Scheme Creditors shall further receive the following:
(a) Compensation, computed based on an implied YTM of 3%
p.a. in respect of 7.63 million ICPS-B, discounted to net
present value at 3%, payable in the form of an additional 1.048
million ICPS-B on the onset of the Separate Proposed Scheme; and
(b) Annual dividend of 1.26 sen per ICPS-B based on the
number of ICPS-B issued and held, as referred to in sub-
paragraphs (ii) and (iii) (a) above, payable at the end of each
year, commencing on the second (2nd) anniversary of the date of
issuance of the ICPS-B.
The Separate Proposed Scheme shall be conditional upon the
Proposed Scheme.
APPROVALS REQUIRED
The Proposed Scheme shall be conditional upon the approvals of
all the parties as set out in the announcement dated 25 July
2001.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
Insofar as the Directors of SHB are aware, none of the Directors
and substantial shareholders of SHB or persons connected to the
Directors and/or substantial shareholders of SHB have any other
interest, direct or indirect, in the Modifications.
STATEMENT BY THE DIRECTORS
The Board of Directors of SHB, after careful deliberation, is of
the opinion that the Modifications is in the best interest of
the SHB Group.
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: Pre-Qualified Bidders 55% Devt Rights
----------------------------------------------------
Metro Pacific Corporation (MPC) announced Monday that its
subsidiary, Bonifacio Land Corporation (BLC), has received and
accepted three applications for pre-qualification to bid its 55%
development rights in respect of 18.9 hectares of land north of
Big Delta and Expanded Big Delta in the Bonifacio Global City.
Ricardo S. Pascua, president and CEO of MPC, identified the pre-
qualified applicants as property firms Ayala Land, Inc.,
Robinsons Land Corporation and investment firm Penta Capital,
which is leading a bidding consortium composed of the following:
Penta Capital Investment Corporation, The Philodrill
Corporation, Anglo Philippine Holdings Corporation Corp. and
Penta Capital Holdings, Inc.
Pascua said that MPC and BLC are pleased with the outcome of the
pre-qualification process. "The interest generated by the
bidding exercise will hopefully create a renewed interest in the
property sector," he remarked. Pascua reiterated that this
initiative will accelerate the advancement of the Bonifacio
Global City's undeveloped areas while allowing Fort Bonifacio
Development Corporation (FBDC) to concentrate on its ongoing
and future vertical developments within Big Delta and Expanded
Big Delta. Said initiative will also augment early-sustained
cash flows and long-term recurring income to the MPC Group.
Under the terms of the sale, FBDC will inject 18.9 hectares of
land into a separate wholly owned company. The parcel of land
represents the northern CBD, for which BLC holds 55% development
rights. The Bases Conversion Development Authority (BCDA)
retains the remaining balance of 45%.
The northern CBD is located north of S&R Price Club up to the
Kalayaan Gate of Fort Bonifacio and near the University Park
where three major international schools are located.
The winning proponent is required to start construction within
18 months of the date of the notice of award and should complete
horizontal development within approximately seven years from the
start of construction, subject to market conditions.
BLC is scheduled to hold a pre-bidding conference with the three
pre-qualified proponents next week. The actual bids are due for
submission on 17 September 2001.
Background
* In 1995, a MPC-led consortium won the bid to act as a 55%
partner in a joint venture with Philippine government agency,
BCDA to develop a 150-hectare portion of the former military
base, Fort Bonifacio. The joint venture is called FBDC.
* BLC is the company formed by the MPC-led consortium to hold
its shares in FBDC. MPC holds a 69.6% interest in BLC.
For information, please contact:
Jose Ma. Lim
Group Vice President - Chief Finance Officer
555-0211
Michael P. Goco
Group Vice President - Corporate Development
888-0806
NATIONAL POWER: GSIS Claims Sole Reinsurance Responsibility
-----------------------------------------------------------
The Government Service Insurance System (GSIS) told the National
Power Corporation Wednesday that GSIS has the "sole
responsibility to secure all properties of government agencies
and government-owned and controlled corporations (GOCCs), in
accordance with Republic Act 656, or the Property Insurance
Law," Manila Bulleting reported on August 30, which quoted GSIS
president and general manager Winston F. Garcia.
Winston F. Garcia hoped to end the debate raging between the
GSIS and the NPC, as to which organization can rightfully secure
the reinsurance of government assets, specifically Napocor's $10
billion insurance policy.
"The law is clear and unequivocal about which entity has the
responsibility to insure, and even to reinsure government assets
- and it is the GSIS," Garcia pointed out.
Garcia reportedly objected to the proposal in Alcordo's August
24 letter that GSIS would designate two representatives to
Napocor's Industrial All Risk Policy Award Committee. Garcia
countered that Napocor should instead send its observers to a
bidding that the GSIS will conduct precisely to discuss the
September 30 expiration of Napocor's insurance coverage.
The GSIS is mandated by law to insure all government properties.
When it becomes necessary to avail of the services of
reinsurance firms - particularly when it is insuring huge
government properties - the GSIS does so under the most
competitive terms from reinsurers.
"As the insurer of these properties, we assume full liability
for such assets. Therefore, it is also our sole responsibility
to choose our reinsurers. GSIS will conduct its own bidding some
time next month," Garcia said.
URBAN BANK: Export Bank Readies Payment For Depositors
------------------------------------------------------
Export and Industry Bank president Benjamin P. Castillo
Wednesday advised depositors of Urban Bank and claimants of
Urbancorp Investments Inc to complete documentation requirements
for an initial settlement of up to P500,000 each beginning
September 14. Funds for the first payout were turned over by the
Philippine Deposit Insurance Corp. (PDIC) early this month.
Under the rehabilitation plan, Exportbank will pay the remaining
claim and deposit balances over a three-year period. (PDIC
Newscan 8/30, citing BWorld, PDI, MBulletin)
WGA: SEC OKs Equity Restructuring
---------------------------------
William, Gothong & Aboitiz, Inc. (WGA) informed the Exchange, in
a letter dated 22 August 2001, that its application for quasi-
reorganization was approved by the Company Registration and
Monitoring Department of the Securities and Exchange Commission
(SEC).
The SEC, in a letter to the company dated 2 August 2001, stated:
"This has reference to your letter dated 12 July 2001 requesting
for the approval of the Commission to undergo equity
restructuring by applying a portion of the additional paid-in
capital to wipe out the company's deficit of PhP646,854 (in
thousand of pesos) as of 31 December 2000.
Please be informed that this Commission interposes no objection
to the said request, provided that after such process has been
effected, the same shall be disclosed in all the subsequent
financial statements of the corporation for a period of three
(3) years."
The quasi-reorganization plan involves the direct application of
the equivalent amount of the additional paid-in surplus against
the deficit of Pesos 646,854,062. Thus, in the pro-forma
consolidated balance sheet of WG&A, the deficit will no longer
be reflected, and the amount stated as the additional paid-in
surplus will be reduced to the extent of the amount of the
deficit.
Following is the pro-forma entry to effect the adjustment
related to the quasi-reorganization in the financial statements
of WG&A:
Debit Paid-in Surplus PhP646,854,062
Credit Retained Earnings PhP646,854,062
=================
S I N G A P O R E
=================
AMTEK ENGINEERING: Releases Financial Statement Ended June 30
-------------------------------------------------------------
Amtek Engineering Ltd in its Proforma Full Year Financial
Statement And Dividend Announcement, a full-year financial
statement on consolidated results for the year ended 30 June
2001, indicated that the group and the company respectively
incurred S$2.391M and S$11.515M operating loss reported for the
second half year, from the latest year to June 30, 2001.
Please see Proforma Full Year Financial Statement And Dividend
Announcement at http://www.bankrupt.com/misc/AMTEK.pdf
HO WAH GENTING: Won't Consummate Toll Road Acquisition
------------------------------------------------------
Ho Wang Genting International Ltd has decided not to proceed
with the proposed acquisition of interests in two toll road
operations in Heilongjiang Province in the PRC.
The earlier proposed acquisition would have been by way of the
acquisition of the entire issued and paid up capital of Heng Da
Investments Pte Ltd via the issuance of shares in the share
capital of Ho Wang Genting.
On 29 November 2000, the company announced that it had entered
into a sale & purchase agreement with various parties in
relation to the proposed acquisition. Completion of the
agreement is conditional upon, amongst others, the following:
(1) the company obtaining the prior approval of SGX-ST for
the proposed acquisition; and
(2) the company receiving approval-in-principle for the
listing and quotation of the new shares to be issued pursuant to
the proposed acquisition.
On 24 July 2001, the company announced that SGX-ST had informed
the company that they have decided not to grant approval for the
company's additional listing application in respect of the
proposed acquisition, and that the company was discussing with
SGX-ST to seek them to reconsider their decision. On 16 August
2001, SGX-ST informed the company that unless it is able to
provide new evidence to address certain concerns they have in
respect thereof, SGX-ST would not be able to reconsider their
position.
I-ONE.NET INT'L: UOB Kay Hian To Underwrite 173M Rights Shares
--------------------------------------------------------------
Pursuant to a Management and Underwriting Agreement executed on
31 July 2001 between I-One.Net international Limited, Overseas
Union Bank Limited as manager and UOB Kay Hian Private Limited
as underwriter, 173,000,000 of the Rights Shares will be
underwritten by UOB Kay Hian.
On 31 July 2001, the directors of the company announced that the
it proposed a renounceable rights issue of up to 231,000,000
Rights Shares in the company's capital, at S$0.05 for each
Rights Share, on the basis of one (1) Rights Share for every two
(2) existing Shares held by the shareholders of the company, the
Rights Issue being subject to the in-principle approval of the
Singapore Exchange Securities Trading Limited (SGX-ST) for the
listing and quotation of the Rights Shares.
Further to the announcement made on 31 July 2001, the directors
announced the following:
(i) that the Underwriter will now underwrite 150,000,000 of
the Rights Shares. The remaining 81,000,000 Rights Shares will
not be underwritten. The number of Underwritten Rights Shares is
decreased in order that UOB Kay Hian and/or their placee(s) will
not inadvertently trigger Rule 33(1)(a) of the Singapore Code of
Take-overs and Mergers and be required to make a general offer
by subscribing for 25% or more of the enlarged share capital of
the Company after the Rights Issue irrespective of the level of
subscription for the Rights Shares; and
(ii) a Supplemental Agreement dated 29 August 2001 has been
entered into by the parties to amend the Management and
Underwriting Agreement to reflect the above change.
The directors also announced that UOB Kay Hian has informed the
company that UOB Kay Hian has entered into an arrangement with
Hiap Hoe Holdings Pte Ltd, whereby in the event that UOB Kay
Hian is called upon to perform its underwriting obligations, UOB
Kay Hian shall be entitled to sell to Hiap Hoe such number of
the Underwritten Rights Shares as shall be notified by UOB Kay
Hian to Hiap Hoe.
PANPAC MEDIA.COM: Proposes 20M Shares Placement
-----------------------------------------------
The board of directors of Panpac Media.com Limited announced
that the company proposes to place 20,000,000 new ordinary
shares of S$0.05 each representing approximately 10 percent of
the company's present issued and paid-up capital.
In this regard, the company entered into a subscription
agreement with Millennium Securities Pte Ltd on 29 August 2001
for Millennium Securities Pte Ltd to subscribe or procure
subscriptions for the Placement Shares at S$0.16 per Placement
Share. The placement is conditional on, inter alia, receipt of
the in-principle approval of the SGX for the listing and
quotation of the Placement Shares on the SGXDAQ.
The Placement Shares will, when issued and allotted, rank pari
passu in all respects with the existing issued and paid up
ordinary shares of the Company. The Placement Shares will be
issued pursuant to the power conferred on the Directors by the
shareholders of the Company under Section 161 of the Companies
Act, Chapter 50 at the Annual General Meeting of the Company
held on 29 August 2001.
The net proceeds of approximately S$3.15 million from the
Placement are to be utilized by the Company and its subsidiaries
(the "Group") as follows:
(a) approximately S$2.5 million will be utilized to undertake
strategic acquisitions to expand the business and operations of
the Group; and
(b) the balance will be utilized for additional working
capital. Pending the deployment of the net proceeds, such
proceeds may be used to reduce bank borrowings, placed as
deposits with financial institutions or invested in short term
money market or other debt instruments or for any other purposes
on a short term basis as the Directors deem fit.
When completed, the Subscription will increase the existing
issued capital of the Company by approximately 10% from
200,212,000 ordinary shares to 220,212,000 ordinary shares. The
transaction is not expected to have any material effect on the
earnings per share and net tangible assets per share of the
Company and the Group for the financial year ending 31 December
2001.
===============
T H A I L A N D
===============
SIAM STEEL: Clarifies 2001 Income Statement Ended June 30
---------------------------------------------------------
Siam Steel International Public Company Limited (the company)
incurred a net loss amounting to approximately Bt204 million for
the year ended June 30, 2001 while it had Bt720 million net loss
a year-ago period. The net reduction in the loss for 2001 was
72%, over the 20% reporting limit because of the following
reasons:
(1) For 2001, Revenues from sales and services increased a
38% from 2000.
(2) For 2001, Gross profit increased 68% from 2000.
(3) For 2001, the gain from operations was Bt14 million
(4) compare to a loss the last year of Bt78 million.
(3) In 2001, the company sold investments in two associated
companies. The company incurred a loss on the sale of the
investment amounting to Bt39 million. Last year the loss from
the sale of investments was Bt109 million .
(5) In 2000, the company had to provide for an allowance for
doubtful debt from trade receivable customers amounting to
approximately Bt154 million and allowance for obsolete and slow
moving inventories amounting to Bt42 million.
(6) In 2000, the company had its fixed assets re-appraised.
The consequence of the re-appraisal indicated the impairment
loss of assets amounting to Bt134 million.
(7) In 2001, the company loss on exchange rate was Bt131
million whereas it had loss on exchange rate amounting to Bt65
million for the previous year.
(8) In 2001, equity in net income of the associated companies
were Bt19 million but the last year had loss Bt38 million.
SIAM SNYTEC: SET Temporarily Suspends Trading
---------------------------------------------
Siam Syntec Construction Public Company Limited (SYNTEC) has
failed to disseminate its financial statements for the period
ending 30 June 2001 to the public via ELCID by the deadline
specified by the SET. There have been more than three
consecutive delays in filing its financial statements.
The SET Rules prescribe that conditions and procedures for the
temporary prohibition of trading of listed securities will take
effect on the next day August 31, 2001 and remain in effect
until the company has sent the financial statements to the SET.
The SET, therefore, has posted an "SP" (Suspension) sign to
temporarily suspend the trading of SYNTEC's securities effective
from 30 August 2001 onward until the company submits the
required financial statements
STA GROUP: Petition For Business Reorganization Filed In Court
--------------------------------------------------------------
Para rubber producer, seller and importer Sta Group (1993)
Public Company Limited's (DEBTOR) Petition for Business
Reorganization was filed to the Central Bankruptcy Court:
Black Case Number Phor. 11/2543
Red Case Number Phor. 14/2543
Petitioner: STA GROUP (1993) PUBLIC COMPANY LIMITED
Planner: Deloitte Touch Tomatsu Company Limited
Debts Owed to the Petitioning Creditor: Bt14,250,000,000
Date of Court Acceptance of the Petition: March 27, 2000
Date of Examining the Petition: April 24, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner on April 24, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited on May 8, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 13,
2000
Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 13, 2000
Deadline to object Applications for Payment in Business
Reorganization: July 27, 2000
Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 13, 2000
Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 1st on October 13, 2000
Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 2nd on November 13, 2000
Appointment Date of the Creditors' Meeting for the Plan
Consideration: December 21, 2000 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building
The Meeting had a resolution accepting the reorganization plan
Court hearing has been set on January 15, 2001
Court issued an Order Accepting the Reorganization Plan: January
16, 2000 and Appointed Deloitte Touch Tomatsu Company Limited to
be as the Plan Administrator
Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited on January 24, 2001
Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on February 15, 2001
Court had issued the order on May 24, 2001 for Appointment of
Arthur Andersen Company Limited to be a New Plan Administrator
Announcement of Court Order for Appointment of a New Plan
Administrator: in Matichon Public Company Limited and Siam Rath
Company Limited on June 11, 2001
Announcement of Court Order for Appointment of a New Plan
Administrator: in Government Gazette on July 19, 2001
Contact: Mr. Chalermkiat Tel 6792513
SUN TECH: Reports On Fiscal Year Ended Financial Results
--------------------------------------------------------
Sun Tech Group Public Company Limited reported its financial
results for fiscal year ended financial statements as of 30 June
2001:
* Total revenue decreased 47.03 percent compared with the
previous year. Revenue from sale decreased
* 47.86 percent compared with the previous year due to revenue
decreasing in both agriculture and scrap processing business.
* Revenue from agriculture business has 26.22 percent decreased
because of bad weather conditions. Since the lower quantity of
fresh tomatoes than previous year, the tomato production volume
has decreased. Revenue from scrap processing business has 95.90
percent decreased because our customer has stopped off their
production.
* Total expenses decreased 60.49 percent compared with the
previous year. Interest expense has 47.43 percent decreased
since interest rate was declining. The company has net loss Bt
1,206.96 million, 61.82 percent decreased from previous year.
THAI TELEPHONE: Posts Board Of Directors' Resolutions
-----------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited in its
capacity as the Plan Administrator pursuant to the Company's
Business Rehabilitation Plan, convened the Board of Directors'
Meeting No. 7/2001 on August 28, 2001 and passed these
resolutions:
(1) To consider the cancellation of the resolutions of the
Board of Directors' Meeting No. 4/2001 held on May 10, 2001,
Agenda 5.3 : Allocation of 5,875 million newly issued ordinary
shares by amending number of newly issued ordinary shares to be
allocated to Class 1, Class 2, Class 7, and Class 8 Creditors,
in accordance with agenda 5.3.1, 5.3.2, 5.3.3, 5.3.4, 5.3.5, and
5.3.6, respectively, so as to correspond with number of
allocated shares in accordance with the details of the Company's
Debt Conversion on the Closing Date as follows:
1.1 960 million ordinary shares with the exercise price of
Bt4.85 per share will be allocated for debt/equity conversion to
Class 7 Creditors (related trade creditors) pursuant to the
Company's Business Rehabilitation Plan Dated November 29, 2000,
provided that the amount shall not exceed that prescribed in the
Company's Business Reorganization Plan;
1.2 524 million ordinary shares with the exercise price of
Bt4.85 per share will be allocated for debt/equity conversion to
Class 8 Creditors (related subordinated loan creditors) pursuant
to the Company's Business Rehabilitation Plan Dated November 29,
2000, provided that the amount shall not exceed that prescribed
in the Company's Business Reorganization Plan;
1.3 207 million ordinary shares with the exercise price of
Bt4.85 per share will be allocated for debt/equity conversion to
Class 1 and Class 2 Creditors (in respect of a part of loans
owed to financial institutions and trade creditors - Tranche C
Entitlements) pursuant to the Company's Business Rehabilitation
Plan Dated November 29, 2000, provided that the amount shall not
exceed that prescribed in the Company's Business Reorganization
Plan;
1.4 284 million ordinary shares with the exercise price of
Bt4.85 per share will be allocated for the Restructuring Plan
Warrants to be granted to the creditors and shareholders
pursuant to the Company's Business Rehabilitation Plan Dated
November 29, 2000, provided that the amount shall not exceed
that prescribed in the Company's Business Reorganization
Plan;
1.5 142 million ordinary shares in the amount of not
exceeding five (5) percent of the total number of the Company's
issued shares be allocated for offering to directors and
employees of the Company and its subsidiaries; and
1.6 3,758 million ordinary shares be allocated for offering
on a private placement basis to new equity investor(s) pursuant
to the Notification of the Securities and Exchange Commission
dated May 18, 1992 (and any amendment thereto) and/or be
allocated to reserve for the exercise of Tranche C Warrants'
right pursuant to the Company's Business Rehabilitation Plan
dated November 29, 2000, provided that the amount shall not
exceed that prescribed in the Company's Business Reorganization
Plan.
TPI POLENE: SET Posts `H' Sign
------------------------------
The Stock Exchange of Thailand (SET) has posted "H" sign against
the stock of TPI Polene Public Company Limited (TPIPL) because
of the unconfirmed news about the company negotiating to sell
new capital increased shares.
SET halted the trading of company stocks from
August 30, 2001 onwards, until the company clarifies and
discloses the clarification to the public.
The company has been asked by the SET to give clarification
but it was unable to render the clarification that can be
disclosed to the investors before August 30, 2001 morning
trading session.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Roy Tabamo, Editors.
Copyright 2000. All rights reserved. ISSN: 1520-9482.
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