/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/010919.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 Wednesday, September 19, 2001, Vol. 4, No. 183 Headlines A U S T R A L I A ANACONDA NICKEL: LME Approves Anaconda Nickel's Registration ANSETT AUSTRALIA: ANZ Chairman Advises Australian Unions ANSETT AUSTRALIA: Impact On Creditor Hamilton Island ANSETT AUSTRALIA: Qantas Continues To Provide Assistance CABLE & WIRELESS: SingTel Offer Closed CENTAUR MINING: GLD Enters Exclusivity Period With Receivers IOCOM LIMITED: Updates Information Re Results MAXIS CORPORATION: Updates On Deed Of Company Arrangement TRITON CORPORATION: Creditors Resolve Deed Of Co Arrangement * S&P Advice Re October Quarterly Rebalance To S&P/ASX Indices C H I N A & H O N G K O N G CIL HOLDINGS: Winding-Up Petition Sought By Power Forward GIP SING: Faces Winding Up Petition HARBOUR KING: Winding Up Petition To Be Heard LUEN TAK: Winding Up Petition Set For Hearing PACIFIC CENTURY: Last Day Of Call Warrants Dealings SINO-I.COM: Sanfull Sec's Appointed To Ease Odd Lot Trading SUNEVISION HOLDINGS: Widens Losses To HK$171M VICTORY GROUP: Incurs HK$3.2M H101 Operations Loss WINFIELD SILVERWARE: Winding Up Petition Pending I N D O N E S I A *IBRA To Sell Core Assets Portfolio Via Auction,Direct Selling *Recapitalized Banks Post Key Performance Indicators J A P A N MYCAL CORP: Additional Units Apply For Court Protection K O R E A DAEWOO CONSTRUCTION: HHPC-Laos Equity Sale Contract Finalized DAEWOO MOTOR: GM Says Negotiations Near Completion DAEWOO MOTOR: Halts Plants Due To Parts Supply Cut HYNIX SEMICONDUCTOR: CEO Says Bailout Attempt "Not Futile" SAMSUNG CORP: Ups Investment In Samsung America SAMSUNG HEAVY: Wins $457M In Shipbuilding Orders M A L A Y S I A INSTANGREEN CORP: KLSE Approves SA Monitoring Accountant Role PERDANA INDUSTRI: Modifies Proposed Debt,Equity Workout Scheme RENONG BERHAD: SC Approves Proposal On Share Disposal RNC CORPORATION: Posts Details Re Defaulted Payments SRI HARTAMAS: Unit PPSB Enters Sale, Purchase Agreement S & P FOOD: Implements Capital Reduction, Share Consolidation TAI WAH: Proposes To Amend Memorandum, Articles Of Association TECHNO ASIA: SA's August 2001 Report Submitted To KLSE TIMBERMASTER INDUSTRIES: Winds Ups Nine Units P H I L I P P I N E S NATIONAL BANK: Tan, Government Yet To Reach Compromise NATIONAL POWER: Cancels P3B PNB Loan NATIONAL STEEL: Labor Union Claims Roxas Delayed Reopening S I N G A P O R E SEMBCORP LOGISTICS: Director Changes Interests WING TAI: Voluntarily Winds Up Unit T H A I L A N D DATAMAT PUBLIC: Rehabilitation Plan Approved ITALIAN-THAI: Signs Two Contract Projects THAI BAUER: Petition For Business Reorganization Filed THAI HEAT: Named Thai Heat Revival Management Planner THAI TELEPHONE: Explains Business Reorganization Facts - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: LME Approves Anaconda Nickel's Registration ------------------------------------------------------------ The Board of the London Metal Exchange (LME) formally approved registration of Anaconda Nickel's Murrin Murrin nickel briquettes on September 14th, effective immediately. This registration confirms recognition of Murrin Murrin nickel briquettes as a high quality nickel product and further enhances the reputation of the Murrin Murrin product in the market. Any product delivered to LME warehouses by the Joint Venture participants (Anaconda and Glencore) will be under the brand name "Anaconda High Grade Nickel Briquettes". ANSETT AUSTRALIA: ANZ Chairman Advises Australian Unions -------------------------------------------------------- Air New Zealand (ANZ) Acting Chairman Dr Jim Farmer said the anger of Australian trade unions blockading Sydney airport would be better directed against the Australian Government than against Air New Zealand. Dr Farmer said the Australian Government had been advised in June that Ansett was losing $18 million a week, but the Government's insistence on promoting QANTAS interests in any restructuring deal meant a substantial delay that resulted in a major opportunity being lost. "Earlier this week the Australian Government turned down another proposal to restructure Ansett as an economy airline, which would have saved more than half of the Ansett jobs." "I have the greatest sympathy for everyone affected by the Ansett collapse, workers and passengers alike." "Air New Zealand has worked tirelessly to make the airline profitable, losing more than $1 billion in the process." "We reluctantly called in the voluntary Administrator when it was no longer responsible to carry on. If we had not done so, Air New Zealand itself could eventually have gone under, with the loss of the thousands of more jobs including many there in Australia. We provided funds to the Administrator to ensure that all staff wages could be met until today. We no longer control Ansett. All decisions are now being made by the Administrator." Dr Farmer said the Sydney blockade can achieve nothing positive. "It will only weaken the remaining airlines in Australia and perhaps put more jobs in peril." "The best thing Australian aviation industry workers can do is to lift the blockade and get the planes flying again." Dr Farmer said the New Zealand Government had recognized the importance of Air New Zealand now achieving profitability again, with the offer of a $550 million loan. "The New Zealand Government has come to the party. Perhaps it is time for the Australian Government to consider what contribution it can make to preserving a viable airline industry in Australasia." ANSETT AUSTRALIA: Impact On Creditor Hamilton Island ---------------------------------------------------- Hamilton Island Limited received a substantial portion of its Resort guest and Hamilton Island Great Barrier Reef Airport business through the air services provided by Ansett Australia Limited and its travel agency distribution system. Approximately 50 percent of the passengers that arrive and depart through Hamilton Island's Great Barrier Reef Airport have in the past flown with Ansett. This proportion fluctuates on different routes flown to Hamilton Island. The Hamilton Island Limited group of companies is a creditor of Ansett Australia Limited and the outstanding amount is currently estimated to be $1.2 million. Hamilton Island has concerns regarding the recoverability of this amount, though they will take all steps necessary to do so. The demise of Ansett Australia will adversely impact the short- term supply of airline seat capacity and guests supplied through the Ansett Holiday distribution system to Hamilton Island and the Whitsunday region (in common with many tourist destinations throughout Australia). However, Hamilton is currently holding discussions with other airlines and is confident that a large portion of the lost Ansett seat capacity will be replaced quite soon. Effective last Saturday, Qantas has scheduled additional daily flights to Hamilton Island from Sydney and effective from next Saturday, additional flights are now scheduled from Brisbane. Hamilton is also mindful that the demise of Ansett Australia Limited has occurred at the same time as the tragic events in the United States. This may lead to a protracted reduction of international travel to Australia, particularly from the USA and UK / Europe, which represented 16 percent of rooms sold last fiscal year. On the other hand, travel to Australia from Japan may well increase, and Japan last year represented some 13 percent of rooms sold. In addition, Australian domestic holiday and Convention / Incentive travel, representing some 68 percent of business last year, is likely to increase. It is too early to estimate the potential impact of these developments on Hamilton, other than the potential bad debt described above, however, Hamilton will notify shareholders as soon as they are able to do so. In the meantime, Hamilton Island is reviewing the options to flex on going operating cost base, in the event that the potential impact is significantly adverse for an extended period of time. ANSETT AUSTRALIA: Qantas Continues To Provide Assistance -------------------------------------------------------- Qantas Airways Limited announced Tuesday that it had begun to employ 400 Ansett customer service staff on a temporary basis. Qantas Chief Executive Officer Geoff Dixon said the Ansett workers would be employed for the next five weeks and would assist Qantas staff in meeting the extraordinary demands at Qantas following the collapse of Ansett. "We will offer permanent employment to Ansett staff as soon as the outlook becomes clearer," Dixon said. Qantas has established a register for Ansett staff to indicate their interest in employment with Qantas. There have been more than 8,000 visits to this website and more than 3,200 registrations have been lodged. "We have imposed a freeze on new hiring of overseas engineers and we are also committed to continue the training of Ansett's apprentices," Dixon said. Dixon also announced that Qantas had extended its offer of free travel for stranded Ansett customers. Passengers who hold Ansett tickets and who commenced their journey on Ansett on or before Thursday 13th September 2001 will be offered a seat free of charge on Qantas for their return journey on or before Thursday 27 September, subject to availability. The previously announced Qantas special discount fares for Ansett customers who had not commenced their journey before Friday 14 September remain in place (see below). Dixon said that discount fares were currently not available due to Qantas' commitment to carry return Ansett passengers free of charge, but they would return to the market as soon as possible. He added that Qantas had not increased passenger or freight charges. Qantas people have worked through the weekend to satisfy as many passengers as possible," he said. "For example, and on top of the additional services we have provided on major and regional routes, we will divert Japan, Singapore and Jakarta services via Bali to pick up stranded Ansett passengers and we have put on special 717 services to Hamilton Island." Dixon said Qantas is still exploring a range of options to obtain extra capacity, including: * growing Qantas and QantasLink directly; * leasing aircraft from other airlines on a temporary basis, including negotiations for leasing two 767s from Air Canada; * continuing discussions with the Administrator of Ansett for the lease of aircraft. These are complex arrangements and a number of legal, regulatory and commercial issues remain unresolved; * continuing to provide additional services, upgrading services (from 737s to 767s and 747s) and transferring 747s from international operations to domestic operations. QantasLink and other operators have also commenced interim services to 22 regional centres previously served only by Ansett and its regional subsidiaries. The Qantas measures announced last Friday that remain in place are: * special domestic air fares* for travel until 31 October, for people who have purchased Ansett tickets but have not yet commenced travel; * special air fares discounted by up to 80 per cent for Ansett International customers who have purchased Ansett tickets for travel to and from Japan, Bali, Hong Kong and Fiji for travel until 31 October, on presentation of an Ansett ticket or e- ticket receipt, subject to availability. * a help line for Ansett customers on 13 22 23; * a special Ansett information section on the Qantas web site at www.qantas.com.au Media Enquiries: Michael Sharp - Telephone (02) 9691 3469 or 0408 480 145 CABLE & WIRELESS: SingTel Offer Closed -------------------------------------- Singapore Telecommunications Limited (SingTel) announced Tuesday that the offer to acquire all the ordinary shares in Cable & Wireless Optus Limited (Optus) by its wholly-owned subsidiary, SingTel Australia Investment Ltd (SingTel Australia), closed at 7:00pm (Sydney time) Monday night. By the close of the offer, SingTel Australia had received acceptances for more than 98 percent of Optus shares. A breakdown of those acceptances is as follows: ALTERNATIVE % OF OPTUS SHARES ACCEPTED All Shares 2.4 Shares and A$ Cash 43.8 Shares and US$ Cash 0.7 Shares, A$ Cash and Bonds 0.0 Shares, US$ Cash and Bonds 53.1 Lee Hsien Yang, SingTel's President and Chief Executive Officer said, "We are very pleased with the result of our offer for Cable & Wireless Optus. We welcome all the new SingTel shareholders to our register and look forward to developing a strong relationship with the Australian investment community." Those Optus shareholders who lodged their acceptance prior to the close of the offer will be paid their consideration during the week commencing 24 September 2001. SingTel Australia commenced compulsory acquisition of outstanding Optus shares on 7 September 2001. For further information, please phone: Luisa Ford Burson-Marsteller Tel: (02) 9928 1583 Mob: 0404 851 095 Email: luisa_ford@au.bm.com Foo Kim Leng Sr Corporate Communications Manager SingTel Tel: +65 838 2011 Email: kimleng@singtel.com CENTAUR MINING: GLD Enters Exclusivity Period With Receivers ------------------------------------------------------------ Goldfields Limited (GLD) and Centaur Mining & Exploration Ltd (Receivers and Managers Appointed) (Administrators Appointed) have tabled an offer in respect to Centaur's Mount Pleasant and Ora Banda gold mining and processing operations in Western Australia. They have entered into an exclusivity arrangement allowing the parties to negotiate a Sale and Purchase Agreement. For further information, contact: Peter Cassidy Mark Wheatley MANAGING DIRECTOR AND CEO GENERAL MANAGER-CORPORATE DEVELOPMENT (02) 8223 2400 (02) 8223 2400 or visit the Goldfields web site at www.goldfields.com.au IOCOM LIMITED: Updates Information Re Results --------------------------------------------- Iocom Limited CEO P Walter addressed this letter to shareholders: LETTER TO SHAREHOLDERS During the past financial year, there have been some significant events and corporate structure changes in your company. The Schedule 4B results are in line with our previous announcements. It has been a difficult and intensive year with many business divisions to review and consolidate. The Directors are optimistic that the restructure and consolidation initiatives that are being taken will prove effective. The company has greatly simplified the corporate structure as a part of the business consolidation conducted during the third and current quarter of the financial year. Under the new consolidated operating structure, Iocom Limited (Holding Company) has the following operating companies. - Iocom Solutions Pty Limited (100 percent) - Fortress Networks Pty Limited (100 percent) - Unified Communications Systems Limited (20 percent) All other subsidiary companies are currently inactive, including the distribution and software businesses, and may be dissolved once assessed as no longer being of use to the company. MAXIS CORPORATION: Updates On Deed Of Company Arrangement --------------------------------------------------------- Maxis Corporation Limited (Maxis) executed the Deed of Company Arrangement (DOCA) on 18 May 2001, enabling control of Maxis' subsidiaries in administration, ABT Supplyline Pty Limited (ABTS) and ARBT Pty Limited (trading as Heartland Communications), to be returned to Maxis subject to all conditions precedent being satisfied by 2 July 2001. Maxis informed that due to various matters beyond control, not all the conditions precedent were fulfilled by 2 July 2001. However, at a creditors' meeting held on 3 August 2001, approval was given pursuant to a Deed of Variation to the DOCA to extending the time period in which to satisfy the conditions precedent to 16 August 2001. This time frame was met allowing control of the subsidiaries in administration to revert to Maxis effective 1 July 2001. Reflecting the delay in meeting the conditions precedent, creditors also consented to the payment date for the first installment of $650,000 payable to the Administrators under the DOCA to be deferred from 30 September 2001 to 31 October 2001. The payment of $500,000 payable by NDT Pty Limited (trading as Managed Networks) to the Administrators under the DOCA by 7 July 2001 was paid on 6 July 2001. For further information, please contact Nicholas Swan on 02 9433 6600. TRITON CORPORATION: Creditors Resolve Deed Of Co Arrangement ------------------------------------------------------------ J R Lindholm, administrator of Triton Corporation Limited (Administrators Appointed)(Triton) ACN 004 434 904, advised that at the second creditors' meeting held on 14 September 2001, it was resolved that Triton execute a Deed of Company Arrangement. Below are documents pertaining to this matter: TRITON CORPORATION LIMITED (SUBJECT TO DEED OF COMPANY ARRANGEMENT)("TRITON") ACN 004 434 904 CREDITORS RESOLVED THAT TRITON ENTER INTO A DEED OF COMPANY ARRANGEMENT At the second meeting of creditors of Triton held on 14 September 2001, it was resolved that Triton enter into a Deed of Company Arrangement. Pursuant to Section 444B of the Corporations Law, the Deed of Company Arrangement must be executed within 21 days after the end of the second meeting. Upon execution of the Deed of Company Arrangement, the Deed will become binding on all creditors. RESTRUCTURING OF TRITON The Deed of Company Arrangement will allow the directors of Triton to engage Cullen Capital Pty Ltd ("Cullen Capital"), Investment Advisers & Venture Capitalists, to prepare an Information Memorandum seeking investment in Triton to restructure the company. Cullen Capital have advised of several interested parties in the listed shell of Triton as the vehicle for these entities to potentially: 1. Capture any business synergies and tax losses of Triton and its subsidiaries. 2. List on the ASX without having to incur significant expenditure in raising capital via initial public offerings. External investment in Triton has the potential for Triton to re-list on the Australian Stock Exchange ("ASX"), however, it is dependent on the approval of: 1. Shareholders as to a change in the share capital of Triton. Approval from shareholders would be sought at an Extraordinary General Meeting of the company. 2. Approval from the ASX to re-list a restructured Triton. DEED OF COMPANY ARRANGEMENT The main provisions in the Deed of Company Arrangement are outlined below: * The realization of Triton's property by the Deed Administrator and the proceeds applied in accordance with a Deed of Company Arrangement. * A covenant by the company to procure $350,000 from an investor within 6 months pursuant to a capital restructuring to be approved by shareholders at an extraordinary meeting of members. * Upon execution of the Deed of Company Arrangement, the control of Triton to be reverted back to the directors. * If creditors agree for Triton to execute a Deed of Company Arrangement the directors engage Cullen Capital Pty Ltd ("Cullen Capital"), investment advisers and venture capitalists, to prepare an Information Memorandum seeking investment in Triton. * Payment of the reasonable disbursements of Cullen Capital and the directors in relation to preparing the Information Memorandum and sale of the shell as a cost of the Deed of Company Arrangement and payable from the Deed Fund. * A moratorium on debts incurred prior to the Appointment of the Administrator for the term of the Deed of Company Arrangement. * On compliance with the Deed of Company Arrangement, the company is to be released from all debts incurred prior to the appointment of the Administrator. * The net proceeds of the Deed Fund to be applied in accordance with the Deed and Section 556 of the Corporations Law (priority provisions). * Counsel's advice be obtained to assess the prospects of a legal action against the previous Board of Directors and in this regard, an amount of $10,000 be made available from the Deed fund for this purpose. J R Lindholm DEED ADMINISTRATOR LETTER DATED 10/09/2001 RE: TRITON CORPORATION LIMITED (ADMINISTRATORS APPOINTED)("TRITON") ACN 004 434 904 I refer to my previous letter dated 22 August 2001 notifying the Australian Stock Exchange of the appointment of George Georges and I as Voluntary Administrators to Triton. I have recently received notification from the ASX as to the requirement to lodge Triton's Preliminary Final Report pursuant to listing rule 17.5. Due to circumstances surrounding the company, would you kindly waive the requirement of Triton to lodge this report. I confirm that the ASX will be notified accordingly of any major developments in the administration of Triton. Should you require any further information, please do not hesitate to contact me or, in my absence, Mr Steven Leong of this office. J R Lindholm ADMINISTRATOR * S&P Advice Re October Quarterly Rebalance To S&P/ASX Indices -------------------------------------------------------------- Standard & Poor's, the leading provider of equity indices in Australia, announced that effective after the close of business on Friday 28 September 2001, the following changes to the S&P/ASX Indices will occur: S&P/ASX 20 REMOVAL CODE NAME LLC Lend Lease Corporation Limited S&P/ASX 50 No Changes S&P/ASX 100 REMOVALS CODE NAME HTA Hutchison Telecommunications Australia Limited PAS Pasminco Limited AFI Australian Foundation Investment Company S&P/ASX 200 REMOVALS CODE NAME BTA Biota Holdings Ltd FNC Foundation Healthcare Ltd OTT Open Telecommunications Ltd UEC Uecomm Ltd PCO Pracom Limited KYC Keycorp Ltd PAS Pasminco Limited S&P/ASX 300 (currently 296 constituents) REMOVALS CODE NAME FEA Forest Enterprises Australia Ltd MAQ Macquarie Corporate Telecommunications HSN Hansen Technologies Ltd LOK Looksmart Ltd VCM VeCommerce Ltd KSM Kingstream Steel Ltd RDF Redflex Holdings Ltd NWL New Tel Ltd YTL Yates Ltd DVT Davnet Ltd ZIM Zimbabwe Platinum Mines Ltd OTT Open Telecommunications Ltd The changes will be reflected in the starting portfolio of Monday October 1, 2001. ================================ C H I N A & H O N G K O N G ================================ CIL HOLDINGS: Winding-Up Petition Sought By Power Forward ---------------------------------------------------------- CIL Holdings Limited announced that on 29 August 2001, Power Forward Finance Limited (Power Forward) presented an amended winding-up petition against the Company. However, the Company did not file an affirmation in opposition to the affirmation of Power Forward within the prescribed time. Power Forward has applied to the Court to restore the hearing for the winding-up, petition, which was scheduled at the High Court on 8 October 2001. GIP SING: Faces Winding Up Petition ----------------------------------- The petition to wind up Gip Sing Garment Factory Limited is set for hearing before the High Court of Hong Kong on October 3, 2001 at 9:30 am. The petition was filed with the court on July 16, 2001 by Lam Wai To of Room 1405, Shui Ming House, Siu Sai Wan Estate, Chaiwan, Hong Kong. HARBOUR KING: Winding Up Petition To Be Heard --------------------------------------------- The petition to wind up Harbour King Industries Limited is scheduled before the High Court of Hong Kong on October 3, 2001 at 9:30 am. The petition was filed with the court on July 13, 2001 by Chan Lok Yee of Flat D, 15th Floor, Block 4, Tsui Ning Garden, Tuen Mun, New Territories, Hong Kong. LUEN TAK: Winding Up Petition Set For Hearing --------------------------------------------- The petition to wind up Luen Tak (Building Supplies) Limited is scheduled before the High Court of Hong Kong on October 24, 2001 at 9:30 am. The petition was filed with the court on July 24, 2001 by Yip Kwong Wai, Tommy of Room 2708, Un Shing House, Un Chau Estate, Cheung Sha Wan, Hong Kong. PACIFIC CENTURY: Last Day Of Call Warrants Dealings --------------------------------------------------- Pacific Century CyberWorks Limited advised market participants to note that dealings in the 2001 European Style (Physically Settled) Call Warrants relating to existing issued ordinary shares of HK$0.05 each of the Company issued by ABN AMRO Bank N.V. (stock code: 2158) will cease after the close of business on Thursday, 20 September 2001. Listing will be withdrawn after the close of business on Wednesday, 26/September/2001. SINO-I.COM: Sanfull Sec's Appointed To Ease Odd Lot Trading ----------------------------------------------------------- Sino-i.com Limited revealed that in order to alleviate the difficulties in trading odd lots of Shares represented by existing share certificates arising as a result of the consolidation of board lots, the Company has appointed Sanfull Securities Limited as an agent to match the sale and purchase of odd lots of Shares during the period from Friday, 24 August 2001 to Monday, 24 September 2001 (both days inclusive). Holders of Shares in odd lots represented by existing share certificates who wish to take advantage of this facility either to dispose of their odd lots or to round them up to a full board lot may contact Sanfull Securities Limited during the aforesaid period as follows: Contact Person: Ms. Yvonne Law Address: 20th Floor, Far East Consortium Building 121 Des Voeux Road, Central Hong Kong Tel No: 2853 2127 The appointed agent, Sanfull Securities Limited, is an independent third party not connected with any of the directors, chief executives, or substantial shareholders of the Company or any of its subsidiaries or associates. Holders of Shares in odd lots should note that the matching of odd lots is not guaranteed. Existing share certificates in board lots of 1,000 Shares will continue to be evidence of entitlement to Shares and be valid for delivery and settlement. There will be no new share certificate issued. Shareholders are recommended to consult their professional advisers if they are in any doubt as to the above procedures. SUNEVISION HOLDINGS: Widens Losses To HK$171M --------------------------------------------- Sunevision Holdings, the technology arm of Sun Hung Kai Properties, said its loss in 2001 widened more than fourfold as a one-time charge offset a surge in sales. The company, which operates Hong Kong's biggest data center, lost $171M, or 8.4 cents a share, in the 12 months through June, compared with a loss of $46.5M, or 2.6 cents, a year earlier. Demand for the service in most of Asia has slowed with the region's economy. "The outlook for next year is still positive," said Sheridan Yen, managing director of Sunevision. "I think we will still see financial improvement in the first quarter." Sales were $198M compared with $67M last year. The company wrote off $30M reflecting the lower value of real estate holdings. The company sold shares to the public for the first time in March last year. Sunevision, which now has $1.87B in cash and interest-bearing securities, may move its headquarters to its own property to save $3M a year, Yen said. Yen said he does not expect any major capital expenditure in the current financial year. VICTORY GROUP: Incurs HK$3.2M H101 Operations Loss -------------------------------------------------- Victory Group Limited (stock code: 1139) posted this financial statement: Year end date: 31/12/2001 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 30/6/2001 to 30/6/2000 Turnover : 13,625,000 14,254,000 Profit/(Loss) from Operations : (3,282,000) (3,525,000) Finance cost : (1,917,000) (2,033,000) Share of Profit/(Loss) of Associates : N/A 31,000 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Taxation & MI : (5,199,000) (5,527,000) % Change over Last Period : N/A EPS/(LPS)- Basic : (0.36 cent) (0.47 cent) - Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (5,199,000) (5,527,000) Interim Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Interim Dividend : Nil Payable Date : Nil B/C Dates for (-) General Meeting : Nil Other Distribution for Current Period : Nil B/C Dates for Other Distribution : Nil Remarks: (1) Turnover These amounts include the trading of vehicles, rental income and other immaterial income. (2) Profit/(Loss) from Operations These amounts reflect the loss from operation before finance cost. (3) EPS / (LPS) - Basic The calculation of basic loss per share is based on the net loss attributable to shareholders for the Period of HK$5,199,000 2000: HK$5,527,000) and the weighted average of 1,441,572,729 (2000: weighted average of 1,179,118,597) ordinary shares in issue during the Period and before taking into consideration of the Company's capital reorganization which became effective on 26 July 2001. The aforesaid capital reorganization included a consolidation of every 10 issued and unissued shares of the Company into 1 share. WINFIELD SILVERWARE: Winding Up Petition Pending ------------------------------------------------ Winfield Silverare & Gift Products Limited is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on October 31, 2001. The petition was filed on July 30, 2001 by Chung Hing Man of Room 1241, Block 25, Sau Mau Ping Estate, Kowloon, Hong Kong. ================= I N D O N E S I A ================= *IBRA To Sell Core Assets Portfolio Via Auction,Direct Selling -------------------------------------------------------------- IBRA will conduct the next stage of the sale of its corporate core assets, by way of two disposal schemes. One will be facilitated through an Open Auction which is named the Corporate Core Assets Sale IV and the other will be put into a Direct Selling Program, the restructuring agency said in its Monday press release. I. Corporate Core Asset Sales IV ("CCAS IV") - Batch 1 CCAS IV will commence on September 17, 2001, with final closing on November 30, 2001, comprising eight (8) debtor companies with total obligations as per Debt Restructuring Agreement of approximately USD 1,041 million (please see the table below). Nonetheless, these figures may change subject to on going payments received by BPPN. Name of Line of Principal Debtors Business Debts (US$) 1. PT Polypet Karyapersada Polyester 52,637,149 2. PT Polyprima Karyareksa Petrochemical 356,950,000 (PTA producer) 3. PT Sipatex Putri Lestari Textile 42,491,523 (polyester producer) 4. PT Bakrie Nirwana Resort Hotel, 172,628,563 resort and golf 5. Cisadane Raya Chemichals Oleo-chemichal 146,209,354 6. PT Asia Cellular Satelite Telecommunication 60,760,000 7. PT Pasifik Satelit NUsantara Telecommunication 149,500,000 8. PT Central Pertiwi Bahari Chrimp Farming 60,339,545 T O T A L 1,041,516,134 The offered corporate core assets are generally secured by fixed/movable assets, receivables, personal guarantee and other collateral. The CCAS IV program is open to domestic and foreign investors. Elligible Indonesian investors shall be a legal entity that possesses necessary licenses to acquire and maintain loans, bonds and equity in Indonesia. Elligible Foreign investors shall be a legal entity in the country of their domicile and which, based on the laws of their country of domicile and the Laws of Indonesia, may acquire and maintain loans, bonds and equity in Indonesia. Prospective investors who require further information on this CCAS IV program may request a copy of Information Memorandum after signing a Confidentiality Agreement and paying an administration fee. Interested investors must submit to IBRA a Letter of Interest along with their respective Corporate Profile, latest annual Financial Report and a copy of Company Establishment on September 26, 2001, at the latest. Prospective investors who have met the above requirements may proceed to the due diligence process starting from September 26, 2001 and must submit their final, binding and unconditional bids on October 31, 2001. The winning bidders will be announced to the public on December 3, 2001. II. The Direct Selling Program ("DSP") In additional to the open auction, IBRA is conducting the DSP for its restructured core assets, with a total book value of approximately IDR 10.409 trillion. (please see Appendix found at http://www.bankrupt.com/misc/IBRAappendix.doc The DSP complies with the Financial Sector Policy Committee (FSPC) Decree Number Kep.02/KKSK/12/2000 dated December 12, 2000 and the Minister of Finance of the Republic of Indonesia Decree Number S-382/MK/2001 dated July 6, 2001 regarding the sales of restructured assets that may be purchased or refinanced by banks or investors, without going through an open auction with the condition that the offer shall be above 70 percent of the Original Principal Amount and/or higher than IBRA's internal valuation. The major Terms and Conditions of the DSP are: First, the offer shall be higher than 70 percent of the Original Principal Amount (OPA) and must be in the same currency of the OPA. Second, the DSP is on "first come first served" basis. Third, prospective buyers may submit their offer for more than one assets. Fourth, prospective buyers must submit a proof of payment of security deposits, sign a Confidentiality Agreement and Statement of No Conflict of Interest and Compliance with Related Regulations. Fifth, prospective buyers who submit offers below the 70 percent of OPA minimum requirements will be disqualified and IBRA will retain and own the security deposit. The DSP is open to domestic and foreign prospective buyers who have the license to buy and manage core assets. The DSP portfolio will comprise IBRA' s claims on debtors in the form of loans and/or bonds, and/or convertible bonds and/or equity resulting from debt conversion based on the restructuring agreements. IBRA will conduct the DSP of its restructured core assets on a perpetual basis, so that prospective buyers can purchase IBRA's core assets directly, without going through the Open Auction program. At this juncture, the DSP program only includes restructured assets. IBRA has the right to withdraw certain core assets from the DSP program without notice. The CCAS IV and DSP are part of IBRA's effort to accelerate the rehabilitation of its core assets portfolio with value of over IDR 50 billion per obligor and to meet IBRA's cash collection target for 2001. *Recapitalized Banks Post Key Performance Indicators ---------------------------------------------------- Below are the key performance indicators of 7 recapitalized banks (BII, Lippo, Universal, Patriot, Artamedia, Prima Express, Bukopin). To know the recapitalized banks' progress, IBRA keeps monitoring and reporting their performance. Several key financial indicators such as CAR and Return on Equity are used. As of September 17 , 2001 Key Indicators Average Percentage (%) Jul 2001 Jun 2001 May 2001 Capital Adequacy Ratio (CAR) 11.11 11.08 12.46 Loan To Deposit Ratio (LDR) 56.68 53.96 53 NPL (category 3 - 5) / Total Loans 13 13.26 11.78 Provision Loan Losses / Total Loans 7 7.29 6.39 Growth Of Total Assets -3.19 -0.65 -2.08 Growth Of Total Loans -1.54 0.84 -1.51 Growth Of Total Equity -4.3 -3.05 4.34 Growth Of Operating Expenses -0.56 22.81 -6.49 Net Interest Margin 0.38 0.4 0.3 Return On Assets (ROA) 0.23 -0.18 0 Return On Equity (ROE) 6.63 4.7 -1.29 ========= J A P A N ========= MYCAL CORP: Additional Units Apply For Court Protection ------------------------------------------------------- Four more units of Mycal Corporation applied for court protection from creditors earlier yesterday, increasing the total number of subsidiaries seeking court-mandated rehabilitation to 10, Japan Today reported on September 18. More group companies may still apply for court protection from creditors, said Mycal's lawyer Fujiaki Mimura. ========= K O R E A ========= DAEWOO CONSTRUCTION: HHPC-Laos Equity Sale Contract Finalized ------------------------------------------------------------- Daewoo Construction said Friday it concluded a contract to sell its equity in HHPC of Laos to companies in Belgium and the Netherlands for US$128.66 million to tackle its financial trouble, Korea Inc reported September 14. According to company officials, Daewoo, under the contract, will collect US$80 million in prepayment and the rest will be paid in November when the terms and conditions for the contract are satisfied. The construction firm holds a 60% stake in HHPC, which is engaged in building hydropower plants and dams for export of electricity to Thailand, running the facilities for 30 years. DAEWOO MOTOR: GM Says Negotiations Near Completion -------------------------------------------------- General Motors Corp said Monday the deal to buy Daewoo Motor Co is nearly complete, Wall Street Journal reported September 17. GM's statement followed a report by South Korea's JoongAng Ilbo newspaper that GM and Daewoo's creditors planned to announce their arrangements as soon as Friday. "Significant progress has been made and we're very optimistic that the memorandum of understanding can be signed in the near future," said Rob Leggat, director of GM's corporate communications in Asia. Leggat, however, charged JoongAng's timetable as "speculative." DAEWOO MOTOR: Halts Plants Due To Parts Supply Cut -------------------------------------------------- Daewoo Motor Company halted operations at two plants in Bupyong, its largest, and in Kunsan starting 9:00 p.m. EDT. The work stoppage resulted after some of its suppliers refused to provide parts over a dispute to procure more financial support from Daewoo Motor's creditors, Wall Street Journal reported September 17. Daewoo's third plant in Changwon is operating normally. The two suspended plants will remain idle until the suppliers, which demanded that Daewoo Motor's creditor banks compensate them more for unpaid bills, resume providing parts. The old Bupyung plant, which has an annual production capacity of about 500,000 units, usually produces Leganza and Magnus, the medium passenger car models, and Lanos, a compact model. The most modern Kunsan plant, which has an annual production capacity of about 320,000 units, produces Rezzo, a sport utility vehicle model, and Nubira, another medium passenger car model. The Changwon plant, which remains open, makes about 230,000 units of compact car model Matiz and about 10,000 units of other types of commercial vehicles annually. HYNIX SEMICONDUCTOR: CEO Says Bailout Attempt "Not Futile" ---------------------------------------------------------- Hynix Semiconductor Co's president, Park Jong-sup, reassured during Monday's round of parliamentary inspections on the Financial Supervisory Service (FSS) that saving the troubled chipmaker would not end in a futile attempt, Korea Herald reported on September 18. Park said, "With just W600 billion of fresh funds, Hynix would have no problem getting back on its feet as a global player. And as soon as the semiconductor prices jump back up to the $1.5 level per unit, we will be able to gather W1.2 trillion of funds on our own." Hynix invested about W1.7 trillion in fresh funds last year. It needs to invest at least another W600 billion this year, indicating that the plan to invest W4.4 trillion this year may be over-investing. While Park stressed that Hynix is ahead of competitors like Micron Technology Inc and Infineon Technologies in terms of total sales and ability to generate cash flows, Kim Kyung-lim, president of Korea Exchange Bank (KEB), reiterated his view that Hynix has the potential to revive itself only if it is given a sufficient bail-out package. SAMSUNG CORP: Ups Investment In Samsung America ----------------------------------------------- Samsung Corporation decided on September 13 to make additional investment in its U.S. subsidiary Samsung America, Inc, Korea Inc reported September 14. Engaged in the trading business, Samsung America is capitalized at US$70 million. Samsung Corp's existing investment in the company is W53,111,620,000 and it will offer a payment guarantee of W128,940 million for its issuing of floating-rate notes (FRNs). The payment guarantee will be offered from October 12, 2001 through October 11, 2004. SAMSUNG HEAVY: Wins $457M In Shipbuilding Orders ------------------------------------------------ Samsung Heavy Industries has been awarded two shipbuilding orders totaling $457 million, including options, from BP Shipping and the Italian shipping group Premuda, Korea Herald reported on September 18. Eight ships will be built for BP worth $44 million to $45 million each and delivery scheduled to start in the second half of 2003. Samsung has received orders totaling $2.5 billion this year. With a backlog in orders totaling $6 billion, the company said it is "optimistic about attaining this year's target of $3 billion." =============== M A L A Y S I A =============== INSTANGREEN CORP: KLSE Approves SA Monitoring Accountant Role ------------------------------------------------------------- The Special Administrators of Instangreen Corporation Berhad announced that the Kuala Lumpur Stock Exchange approved their appointment as Monitoring Accountant on September 14, 2001. PERDANA INDUSTRI: Modifies Proposed Debt,Equity Workout Scheme -------------------------------------------------------------- Arab-Malaysian Merchant Bank Berhad (AMMB), on behalf of Perdana Industri Holdings Berhad (PIHB or the Company), informed the Kuala Lumpur Stock Exchange (KLSE) that the Company, on 12 September 2001, entered into a supplemental agreement with Wah Seong Corporation Berhad (WSC) to modify certain terms of the transfer of listing status agreement dated 14 January 2001. Amongst the material terms being modified are: i. the extension of the completion date of the Proposed Debt and Equity Restructuring Scheme to 30 June 2002; ii. the postponement of the exercise date of the put and call arrangement with the relevant scheme lenders by twelve (12) months; iii. the rate of capital reduction will be increased from 90 percent to 92 percent; iv. the number of new WSC shares to be issued to settle the scheme's liabilities will be increased from about 58.78 million shares to 59.14 million shares. However, due to recognition and reclassification of certain liabilities of the scheme, the recovery rate to the unsecured creditors will be marginally decreased from 24.7 percent to 24.5 percent; and v. the subsidiaries of PIHB may be liquidated pursuant to the Proposed Debt and Equity Restructuring Scheme. The abovementioned revisions are subject to approval by the following: i. Pengurusan Danaharta Nasional Berhad; ii. the secured creditor, if required; iii. Securities Commission; iv. Foreign Investment Committee; v. Ministry of International Trade and Industry; vi. Bank Negara Malaysia; vii. KLSE; and viii. any other relevant authorities. An information memorandum will be issued to the shareholders in due course once all the necessary approvals for the revised scheme have been obtained. RENONG BERHAD: SC Approves Proposal On Share Disposal ----------------------------------------------------- On behalf of the Board of Directors of Renong Berhad, Alliance Merchant Bank Berhad, formerly known as Amanah Merchant Bank Berhad, announced the Securities Commission (SC) had, via a letter dated 11 September 2001, approved the Proposal. The acceptance is in relation to the proposed acceptances by Renong and Cantuman Bahagia Sdn. Bhd, a wholly owned subsidiary of Renong. The Proposal involves the conditional voluntary offer involving the disposal of 309,795,506 ordinary shares of RM0.50 each in United Engineers (Malaysia) Berhad to Syarikat Danasaham Sdn. Bhd. for a total cash consideration of RM1,394,079,777, subject to the following conditions: (i) the approval of the SC for any revision to the utilization of proceeds; (ii) the approval of the Board of Directors of Renong for any extension of time for the utilization of proceeds and an appropriate announcement has to be made to the Kuala Lumpur Stock Exchange; (iii) the disclosure in the quarterly report and annual report on the status of the proceeds until its full utilization; and (iv) the Company has to comply with the relevant guidelines stated in the SC's Policies and Guidelines on Issue/Offer of Securities. RNC CORPORATION: Posts Details Re Defaulted Payments ---------------------------------------------------- RNC Corporation Berhad (Special Administrators Appointed) (RNC) and its subsidiaries have defaulted on borrowings as per the list found at http://www.bankrupt.com/misc/RNC_default_payment.xls The Special Administrators are in the midst of preparing an Information Circular detailing the Proposed Corporate and Debt Restructuring Scheme (PRS). The Info Circular will include the disposal/settlement of the defaulted borrowings. SRI HARTAMAS: Unit PPSB Enters Sale, Purchase Agreement ------------------------------------------------------- The Special Administrators of Sri Hartamas Berhad (SHB) announced that its wholly-owned subsidiary, Puncak Permata Sdn Bhd (PPSB) entered into a Sale and Purchase Agreement (S&P) with Rapid Synergy Berhad ("Rapid"), for the sale of eleven (11) parcels of freehold land for a total cash consideration of RM4.10 million. DETAILS OF THE LAND DISPOSAL The Special Administrators of SHB participated in a Property Tender exercise co-ordinated by Pengurusan Danaharta Nasional Berhad (Danaharta) on 6 December 2000. Pursuant to the tender exercise, PPSB acting through Special Administrators, on 17 September 2001, entered into a S&P with Rapid, for the sale of eleven parcels of freehold land all held under Mukim of Kuala Lumpur, District of Kuala Lumpur, Federal Territory of Kuala Lumpur (PP-Land) as detailed hereunder for a total cash consideration of RM4.10 million: Land Title Land Area H.S. (D) 49058 P.T. No. 48650 1,950.90sq meter H.S. (D) 47964 P.T. No. 47471 74.32 sq meter H.S. (D) 47965 P.T. No. 47472 74.32 sq meter H.S. (D) 47966 P.T. No. 47473 74.32 sq meter H.S. (D) 47967 P.T. No. 47474 74.32 sq meter H.S. (D) 47968 P.T. No. 47475 74.32 sq meter H.S. (D) 47969 P.T. No. 47476 74.32 sq meter H.S. (D) 47970 P.T. No. 47477 74.32 sq meter H.S. (D) 47971 P.T. No. 47478 74.32 sq meter H.S. (D) 47972 P.T. No. 47479 74.32 sq meter H.S. (D) 49068 P.T. No. 48660 668.88 sq meter PP-Land is being disposed free from all lien, charges and other encumbrances and the PP-Land will be transferred in its present state and condition on an "as is where is" basis (subject to fair wear and tear). The purchase consideration will be paid in the following manner: a. Prior to the execution of the S&P, Rapid had paid to the Special Administrators the earnest money amounting to RM205,000; b. Upon the execution of the S&P, Rapid had paid the balance of deposit amounting to RM205,000 to PPSB; c. The balance of the purchase price amounting to RM3.69 million shall be payable within 14 days from the S&P becoming unconditional. CONDITION PRECEDENT Based on the terms of the S&P, the sale of the PP-Land is subject to Danaharta and the secured creditors of PPSB approving the workout proposal at the meeting of the secured creditors to be held pursuant to Clause 46(2) of the Danaharta Act; If the above condition precedent is not fulfilled within 90 days from the date of the S&P, the period will be extended for another 30 days. Any further extension shall be mutually agreed and is subject to Danaharta's consent. BASIS OF ARRIVING AT THE CONSIDERATION The latest valuation by M/S CH Williams Talhar & Wong Sdn Bhd dated 10 December 2000 values the PP-Land at RM5.46 million based on open market value. The disposal price of RM4.10 million represents approximately 75 percent of the open market value. DESCRIPTION OF THE LAND PPSB is the registered owner of the PP-Land. The PP-Land is presently free from all lien, charges and encumbrances. The PP-Land was acquired by PPSB on 6 December 1993 and the unaudited net book value of the Property as at 30 June 2001 amounted to RM4.10 million. Upon completion of the sale, the Property will be transferred in its present state and condition on an "as is where is" basis (subject to fair wear and tear). INFORMATION ON PPSB PPSB was incorporated in Malaysia under the Companies Act, 1965 on 9 July 1993. PPSB's present authorized share capital is RM500,000 divided into 500,000 shares of RM1.00 each of which 250,000 ordinary shares of RM1.00 each have been issued and fully-paid. The principal activity of PPSB is engaged in property development. Pengurusan Danaharta Nasional Berhad pursuant to Section 24 of the Pengurusan Danaharta Nasional Berhad Act, 1998, has appointed special Administrators to PPSB on 18 October 2000. INFORMATION ON RAPID Rapid was incorporated in Malaysia under the Companies Act, 1965 as a private limited company on 6 December 1994 under the name of Fabulous Synergy Sdn Bhd. On 4 February 1995 it changed its name to Fabulous Synergy Berhad, a public limited company and subsequently renamed to Rapid Synergy Berhad on 10 March 1995. Rapid was listed on the Second Board of KLSE on 13 March 1997. Rapid's present authorized share capital is RM25,000,000 divided into 25,000,000 shares of RM1.00 each of which 19,999,000 ordinary shares of RM1.00 each have been issued and fully-paid. The principal activity of Rapid is in investment holding. RATIONALE FOR THE DISPOSAL The net sales proceed of the disposal will be utilized to settle the creditors of the Company in accordance with the workout proposal to be approved by Danaharta and the secured creditors of PPSB. FINANCIAL EFFECTS OF THE DISPOSAL The financial effects of the disposal are as follow: Share Capital The proposed disposal will not have any effect on the issued paid-up share capital of SHB. Earnings The proposed disposal will not have any material effect on the unaudited consolidated earnings of SHB Group current financial year ended 30 June 2001 as announced on 30 August 2001. Net Tangible Assets ("NTA") The proposed disposal will not have any material effect on the consolidated unaudited NTA of Sri Hartamas group as at 30 June 2001. Condition of The Disposal The disposal is subject to fulfillment of Danaharta and the secured creditors of PPSB approving the workout proposal at the meeting of the secured creditors to be held pursuant to Clause 46(2) of the Danaharta Act. Special Administrators', Directors' and Substantial Shareholders' Interest Please refer to Table A the board of directors of SHB as of 31 August 2001 at http://www.bankrupt.com/misc/Sri_Hartamas_tables.doc Please refer to Table B the substantial shareholders of SHB as of 31 August 2001 at http://www.bankrupt.com/misc/Sri_Hartamas_tables.doc SPECIAL ADMINISTRATORS RECOMMENDATION The Special Administrators of PPSB are of the view that the disposal is in the best interest of the stakeholders of PPSB and the terms and conditions thereof are fair and reasonable in the circumstances. S & P FOOD: Implements Capital Reduction, Share Consolidation ------------------------------------------------------------- S & P FOOD Industries (M) Berhad (S&PFOOD) is implementing: (i) The Reconstruction Of The Share Capital Of S&PFOOD: * Reduction Of S&PFOOD's Existing Issued And Paid-Up Share Capital Of RM16,100,000 Comprising 16,100,000 Ordinary Shares Of RM1.00 Each To RM8,050,000 Comprising 16,100,000 Ordinary Shares Of RM0.50 Each By The Cancellation Of RM0.50 Of The Par Value Of Every Ordinary Share Of RM1.00 Each Of S&PFOOD In Issue Pursuant To An Order Of The High Court Of Malaya Under Section 64 Of The Companies Act, 1965 (Reduction Of Capital); And * Consolidation Of S&PFOOD 's Issued And Paid-Up Share Capital After The Reduction Of Capital Of RM8,050,000 Comprising 16,100,000 Ordinary Shares Of RM0.50 Each To RM8,050,000 Comprising 8,050,000 Ordinary Shares Of RM1.00 Each By The Issuance Of 8,050,000 Consolidated Shares Of RM1.00 Each In S&PFOOD On The Basis Of One (1) Consolidated Share For Every Two (2) Resultant Ordinary Shares Of RM0.50 Each After The Reduction Of Capital (S&PFOOD Consolidated Shares); (Collectively Known As Capital Reconstruction) (ii) The Scheme Of Arrangement Between S&PFOOD, Its Shareholders And Cepatwawasan Group Berhad (CGB), Under Section 176 Of The Companies Act, 1965, Whereby The 8,050,000 S&PFOOD Consolidated Shares Will Be Exchanged With 8,050,000 Ordinary Shares Of RM1.00 Each In CGB, On The Basis Of One (1) New CGB Ordinary Share For Every S&PFOOD Consolidated Share (Scheme Of Arrangement). Collectively referred to as "Capital Reconstruction and Scheme of Arrrangement". In order to facilitate the Capital Reconstruction and Scheme of Arrangement, the trading of S&PFOOD ordinary shares of RM1.00 each will be suspended with effect from 9.00 a.m. on Thursday, 27 September 2001 and the suspension will continue until the listing of and quotation for the new ordinary shares of RM1.00 each in CGB on the Second Board of KLSE. TAI WAH: Proposes To Amend Memorandum, Articles Of Association -------------------------------------------------------------- The Board of Directors of Tai Wah Garments Manufacturing Berhad (TWGB or the Company) announced that the Company proposes to amend its Memorandum and Articles of Association in line with the new Listing Requirements of Kuala Lumpur Stock Exchange (KLSE) and provisions of the Companies Act 1965. DETAILS OF THE PROPOSAL 1. The amendments to the Memorandum of Association of the Company are proposed so as to amend the clauses in line with the provisions of the Companies Act 1965. 2. The amendments to the Articles of Association of the Company are proposed to comply with the new Listing Requirements of KLSE. RATIONALE FOR THE PROPOSAL The Proposed Amendments are made to update the Memorandum and Articles of Association of the Company, where relevant, to render consistency throughout. The Proposed Amendments are also made to incorporate the requirements of the new Listing Requirements of KLSE. APPROVAL REQUIRED The Proposed Amendments is subject to the approval of the shareholders of the Company at an Extraordinary General Meeting (EGM) to be convened. DIRECTORS'RECOMMENDATION The Directors, having considered all aspects of the Proposal, are of the opinion that the Proposal are in the best interest of the Company and its shareholders. Accordingly, they recommend that you vote in favor of the Special Resolutions to be tabled at the forthcoming EGM. TECHNO ASIA: SA's August 2001 Report Submitted To KLSE ------------------------------------------------------ Techno Asia Holdings Berhad, being an affected listed issuer, announced that in compliance with the obligation imposed under the practice note, the monthly report for the month of August 2001 accompanied by the statutory declaration duly executed by the Special Administrators was submitted to the KLSE on 14th September, 2001. TIMBERMASTER INDUSTRIES: Winds Ups Nine Units --------------------------------------------- Timbermaster Industries Berhad announced that as part of its restructuring exercise, it has initiated petitions to wind up nine of its wholly-owned subsidiary companies (the Respondents) under Section 218 of the Companies Act, 1965. Please see details at http://www.bankrupt.com/misc/TIMBERMASTER_respondents.doc The Petitioners claimed that the respective Respondents were indebted to the respective Petitioners for the amount stated above. The respective Petitioners have sent a Notice pursuant to Section 218 of the Companies Act, 1965 dated 13 December 2000 to the respective Respondents. Based on the latest accounts of the respective Respondents, the Respondents are dormant and inactive. There are minimal assets and the Respondents are unable to repay their debts. The winding-up proceedings against the Respondents are not expected to have any significant financial or operational impact on TMIB. Please refer http://www.bankrupt.com/misc/TIMBERMASTER_costs.doc for the total cost of investment of the Petitioners in each of the respective Respondents. ===================== P H I L I P P I N E S ===================== NATIONAL BANK: Tan, Government Yet To Reach Compromise -------------------------------------------------- Philippine National Bank said the government and Lucio Tan, its two major shareholders are still far from reaching a compromise deal on the bank's rehabilitation plan and the reverse privatization of PNB. The information came from a company report to the stock market, the Wall Street Journal reported September 17. The government and Tan reportedly agreed to soften their positions with regard to the debt-to-equity swap proposal, with Tan agreeing to reduce his PHP60-a-share asking price under the swap proposal, while the government agreed to bring up its offer from the current PHP40 a share. Earlier, the government wanted to convert part of the PhP25 billion loan it extended to PNB late last year in exchange for more shares to gain management control, of which Tan is the majority owner with a 67% stake. The government offered Tan up to P45 ($1=PhP51.374) a share for his holdings, but considered the offer too low. NATIONAL POWER: Cancels P3B PNB Loan ------------------------------------ National Power Corporation (Napocor), which needed about P112.3 billion for its capex and operating expenses for 2001, cancelled the plan to borrow PhP3 billion from the Philippine National Bank (PNB), ABS-CBN News reported on September 17, which quoted Monday the Energy Secretary Vincent S. Perez. The power company also needs to raise about $530 million (PhP26.5 billion) through borrowings in the remaining months of the year to finance payments of maturing obligations. Perez said, "The PNB loan did not push through because we have decided to [borrow] through the Bureau of Treasury (BTR)." The power firm reportedly is arranging a $400-million financing package with US-based investment bank Bear Steams to augment its funding, with about 60 percent of the total $530-million borrowing requirement of Napocor to be raised from the international debt market, according to the Department of Finance. Perez was quoted saying the government expects by October-end the release of the second tranche of the Asian Development Bank's (ADB) Power Sector Restructuring Loan Program amounting to $200 million, currently withheld pending the submission of Napocor's privatization plan. However, Perez said Napocor will not get its original share of $50 million from the ADB loan tranche as the government has decided to keep proceeds of the loan due to budgetary constraints. NATIONAL STEEL: Labor Union Claims Roxas Delayed Reopening ---------------------------------------------------------- The National Steel Corporation (NSC) labor union accused Trade and Industry Secretary Manuel Roxas II of delaying the reopening of the steel mill. The union also says Roxas misled the country's president, Philippine Star reported on September 18, which quoted Simplicio Villarta, president of the National Steel Labor Union (NSLU). The NSLU president said Roxas has been feeding President Arroyo with "incomplete, if not inaccurate information" about NSC. Accordingly, Roxas refused to accept Allengoal Steel Corp's bid in April last this year to operate the plant for a PhP20.5 million monthly rental plus a 40 percent share of net profits. Meanwhile, Cathay Pacific Steel Corporation (Capasco) made a counter offer in May this year for a monthly rental of PhP20 million or 50 percent of the net profit, whichever was higher. Villarta, who insists that the Allengoal's offer is the only serious proposal on the table, said that instead of accepting the bid Allengoal's offer, Roxas created an evaluation committee that further delayed the reopening of the NSC plant in Davao. Vilareta pointed out that the President was not informed about the May 23 deadline for the submission of proposals to lease and operate NSC and the opening of bids last May 30 in the presence of Roxas, Securities and Exchange Commission chief Lilia Bautista, NSC liquidator Danilo Concepcion, among others. Allengoal president Alex Delmo, who vowed to get the plant up and running in six months, said, "Her Excellency was completely kept in the dark. (T)here has been an existing contract between Malaysian representatives for NSC and Allengoal to lease and operate as early as April that was duly ratified by the NSC working board." ================= S I N G A P O R E ================= SEMBCORP LOGISTICS: Director Changes Interests ---------------------------------------------- Sembcorp Logistics Ltd, posted a notice of change in the Director's interests in a related company, namely Singapore Airport Terminal Services, as follows: Name of director: Wee Chow Hou Date of notice to company: 18 Sep 2001 Date of change of interest: 17 Sep 2001 Name of registered holder: Wee Chow Hou Circumstance giving rise to the change: Open market purchase Shares held in the name of registered holder No. of shares of the change: 13,000 Percent of issued share capital: - Amount of consideration per share excluding brokerage, GST, stamp, duties, clearing fee: - No. of shares held before change: 39,000 Percent of issued share capital: - No. of shares held after change: 52,000 Percent of issued share capital: - Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 5,000 34,000 Percent of issued share capital: - - No. of shares held after change: 5,000 47,000 Percent of issued share capital: - - Total shares: 5,000 47,000 7,000 shares were purchased at S$1.02 per share and 6,000 shares were purchased at S$1.03 per share. WING TAI: Voluntarily Winds Up Unit ----------------------------------- The Board of Directors of Wing Tai Holdings Limited announced that the members of Winwards Investment Pte Ltd (Winwards), on 25 May 2001, resolved Winwards would be wound up voluntarily. Winwards is a 85%-owned subsidiary of Wing Tai Land Pte. Ltd., which in turn is a wholly owned subsidiary of the Company. =============== T H A I L A N D =============== DATAMAT PUBLIC: Rehabilitation Plan Approved -------------------------------------------- The board of directors of Datamat Public Company Limited said that at a Meeting #6/2544 held on September 14, 2001, the Company passed the resolution to approve the rehabilitation plan. The Company organized to present the rehabilitation plan to the financial analysts at the Company's headquarters located Datamat Building 3rd Floor No. 1252 Pattanakarn Road, Suanluang Subdistrict, Suanluang District, Bangkok 10250 on September 17, 2001. ITALIAN-THAI: Signs Two Contract Projects ----------------------------------------- Italian-Thai Development Public Company Limited informed Stock Exchange of Thailand (SET) that in Sept 2001 the Company signed two contracts: Name of Project Client Price(Baht) Signing date Period (including VAT) of work 1. The construction of the underground duct bank in conjunction with the MRTA project (at Pracharat Bamphen and Sutthisan Stations) The Metropolitan Electricity Authority 32.91 M Sep 13,2001 318 days 2. The construction of piling works-Passenger Terminal Complex, the Second Bangkok International Airport Project (Suvarnabhumi Airport) contract no. NBIA (P.P.) 17/2544 New Bangkok International Airport Co.,Ltd. 1,029.58 M Sep 12,2001 730 days The Details of each works are as follows: 1.The construction of the underground duct bank in conjunction with the MRTA project (at Pracharat Bamphen and Sutthisan Stations ) Description of works: - Reinforce concrete manholes 12 units - Reinforce concrete ductbanks of 12 and 18 conduits for the combined lengths of 948 meter - Horizontal directional drill duct banks of 2,4 and 6 conduits for the combined lengths of 365 meter - Road and footpath reinstatment 2.The construction of piling works-Passenger Terminal Complex,the Second Bangkok International Airport Project ( Suvarnabhumi Airport ) contract no. NBIA (P.P.) 17/2544 Description of works : Construction of piling works -Passenger Terminal Complex, concourses and elevated roadways. Types of piles are as follow: - Spun concrete piles diameter 600 mm. 13,753 units. - Bored cast in-place pile diameter 600 mm. 12,474 units. - Bored cast in-place pile diameter 1,000 mm. 963 units - Diaphragm wall 1 cm. thick with length 27,870 m2 Italian-Thai Development Public Company Limited filed a petition with the Bankruptcy Court Business Rehabilitation on Sep 4 , 2001. THAI BAUER: Petition For Business Reorganization Filed ------------------------------------------------------ The Petition for Business Reorganization of Thai Bauer Company Limited (DEBTOR), engaged in construction, was filed in the Central Bankruptcy Court: Black Case Number 301/2543 Red Case Number 27/2543 Petitioner: THAI BAUER COMPANY LIMITED Planner: Mr. Michael Brian Singkinson Debts Owed to the Petitioning Creditor: Bt3,759,000,000 Date of Court Acceptance of the Petition: April 19, 2000 Court Order for Business Reorganization and Appointment of Planner: May 16, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner: in Matichon Public Company Limited and Siam Rath Company Limited in 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner: in Government Gazette on July 13, 2000 Deadline for the Planner to submit the Business Reorganization Plan to the Official Receiver: October 13, 2000 Court allowed the planner to expand the submitted date of the Plan to the Official Receiver: November 13, 2000 Appointment Date of the Creditors' Meeting for the Plan Consideration: January 18, 2001 at 9.30 am. Convention Room no. 1105, 11th Floor Bangkok Insurance Building The Meeting had passed a resolution selecting a New Planner Court had issued the order for Selecting a New Planner: February 12, 2001 and Appointed Bauer Construction (Thailand) Company Limited to be as the New Planner Announcement of Court Order for Selecting the New Planner: in Matichon Public Company Limited and Siam Rath Company Limited in February 22, 2001 Announcement of Court Order for Selecting the New Planner : in Government Gazette: March 22, 2001 Deadline for the New Planner to submit the New Reorganization Plan to the Official Receiver: April 2 , 2001 The New Planner requested to extend the date of submitted the New Reorganization Plan to April 30, 2001 The Meeting of Creditors had a resolution accepting the new reorganization plan pursuant to Section 90/46 Contact: Ms. Bang - Orn Tel. 6792525 ext. 112 THAI HEAT: Named Thai Heat Revival Management Planner ---- ------------------------------------------------ Thai Heat Exchange PCL corrected the Rehabilitation Plan sent to the Central Bankruptcy Court in English version No.10/2001: Detail No. 6 From "Thai Heat Exchange Public Company Limited will be the management planner for the period of 5 years." To "Thai Heat Revival Company Limited will be the management planner for the period of 5 year." THAI TELEPHONE: Explains Business Reorganization Facts ------------------------------------------------------ Thai Telephone & Telecommunication Public Company Limited (TT&T) clarified that the report regarding the amendment of Royal Decree on Thai Asset Management Corporation B.E. 2544 (Royal Decree), in which TT&T sustained bad debts of Bt44,000 million and was in the process of transferring such debts to TAMC, is not true. The company explained that the Central Bankruptcy Court approved TT&T's Business Reorganization Plan on December 27, 2000. TT&T subsequently entered into the Debt Restructuring Agreement (Agreement) with all Creditors on June 29, 2001 and TT&T complied with all Conditions Precedent as stipulated in the said Agreement resulting in that the Agreement has become in full force and effect since September 3, 2001. TT&T's debts, as restructured by the Business Reorganization Plan, therefore, fall outside the possibility of transfer of bad debts to TAMC as stipulated in Sections 30 and 31 of the Royal Decree. At present, the Company is in the process of requesting for the Court's approval of the termination of the Rehabilitation in order to retain a normal operation. 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, Jerros Dolino, Editors. Copyright 2000. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. *** End of Transmission ***