/raid1/www/Hosts/bankrupt/TCRAP_Public/010927.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
Thursday, September 27, 2001, Vol. 4, No. 189
Headlines
A U S T R A L I A
ANSETT AUSTRALIA: Asset Stripping Denied By Air New Zealand
ANSETT AUSTRALIA: Unable to Reach A320s Agreement With Qantas
AUSTRIM NYLEX: Trading Of Securities Suspended
BRIDGEDFS LIMITED: ING Ups Stakes To 8.91%
COLES MYER: Launches `Operation Right Now'
COLES MYER: S&P Places Rating On CreditWatch Negative
HARTS AUSTRALASIA: Defends ASIC's Appointment Of Liquidator
NEWCREST MINING: Perpetual Increases Stake
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: Meeting Of Unitholders Cancelled
CIL HOLDINGS: Posts Adjustment Proposal To Shareholders
CURRUTHERS LIMITED: Winding Up Petition Pending
GUANGNAN(HOLDINGS): Narrows Net Loss To HK$8,585
GUANGNAN (HOLDINGS): Suspends Trading
JET HWA: Winding Up Sought By S.C.P.C.C.
TOP RICH: Petition To Wind Up Scheduled
TRADEPAC LIMITED: Winding Up Petition Hearing Set
I N D O N E S I A
SEMEN GRESIK: Government Says Spin-Off Plan Lacks Viability
* Restructuring Process On Corporate Debtors Reaches Rp33.18T
J A P A N
ASAHI BANK: Will Announce Executive Changes Following Merger
DAIEI INCORPORATED: Debt-Rating Cut Provokes Shares Plunge
HIKARI TSUSHIN: Ups Stake In Unit
HITACHI LIMITED: Aims To Boost Software Staff
ISUZU MOTORS: Reduces U.S. Auto Output Following Attacks
K O R E A
ASIANA AIRLINES: Government Provides US$3B Payment Guarantee
DAEWOO MOTOR: GM On Talk To Acquire Sales Network
DAEWOO MOTOR: GM May Buy Bupyong Plant Before Pact Ends
HANJIN SHIPPING: Forms Tie-up With K-Line, Three Others
HYNIX SEMICONDUCTOR: Unveils Inexpensive Production Process
LG ELECTRONICS: Faces Infringement Suit Filed By Telular
SHINHAN BANK: Lowers Deposit Rate By 0.2% Points
M A L A Y S I A
AMSTEEL CORPORATION: Proposed GWRS Application In Final Stage
ARTWRIGHT HOLDINGS: Re-Designates Director Kee's Position
DRB-HICOM BERHAD: Utilization Of Proceeds Revisions Approved
LION CORPORATION: Applies For A Further Extension
MGR CORPORATION: Answers Queries Re Proposal Effects
OMEGA HOLDINGS: BGI Extends Sale, Purchase Agreement
SURIA CAPITAL: Proposed Injection Of Sabah Ports Authority
TECHNOLOGY RESOURCES: Danaharta OKs Early Loan Redemption
TIME ENGINEERING:Enters Sale, Purchase Agreement W/Datuk Abdul
P H I L I P P I N E S
INTERNATIONAL CONTAINER: Ready To Pay P8B Debt Due 2002
NATIONAL POWER: Savings To Come From Insurance E-Bid
RFM CORPORATION: Cleared Of Charges By PSE
UNIWIDE GROUP: Postpones Passage Of Amended Rehab Plan
S I N G A P O R E
CAPITALAND LIMITED: Completes Transfer Of Management Contracts
KEPPEL CAPITAL: Posts Shareholder's Interest Changes
WING TAI: Posts Redeemable Shares Redemption Notice
T H A I L A N D
DATAMAT PUBLIC: Posts Shareholders' Resolution Report
ITALIAN THAI: Bankruptcy Court Appoints Rehabilitation Planner
NARONG CANNING: Petition For Business Reorganization Filed
TPI POLENE: Credit Bank Rejects Cemex's Buyout Offer
TPI POLENE: Clarifies Participation Of Global Cement Producers
TPI POLENE: SET Lifts "SP" Sign
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT AUSTRALIA: Asset Stripping Denied By Air New Zealand
-----------------------------------------------------------
Wednesday Air New Zealand Acting Chairman Dr Jim Farmer refuted
continuing Australian allegations that ANZ had improperly
removed cash and assets from Ansett Australia before calling in
a Voluntary Administrator.
"We have investigated each and every allegation, and they are
completely without foundation.
"Why any thinking person would believe Air New Zealand would
stoop to this sort of behavior when at times during the past 12
months we have funded Ansett operating losses by as much as
$A18O million is beyond my comprehension.
"Furthermore, the Administrator has confirmed to me that he has
also been unable to find a shred of evidence of any of the
alleged asset-stripping.
"For my part, I have told him that if any removal of Ansett's
assets or Ansett payment of Air New Zealand's costs comes to
light, Air New Zealand will naturally honor any legal obligation
to make a compensating payment to Ansett."
Dr Farmer said that allegations of cash and asset stripping at
Ansett appear to be nothing more than a smear campaign.
Dr Farmer said he was reluctant to dignify false asset-stripping
claims with detailed denials, but would comment on the three
most significant allegations by way of example.
* ALLEGATION: Air New Zealand put $A200 million of its aviation
fuel bills through Ansett's accounts.
FACTS: The two airlines bought fuel on a competitive tender
basis from oil companies at various airports, combining their
purchasing power to get the best prices, but each airline had a
separate account and oil companies billed the airlines
separately based on aircraft registration numbers which
identified the correct airline to be billed beyond doubt.
* ALLEGATION: Air New Zealand grabbed Ansett jet engines and
spares and flew them to New Zealand.
FACTS: Ansett leased a Canadian Boeing 767 which went to ANZ
Christchurch engineering depot to be prepared for Ansett, since
Ansett's engineering department was overloaded. The engines
needed reconditioning. ANZ replaced them with two fully
reconditioned ANZ engines to get the planes into the air,
earning money for Ansett as quickly as possible. The original
Canadian engines are being refurbished at Air Canada's expense
and will be swapped for the Air New Zealand replacement engines
shortly.
Two other ANZ engines are currently at the Ansett
facilities in Melbourne - one is used by Ansett engineering in
the recalibration of their engine test cell, the other is held
in reserve to provide support for ANZ's operations to Australia,
or to assist any other operator needing support.
Arrangements to exchange engines and other rotable parts are
usual - even among competing airlines - and were made in this
instance to gain the best possible outcomes for both ANZ and
Ansett. Normal commercial terms applied to this exchange of
services between the two legal entities.
* ALLEGATION: Air New Zealand improperly cleared out Ansett bank
accounts in the last few weeks before a Voluntary Administrator
was called in.
FACTS: ANZ funded Ansett losses from the time it obtained a 100%
shareholding in the company. The amounts advanced to Ansett by
ANZ fluctuated during the year as money was advanced to allow
Ansett to make loan repayments and fund losses.
Some repayments were made to ANZ after Ansett refinanced
unencumbered aircraft in its fleet. When Ansett went into
voluntary administration on September 14 it still owed ANZ more
than $A80 million under the funding arrangements to cover its
losses.
Dr Farmer said he understood there was considerable anger about
the Ansett situation in Australia but urged an end to this smear
campaign, which has no factual basis.
ANSETT AUSTRALIA: Unable to Reach A320s Agreement With Qantas
-------------------------------------------------------------
Qantas Chief Executive Officer Geoff Dixon and Ansett
Administrator Mark Mentha said Tuesday in a joint statement that
they were unable to reach agreement on the short-term lease of
A320 Ansett aircraft.
Dixon and Mentha said it had simply been too difficult to
finalize.
Both parties said the negotiations had been conducted in what
was undoubtedly a difficult environment for the world aviation
industry.
AUSTRIM NYLEX: Trading Of Securities Suspended
----------------------------------------------
The securities of Austrim Nylex Limited (the Company) and
Austrim National Radiators Limited will be placed in pre-open
pending the release of an announcement by the Company. Unless
ASX decides otherwise, the securities will remain in pre-open
until the earlier of the commencement of normal trading on
Friday, 28 September 2001 or when the announcement is released
to the market
BRIDGEDFS LIMITED: ING Ups Stakes To 8.91%
------------------------------------------
ING Australia Ltd increased its relevant interest in Bridgedfs
Limited on 13/September/2001, from 7,719,915 ordinary shares
(7.72%) to 8,905,666 ordinary shares (8.91%).
COLES MYER: Launches `Operation Right Now'
------------------------------------------
Coles Myer Ltd (CML) has launched a major business-wide
improvement program to create greater customer and shareholder
value.
The internal program, "Operation RIGHT NOW", will commence today
with the restructure of the General Merchandise & Apparel (GM&A)
Group. The program will be extended progressively across Food &
Liquor, e.colesmyer, Logistics, Shared Services and Head Office
functions.
Coles Myer CEO, John Fletcher, said: "Coles Myer is a great
business with valuable brands and quality people. Nonetheless
there are immediate opportunities to improve the company through
greater operational efficiencies across all of the CML Group.
"As stated previously, prior to any decision being made on the
future of the GM&A Brands, we must first improve their
underlying performance.
"A long-term strategy review will build on the work now underway
and we expect to outline the results of that review during the
first quarter of calendar year 2002."
FIRST PHASE - GM&A
Fletcher said the restructure of the GM&A businesses follows a
wide ranging operational and retail brand positioning review
which began earlier this year.
"This initiative will generate annualized cost savings of at
least $90m for GM&A by the end of FY2004," he said.
"The benefits will be delivered by optimizing the supply chain,
simplification of processes, organizational restructuring and
integrated merchandising. The program will reduce operating
expenses, improve margins and enhance competitiveness.
"As a result, the organizational structure of GM&A will operate
with approximately 1000 fewer positions in its head office and
support areas. A redundancy program has today been initiated to
transition GM&A to the new staffing plan.
"Importantly our confidence in the future remains high with the
expectation that Coles Myer new store openings in Victoria will
create approximately the same amount of jobs in stores over the
next year."
Fletcher said CML has made a provision of $32.1m after tax in
the FY2001 results to cover the costs of the program in GM&A.
Most of the provision covers the cost of redundancies with the
balance for technology write offs (as first foreshadowed in
July).
"The amount is in addition to our previously announced one-off
costs of approximately $85m after tax. The extent of the
improvement that this program will have on CML's future earnings
will be covered when we release our FY2001 earnings on October
8."
GM&A - OPERATION RIGHT NOW
GM&A Chief Operating Officer, Warren Flick, said the GM&A
businesses - Myer Grace Bros, Kmart, Target, Officeworks and
Megamart - will focus on:
STRATEGIC BRAND POSITIONING
"We have conducted extensive consumer research which has
indicated the three key brands each have a clear market position
within customers' minds," Flick said.
"Kmart is seen as a low cost, discount department store with
ranges for the entire family, Target with very affordable, on-
trend high quality merchandise and Myer Grace Bros providing a
complete range of well-known brands with knowledgeable service
and value in a department store environment.
"Each brand now has a clear mandate to execute their respective
positions and GM&A will provide the leadership for disciplined
implementation.
OPTIMISED SUPPLY CHAIN
"Major opportunities for cost reduction and increased
efficiencies have been identified in support operations.
Duplication in supply chain management, merchandise systems,
processes and operational structures will be removed. Co-
ordination will occur across the retail Brands and with our
suppliers to more effectively meet customer needs while reducing
costs.
SIMPLIFIED PROCESSES
"IT applications and systems across the GM&A retail Brands will
be standardized to simplify business processes and leverage
cross brand opportunities. Clear structures, roles and
accountabilities will be defined for staff to optimize business
performance and provide improved career paths within a culture
of excellence.
INTEGRATED MERCHANDISING
"The review continued to indicate the substantial potential for
leveraging our merchandising performance through co-ordinated
cross-brand merchandising disciplines.
"The centralized footwear and manchester pilots are showing
promising initial results and the review concluded that they
have strong potential for achieving merchandise excellence,
disciplined positioning for each brand and leverage purchasing
and they will continue.
"However, it was also realized that many of the benefits
recognized in the centralized approach could still be achieved
by communication and effective co-ordination across brands,
while still keeping the primary responsibility for merchandising
in the brands. This will be supported by leadership and
specialized functional support at the GM&A Group level.
"This alternative model is defined as Integrated Merchandising
which includes:
* Each brand operating an agreed and focused customer
positioning.
* Cross-brand range planning and performance communication.
* Partnership with key suppliers across brands.
* Worldwide sourcing co-ordination for maximum efficiency.
* Common supply chain and logistics planning.
ORGANISATION RESTRUCTURE AND REDUNDANCIES
"The review has developed a new GM&A organization structure for
merchandising and store support functions.
"As indicated, the new structures will operate with
approximately 1000 fewer positions across the GM&A Group. This
represents a reduction of about 30% of GM&A total head office
support staff with a proportionate reduction in all major brands
across the Group."
Flick said to underpin the performance recovery of the GM&A
retail Brands, head office operations of Myer Grace Bros will
continue in central Melbourne, Kmart in Tooronga and Target in
Geelong.
"The company has today initiated a redundancy program. It is
regrettable that we have had to take this action, however, we
are committed to implementing the changes required as a direct
result of the operational review," he said.
"We are emphasizing improved customer service in all our stores.
These staffing reductions are in head office and store support
areas and do not involve store customer service employees."
Appropriate redundancy packages have been provided along with
outplacement support services.
Fletcher said the company's objective through Operation RIGHT
NOW is to ensure that all Coles Myer businesses remain
competitive into the future.
"All of our people understand we still have much to do and that
there is no quick fix," he said.
"We recognize that our shareholders expectations are high and we
are focused on the urgency of Operation RIGHT NOW - getting it
right, and doing it now."
COLES MYER: S&P Places Rating On CreditWatch Negative
-----------------------------------------------------
Standard & Poor's placed on CreditWatch with negative
implications its `A-' long-term corporate credit rating on Coles
Myer Ltd. (CML), the `A-' rating on its guaranteed senior debt
issues, and the `BBB' rating on the company's convertible
preference shares. At the same time, Standard & Poor's affirmed
the `A-2' short-term rating on CML.
The CreditWatch negative reflects:
CML's exposure to discretionary consumer spending, and the poor
performance of its nonfood businesses. These factors heighten
CML's vulnerability to a weak retail trading environment, which
has been exacerbated by a recent deterioration in the global and
domestic economic outlook; and
Implementation risks and costs associated with the company's
cost saving and restructuring initiatives. The timely
implementation and success of these initiatives has assumed
increasing importance given the expectation for weaker consumer
discretionary demand in the next 12 months-18 months. Although
ongoing cost initiatives, such as the company's "operation right
now" strategy, should provide CML with significant long-term
gains, the near-term operating environment and CML's high
(operating lease adjusted) leverage provide a heightened degree
of risk to creditors at the current rating level.
Although CML's ratings continue to be underpinned by the
diversity of its retail businesses and a near 20% share of
Australian retail sales, its high level of operating lease-
adjusted leverage requires strong and stable earnings from all
business units to maintain adequate cash flow protection
measures. With the deterioration in performance of its nonfood
businesses, the significant challenges facing CML in
rejuvenating those businesses, and the weaker trading outlook,
cash flow protection measures are expected to remain subpar for
the `A-' rating in the near term.
CML's fixed charge cover for fiscal 2001 is expected to be
slightly below 2.0 times (x), and funds from operations to debt
is expected to be at the low end of the 15%-17% range. Standard
& Poor's, however, does expect that the strong and stable
performance from CML's food and liquor business will continue to
mitigate, to some extent, the underperformance of its
discretionary nonfood businesses.
Standard & Poor's expects to resolve the CreditWatch following
the announcement of CML's full-year profit result on Oct. 8,
2001. Resolution of the CreditWatch will incorporate an
assessment of CML's operating outlook in light of the expected
weaker retail environment, and the company's approach to capital
management during this challenging period.
HARTS AUSTRALASIA: Defends ASIC's Appointment Of Liquidator
-----------------------------------------------------------
Harts Australasia Limited informed that ASIC commenced action in
the Federal Court to appoint a provisional liquidator to the
Harts Group of Companies under Section 461(1)(K).
Harts will strenuously defend this action when it comes before
the courts next week.
"ASIC's claims are based on what I believe is incorrect or
incomplete information. Once we get into Court I have every
reason to believe we will win, then we can again focus on our
growth strategies," said Executive Chairman, Steve Hart.
"This action by the ASIC has and will bring to a halt a number
of transactions relevant to our non core asset sale program,
previously announced to the market," he said.
Hart said that the sale of New Zealand assets, the disposal of
the troubled property division and the finalization of a loan
facility were all to be signed or completed this week.
Hart also denied some inaccurate and speculative newspaper
reports that employees have not been paid for some months.
He said: "Such reports are an insult to the hardworking members
of the management team and we categorically deny that any staff
have been denied benefits. I firmly believe there is a
determined attempt to undermine this company and I will not
allow that to happen."
NEWCREST MINING: Perpetual Increases Stake
------------------------------------------
Perpetual Trustees Australia Limited increased its relevant
interest in Newcrest Mining Limited on 24/September/2001, from
19,179,315 ordinary shares (6.86%) to 23,003,579 ordinary shares
( 8.22%).
================================
C H I N A & H O N G K O N G
================================
CHINA CONSTRUCTION: Meeting Of Unitholders Cancelled
----------------------------------------------------
China Construction Holdings Limited (CIH) announced that the
meeting of noteholders scheduled to be held today has been
cancelled pending the conclusion of certain legal review
initiated by some noteholders of the extraordinary resolution to
approve the restructuring proposal. A fresh notice of meeting
will be circulated once the review is completed.
CIL HOLDINGS: Posts Adjustment Proposal To Shareholders
-------------------------------------------------------
The Directors intend to put forward the Adjustment Proposal to
the Shareholders to approve the adjustment of the nominal value
of all the Shares by reducing the nominal value of all the
issued Shares from HK$0.01 each to HK$0.0002 each by (a)
canceling HK$0.0098 paid up on each issued Share by way of the
Capital Reduction and (b) consolidation of every 50 issued
Adjusted Shares of HK$0.0002 each of the Company into 1
Consolidated Share.
The Adjustment Proposal is conditional upon the matters set out
in the section headed "Conditions of the Adjustment Proposal"
below.
THE ADJUSTMENT PROPOSAL
It is proposed that:
(a) the nominal value of all the issued shares of the Company
(Shares) will be adjusted from HK$0.01 each to HK$0.0002 each
(Adjusted Share) by canceling HK$0.0098 paid up on each issued
Share by way of a reduction of share capital in accordance with
section 46 of the Companies Act 1981 of Bermuda (Capital
Reduction); and
(b) every 50 issued Adjusted Shares will be consolidated into
1 share of HK$0.01 (Consolidated Share)
(the Adjustment Proposal).
On the basis of 28,194,700,246 existing Shares presently in
issue, a credit of approximately HK$276,308,062.41 will arise as
a result of the Capital Reduction by canceling HK$0.0098 paid up
on each issued Share under the Adjustment Proposal. Such credit
will be applied to reduce part of the accumulated deficit of the
Company as at 30th June 2000 which had a balance of
HK$696,785,000.
The existing authorized share capital is HK$600,000,000 divided
into 60,000,000,000 existing Shares of which 28,194,700,246
existing Shares are issued and credited as fully paid.
Immediately after the Adjustment Proposal becoming effective,
the authorized share capital of the Company will be
HK$600,000,000 comprising 60,000,000,000 Consolidated Shares of
which 563,894,004 Consolidated Shares will be in issue and
credited as fully-paid.
REASONS FOR THE CAPITAL REDUCTION
The reason for the Capital Reduction is to reduce part of the
accumulated deficit of the Company which will enable the Company
to declare dividends to the shareholders of the Company
(Shareholders) at an earlier opportunity once all the
accumulated deficits have been eliminated.
EFFECT OF THE ADJUSTMENT PROPOSAL
Other than the expenses incurred relating to the Adjustment
Proposal, the implementation of the Adjustment Proposal will not
alter the underlying assets, business operations, management or
financial position of the Company or the interests of the
Shareholders. The directors of the Company (the Directors)
believe that the Adjustment Proposal will not have a material
adverse effect on the financial position of the Company and its
subsidiaries.
CONDITIONS OF THE ADJUSTMENT PROPOSAL
The Adjustment Proposal is conditional upon, inter alia:
(i) the passing of a special resolution to approve the Capital
Reduction under the Adjustment Proposal at the special general
meeting of the Company (the SGM);
(ii) the Listing Committee of the Stock Exchange granting the
listing of, and permission to deal in, the Consolidated Shares;
(iii) the publication of a notice of reduction of capital in an
appointed newspaper in Bermuda; and
(iv) a certificate being signed by a Director confirming that
on the date as from which the Capital Reduction is to have
effect, there should be no reasonable ground for believing that
the Company is or after the Capital Reduction would be unable to
pay its liabilities as they may become due.
Reference is made to the announcement of the Company dated 17th
September, 2001. A winding up petition was presented to the
Company by Power Forward Finance Limited. In the event that the
Company is wound up pursuant to the winding petition, the
Adjustment Proposal shall not proceed.
Assuming the above conditions are fulfilled, it is expected that
the Adjustment Proposal will become effective at 4:00 p.m. on
the date of passing of the relevant resolutions to approve the
Adjustment Proposal.
SHARE OPTION SCHEME
In the event that the Adjustment Proposal has an effect on the
share option scheme of the Company, the Company will make an
announcement if and when necessary.
GENERAL
Application will be made to the Stock Exchange for the listing
of, and permission to deal in, the Consolidated Shares.
Following the Adjustment Proposal becoming effective, it is
expected that new certificates for Consolidated Shares will be
available for collection within a period of approximately one
month from the date of submission of the existing certificates
for the existing Shares to the Company's share registrar, namely
Tengis Limited, for exchange.
It is proposed that all existing share certificates will
continue to be effective as documents of title for one-fiftieth
of the amount of Shares as stated thereon and will be valid for
trading, settlement and registration purchases.
Before the Adjustment Proposal, the Shares were trading in board
lot of 100,000 Shares. After the Adjustment Proposal comes into
effect, the Consolidated Shares will trading in board lot of
100,000 Consolidated Shares. All of the Consolidated Shares
resulting from the Adjustment Proposal shall rank pari passu in
all respects and have the rights and privileges and be subject
to the restrictions contained in the Company's bye-laws.
Arrangements will be made for any fractions which arise upon the
Adjustment Proposal becoming effective, details of which will be
explained in the circular of the Company.
A circular containing details on the Adjustment Proposal,
together with a notice convening the SGM to approve the
Adjustment Proposal will be dispatched to Shareholders as soon
as practicable.
EXPECTED TIMETABLE IN RELATION TO THE ADJUSTMENT PROPOSAL
Latest time for lodging of proxies 10:00 a.m. on Monday, 22nd
October 2001
Special General Meeting 10:00 a.m. on Wednesday, 24th October
2001
Effective date of the Adjustment Proposal 4:00 p.m. on
Wednesday, 24th October 2001
Dealings in Consolidated Shares commence 10:00 a.m. on Friday
26th October 2001
Original counter closes Friday 26th October 2001
Counter for trading in Consolidated Shares,
in board lots of 2,000 Consolidated Shares
in the form of existing certificate(s) for
existing Shares opens 10:00 a.m. on Friday 26th October 2001
First day for free exchange of certificate(s)
for existing Shares for new certificate(s)
for Consolidated Shares Friday 26th October 2001
Counter for trading in Consolidated Shares,
in board lots of 100,000 Consolidated Shares
in the form of the new share certificate(s) for
the Consolidation Shares opens 10:00 a.m. on Friday 9th
November 2001
Parallel trading commences 10:00 a.m. on Friday 9th November
2001
Last day for trading in the Consolidated Shares,
in board lots of 2,000 Consolidated Shares in
the form of existing share certificate(s) 4:00 p.m. on
Friday 30th November 2001
Parallel trading ends 4:00 p.m. on Friday 30th November 2001
Last day for free exchange of certificate(s)
for existing Shares for new certificate(s)
for Consolidated Shares Friday 30th November 2001
In order to alleviate the difficulties arising from the
existence of odd lots of the Consolidated Shares, the Company
has agreed to procure an agent to arrange to match the sales and
purchases of odd lots of the Consolidated Shares to Shareholders
who become holders of odd lots as a direct consequence of the
Adjustment Proposal.
Holders of odd lots of Consolidated Shares who wish to take
advantage of this facility should contact Mr Philip Cheung of
Core Pacific-Yamaichi Securities (H.K.) Limited at telephone
number: 22186888 from Friday 26th October 2001 to Friday 30th
November 2001 (both days inclusive)
CURRUTHERS LIMITED: Winding Up Petition Pending
-----------------------------------------------
Curruthers Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on October
3, 2001.
The petition was filed on July 13, 2001 by Leading Spirit High-
Tech (Holdings) Company Limited (Provisional Liquidators
appointed) whose head office is situated at Clarendon House, 2
Church Street, Hamilton HM11, Bermuda.
GUANGNAN(HOLDINGS): Narrows Net Loss To HK$8,585
------------------------------------------------
Guangnan (Holdings) Limited announced on 25 September, 2001:
(stock code: 1203)
Year end date: 31/12/2001
Currency: HKD (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 30/6/2001 to 30/6/2000
('000) ('000)
Turnover : 1,050,409 1,403,750
Profit/(Loss) from Operations : (8,585) (22,961)
Finance cost : (333) (90,561)
Share of Profit/(Loss) of Associates : 1,699 (7,889)
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (9,808) (312,216)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (0.12 cent)
(34.33 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (9,808)
(312,216)
Interim Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
Remarks:
1. Segmental information
Analyses of the turnover and loss from operations by principal
activities of Guangnan (Holdings) Limited and its subsidiaries
are as follows:
Contribution to
Group turnover loss from operations
Six months ended 30 June Six months ended 30 June
2001 2000 2001 2000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
$'000 $'000 $'000 $'000
By principal activities
Continuing operations
Live and fresh foodstuffs
Distribution 661,225 775,637 10,403 9,795
Farming and feed
production 100,392 70,832 948 1,533
Trading of foodstuffs 11,990 31,870 276 (1,933)
Unallocated corporate
expenses - - (19,140) (25,002)
Other corporate revenue - - 12,739 16,068
--------------------------------------------------
773,607 878,339 5,226 461
Discontinued operations
Supermarket operations
(note (i)) 276,802 342,472 (13,811) (44,709)
Tinplating (note (ii)) - 182,939 - 21,287
--------------------------------------------------
1,050,409 1,403,750 (8,585) (22,961)
=================================================
Notes:
(i) During the period, the Group has ceased its supermarket
operations following the cessation of supermarket operations in
Guangzhou and the liquidation of its subsidiary, Guangnan (KK)
Supermarket Limited, which was engaged in supermarket operations
in Hong Kong. The loss on liquidation of the subsidiary
amounted to $1,125,000.
(ii) On 22 December 2000, the Group disposed of its tinplating
operations in the PRC to a subsidiary of GDH Limited pursuant to
a corporate reorganization and indebtedness restructuring (the
Restructuring"). As the discontinued operations were
transferred pursuant to the Restructuring, the resultant gain or
loss on discontinuance of these operations cannot be quantified.
2. Non-operating expenses
Six months ended 30 June
Note 2001 2000
(Unaudited) (Unaudited)
$'000 $'000
Provisions for diminution in value of
fixed assets (i) 4,872 69,375
Loss on liquidation of a subsidiary
(ii) 1,125 16,527
Provision for impairment losses on
Amount due from associate (iii) 8,116 -
Assets written off (iv) - 54,771
Provisions for compensation arising
from a claim received (v) - 35,060
Provisions for diminution in value of
investment securities (vi) - 15,514
----------------------------------
14,113 191,247
====== ========
Notes:
(i) Provisions for the period ended 30 June 2001 represented
provisions for diminution in value of certain furniture and
fixtures and leasehold improvements of the Group. Provisions
for the period ended 30 June 2000 represented provisions for
diminution in value of land and buildings as considered
necessary by the directors taking into consideration a
professional valuation in March 2000.
(ii) Loss on liquidation of a subsidiary for the period ended
30 June 2000 and 2001 represented provisions for loss as a
result of the liquidation of Shanghai Guangnan Supermarket Co.
Ltd and Guangnan (KK) Supermarket Limited respectively.
(iii) This represented the provision for impairment losses to
the amount due from associate as a result of the cessation of
its operations in Guangzhou, the PRC.
(iv) These represented a write down of the carrying value of
certain categories of assets of the Group to their recoverable
amounts.
(v) A claim of approximately $35 million in connection with
certain payments received by the Company was submitted to the
Company in 1999 and disclosed as a contingent liability. After
exchange of documents and taking into account the latest legal
advice received, the directors considered that full provision
should be made for the claim.
(vi) These comprised provisions for investment securities which
were made by reference to the market value of the relevant
listed shares prevailing as at 30 June 2000. Such provisions
were determined for each investment individually. The
investment securities were disposed of pursuant to the
Restructuring.
3. Non-operating income
Six months ended 30 June
2001 2000
(Unaudited) (Unaudited)
$'000 $'000
Provision for stocks written back 13,665 -
Recovery of bad and doubtful debts - 729
------ -----
13,665 729
======== =====
Notes :
Provision for stocks was made previously against certain
merchandises held for resale as a result of the cessation of the
supermarket operations in Guangzhou, the PRC. During the
period, most of these stocks were sold above the carrying value
and the redundant provision for stocks was written back to the
profit and loss account accordingly.
4. Loss per share
The calculation of basic loss per share is based on the loss
attributable to shareholders of $9,808,000 (period ended 30 June
2000: $312,216,000) and the weighted average of 7,996,097,666
(period ended 30 June 2000: 909,508,727) ordinary shares in
issue during the period. The exercise of the subscriptions
rights conferred by the share options would not have any
dilutive effect on the loss per share for the periods ended 30
June 2001 and 2000.
5. Turnover
The turnover as per period ended 30 June 2000 was amend from
HKD1,409,774,000 to HKD1,403,750,000. The reason is due to the
change in definition of turnover since year ended 2000 which
rental income and concession income were not considered as
turnover and reallocated to other revenue.
Profit/(Loss) from Operations
The loss from operation as per period ended 30 June 2000 was
amended from HKD213,479,000 to HKD22,961,000. The reason is due
to the change of disclosure requirement of new SSAP which
exclude the non-operation income and non-operating expense from
loss from operations.
GUANGNAN (HOLDINGS): Suspends Trading
-------------------------------------
At the request of Guangnan (Holdings) Limited, trading in its
shares will be suspended, effective 10:00 a.m. Wednesday 26
September, 2001, pending an announcement regarding a major and
connected transaction.
JET HWA: Winding Up Sought By S.C.P.C.C.
----------------------------------------
S.C.P.C.C. Limited is seeking the winding up of Jet Hwa
Electronic Company Limited. The petition was filed on July 10,
2001 and will be heard before the High Court of Hong Kong on
October 3, 2001.
S.C.P.C.C. holds it registered office at 13th Floor, Kingsford
Industrial Building, Phase 1, 26-32 Kwai Hei Street, Kwai Chung,
New Territories, Hong Kong.
TOP RICH: Petition To Wind Up Scheduled
---------------------------------------
The petition to wind up Top Rich Limited is set for hearing
before the High Court of Hong Kong on November 7, 2001 at 9:30
am. The petition was filed on August 1, 2001 by Wong Ho Man of
Room 2118, Foo Wai House, Sun Tin Wai Estate, Shatin, New
Territories, Hong Kong.
TRADEPAC LIMITED: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Tradepac Limited is scheduled for
hearing before the High Court of Hong Kong on October 10, 2001
at 9:30 am. The petition was filed on July 17, 2001 by Jeremy
Tang of Flat 2A, 29th Floor, Block A, Ventris Place, 19-23
Ventris Road, Happy Valley, Hong Kong.
=================
I N D O N E S I A
=================
SEMEN GRESIK: Government Says Spin-Off Plan Lacks Viability
-----------------------------------------------------------
The government revealed that it would not spin off PT Semen
Padang from its parent company, PT Semen Gresik, IndoExchange
reported, citing Director of State-Owned Enterprises
restructurization and privatization, Parikesit Suprapto.
"Semen Padang's spin off from Semen Gresik would lower [the]
government's credibility in [the eyes] of domestic and foreign
investors.
"A spin off would be a precedent for people of other regions,
such as people of South Sulawesi, who also demand Semen Tonasa's
spin off from that state-owned company," he said.
Furthermore, it would be quite difficult for the government to
carry out such a thing, because for a spin off, the government
must provide Rp2.5-3Tr in funds to buy back Semen Padang's
shares from Cemex SA.
An alternative idea was a share swap with the government's
stake, though it turned out to be impossible because of the
rejection of East Java people.
"The government would also lose potential income from selling
Semen Gresik's shares because if a spin off was done, a put
option of 51% of Semen Gresik's stake by Cemex was void.
"The government could not be biased in deciding on Semen
Padang's spin off because it needed approval from independent
shareholders in its general meeting of shareholders," Parikesit
concluded.
* Restructuring Process On Corporate Debtors Reaches Rp33.18T
-------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has announced
Tuesday the restructuring process of corporate debtors -- those
with outstanding debt under Rp1 trillion. As many as 242 debtors
have agreed to signed the Memorandum of Understanding (MoU) with
total outstanding debt RP 23.1 trillion. In addition, 94 debtors
have reached the Loan Agreement (PK) with
total outstanding Rp10.08 trillion. Please see Debtors' List at
http://www.bankrupt.com/misc/Debtors.pdf
The total outstanding debt of the aforementioned debtors which
has been restructured by IBRA to is Rp33.18 trillion.
Operational in a variety of industries, most of the 334
companies deal in property, infrastructure, basic industry,
petrochemical and other various industries.
With the completion of this restructuring, IBRA shows that it is
not focused only on restructuring the big debtors categorized as
the Top 21 obligors or Top 50 obligors. IBRA's restructuring
frame works always run simultaneously among Retail/SME debtors,
Corporate and Commercial debtors with outstanding debt under Rp1
trillion. To smooth out the whole process, IBRA has commissioned
a special group which handles SME debtors under Loan Work Out
division. To further accelerate the process, IBRA also appoints
outsourcing agents.
In restructuring the debtors with outstanding debt above RP 1
trillion, IBRA is not obliged to request an approval from the
Financial Sector Policy Committee (FSPC). In the cases of
several of the debtors, IBRA has reached MoU signing which
represents a bilateral agreement between IBRA and Debtors after
examining the Commercial Technical Guidance principles.
The debtors announced are not classified as SME retail debtors
that have outstanding debt under Rp5 billion. SME retail debtors
are under a special treatment scheme as stipulated by an FSPC
decision.
=========
J A P A N
=========
ASAHI BANK: Will Announce Executive Changes Following Merger
------------------------------------------------------------
Asahi Bank Japan said it would hold a news conference to
announce executive changes following a merger with Daiwa Bank
Ltd under a single holding company.
It was widely expected Chairman Tadashi Tanaka and President
Tatsuro Ito, two ranking executives of Asahi Bank, would step
down after the merger deal was sealed.
Ito, in a statement Friday said that since the bank's current
management has held top posts for four years, it is time for a
change.
On Friday, Asahi and Daiwa announced Asahi would join a holding
company to be set up by Daiwa with Kinki Osaka Bank Ltd and
unlisted Nara Bank, creating a super regional bank with a solid
footing in Japan's two biggest cities, Tokyo and Osaka in
western Japan, News on Japan reported September 25.
DAIEI INCORPORATED: Debt-Rating Cut Provokes Shares Plunge
----------------------------------------------------------
The Asian Wall Street Journal reported September 26 that shares
in Daiei Inc., the largest Japanese supermarket chain, plunged
31 percent each in reaction to a cut in its debt ratings by
Moody's Investors Service Inc., a credit-rating agency and a
reduction in the retailer's earnings estimates.
Daiei's stock price fell to Y100, off Y44. Share prices below
Y100 in Japan usually indicate that a company is in distress.
The fall immediately came after its announcement Friday of that
it failed to achieve its initial sales and profit targets for
the six months, ended August 31.
Moody's Investors Service Inc. downgraded the company's credit
rating on Friday to Caa1 from B-2, following Daiei's earnings
revision. The ratings agency said it is concerned that "Japanese
banks" support toward highly leveraged companies will be
weakening" after another Japanese retailer, Mycal Corp., sought
protection from creditors earlier this month.
Daiei blamed the fall of its share price on the ratings
downgrade, and protested that its four main banks, Tokai Bank
Ltd., Sanwa Bank Ltd., Sumitomo Mitsui Banking Corp. and Fuji
Bank Ltd., remain in support of the retailer.
Daiei is currently burdened with Y2.3 trillion in group debt and
is in the midst of a three-year restructuring plan.
HIKARI TSUSHIN: Ups Stake In Unit
---------------------------------
Hikari Tsushin Incorporated said Wednesday it will buy 2,750
shares in subsidiary Crayfish Company following a successful
tender-offer bid Tuesday, the Asian Wall Street Journal reports
September 25.
Since Hikari Tsushin's declaration September 4 that it would buy
shares in the e-mail hosting service operator at Y900,000 a
share, some 203 shareholders offered to sell a total of 4,128
stocks. As originally planned, some 2,750 of those shall be
bought by the company.
Hikari Tsushin's stake in Crayfish stands at 67.19 percent, from
40.9 percent. The Hikari Tsushin group, as a whole, now controls
73.6 percent in its subsidiary.
HITACHI LIMITED: Aims To Boost Software Staff
---------------------------------------------
Bloomberg, Hitachi Limited together with NEC Corporation and
Fujitsu Limited will add software employees as the companies
focus on providing more services for customers, Bloomberg
reported Tuesday.
Hitachi will add 2,300 system engineers and sales people to help
corporate clients build information systems by March 2003. NEC,
the third-biggest chipmaker, will add about 1,000 software
engineers in its fiscal second half ending next March,
while Fujitsu plans to add as many as 6,000 software employees
by March 2004.
The increases come as Japanese electronics makers cut jobs in
their semiconductor and computer businesses because of slumping
demand. The companies are turning to software services in a bid
to offset the decline in hardware sales and profits.
Tokyo-based Hitachi said on Aug. 31 it will slash 14,700 jobs,
or about 4.5 percent of its workforce, in the year to March
2002, as it reorganizes its chip and computer display
businesses. The company, which expects a Y140 billion loss this
year, is paring spending on chip equipment and plants by more
than half from its original plan.
ISUZU MOTORS: Reduces U.S. Auto Output Following Attacks
--------------------------------------------------------
Isuzu Motors Limited said it will cut the monthly output of
recreational vehicles (RV) at its U.S. joint-venture with Fuji
Heavy Industries Limited in October and November after a sharp
fall in sales after the terrorist attacks in New York and
Washington.
Production RV models at the Indiana-based Subaru-Isuzu
Automotive Inc., an Isuzu-Fuji joint venture, will be reduced to
6,400 units from the initial 8,000, the Asian Wall Street
Journal reported Wednesday.
Fuji Heavy has a 51% stake in the venture, with the remainder
held by Isuzu.
=========
K O R E A
=========
ASIANA AIRLINES: Government Provides US$3B Payment Guarantee
------------------------------------------------------------
The government has decided to extend a combined US$3 billion
payment guarantee package to Asiana Airlines and Korean Air. The
two airlines have recently asked for help from the government's
rescue fund to overcome losses due to the terrorist attacks on
the U.S., the Digital Chosun reported on September 26, 2001.
The government guarantee will provide funds of US$1.5 billion
for each of the airline firms for their third-party damages,
which include those done to people and property on the ground.
After global reinsurance firms cut back their coverage of the
third-party damages to US$50 million due to the U.S. incident,
the government stepped in to help the airlines cover the missing
US$1.5 billion.
The minister said the payment guarantee will be effective until
as far as the end of October and the government will extend the
guarantee period if the global reinsurance rates do not calm
down by that time.
Meanwhile, Korean Air and Asiana have submitted self-rescue
measures to the government. In the downsizing plans, Korean Air
and Asiana will lay off a total of 500 and 700 workers each and
cut W129.5 billion and W57.5 billion in costs through sales of
assets and other moves.
DAEWOO MOTOR: GM On Talk To Acquire Sales Network
-------------------------------------------------
General Motors is expected to purchase Daewoo Motor Sales Corp.
(DMSC), a unit of Daewoo Motor. The American motor firm and the
Daewoo creditors failed to include the unit in the GM
acquisition of Daewoo Motor's major assets last week, Digital
Chosun reported Wednesday.
Creditors of Daewoo Motor and DMSC said negotiations with GM to
acquire the sales network of Daewoo Motor start next week. GM
earlier expressed its intention to take over Daewoo Motor's 11.1
percent stake in the sales unit.
DAEWOO MOTOR: GM May Buy Bupyong Plant Before Pact Ends
-------------------------------------------------------
General Motors Corp. (GM), which agreed to buy two of Daewoo
Motor Co.'s three domestic plants, may buy the third, the Asian
Wall Street Journal reports Wednesday.
GM plans to renew operations at the third plant in Bupyong, from
which a proposed GM-Daewoo joint venture will continue to buy
automobiles and parts for six years. GM agreed to consider
buying the Bupyong plant in the future.
Creditor banks of Daewoo Motor will provide US$150 million in
new loans each year at an interest rate of 6.5 percent, under
the agreement to provide US$2 billion in long-term loans.
Last week GM signed an agreement to buy a controlling stake in
Daewoo Motor for about $400 million in cash and the assumption
of some debt.
HANJIN SHIPPING: Forms Tie-up With K-Line, Three Others
--------------------------------------------------------
Hanjin Shipping Company of South Korea announced Tuesday it
signed an agreement with four other international shipping
companies for "extended cooperation."
The Asian Wall Street Journal reported Monday that other
carriers in the alliance include Japan's Kawasaki Kisen Kaisha
Limited, more popularly known as K -Line, China's Cosco
Container Lines Limited, Taiwan's Yang Ming Marine Transport
Corporation and Senator Lines GmbH, a Hanjin unit.
A joint statement issued by the companies stated that under the
alliance, the five companies' cooperation would aim to cut
transit time and provide "comprehensive port coverage."
HYNIX SEMICONDUCTOR: Unveils Inexpensive Production Process
-----------------------------------------------------------
Hynix Semiconductor Inc. has completed a new production process
called "Blue Chip", in order to strengthen its price and
technological competitiveness.
The Korea Herald reported yesterday that the new process may
reduce production costs by roughly 66 percent through the
replacement of scanners with steppers for lithography
processing.
Recently, creditors of Hynix said they will try to make new
loans to the troubled chipmaker by applying the so-called
corporate restructuring promotion law.
In mid-September, the creditor banks agreed to grant a debt-for-
equity swap of 3 trillion won to Hynix and roll over its
maturing debts worth as much as part of a plan to keep the
company going. But they failed to reach an agreement on the
extension of 500 billion won in fresh loans.
Korea Exchange Bank, Hynix's main creditor, said creditors
agreed to the rescue package due to concerns that the Korean
economy would be affected if creditors decided to pull the plug
on Hynix.
LG ELECTRONICS: Faces Infringement Suit Filed By Telular
--------------------------------------------------------
Telular Corporation filed suit in South Korea against LG
Electronics Company for patent infringement relating to the
company's RJ-11 to wireless interface technology, the Asian Wall
Street Journal reported Tuesday.
The maker of fixed wireless terminals said it holds valid
patents in the Republic of Korea of the alleged infringed
products.
The company said it has made several attempts in good faith to
reach agreement with LG Electronics, including negotiations over
a two-year period.
SHINHAN BANK: Lowers Deposit Rate By 0.2% Points
------------------------------------------------
Shinhan Bank lowered interest on deposits by 0.2 percentage
points yesterday, Korea Herald reported citing a bank official.
The reduction affects rates on time deposits, negotiable
certificates of deposit, repurchase agreements, covered notes,
and other deposits, whose maturities range from one year to
three years.
The move follows Bank of Korea's unexpected 0.5-percentage-point
cut in the one-day call rate last Wednesday. The benchmark
short-term interest rate now stands at around 4 percent.
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: Proposed GWRS Application In Final Stage
-------------------------------------------------------------
Amsteel Corporation Berhad, in reference to its announcement on
21 September 2001 wherein the Company stated that an application
had been made to the Kuala Lumpur Stock Exchange for an
extension of time to comply with the requirements in Practice
Note 4/2001 and our letter dated 24 September 2001 to the
Exchange on further developments to the application.
To date, the Company wishes to announce:
1. The Company's preparation for the application for the revised
Proposed Group Wide Restructuring Scheme (Proposed GWRS) to the
Securities Commission (SC) is now at the final stage.
2. The Company is targeting to submit the Proposed GWRS to the
SC between late September 2001 and mid-October 2001.
3. The Company will make an announcement to the Exchange on the
same day the application is made to the SC.
4. For the aforesaid reasons, the Company has sought an
extension of time to 24 October 2001 from the Exchange to comply
with paragraph 5.1 of Practice Note 4/2001.
ARTWRIGHT HOLDINGS: Re-Designates Director Kee's Position
---------------------------------------------------------
The Board of Directors of Artwright Holdings Berhad (Artwright)
announced that the position of Tan Seng Kee, an independent non-
executive director of Artwright has been changed to non-
executive director by virtue of the definitions under Chapter
1.01 of the Kuala Lumpur Listing Requirements. His status as a
member of the Audit Committee is accordingly re-designated.
Artwright and its four subsidiaries entered into a debt
restructuring agreement with its financial institution lenders
and hire-purchase and lease creditors to reschedule its debt
payments as well as to issue ICULS as part settlement of the
Group's unsecured debts. The proposal is pending approval from
the SC.
DRB-HICOM BERHAD: Utilization Of Proceeds Revisions Approved
------------------------------------------------------------
On behalf of the Board of Directors of DRB-HICOM, Alliance
Merchant Bank Berhad (formerly known as Amanah Merchant Bank
Berhad) announces that the Securities Commission (SC) has, via
its letter dated 21 September 2001, given its approval for the
revision of utilization of proceeds from the Proposed Disposal.
The approval from SC is subject to these conditions:
(i) RM480 million from the total sale proceeds has to be
utilized as set out in a table found at
http://www.bankrupt.com/misc/DRB_proceeds.com
(ii) Gadek Capital has to seek the SC's approval prior to the
utilization of RM195.48 million to be received from DRB-HICOM;
and
(iii) DRB-HICOM has to seek the SC's approval prior to the
utilization of RM151.30 million to be received from Gadek.
LION CORPORATION: Applies For A Further Extension
-------------------------------------------------
Lion Corporation Berhad has, for the detailed reasons set out in
its letter to the KLSE dated 24 September 2001, applied to the
KLSE to extend the time period for the Company to carry out
these matters:
a) revise its regularization plan;
b) make a revised Requisite Announcement to the KLSE; and
c) submit its revised plan to the regulatory authorities for
approval.
KLSE had on 18 September 2001, approved the Company's
application dated 20 August 2001 for an extension of time of one
(1) month from 26 August 2001 to 25 September 2001.
MGR CORPORATION: Answers Queries Re Proposal Effects
----------------------------------------------------
MGR Corporation Berhad set out this reply to the queries on the
effects of the Proposals:
(i) Earnings
The Directors of MGR believe that the Proposals will contribute
positively to the earnings of the MGR Group for the financial
year ending 30 September 2002.
(ii) Dividend rate
It is the policy of the Directors of MGR to declare dividends to
allow shareholders to participate in the profits of the MGR
Group. However, in view of the current financial position of the
MGR Group, the Directors of MGR do not expect the Company to
declare any dividend for the financial years ending 30 September
2001 and 30 September 2002.
The Directors of MGR believe that it would be in the best
interest of the MGR Group to retain adequate reserves for its
future growth. Nevertheless, the Directors of MGR may declare
dividends in the future financial years, depending on the
outlook of the economy and the opportunities available.
In addition, on behalf of MGR, we wish to inform that the
conversion rights of the RM15,000,000 nominal amount of 5-year
2% redeemable convertible unsecured loan stocks (RCULS) to be
issued pursuant to the Proposed Debt Restructuring Scheme shall
be revised as follows:
(i) As per announcement dated 21 September 2001
The holders of the RCULS will have the right to convert the
RCULS at the specified conversion price into new ordinary shares
of RM1.00 each in MGR (MGR Shares) during the conversion period
and unless previously converted, all outstanding RCULS will be
mandatorily converted by MGR into new MGR Shares on the basis of
equivalent nominal value of RCULS for every one (1) new MGR
Share on the maturity date of the RCULS.
(ii) As per revision
The holders of the RCULS will have the right to convert the
RCULS at the specified conversion price into new MGR Shares
during the conversion period.
OMEGA HOLDINGS: BGI Extends Sale, Purchase Agreement
----------------------------------------------------------
On behalf of Omega Holdings Berhad (Omega or the Company),
Commerce International Merchant Bankers Berhad announced that
Omega had, on 24 September 2001, received a letter from BGI's
solicitor notifying it that BGI is agreeable to extend the SPA
for a period of one (1) month. The extension will commence 8
September 2001 subject to the terms and conditions set out by
BGI.
Reference is made to the announcement on 8 March 2000 and 24
March 2001 wherein Omega had, on 8 March 2000 entered into a
conditional sale and purchase agreement (SPA) with Cheung Chi
Yuen, Chai Boon Seong, Yong Yew Kong, Yong Yuen Chan, Wong Wan
Ying, Cheang Fook Choy, Tow Lye Good and Chow Kam Wing
(collectively known as the Vendors) for the proposed acquisition
by Newco of the entire issued and paid-up share capital of
Broadland Garment Industries Sdn. Bhd. (BGI) (Proposed
Acquisition) in relation to the Proposals and on 23 March 2001
the Vendors and Omega have agreed to extend the SPA for a
further six (6) months commencing from 7 March 2001.
The Proposals are as follows:
* Proposed Members' Scheme Of Arrangement Encompassing The:
- Proposed Capital Reduction,
- Proposed Newco Incorporation, And
- Proposed Share Exchange;
* Proposed Rights Issue;
* Proposed Restricted Issue;
* Proposed Acquisition; And
* Proposed Debt Restructuring.
SURIA CAPITAL: Proposed Injection Of Sabah Ports Authority
----------------------------------------------------------
Suria Capital Holdings Berhad announced that the State
Government of Sabah, through the State Ministry of
Infrastructure Development had given their permission to SURIA
to do the Financial and Legal Due Diligence on Sabah Ports
Authority. Both due diligences will be done immediately.
Profile
Prior to its public listing, the Company (SCHB) undertook a
restructuring exercise which included the acquisition of Sabah
Development Bank Bhd (SDB) and Sabah Bank Bhd (SBB). SCHB was,
until then, principally a property development company. With the
completion of the restructuring, SCHB was transformed into an
investment holding company.
In 1999, BNM directed the consolidation of the banking industry,
subsequent to which SCHB entered a MOU on 29.3.2000 with
Malaysian Plantations Bhd and Multi-Purpose Bank Bhd for the
proposed disposal of SBB.
After the disposal, SCHB would be left without a core business
activity. In light of this, SCHB is presently identifying new
assets as the replacement assets for the Group.
The Company disposed of SDB to the State Government of Sabah in
1999.
TECHNOLOGY RESOURCES: Danaharta OKs Early Loan Redemption
---------------------------------------------------------
Technology Resources Industries Berhad, in reference to the
announcement made by Malaysian International Merchant Bankers
Berhad on 28 June 2001 regarding the Proposed Restricted Issue,
Proposed Rights Issue, Proposed Early Redemption Option,
Proposed Debt Refinancing and Proposed Internal Restructuring,
advised that Danaharta Urus Sdn. Bhd. has approved the proposed
early redemption of the Danaharta Loan.
The Early Redemption Option includes the prepayment, redemption
and discharge by TRI of its restructured US$375 million in bonds
due 2004, which are now USD variable rates bonds due 2002
(Bonds), and the restructured RM50 million overdraft and
revolving credit facility with Danaharta Urus Sdn. Bhd.
(Danaharta Loan).
As announced by the Company on 21 August 2001, the holders of
the Bonds had, in its Extraordinary Meeting held on even date,
approved the early redemption of the Bonds.
TIME ENGINEERING:Enters Sale, Purchase Agreement W/Datuk Abdul
--------------------------------------------------------------
Time Engineering Berhad entered into a conditional Shares Sale
and Purchase Agreement with Datuk Abdul Rashid Abdul Manaff (the
Purchaser) to dispose of its entire 1,080,000 ordinary shares of
RM1.00 each (Sale Shares) representing 60% equity interest in
Anaza Sdn Bhd for a cash consideration of RM3,000,000 on 25
September 2001.
DETAILS OF THE PROPOSED DISPOSAL
The cash consideration of RM3,000,000 shall be paid by the
Purchaser in this manner:
i) a sum of RM300,000 (Deposit) shall be paid to a stakeholder
within five (5) business days from the date of the execution of
the conditional Shares Sale and Purchase Agreement; and
ii) the balance of RM2,700,000 shall be paid on the date of
completion of the Proposed Disposal, being the fifth business
day after, but excluding, the date of fulfillment of all the
Conditions Precedent (Completion Date).
The Sale Shares shall be disposed of free from all charges or
liens or any other encumbrances thereto and with all rights
attaching thereto including, but without limitation, all
bonuses, rights, dividends and distributions declared, paid or
made in respect thereof as at 1 August 2001 and including all
dividends and distributions paid after the Completion Date.
CONDITIONS PRECEDENT OF THE PROPOSED DISPOSAL
The Proposed Disposal is subject to and conditional upon
approvals being obtained within 90 days from the date of
execution of the conditional Shares Sale and Purchase Agreement
(Approval Period) from the following:
i) the Foreign Investment Committee (FIC) being obtained and
received by the Purchaser; and
ii) all other approvals, consents, permits or authorities from
other relevant authorities as may be required.
In the event that the conditional Shares Sale and Purchase
Agreement does not become unconditional within the Approval
Period or such other extended period as the parties may mutually
agree upon in writing, the conditional Shares Sale and Purchase
Agreement shall be deemed to have been terminated and be of no
further effect whatsoever. Upon such termination, the
stakeholder shall refund the Deposit and all interest earned
thereon to the Purchaser.
=====================
P H I L I P P I N E S
=====================
INTERNATIONAL CONTAINER: Ready To Pay P8B Debt Due 2002
-------------------------------------------------------
Port operator International Container Terminal Services, Inc.
(ICTSI) is now capable of paying off P8 billion in debts that
are due next year, according to ratings agency Philippine Rating
Services Corp. (PhilRatings).
With the US$70.3 million in proceeds from the sale of its stake
in unit ICTSI International Holdings Corp. (IIHC) and the strong
performance of the Manila International Container Terminal
(MICT), the ratings agency cleared the port operator of any
doubts regarding its ability to pay maturing debts, Business
World reported Wednesday.
The company has US$176 million in convertible bonds that will
mature in March 2002.
International Container Terminal Holdings Inc (ICTHI), an ICTSI
wholly-owned subsidiary also sold its 900,000 shares in Langer
Holdings Ltd. to HPH. This brought in an additional US$30
million for the company.
The company's financial state has been suffering due to foreign
exchange losses, which reached P459 million last year because of
its dollar-denominated debts. In addition, accretion of the put
premium of ICTSI's convertible notes totalled P725 million.
NATIONAL POWER: Savings To Come From Insurance E-Bid
----------------------------------------------------
National Power Corp. (Napocor) is putting up its US$6.5 billion
worth of reinsurance coverage for bidding on Thursday through
its electronic bidding system, something that may result in
substantial savings for the company, Business World reported
yesterday.
By putting up this system, the company expects to conduct all
its purchases electronically by the end of the year.
Napocor saved around US$6.3 million in two contracts wherein e-
bidding was used. Only less than P2 million was shelled out in
setting up the bidding system. It is hoped that this process
will bring more savings to the company, which has been
beleaguered by losses in the past years.
Six insurance companies, Agnew, Higgins, Pickering; AON Energy;
Heath Lambert; Alexander Forbes; March McLennan; and Arthur J.
Gallagher participate in the bidding by sending representatives
to the Napocor office in Diliman, Quezon City.
RFM CORPORATION: Cleared Of Charges By PSE
------------------------------------------
The Philippine Stock Exchange (PSE) dismissed allegations of
insider trading made by Iloilo representative Augusto Syjuco
against RFM Corporation, Cosmos Bottling Corporation (CBC) and
exchange chairman Felipe Yap, Business World reported September
26.
Representing the Jaz Cola Group, Syjuco noted that the
Concepcion-owned firms resorted to insider trading and stock
price manipulation to prevent a further freefall of their
publicly listed companies.
The PSE said there is no insider trading or any form of stock
market manipulation whatsoever on Cosmos or RFM shares.
In a statement, an official said, "The sale of Cosmos is one of
the most widely publicized and fully disclosed deals in the
market. Disclosures were religiously made to the PSE and the
brokers made their purchases based on the disclosures."
UNIWIDE GROUP: Postpones Passage Of Amended Rehab Plan
-------------------------------------------------------
The Uniwide Group of Companies will postpone the submission of a
second amended rehabilitation plan to prioritize its asset-for-
debt deal with three creditor banks.
Business World reported Tuesday that the company is almost done
transferring properties to the United Coconut Planters Bank
(UCPB), International Exchange Bank (iBank), and Metropolitan
Bank and Trust Co. (Metrobank) as payment for debts.
Uniwide was supposed to submit the revised rehab plan to the
Securities and Exchange Commission (SEC) September 15.
However, the management reset the submission to October when all
land titles have been handed over to the three creditor banks.
The new rehab proposal will focus on how the group will retire
over P11 billion in debts to creditors mainly through the debt-
for-asset arrangement. It will likewise identify possible
options to raise cash for working capital to keep operations
going now that prospects that a white knight will come in to
bring in much-needed capital have dwindled due to the prevailing
global slowdown.
Liquidation will be avoided if Uniwide's banks decide to
terminate the ongoing rehabilitation proceedings.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Completes Transfer Of Management Contracts
--------------------------------------------------------------
Capitaland Limited posted a joint announcement with The Ascott
Group Limited regarding the completion of transfer of management
contracts for retail assets. Full text:
Completion of Transfer of Management Contracts for Retail Assets
The Ascott Group Limited CapitaLand Limited
ANNOUNCEMENT
Completion of Transfer of Management Contracts for Retail Assets
The Ascott Group Limited ("Ascott") and CapitaLand Limited
("CapitaLand") had jointly announced on 5th April, 2001 that
Ascott International Management (2001) Pte Ltd ("Ascott
International Management") (previously known as "Somerset
International Management (Asia Pacific) Pte Ltd"), a wholly-
owned subsidiary of Ascott, and CapitaLand (Retail) Investments
Pte Ltd ("CapitaLand Retail"), a wholly-owned subsidiary of
CapitaLand Commercial Limited, which is in turn a wholly-owned
subsidiary of CapitaLand, had entered into a conditional
Transfer Agreement for the transfer by Ascott International
Management to CapitaLand Retail of the management contracts
(`Management Contracts") that have been entered into by Ascott
International Management for the following retail commercial
properties:-
Junction 8
Liang Court
Scotts Shopping Center
Funan The IT Mall
The Exchange, Tianjin
Gurney Plaza, Penang
Huiteng Metropolis, Xiamen
Ascott and CapitaLand are pleased to announce that the
conditions precedent under the Transfer Agreement have been
fulfilled and that the transfer of all the Management Contracts
has been completed.
KEPPEL CAPITAL: Posts Shareholder's Interest Changes
----------------------------------------------------
Keppel Capital Holdings Limited announced changes in its
substantial shareholder's interests:
Notice Of Changes In Substantial Shareholder's Interests
Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: 25 Sep 2001
Date of change of interest: 24 Sep 2001
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited (1)
Oversea-Chinese Banking Corporation
Limited (2)
Oversea-Chinese Bank Nominees Private
Limited (3)
Circumstance giving rise to the change: Others
Please specify details: Compulsory acquisition of the remaining
Keppel Capital Holdings Ltd shares
Shares held in the name of registered holder
No. of shares of the change: -
Percent of issued share capital: -
Amount of consideration per share
excluding brokerage,
GST, stamp duties,
clearing fee: -
No. of shares held before change: -
Percent of issued share capital: -
No. of shares held after change: -
Percent of issued share capital: -
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 118,708 1,356,565,984
Percent of issued share capital: 0.01 98.07
No. of shares held after change: 0 1,383,223,575
Percent of issued share capital: 0 100
Total shares: 0 1,383,223,575
Oversea-Chinese Banking Corporation Limited direct interest
under registered holder Oversea-Chinese Banking Corporation
Limited is 1,133,481 (0.08%) (scripts form) and under registered
holder Oversea-Chinese Bank Nominees Private Limited is
1,382,090,094 (99.92%). Total interest after change is 100%.
With effect from 24 September 2001, Keppel Capital Holdings Ltd
became a 100% wholly owned subsidiary of Oversea-Chinese Banking
Corporation Limited
The percentages are computed based on 1,383,223,575 shares as at
25 September 2001
WING TAI: Posts Redeemable Shares Redemption Notice
---------------------------------------------------
Wing Tai Holdings, September 25 2001, announced a notice of
redemption of redeemable cumulative preference shares due on
October 23, 2001:
NOTICE OF REDEMPTION OF REDEEMABLE
CUMULATIVE PREFERENCE SHARES DUE ON 23 OCTOBER 2001
TO: ALL HOLDERS OF THE 150,000,000 5.25 PERCENT REDEEMABLE
CUMULATIVE PREFERENCE SHARES OF S$0.01 EACH (the "RCPS") ISSUED
BY WING TAI HOLDINGS LIMITED (the "Company")
NOTICE IS HEREBY GIVEN THAT pursuant to Article 7A(1)(c) of the
Articles of Association of the Company, the Company will redeem
all of the RCPS on 23 October 2001 (the "Redemption Date") at
the redemption amount of S$1.00 per RCPS (the "Redemption
Amount"), together with the dividend accrued up to (but
excluding) the Redemption Date (the "Preference Dividend"). The
delisting of the RCPS will be on 24 October 2001.
The last day for trading of the RCPS on the Singapore Exchange
Securities Trading Limited will be up to 5.00 p.m. on 10 October
2001 and the trading of the RCPS will cease with effect from 11
October 2001.
Duly completed registrable transfers received by our Registrar
and Transfer Office, Barbinder & Co Pte Ltd of 8 Cross Street,
#11-00 PWC Building, Singapore 048424, up to 5.00 p.m. on 15
October 2001 will be registered to determine preference
shareholders' entitlement to the Redemption Amount and the
Preference Dividend, which will be paid on the Redemption Date.
Preference shareholders who are in possession of the physical
share certificates should deposit their share certificates with
Barbinder & Co Pte Ltd before 28 September 2001 to ensure due
payment on the Redemption Date.
===============
T H A I L A N D
===============
DATAMAT PUBLIC: Posts Shareholders' Resolution Report
-----------------------------------------------------
Datamat Public Company Limited informed that the resolutions of
the Shareholders/Extra Ordinary General Meeting #1/2544 held on
September 24, 2001 are:
1. To approve the minutes of the Ordinary Shareholders' Meeting
#33 held on April 25, 2001.
2. To approve the rehabilitation plan.
3. To approve the paid-up capital decrease from Bt134,093,050
(Baht One Hundred Thirty Four Million Ninety Three Thousand and
Fifty) to Bt67,046,520 (Baht Sixty Seven Million Forty Six
Thousand Five Hundred and Twenty) by reducing 6,704,653 (Six
Million Seven Hundred and Four Thousand Six Hundred and Fifty
Three) issued ordinary shares at the par value of Bt10 (Baht
Ten) totaling Bt 67,046,530 (Baht Sixty Seven Million Forty Six
Thousand Five Hundred and Thirty).
4. To approve the amendment of Article 4 of the Memorandum of
Association of the Company to be consistent with the details of
the paid-up capital decrease. Article 4 of the Memorandum of
Association shall be amended as follows:
"Article 4 Registered Capital Bt67,046,520
Divided into Bt6,704,652 shares
Par Value Bt10 (Ten Baht)
Consisting of Ordinary shares 6,704,652 shares
Preferred shares -0- "
5. To approve the transfer of the Company's total reserve fund,
which are reserve fund pursuant to the law totaling Bt5,310,000
(Baht Five Million Three Hundred and Ten Thousand) and share
premium reserve fund totaling Bt421,386,787 (Baht Four Hundred
Twenty One Million Three Hundred Eighty Six Thousand Seven
Hundred and Eighty Seven) to compensate for the Company's
retained loss.
6. To approve the amendment of Article 4 as follows:
"Article 4 The Company's shares are ordinary shares and
shares s entered in a name certificate. Every share of the
Company must be paid up at one payment In case any
subscribers have not paid for share subscription price, the
Company's Board of Directors will submit a written notice
informing them to pay to the Company within 14 days since the
date of such notice. The notice also states that if the
subscriber does not pay up within the specified time period, the
Board of Directors will have the right to sell such shares by
auction. After the specified period of time if the subscriber
has not paid up, the Board of Directors shall sell the shares by
auction within seven (7) days. If the proceeds from such sales
by auction are less then the value of such shares, the Board of
Directors shall collect the remaining amount from the subscriber
The Company's shares are not separable. If two persons or
more jointly Hold jointly subscribe shares, either will be
appointed to use the right as a shareholder or subscriber as
the case may be.
The Company has the right to issue and offer for sale to the
public bonds, convertible debentures, preferred shares including
other securities pursuant to the laws governing securities and
stock exchange.
The Company's preferred shares can be converted into ordinary
shares provided that the shareholder shall submit the
application to convert the shares to the Company with share
certificate. The conversion of preferred shares to ordinary
shares shall come into force beginning from the date of
application and the company shall issue a new share certificate
to the applicant within fourteen (14) days after receiving
the application."
And unanimously resolved to approve the addition of Article 39
with the following details:
"Article 39 In case the Company or its subsidiary agrees to
undertake connected transactions or transactions regarding the
acquisition or disposal of assets of the Company or its
subsidiary in accordance with the definition specified in the
Notification of the Stock Exchange of Thailand applied to
connected transaction of the listed companies or the acquisition
or disposal of assets of listed companies as the case may be,
the Company shall comply with the rules and procedures as
outlined in the Notification."
7.To approve the registered capital increase that the Company
shall increase its registered capital from Bt67,046,520 (Baht
Sixty Seven Million Forty Six Thousand Five Hundred and Twenty)
to Bt6,350,000,000(Baht Six Thousand Three Hundred and Fifty
Million) by issuing 628,295,348(Six Hundred Twenty Eight
Million Two Hundred Ninety Five Thousand Three Hundred and Forty
Eight) ordinary shares at the par value of Baht 10 (Baht Ten)
totaling of Baht 6,282,953,480 (Baht Six Thousand Two Hundred
Eighty Two Million Nine Hundred Fifty Three Thousand Four
Hundred and Eighty).
8.To approve the amendment of Article 4 of the Memorandum of
Association to be consistent with the details of the capital
increase. Article 4 of the Memorandum of Association shall be
amended as follows:
"Article 4 Registered Capital Bt6,350,000,
Divided into 635,000,000 shares
par value Bt10
Consisting of
Ordinary shares 635,000,000 shares
Preferred shares -0-"
9. To approve the allocation of 628,295,348 (Six Hundred Twenty
Eight Million Two Hundred Ninety Five Thousand Three Hundred and
Forty Eight) newly issued ordinary shares at the par of Bt10
(Baht Ten) which is the offer for sale at a price below a par
value as follows:
9.1 400,000,000 newly issued ordinary shares are allotted at
the price of Bt1 (Baht One) each to Cyber Venture Co., Ltd.
9.2 33,200,000 newly issued ordinary shares are allotted at
the price of Bt1 (Baht one) each to Asian Capital Advisor Co.,
Ltd.
9.3 141,458,132 newly issued ordinary shares are allotted at
the price of Bt3(Baht Three) each to12 loan creditors.
9.4 53,637,216 newly issued ordinary shares be allotted at the
price of Bt1(Baht One) each on the right offering basis provided
that one (1) existing share held is eligible for eight (8) newly
issued shares.
In case there are shares remaining from the share allocation
pursuant to items 9.1-9.4 above, Directors Mr. Manoo
Ordeedolchest and Mr. Narong Sooppipatt are authorized to
offer for sale and allocate such remaining shares on a
private placement basis according to the Notification (No.
Kor Jor. 12/2543 re Application and Approval of Newly-
issued Shares dated March 22, 2000.) at the price of Baht 1
(Baht one) each provided that such offer for sale on a
private placement shall be first made to the existing
shareholders of the Company and the remaining shares shall be
then offered to other persons.
The Board of Directors or persons designated by the Board of
Directors is authorized to consider other relevant details with
respect to the allocation of newly issued shares such as numbers
of ordinary share to be issued for each time and share payment
etc as well as to negotiate, agree, sign relevant documents
and contracts and take any actions deemed as necessary, proper
and regarding newly issued ordinary shares including
registering newly issued ordinary shares with the Stock
Exchange of Thailand. This matter shall be proposed to
the Meeting of shareholders for further consideration and
approval.
10. To approve the offer to release the shareholders who hold
50% or more of the total number of shares from offering to
purchase the total shares.
ITALIAN THAI: Bankruptcy Court Appoints Rehabilitation Planner
--------------------------------------------------------------
Italian Thai Development Public Company Limited announced the
filing of a petition for rehabilitation. After the hearing on
September 25th, 2001, the Central Bankruptcy Court ruled the
Company is under the rehabilitation process and has also
appointed ITD Planner Company Limited as planner.
NARONG CANNING: Petition For Business Reorganization Filed
----------------------------------------------------------
The Petition for Business Reorganization of Narong Canning
Company Limited (DEBTOR), engaged in sales and production of
Tuna fish canning, was filed in the Central Bankruptcy Court:
Black Case Number 347/2543
Red Case Number 385/2543
Petitioner: Asia Bank Public Company Limited
: NARONG CANNING COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt2,054,799,514.79
Date of Court Acceptance of the Petition: May 10, 2000
Date of Examining the Petition: June 5, 2000 at 9.00 AM
Planner: Ms. Vanida Phiboonthanaphattana
Court Order for Business Reorganization and Appointment of
Planner: June 5, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited in June 12, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in June 22,
2000
Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 22, 2000
Planner postponed the date for submitting the Plan #1st: October
22, 2000
Planner postponed the date for submitting the Plan #2nd:
November 22, 2000
Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 12, 2001 at 9.30am. 11th Floor, Meeting
room no. 1105, Bangkok Insurance Building, Sathorn Rd.
the Creditors' meeting had passed a special resolution accepting
the Plan
The Court had issued the order accepting the reorganization
plan: February 15, 2001 and Appointed Ms. Vanida
Phiboonthanaphattana to be as the Plan Administrator
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company
Limited: February 23, 2001
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette in March 27, 2001
Contact: Ms. Amornrat, Tel 6792525 Ext. 132
TPI POLENE: Credit Bank Rejects Cemex's Buyout Offer
----------------------------------------------------------
Bangkok Bank, TPI Polene Public Company Limited (TPIPL)'s
largest creditors, rejected Mexican Cement CEMEX's offer to
purchase TPIPL, EFE News Service reported Tuesday.
After receiving a copy of the purchase agreement, Bangkok Bank
called the buyout unacceptable, citing the "low price" and other
conditions.
The agreement stipulated that CEMEX would acquire 72.7 percent
of TPIPL, which owes approximately Bt43.75 billion ($986
million) to the bank, for $300 million.
TPIPL's board of directors is now evaluating the agreement
reached by CEMEX and TPIPL on Monday.
TPI POLENE: Clarifies Participation Of Global Cement Producers
--------------------------------------------------------------
TPI Polene Public Company Limited (TPIPL), in reference to the
news article in the Krungthep Thurakit dated September 24, 2001
regarding the investment participation of the two global cement
producers, Holcim and Cemex in TPIPL and the agreement which
would be jointly signed with one of the above as selected
strategic partner, announced that on September 24, 2001 TPIPL
signed the Subscription Agreement with Cemex.
In the Subscription Agreement, Cemex shall subscribe the newly
issued common share of 1,350 million shares at the investment
price of USD 300 million subject to satisfactory debt
restructuring with TPIPL's creditors, the completion of further
due diligence and other customary closing conditions within the
agreed time.
After Cemex subscribes for the capital increase, Cemex will have
interest in TPIPL for 72.67 per cent.
TPI POLENE: SET Lifts "SP" Sign
-------------------------------
TPI Polene Public Company Limited (TPIPL) announced that the
company publicly disclosed the clarification regarding the
investment participation of global cement producers. The Stock
Exchange of Thailand (SET) lifted "SP" sign from the company
stock effective from the morning trading session of 26 September
2001 onwards.
Trading in TPIPL stock was suspended because the company was
unable to render clarification on unconfirmed news before
afternoon trading session on 24 September 2001.
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 ***