/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011026.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 26 2001, Vol. 4, No. 210 Headlines A U S T R A L I A BRIDGEDFS LIMITED: JB Were Group Becomes Substantial Holder CENTAUR MINING: Moody's Withdraws `Ca' Senior Notes Rating ENERGY EQUITY: Mirando Enterprises Update, Director Steps Down MTM ENTERTAINMENT: Requests Trading Halt NORMANDY MINING: AngloGold To Post Acquisition Details Friday C H I N A & H O N G K O N G FAN IN TRADING: Hearing of Winding Up Petition Set KITIME DEVELOPMENT: Winding Up Petition Hearing Set NETEASE.COM: Faces Class Action Complaint SHENZHEN ZHONGHAO: Delisted From Shenzhen Stock Exchange V & D ENTERPRISES: Winding Up Petition Slated For Hearing I N D O N E S I A ALTER ABADI: Appoints Asia Kapitalindo As Financial Advisor BBL DHARMALA: Pefindo Revises Bond III 1996 Ratings To `idD' CHANDRA ASRI: Govt, Japanese Creditors To Sign Debt Deal SEMEN GRESIK: Cemex To Propose Alternative If Put Option Fails TRI POLIYTA: Offers Buyback Of Obligations J A P A N HINO MOTORS: Upgrades H1 Pretax Profit Forecast HITACHI LIMITED: May Cut FY Forecasts Further FUJITSU LIMITED: Slashes 4,500 Jobs, Lowers Output FUJITSU LIMITED: Posts H1 Loss NEC CORPORATION: Announces Manufacturing Tie-Up With Solectron NISSAN MOTOR: Acquiring 10% Renault Stake K O R E A DAEWOO GROUP: Fugitive Kim's Return Likely DAEWOO MOTOR: Fate Of Bupyeong Depends On Labor Peace HANVIT BANK: US$150M In Syndicated Loans Secured HYNIX SEMICONDUCTOR: Uncertainty Rises After Horie Resignation HYUNDAI CONSTRUCTION: China Building Bought For US$95M SEOULBANK: Posts W32.9B Q3 Net Profit * Korean Chipmakers To Face Suit From Japanese Competitors * M A L A Y S I A ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged BERJUNTAI TIN: Proposed Workout Scheme Application Submitted EMICO HOLDINGS: Awaits KLSE's Extension Approval LIEN HOE: Clarifies Legal Proceeding Issue MBF CAPITAL:Answers KLSE's Query On Units' Winding Up-Petition NORTH BORNEO: Awaits KLSE RA Time Extension Approval SENG HUP: Gives Proposed Restricted Issue To Mei Nu, Lembanis SIME DARBY: Unit Voluntarily Winds Up SOUTH PENINSULAR: Proposed Acquisition Completed TECHNO ASIA: Enters Proposed Disposal SPA With Cergas Senja TIMBERMASTER INDUSTRIES: Gives KLSE Second Progress Report TRANS CAPITAL: Court Grants Nine-Month Restraining Order P H I L I P P I N E S ALL ASIA: Permits World Bank To Conduct "Forensic" Audit NATIONAL POWER: Assets Eyed By KEPCO Unit NATIONAL STEEL: Bidders Ordered To Put Up P1B Bond RAMCAR INCORPORATED: November Debt-Restructuring Deal Expected RFM CORPORATION: SMC Further Cuts Offer By P1B S I N G A P O R E CAM INTERNATIONAL: Announces Signing Of Placement Agreement SEMBCORP LOGISTICS: Posts Notice of Substantial Shareholding SEMBCORP LOGISTICS: Posts Notice Of Cessation Of Shareholding T H A I L A N D STAR BLOCK: Files Business Reorganization Petition SANYO UNIVERSAL: Thai NVDR Won't Invest Shares THAI HEAT: Bankruptcy Court Requires Revised Plan - - - - - - - - ================= A U S T R A L I A ================= BRIDGEDFS LIMITED: JB Were Group Becomes Substantial Holder ----------------------------------------------------------- JB Were Group Holdings Pty Ltd & JB Were Limited became a substantial shareholder in Bridgedfs Limited on 22/10/2001 with a relevant interest in the issued share capital of 5,037,516 ordinary fully paid shares (5.04 percent). CENTAUR MINING: Moody's Withdraws `Ca' Senior Notes Rating ---------------------------------------------------------- Moody's Investors Service has withdrawn the Ca rating of Centaur Mining & Exploration Ltd's (Centaur) Notes of US$225 million due 2007. The Company was placed under receivership in March 2001 following the company's failure to replenish the debt service reserve in relation to the Notes. The receiver has been endeavoring to sell Centaur's Cawse nickel plant and the Mt Pleasant gold mine in Western Australia. The gold mine was recently sold for A$42.6 million. The rating agency says it does not have sufficient information about the sale process of Cawse and, given Centaur's default position, has withdrawn the rating. ENERGY EQUITY: Mirando Enterprises Update, Director Steps Down -------------------------------------------------------------- The Directors of Energy Equity Corporation Ltd (EEC) advised that the Writ issued by Mirando Enterprises Inc in the Supreme Court of WA on 22 June 2001 on EEC alleging Breach of Contract for the sale of certain assets for $100 million, has been dismissed with each party meeting their own legal costs. EEC Managing Director, Stewart Elliott, said that following the issue of the Writ, no Statement of Claim had been submitted and in any event, EEC considered the allegation of breach of contract and claim for damages to be extremely frivolous and bordered on "corporate terrorism". Mr Elliott said that whilst the Directors always strongly believed that there was no validity to the claim, it had been of concern to the company's stakeholders and EEC was pleased that the matter had now been finalized. EEC also informed that Mr F M Brand will cease to be a Director of the Company as of 30 November 2001. For further inquiries, please contact EEC's Executive Director, Mr Ian Jordan, on (61) 8 9366-4777. MTM ENTERTAINMENT: Requests Trading Halt ---------------------------------------- The securities of MTM Entertainment Trust (the "Trust") will be placed in pre-open pending the release of an announcement by the Trust. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Monday, 29 October 2001 or when the announcement is released to the market. TRADING HALT REQUEST In accordance with Listing Rule 17.1, MTM Funds Management Limited (MTM), the responsible entity for MME, requests a trading halt to be placed on the units of MME, effective immediately. REASONS FOR REQUEST MME's major asset is the subject of litigation in New Zealand with the Force Corporation Group (Force). MME commenced new proceedings in the New Zealand Supreme Court this morning seeking to enforce the terms of a settlement with Force. Force has denied that agreement was reached on the settlement. However, it is highly likely that MME and Force will agree to finally settle the litigation over the next 2 days. MTM believes that the market should not be trading in MME units in the absence of details of the alleged settlement or the final settlement. PERIOD MTM seeks a trading halt on the MME units effective immediately and ending at the opening of trading on Monday 29 October 2001. EVENT ENDING HALT MTM expects that a final Settlement will be reached with Force in relation to all litigation prior to the expiry of the trading halt. NEGATIVE REASONS MTM is not aware of any reason why the trading halt should not be granted. OTHER INFORMATION MTM is not aware of any other information, which should be made available to the ASX, although it remains happy to provide such additional information as the ASX may require. NORMANDY MINING: AngloGold To Post Acquisition Details Friday ------------------------------------------------------------- Normandy Mining Limited (Normandy) advised shareholders to refer to the cautionary announcement dated 5 September 2001 in which AngloGold announced its intention to make an offer (the offer) to acquire the entire issued share capital of Normandy. In addition to renewing the cautionary announcement as required by the Listings Requirements of the JSE Securities Exchange South Africa, AngloGold announced that: * a circular to members of AngloGold will be posted on Friday, 26 October 2001, which circular provides details of the acquisition by AngloGold of shares in Normandy (the acquisition) and includes a notice of general meeting of members of AngloGold to approve the acquisition. The general meeting is scheduled for Monday, 19 November 2001. * an offer document to Normandy shareholders located outside the United States and Canada (the Australian offer document) was filed with the Australian Securities and Investments commission, the Australian Stock Exchange and the Australian Foreign Investment Review Board on Wednesday, 17 October 2001. The Australian offer document will be posted to Normandy shareholders, outside the United States and Canada, on or about Monday, 29 October 2001, on which date, the offer will open in all jurisdictions, other then in the United States and Canada. * the Australian offer document was served on the Board of Normandy on Wednesday, 17 October 2001, to afford them the opportunity to consider and make a recommendation to Normandy shareholders on the offer. * an offer document to Normandy shareholders located in the United States and Canada was filed with the US Securities Exchange Commission (SEC) on Wednesday, 17 October 2001. Once this offer document is declared effective by the SEC, the offer will open to Normandy shareholders located in the United States and Canada. * the earliest date on which the offer to Normandy shareholders may expire is the later of either Friday, 14 December 2001 or 20 US business days after commencement of the offer in the United States and Canada. Shareholders are advised to continue to exercise caution when dealing in AngloGold shares until a further announcement is made. ================================ C H I N A & H O N G K O N G ================================ FAN IN TRADING: Hearing of Winding Up Petition Set -------------------------------------------------- The petition to wind up Fan In Trading Company Limited is scheduled to be heard before the High Court of Hong Kong on October 31, 2001 at 9:30 am. The petition was filed with the court on July 30, 2001 by The China and South Sea Bank Limited, Hong Kong Branch (whose undertakings have been succeeded by Bank of China (Hong Kong) Limited whose registered office is situated at Bank of China Tower, 1 Garden Road, Central, Hong Kong. KITIME DEVELOPMENT: Winding Up Petition Hearing Set --------------------------------------------------- The petition to wind up Kitime Development Limited is scheduled for hearing before the High Court of Hong Kong on November 21, 2001 at 9:30 am. The petition was filed with the court on August 8, 2001 by Chan Yuk Ching of Room 824, King chung House, King Lam Estate, Tseung Kwan O, New Territories, Hong Kong. NETEASE.COM: Faces Class Action Complaint ----------------------------------------- NetEase.com, Inc. (Nasdaq:NTESE), a leading Internet technology provider in China, announced Wednesday that it has become aware of a pending class action lawsuit against the company, Mr. William Lei Ding (the company's founder and Chief Architect), Mr. King F. Lai (the company's former Chief Executive Officer and a former director), Ms. Helen Haiwen He (the company's former Chief Financial Officer and a former director) and the underwriters of its initial public offering of American Depositary Shares in July 2000, alleging violations of U.S. federal securities law arising in connection with the company's restatement of its audited financial statements for the year ended December 31, 2000. The action, Frank Satty v. NetEase.com, Inc., et al., was filed in New York federal court on October 22, 2001, purportedly on behalf of all persons who purchased the company's American Depositary Shares between July 3, 2000 and August 31, 2001. The lawsuit asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks to recover an unspecified amount of damages. NetEase.com was initially made aware of the lawsuit through a press release issued by Milberg Weiss Bershad Hynes & Lerach LLP, attorneys for the plaintiff. NetEase.com stated that it intends to vigorously defend against these claims. About NetEase.com NetEase.com, Inc. is a leading China-based Internet technology company and pioneered the development of applications, services and other technologies for the Internet in China. The NetEase.com Web sites, operated by its affiliate, organize and provide access to 18 content channels through content distribution arrangements with over 130 international and domestic content providers. In addition, the NetEase.com Web sites contain over 1,542,000 personal home pages created and maintained by users that enable users to express themselves, share items, interests and areas of expertise and to publish personal content accessible by other Chinese Internet users. The NetEase.com Web sites also offer online interactive community services through 1,500 community forums and over 613,000 personal community forums created by registered users. At the end of September 2001, the number of simultaneous chat room participants reached 55,476 during peak hours, and the number of registered users of the NetEase.com Web sites reached 33.4 million. Further, the average number of daily page views was over 160.9 million in September 2001. NetEase.com also offers auction and online mall technology services, which provide opportunities for e-commerce and traditional businesses to establish an online e-commerce presence on the NetEase.com Web sites. SHENZHEN ZHONGHAO: Delisted From Shenzhen Stock Exchange -------------------------------------------------------- Shenzhen Zhonghao Group has become the third company to be delisted from the Shenzhen Stock Exchange, South China Morning Post reported Thursday, citing the China Securities Regulatory Commission spokesman Zhou Xuan. Since the commission revised its regulations in February, Shanghai Narcissus Electric Appliance and Guangdong Kingman Group in Shenzhen have been delisted. The mainland exchange said last month that it would not give the company a second grace period after independent auditors discovered the company had reported an interim net loss. "Because the Shenzhen Stock Exchange did not grant [the company] . . . a grace period, the company should be delisted in accordance [with] the law," Zhou Xuan said. The Company had been losing money for four consecutive years, earning it a "particular transfer" designation. It staved off delisting earlier this year after being given a grace period from the exchange to restructure. It had announced an interim net profit of 1.12 million yuan (about HK$1.04 million) for this year's first half. However, independent auditors and the commission discovered the firm had actually suffered a net loss. V & D ENTERPRISES: Winding Up Petition Slated For Hearing --------------------------------------------------------- The petition to wind up V & D Enterprises Limited is set for hearing before the High Court of Hong Kong on December 5, 2001 at 9:30 am. The petition was filed with the court on August 16, 2001 by Leung Sui Wah of Room 518, 5th Floor, Kwai Tai House, Kwai Fong Estate, Kwai Chung, New Territories, Hong Kong. ================= I N D O N E S I A ================= ALTER ABADI: Appoints Asia Kapitalindo As Financial Advisor ----------------------------------------------------------- PT Alter Abadi and its subsidiaries appointed PT Asia Kapitalindo Securities as the financial advisor for debt restructurization process, IndoExchange reported Tuesday. "Such appointment was made certain after the signing of the company's offer by Alter Abadi's board of directors on October 18," Asia Kapitalindo's Corporate Secretary Yuniar Restanto said in its report to the Jakarta Stock Exchange. Kaolin producer Alter Abadi reported a net loss of Rp119.94bn in the first semester of 2001, ballooning from Rp83.39 billion in the same period a year earlier. Net sales plunged 74.80% to Rp20.29 billion from Rp80.53 billion in the preceding year. The company suffered non-operating expenses of Rp153.51 billion mainly due to foreign exchange loss of Rp128.88 billion. Because of huge loss and swelling debt, the company endured capital deficiency with equity at minus Rp131.59 billion. BBL DHARMALA: Pefindo Revises Bond III 1996 Ratings To `idD' ------------------------------------------------------------ Pefindo has revised the ratings for Bond III Year 1996 of PT BBL Dharmala Finance Tbk. (BBLD or the Company) to "idD" from "Withdrawn" as the Company defaulted on the payment on its nineteenth coupon due on September 13, 2001. Pefindo following local trustee procedures, confirms a default rating after a period of 14 (fourteen) working days from its coupon due date (October 3, 2001). Bank Bali, the trustee for the Company's bonds issuance, will hold a General Bondholders Meeting (RUPO) in November 12, 2001 to discuss and take necessary actions regarding the defaulted payment. CHANDRA ASRI: Govt, Japanese Creditors To Sign Debt Deal -------------------------------------------------------- The government and Japanese creditors of PT Chandra Asri will sign an initial agreement Friday to restructure its huge debts, IndoExchange reported Thursday, citing Secretary of the Financial Sector Policy Committee (FSPC), Safruddin Tumenggung. "The memorandum of understanding would be signed by top economics minister Dorodjatun Kuntjoro-Jakti and the creditors," he said. Safruddin said the memorandum follows lengthy negotiations over the future shape of the firm. "The Indonesian Bank Restructuring Agency (IBRA), would retain a loan of below $50m out of its total loan to the company of US$463.6 million," he added. Safruddin declined to disclose what percentage of the agency's debts would be converted into shares. "Japanese lenders have converted into equity more than $100m out of $723m lent to Chandra Asri," he said. Japan's Marubeni Corp., Showa Denko KK and Toyo Engineering Corp. are among major creditors of Chandra Asri. The two sides agreed to an initial plan for Chandra Asri's reconstruction in June last year but the deal died went down after Indonesian protests that it was too advantageous for the Japanese firms. SEMEN GRESIK: Cemex To Propose Alternative If Put Option Fails -------------------------------------------------------------- Bisnis Indonesia reported Thursday that Cemex Indonesia will propose an alternative solution if the government once again delays or cancels the put option plan over the remaining 51% shares in PT Semen Gresik Tbk (SMGR). "We have made an informal meeting with the government as the put option deadline on 26 October 2001 will expire and is planning to hold another meeting," Cemex Indonesia Chairman Fransisco Noriega said. He hoped to reach a new deal with the government in the coming meeting because they have not yet made any decisions. It is rumored in the exchange said that the put option was canceled, and Cemex will increase its stake through the secondary market. The number of SMGR shares already in the hands of the public, in the secondary market reaches 23.46%, meanwhile Cemex controls 25.53% and the government 51%. If Cemex buys the shares in the market, the government will not get any money. The put option speculation has made SMGR shares actively transacted in the bourse. "In deciding to go through with the put option, the government has to think about the privatization money that has to be contributed to the state," Research Director of PT Indosuez WI Carr Irwan Junus said. Until Wednesday evening, the negotiation between the government which was mediated by Emil Salim, PT Semen Gresik Tbk Commissioners, PT Semen Padang Commissioners and PT Semen Tonasa Commissioners and the underwriter Bahana Sekuritas had not reached an agreement. TRI POLIYTA: Offers Buyback Of Obligations ------------------------------------------ Tri Polyta Indonesia Tbk. (TPIA) through its financial consultant Credit Suisse First Boston (CSFB) offered to buyback all obligations and non-performing interest which US $244.9 million for US$42.5 million in cash or 23 cents per US dollar of principal debt, Bisnis Indonesia reported yesterday. TPIA President Director Iman Sucipto Umar said the offering is conveyed to bondholders on October 16, four days after Bank of New York as bond holder trustee filed the case to New York court. "As yet, we are still waiting for bond holders' response, for we prefer (a) solution outside the court," he added. The buyback offering, Iman continued, only concerns principal debt, while elimination of interest is requested. "With such a condition, it makes sense if we are asking for interest elimination, it is normal," he said. Iman asserted the company is able to seek internal fund for paying all bonds in cash. Iman admitted debt restructuring proposal previously submitted by management could not be passed through as there were basic changes in assumptions used. "Besides, with (the) sluggish condition of (the) rupiah, domestic demand also drops due to lack of streamlined industries' purchasing power. We are able to export but the condition is not favor(able), for in Asia alone there (is) over production of about 1.3 million tons," he explained. Since 1999 Tri Polyta has undergone default on bond interest payment towards which Bank of New York further demanded hastened payment over all bonds maturing in 2003. Principal debt of TPAI is recorded US$185 million while principal interest US$59.9 million and bond interest that is failed to pay US$8.7 million. ========= J A P A N ========= HINO MOTORS: Upgrades H1 Pretax Profit Forecast ----------------------------------------------- Citing an increase in orders from Toyota Motors Corp., Hino Motors Ltd has revised its six months to September pretax profit forecast to Y3.1 billion from the previous estimate of Y500 million. The company has also upgraded its net profit forecast to Y1.4 billion, up from the Y500 million previous estimate. The company's sales forecast was also upgraded to Y277.9 billion from the original forecast of Y261 billion. As of the end of last year, Wright Investors Service reported that the company had negative working capital, as current liabilities were Y532.09 billion while total current assets were only Y389.66 billion. HITACHI LIMITED: May Cut FY Forecasts Further --------------------------------------------- Analysts say that despite already downgrading its initial earnings forecasts in August, Hitachi Ltd will more likely cut its full year earnings forecasts drastically upon the release of its interim results on Tuesday, PRNewsasia reported Thursday. Prior to the September 11 terrorist attacks, Hitachi cut its full year forecasts last August to a pretax loss of Y65 billion, a net loss of Y140 billion yen and an operating line of zero. During the same forecast, it also made estimated an operating loss of Y60 billion, a pretax loss of Y85 billion and a net loss of Y97 billion for the first half to September. Ikuo Matsuhashi, a Goldman Sachs analyst, has further downgraded Hitachi's full year forecast, saying that the company now sees a pretax loss of Y120 billion, a net loss of Y170 billion and an operating loss of Y70 billion. FUJITSU LIMITED: Slashes 4,500 Jobs, Lowers Output -------------------------------------------------- Following a global information technology products slump, Japanese electronics giant Fujitsu announced it is cutting a further 4,500 jobs worldwide by the end of March 2002, almost all job cuts, around 4,000, are to come from plants outside Japan, News on Japan reported October 25. The company also said that the costs of restructuring are expected to be higher than initially expected. It now has to take a charge totaling Y350 billion in the current year until March 2002, much higher than the Y300 billion it originally expected. Fujitsu has already announced thousands of losses this year in a bid to tackle the impact of falling computer and IT equipment sales. The company's output forecast is now also expected to be 30 percent lower than last year. Its previous target of Y475 billion in July was lowered to Y425 billion. FUJITSU LIMITED: Posts H1 Loss ------------------------------ Blaming expenditures related to staff cuts and reorganization efforts of money-losing businesses, Fujitsu Limited, Japan's largest maker of business computers, declared losses in the first six months to September 30, according to October 25 News On Japan report. The electronics giant posted a group loss of Y174.7 billion during the first half, compared to last year's profit of Y17.2 billion yen during the same period, sales also fell 4 percent to Y2.39 trillion. In the three months until September 30, Fujitsu declared a group net loss of Y118.6 billion, as compared to last year's profit of Y30.5 billion yen. Analysts said however that they previously expected a much larger loss of Y173 billion. NEC CORPORATION: Announces Manufacturing Tie-Up With Solectron -------------------------------------------------------------- NEC Corporation and Solectron Corporation on October 23 signed a letter of intent for NEC to transfer the manufacturing business of its unit, NEC Ibaraki, Ltd., to Solectron. NEC Ibaraki provides development and manufacturing for non-PC computer and related products. The site is located approximately 40 miles northeast of Tokyo. The companies have begun negotiating details for a final agreement and the process is to be concluded in the first quarter of calendar 2002. NISSAN MOTOR: Acquiring 10% Renault Stake ------------------------------------------ Contrary to previous reports, Nissan Motor Co. will announce its impending acquisition of at least a 10 percent stake in French auto maker Renault SA, which owns a 36.8 percent stake in the Japanese company, the Asian Wall Street Journal reported on Wednesday. Just last week, Nissan Motor Corp. President Carlos Ghosn denied initial reports that his company had plans in acquiring at least a 15 percent stake in Renault. The decision to acquire the Renault stake stems from the recent drop in its share price to attractive levels. Renault share prices have fallen by almost 40 percent from a 12-month high. No details on the exact size of the stake and other terms of the sale were released. However, a 10 percent stake in Renault will cost Nissan approximately Y67 billion. To recall, Renault rescued Nissan Motor from the edge of collapse in 1999, and supported the debt-burdened car makers restructuring efforts that saw it significantly improve, and record profits. ========= K O R E A ========= DAEWOO GROUP: Fugitive Kim's Return Likely ------------------------------------------ After three years on the run, Kim Woo-choong, founder and chairman of the defunct Daewoo Group, may return to Korea this year and face charges, the Korea Herald reported yesterday. Kim, in a letter sent to a local newspaper, said he was willing to return home as soon as the current trial of other Daewoo executives is finished. Kim, on the run for three years, is sure to face charges of embezzlement and mismanagement. He allegedly falsified statements of five Daewoo companies, inflating financial figures by W41 trillion. However, sources speculate that the main reason for Kim's impending return is his failing health. He underwent surgery for arteriosclerosis sometime 1998, and reportedly needs regular medical attention. Once Korea's second largest conglomerate, the Daewoo Group collapsed in July 1999 under an US$80 billion debt. DAEWOO MOTOR: Fate Of Bupyeong Depends On Labor Peace ----------------------------------------------------- Allan Perriton, director of General Motors Corp. Asia-Pacific said that the decision on whether to acquire Daewoo Motor's aging Bupyeong plant after six years would depend largely upon labor peace, the Korea Herald reported Thursday. A memorandum of understanding signed last September between GM and Daewoo creditors called for the ailing company's Bupyeong plant to supply passenger cars, engines and transmissions to the U.S. firm for the next six years. HANVIT BANK: US$150M In Syndicated Loans Secured ------------------------------------------------ Korea Herald reported Thursday that in order to acquire proceeds to help provide foreign-currency financing to local companies, Hanvit Bank has successfully secured a syndicated loan of $150 million from 13 foreign banks. The loan, to be signed November 9, will be disbursed in two tranches, at $75 million each, one of which carrying a one-year maturity and the other a two-year maturity. Last month, the Financial Supervisory Commission declared that Hanvit Bank, together with Peace and Cheju banks, have not achieved the "management rationalization requirements" imposed upon them in return for a government bailout. Hanvit failed to meet requirements such as return on assets, per-capita operating income and the ration of problem loans to total lending. HYNIX SEMICONDUCTOR: Uncertainty Rises After Horie Resignation -------------------------------------------------------------- Financial sources say that Hynix Semiconductor may face more difficulty in receiving the proper financial support from other banks following the resignation of William Horie, CEO of Korea First Bank (KFB), according to a Thursday article of Korea Herald. KFB was the only bank to grant some W60 billion in loans to the ailing Korean chipmaker, and with Horie's departure, other banks will become more reluctant in extending more funds to the firm. Prior to Horie's appointment as CEO, Hynix' loans stood at W210 billion but the figure recently rose to W273.8 billion. Only last week, the company has posted its largest ever quarterly loss estimated to be around W1.62 trillion this third quarter, compared to a net profit of W66 billion posted during the same period of last year. HYUNDAI CONSTRUCTION: China Building Bought For US$95M ------------------------------------------------------ Hyundai Engineering and Construction has sold its Millennium Tower in Beijing to two US based firms, Hines, a real estate company and Trust Company of the West, an asset management company, for a reported US$95 million, the Korea Herald reported October 25. Payment of the proceeds is expected in November, and Hyundai plans to use US$25 million to repay loans borrowed from Chinese financial institutions. HEC is currently undergoing a rigorous self-rescue program that saw it spinning off several units. At the beginning of the year, the company spun-off its remodeling unit. A spin-off of its design unit followed in February. SEOULBANK: Posts W32.9B Q3 Net Profit ------------------------------------- Citing a sharp rise in credit card commissions and an increase in its deposits, Seoul Bank said has posted a net profit of W32.9 billion during the third quarter. The Korea Herald reported Thursday that for the first nine months of the year, the bank posted a total net profit of W104.3 billion, up from last year's loss of W95.1 million posted during the same period. The bank's operating profit totaled W74.1 billion, compared to last year's loss of W248 billion. The Korean government is still hoping to sell a controlling stake in the bank to a domestic investor following its failed deals with foreign companies such as HSBC and DB Capital Partners, a Deutsche Bank AG (DB) unit. * Korean Chipmakers To Face Suit From Japanese Competitors * ------------------------------------------------------------ Korean chip manufacturers Samsung Electronics and Hynix Semiconductor may face an anti-dumping suit from a group of four Japanese chipmakers, the Korea Herald reported Thursday. Japanese firms NEC Corp, Toshiba Corp., Hitachi Ltd., and Mitsubishi Electric Corp. suspect that the Korean companies are selling dynamic random access memory (DRAM) chips below market prices in Japan. Analysts however note that the suit, if it indeed pushes through, will not likely deal a serious blow to the operations of the two Korean firms. Furthermore, no benefits to the Japanese firms can be seen by their filing of a case against a foreign rival. Semiconductor manufacturers worldwide have gone through the worst quarter, as memory chip prices drastically dropped to the lowest level, around 90 percent below last year's level. =============== M A L A Y S I A =============== ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged ------------------------------------------------------------- Abrar Corporation Berhad (Special Administrators Appointed) (The Company) announced that there has been no change to the status in payment since the Company's previous announcement made on 18 September 2001. The Company has been placed under the control of Special Administrators since 27 May 2000 by Pengurusan Danaharta Nasional Berhad (Danaharta) pursuant to Section 24 of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta Act). Along with the appointment of the Special Administrators, there is a moratorium on the Company and no creditors may take action against the Company except in accordance with Section 41 of the Danaharta Act. The moratorium expires on 26 May 2002. The Special Administrators of the Company are currently in the midst of preparing a corporate debt restructuring exercise (the Workout Proposal) for the Company pursuant to Section 44 of the Danaharta Act. The Workout Proposal will address the Company's default in payments. BERJUNTAI TIN: Proposed Workout Scheme Application Submitted ------------------------------------------------------------ Berjuntai Tin Dredging Berhad (BTD or the Company ) had on 1 October 2001 announced that the Company intended to submit the applications in relation to its proposed restructuring scheme (the "Applications") to the relevant authorities within 2 months from 24 August 2001(being the date of its requisite announcement). In this connection, the Board of BTD announced that RHB Sakura Merchant Bankers Berhad has submitted the Applications to the relevant authorities on behalf of the Company on 22 October and 23 October 2001. In accordance with Section 5.1 (c) of Practice Note 4/2001, the Company anticipates that all approvals necessary for the implementation of the above said proposed restructuring scheme will be obtained within 4 months from 23 October 2001(being the date of submission of the proposed restructuring scheme to the relevant authorities). EMICO HOLDINGS: Awaits KLSE's Extension Approval ------------------------------------------------ Affin Merchant Bank Berhad, on behalf of the Board, informed that the Company had made an application to the Kuala Lumpur Stock Exchange (KLSE) for an extension of an additional two (2) weeks from 23 October 2001 to 6 November 2001. The extension relates to the submission of the Proposals applications to the relevant authorities. To date, the decision from the KLSE is still pending. Further announcement on the same shall be made in due course. The Proposals are comprised of the: * Proposed Debt Restructuring Scheme * Proposed Two-Call Rights Issue * Proposed Employee Share Option Scheme * Proposed Increase in Authorized Share Capital LIEN HOE: Clarifies Legal Proceeding Issue ------------------------------------------ Lien Hoe Corporation Berhad, in reference to the Kuala Lumpur Stock Exchange's (KLSE) letter of query dated 23 October 2001, provided this reply: (1) As stated in our announcement on 20 October 2001 pursuant to Practice Note 1/2001, the Company has received a letter dated 3 October 2001 from Universal Trustee (Malaysia) Berhad, the trustee acting for the holders of the Redeemable Secured Loan Stocks due on 17 August 2000 (Loan Stocks), demanding for the payment of RM51,517,811.40 being the interest and principal monies owing in respect of the Loan Stocks. It was stated in the said letter that unless the amount owing is paid within 7 days from the date thereof, it would commence legal proceedings without further reference to the Company. (2) As at the date of this announcement, the Board of Directors of the Company is not aware of any legal proceeding being taken by the trustee against the Company and has not been served with any statement of claim. (3) As at the date of this announcement, the Board of Directors of the Company has not received any written notification from the trustee that it will be asking to foreclose on Kompleks Lien Hoe. (4) The Company has received letters from the trustee and its legal counsel seeking to enforce the Deed of Assignment and to collect the net rentals due for Kompleks Lien Hoe from the month of October 2001. The Company has been advised by its legal counsel that the purported assignment of the net rentals in favor of the trustee pursuant to the Deed of Assignment dated 19 June 1993 is not absolute in nature and the claim has not been liquidated. As such, it is the Company's view that any claim at present is without basis. The same has been informed to the trustee and its legal counsel. MBF CAPITAL:Answers KLSE's Query On Units' Winding Up-Petition -------------------------------------------------------------- MBF CAPITAL BERHAD, in reference to Kuala Lumpur Stock Exchange (KSLE) query letter dated 23 October 2001 regarding Notice of Winding-Up Petition served by MBf Leasing Sdn Bhd on Mastermind Enterprise Sdn Bhd (Mastermind) and Gayabeta Sdn Bhd (Gayabeta), posted these details: * The petitions were deemed served on 23 October 2001 for both Mastermind and Gayabeta; * The amount claimed for Mastermind and Gayabeta were RM423,990.51 and RM167,215.47 respectively; and * For Mastermind account, there were no payment received since 4 December 1997, thus, the equipment were repossessed and sold and all the guarantors who were the directors have been adjudged bankrupt. As for Gayabeta account, there were no payments received since 24 January 1998, therefore, the equipment were repossessed and sold and both the guarantors have also been adjudged bankrupt. MBf Leasing Sdn Bhd is a wholly-owned subsidiary of MBf Capital Berhad and it is incorporated in Malaysia on 17 March 1964 with its principal activity in leasing and hire purchase business. NORTH BORNEO: Awaits KLSE RA Time Extension Approval ---------------------------------------------------- The North Borneo Corporation Berhad (NBC or the Company), pursuant to Practice Note No 4/2001, NBC is required to make a Requisite Announcement (RA) within 6 months from the date of its First Announcement of 27 April 2001 as an Affected Listed Issuer, i.e. by 27 October 2001, announced that the Company had, on 15 October 2001, applied to the KLSE for an extension of time of two months to make the RA by 27 December 2001 as NBC is now at an advanced stage of finalizing a corporate restructuring scheme, which is aimed at providing a comprehensive solution to the present financial condition of the Company. NBC will announce the KLSE's decision pertaining to the extension in due course. Profile The Company (NBC) was originally involved in logging in Sabah. NBC subsequently branched into cocoa planting, also in Sabah. When the logging concessions expired in 1985, the Company ceased its traditional activities. In the intervening years the Company launched into diverse activities, including property development and aquaculture. However, in September 1997, NBC signed an agreement with the Sabah Government to bring about sustainable management of the State's forestry resources. Subsequently, NBC obtained approval on a proposal to develop 94,227 ha of forest in Northeastern Sabah. The Company has a 100-year lease on the area where controlled logging will be carried out. Reforestation, enrichment planting and plantation crops will be introduced. NBC had in April 2001 engaged Malaysian International Merchant Banker as its advisor on a plan to regularize the Group's financial conditions. Presently, the parties involved are in the process of conceptualizing a workout proposal. The Company has until October 2001 to make a public announcement of its plan in accordance with KLSE's revamped listing requirements. SENG HUP: Gives Proposed Restricted Issue To Mei Nu, Lembanis ------------------------------------------------------------- The Special Administrators of Seng Hup Corporation Bhd (SHCB or the Company) (SAs) announced that the Proposed Restricted Issue and Proposed Special Issue undertaken in conjunction with the Proposed Corporate and Debt Restructuring Scheme of SHCB are proposed to be allotted and issued to Chu Mei Nu and Lembanis Sdn. Bhd. respectively. The SAs further announced that Chu Mei-Li, a director of Seng Hup Electric Company (S) Pte. Ltd., a 99.6 percent owned subsidiary of SHCB is also a director and substantial shareholder of Tri Harvest Holdings Sdn. Bhd. and therefore is deemed interested in the Proposed Corporate and Debt Restructuring Scheme. Presently, Chu Mei-Li does not have any shareholding in SHCB. The SAs announced that Commerce International Merchant Bankers Berhad (CIMB), on behalf of SHCB, submitted the applications dated 18 October 2001 in relation to the Proposed Corporate and Debt Restructuring Scheme of SHCB to the Securities Commission, the Foreign Investment Committee and the Ministry of International Trade and Industry for approval. SIME DARBY: Unit Voluntarily Winds Up ------------------------------------- Sime Darby Berhad (Sime Darby) announced that its wholly-owned subsidiary, Sime Malaysia Region (B) Sdn. Bhd. (SMRB) held an Extraordinary General Meeting on 24 October 2001 at which it was resolved that SMRB be wound up voluntarily. The shareholders of SMRB also approved the appointment of Mr Lee Kin Chee and Mr Lee Kim Yan as the liquidators. SMRB was incorporated in Brunei with the principal objects of undertaking the business of merchants, traders, commission agents, importer and exporter. However, SMRB has not commenced trading since its incorporation on 19 May 1984. The voluntary liquidation of SMRB is not expected to have any material effect on the earnings and net tangible assets of the Sime Darby Group. None of the directors or substantial shareholders of Sime Darby or persons connected to them has any interest in the voluntary liquidation. SOUTH PENINSULAR: Proposed Acquisition Completed ------------------------------------------------ The Board of Directors of South Peninsular Industries Berhad (SPI) advised that the proposed acquisition of 22,500 ordinary shares of RM1.00 each representing 15 percent of the total issued and paid-up share capital of S.P.I. Plastic Industries (M) Sdn Bhd, a 85 percent owned subsidiary of SPI (Proposed Acquisition) has been completed. An information circular will be issued to the shareholders of the Company in due course. Profile The South Peninsular (SPI) Group of Companies is principally engaged in the manufacture of injection moulded plastic parts and components and metal-based products. Its products are supplied to MNCs and OEMs and production facilities are located in Batu Pahat, Johor. It is also involved in property development, investment, financial services, education and management services. On 16 July 1998, the Company and three of its subsidiaries (Scheme Companies) obtained a restraining order under Section 176 of the Companies Act 1965 for the purpose of implementing a proposed composite scheme of arrangement. The proposal entails the full repayment of principal and accrued interest on outstanding debts via the issue of shares in Arab-Malaysian Corporation Bhd, SPI's ultimate holding company. The proposal has been revised to incorporate creditors' feedback as well as to comply with guidelines. Creditors approved the proposal at court convened meetings on 31 January 2000. The scheme was approved by the SC on 28 August 2000 and sanctioned by the High Court of Malaya on 14 December 2000. The scheme is, as at March 2001, pending implementation. TECHNO ASIA: Enters Proposed Disposal SPA With Cergas Senja ----------------------------------------------------------- On behalf of Techno Asia Holdings Berhad (TAHB or Company), Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) announced that the Special Administrators (SA) on behalf TAHB and Westmont Offshore Sdn Bhd (WOSB) (a wholly-owned subsidiary of TAHB) (collectively known as the "Vendors") had on 16 October 2001 entered into a conditional sale and purchase agreement (SPA) with Cergas Senja Sdn Bhd (CSSB) to dispose their entire equity interests in Westmont Power (Kenya) Limited (WPKL) for a total cash consideration of USD$15 million (or equivalent of RM57 million based on the exchange rate of USD$1 = RM3.80) or USD$0.27 (or RM1.02) per share to CSSB (Proposed Disposal). INFORMATION ON WPKL WPKL was incorporated in Kenya on 25 July 1996 under the Companies Act, Chapter 486 of the Laws of Kenya and is a subsidiary of WOSB. WPKL is principally involved in the generation and sale of electrical power. It has an authorized share capital of Kenya Shillings (KShs)1,125,700,000 comprising 56,285,000 ordinary shares of KShs20 each and an issued and paid-up capital of KShs1,120,000,120 comprising 56,000,006 ordinary shares of KShs20 each. As at 31 December 2000, WPKL has an unaudited NTA of KShs1,795,482,000 or KShs32.06 per share. WPKL commenced operations in 1997 and supplies electricity in Kenya (under a power purchase agreement with the Kenya Power & Lighting Company until September 2004). It owns a 48 Megawatt (MW) barge named Victoria VIII (Power Bargewhich is fuelled by condensate and kerosene. The Vendors are currently in the process of confirming the legal and beneficial ownership of the fuel barge (to supply and store fuel to operate the Power Barge) (Fuel Barge), which is currently in operation. However, the cost of the Fuel Barge has already been incorporated in the accounts of WPKL. Based on the unaudited accounts of WPKL for the financial year ended 31 December 2000, the net book value of the Fuel Barge is KShs330,515,608 (or equivalent to RM15,890,174 based on the exchange rate of KShs20.8 = RM1.00). INFORMATION ON CSSB CSSB was incorporated in Malaysia on 20 March 1997 under the Companies Act, 1965. CSSB is principally involved in property development. It has an authorized share capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each and an issued and paid-up capital of RM1,000 comprising 1,000 ordinary shares of RM1.00 each. As at 31 December 2000, CSSB has an unaudited NTA of RM1,000 or RM1.00 per share. DETAILS OF THE PROPOSED DISPOSAL Pursuant to the SPA, WOSB and TAHB will dispose 56,000,005 and 1 ordinary shares of RM1.00 each respectively in WPKL (Sale Shares), representing 100 percent equity interest in WPKL for a total cash consideration of USD$15 million (or equivalent to RM57 million) to CSSB by way of bankers draft or telegraphic transfer. The sale consideration of USD$15 million to CSSB was arrived at based on CSSB's offer submitted pursuant to a tender exercise conducted by the SA in April 2001. WOSB and TAHB are expected to make a net gain of RM12,132,462 or RM0.06 per share arising from the Proposed Disposal. Salient Terms Of The SPA Sale consideration of USD$15 million CSSB shall pay the consideration of USD$15 million as follows: a) Prior to the date of the SPA (SPA Date), CSSB has paid the Vendors a sum of RM500,000 ("Earnest Deposit'); b) The balance of the Deposit (i.e. being 5 percent of the consideration of USD$15 million, based on the exchange rate of USD$1 = RM3.80) equivalent to RM2,350,000 as follows: i) RM640,000 on the SPA Date; ii) RM855,000 on or before the thirtieth (30th) day from the SPA Date; and iii) RM855,000 on or before the sixtieth (60th) day from the SPA Date. c) On the Completion Date (i.e. the date falling six (6) months from the SPA Date or forty five (45) days from after the fulfillment of the last condition precedent as mentioned in Section 8 below, whichever is later) or Extended Completion Date (i.e. thirty (30) days following the expiry of the Completion Date), the balance of the consideration of USD$14,250,000 shall be paid to TAHB. An amount of USD$2,500,000 (Indemnity Amount) will be set aside for the Fuel Barge as explained below. Fuel Barge Pending the confirmation on the legal and beneficial ownership of the Fuel Barge, the Indemnity Amount will be deposited with the CSSB's solicitor as stakeholder. In the event that within or prior to the date of the Indemnity Period or Extended Indemnity Period (as defined hereunder), the Vendors are not able to provide any clear evidence on the ownership of the Fuel Barge or provide a replacement fuel barge, CSSB's solicitor shall remit the Indemnity Amount or any balance thereof with any interest earned back to CSSB. Indemnity Period shall mean a period of twelve (12) months commencing from the Completion Date or Extended Completion Date. Extended Indemnity Period shall mean an extension of another three (3) months and such other time as mutually agreed by the parties. If the results of the due diligence investigation carried out by CSSB uncovers material discrepancies in WPKL's management accounts dated 30 June 2001 which amount exceeds five (5 percent) percent of WPKL's NTA position as at 30 June 2001, and if the parties are unable to mutually agree on the reduction of the consideration, either party may then terminate this SPA and this SPA shall cease to any effect and shall become null and void, with all parties having no further claims against each other. TAHB will refund the Deposit to CSSB, together with any interest earned thereon. Release of Debt In consideration of and subject to CSSB paying the full amount of USD$15 million in accordance with the terms and conditions of the SPA, WOSB and Ganda Energy And Holdings Inc. ("GEHI") will discharge WPKL of the amounts due and outstanding by WPKL to WOSB and GEHI. The amount outstanding to WOSB and GEHI as at 31 December 2000 are RM31,887,434 and RM226,945 respectively (or USD$8,475,186 and USD$60,314 respectively). Assignment of Receivables In consideration of and subject to CSSB paying the full amount of USD$15 million in accordance with the terms and conditions of the SPA, WPKL, with the consent of CSSB, will assign absolutely to TAHB all its rights, title and interest for the receivables from the debtors as at 31 December 2000 amounting to approximately RM54.6 million (or USD$14.515 million). RATIONALE FOR THE PROPOSED DISPOSAL The Proposed Disposal forms part of the asset disposal program undertaken by the SA to reduce TAHB Group's debt. The asset disposal program will be contained in the workout proposal of TAHB, details of the which will be announced in due course. UTILISATION OF THE PROCEEDS FROM THE PROPOSED DISPOSAL The total proceeds of USD$15 million will be utilized for working capital purposes and to settle the debts owing to the creditors of TAHB. EFFECTS OF THE PROPOSED DISPOSAL Share capital and substantial shareholders The Proposed Disposal will not have any effect on the share capital and substantial shareholders of TAHB as it is a cash transaction. Earnings Per Share (EPS) On completion of the Proposed Disposal, TAHB Group will realize a net gain of RM12,132,462 or RM0.06 per share. Net Tangible Asset (NTA) The effect of the Proposed Disposal on the audited NTA on TAHB as at 31 December 2000 is as Table 1 at http://www.bankrupt.com/misc/techno.gif CONDITIONS TO THE PROPOSED DISPOSAL The Proposed Disposal is subject to, inter-alia, the following approvals being obtained: a) The Vendors obtaining the Workout Approvals (as defined hereunder) on or before the Approval Period (as defined hereunder); b) Each party obtaining all relevant approvals required by it under any applicable law, regulations, requirements, rules or guidelines for the sale, purchase and transfer of the Sale Shares; c) CSSB obtaining Bank Negara Malaysia's approval before the Approval Period; and d) If WPKL's assets have not been discharged by the Lender (i.e. Barclays Bank of Kenya Limited) at any time prior to the expiry of the Approval Period, the Vendors obtaining the Lender's consent for the disposal of the Sale Shares. Approval Period shall mean twelve (12) months from the SPA Date or such other further period as the parties may mutually agree in writing. Workout Approvals shall mean the approvals for implementation of the Scheme to be proposed by the SA pursuant to and under the Pengurusan Danaharta Nasional Berhad Act 1998 (Danaharta Act) as follows: a) Approval of Danaharta in accordance with the Danaharta Act; b) Approval of TAHB's secured creditors in accordance with the Danaharta Act; c) Approval of any regulatory bodies (including, without limitation, the Kuala Lumpur Stock Exchange, Securities Commission and/or the Foreign Investment Committee); and d) Such other approval(s) as may be required under any applicable law, regulations, requirements, rules or guidelines. Under Section 47(3) of the Danaharta Act, the SA has the powers to implement that Proposed Disposal without the approval of TAHB's shareholders. DISCLOSURE OF SUBSTANTIAL SHAREHOLDERS' AND DIRECTORS' INTERESTS None of the directors, substantial shareholders and persons connected with them has any interest, direct and/or indirect in the Proposed Disposal. APPOINTMENT OF ADVISER The SA, on behalf of TAHB, has appointed Arab-Malaysian as the Adviser for the restructuring scheme of TAHB (Scheme). APPLICATIONS TO THE RELEVANT AUTHORITIES Applications to the relevant authorities for the Proposed Disposal will be made together with the application for the Scheme. The SA is currently still in the midst of preparing the Scheme and an announcement in relation to the Scheme will be made in due course. DOCUMENTS FOR INSPECTION The SPA will be made available for inspection at the office of the Special Administrators of TAHB at Level 23A, Menara Milenum, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur, during normal hours from Mondays to Fridays (except public holidays) from the date of this announcement up to the date of the last condition on the Proposed Disposal is met. TIMBERMASTER INDUSTRIES: Gives KLSE Second Progress Report ---------------------------------------------------------- Timbermaster Industries Berhad (Special Administrators Appointed) (TMIB or the Company), further to its announcement dated 22 August 2001 and 5 September 2001, announced that: 1. TMIB had by its letter dated 22 August 2001 set out preliminary details of progress as to the Company's plan to regularize its financial condition. 2. TMIB had also by its letter dated 5 September 2001 appealed to the Kuala Lumpur Stock Exchange (KLSE) to grant the Company a further extension of time until 7 December 2001 to make the Requisite Announcement under PN4. 3. Whilst awaiting KLSE's approval for a further extension of time, TMIB, in compliance with the KLSE requirement, had on 12 September 2001 and 17 October 2001 respectively, furnished to the KLSE the Company's 1st and 2nd progress reports on the development and the latest status of its regularization exercise. 4. The Requisite Announcement under PN4 will be made once the White Knight of TMIB fulfills the condition precedent under the 2nd MoU by 7 December 2001. In the event the condition precedent is fulfilled earlier than 7 December 2001, TMIB would then make the Requisite Announcement earlier. TRANS CAPITAL: Court Grants Nine-Month Restraining Order -------------------------------------------------------- Trans Capital Holding Berhad announced on 19 October 2001 that the Company and two of its subsidiaries, one of which is Trans Capital Sdn Bhd, had on 16 October 2001 been granted a Restraining Order under Section 176 of the Companies Act, 1965 from the High Court of Penang for a period of nine months from 24 September 2001. Profile The Group's core activity is the provision of electronic contract manufacturing services such as printed and flex circuit board assembly, and total box-built products for the computer, telecommunications and electronic products industries. The bulk of these services and complete end-products, such as removable hard disk drive and related products, are exported indirectly to MNCs in Malaysia and directly overseas, notably to the US, Europe and Asia Pacific. A significant portion of its raw materials such as integrated circuits, components, and flexible circuits, are sourced from more than 400 Malaysian and overseas suppliers. Manufacturing activities are based at Bandar Seberang Jaya, Prai, Penang. Current annual production capacity and production output are approx. (i) 2.4m pieces and 2.1m pieces of printed circuit assemblies for computers respectively; (ii) 2m pieces and 1.72m pieces of flex circuit assemblies for computers respectively; and (iii) 3.5m pieces and 2.4m pieces of printed and flex circuit assemblies for telecommunication and electrical products respectively. Production capacity and production output per annum amount to 500,000 pieces and 450,000 pieces for assembly of complete end-products respectively. Current annual production capacity of hard disk drive and removable cartridge are 1.44m and 0.5m respectively. On 1 August 2001, principal subsidiary, Trans Capital Sdn Bhd (TCSB), was placed under receivership by a lender bank through the appointment of Messrs Pathmarajah & Co as the Receiver and Manager (R&M) for some of TCSB's properties valued at RM110m as at 30.6.2001. Presently, TCH is in consultation with the bank and R&M to work on a comprehensive restructuring scheme in order to turn TCSB around. Also, TCSB had between May and end-July 2001 disposed of its stake of approx. 10 percent in Repeat Technologies, Inc, a company listed on the NASDAQ in the US, in order to meet urgent working capital requirements of the Group. ===================== P H I L I P P I N E S ===================== ALL ASIA: Permits World Bank To Conduct "Forensic" Audit -------------------------------------------------------- Amid allegations that its officials have stolen US$20 million in investments, All Asia Capital and Trust Corp. permitted the World Bank to conduct a US$200,000 "forensic" audit. The audit should determine what happened to the investments and who should be held accountable for the alleged thefts, the Inquirer News Service reported October 25. The International Finance Corp. (IFC), the investment arm of the World Bank has accused certain officials of All Asia of stealing US$20 million in investments made by the IFC. The latter owns a 7 percent stake in All Asia and has an outstanding loan with the company amounting to US$17 million. Last July, All Asia filed a petition for rehabilitation with the court, which in turn granted its request and thereafter appointed former SEC Associate Commissioner Danilo Concepcion as All Asia's receiver. As of June this year, All Asia's debt exceeded its assets. The company has P7.1 billion in liabilities and only P5 billion in assets. NATIONAL POWER: Assets Eyed By KEPCO Unit ----------------------------------------- The generation assets of ailing National Power Corp. (Napocor) have reportedly generated interest from Kepco-Ilijan Corp., a Philippine unit of Korea Electric Power Corporation or KEPCO, the Asian Wall Street Journal reported on Wednesday. Kepco-Ilijan management is merely waiting for the approval of the final version of the rules and guidelines of the Electric Power Industry Reform Act, which contains instructions for the auction of the state-owned power company's generation assets. The auction, which is part of the government's efforts to privatize the ailing power company, is supposed to generate US$5 billion for Napocor. NATIONAL STEEL: Bidders Ordered To Put Up P1B Bond -------------------------------------------------- Prospective bidders for the lease of the mothballed facilities of National Steel Corporation's Iligan plant have been ordered by the Department of Trade and Industry-led evaluation committee to put up a P1 billion deposit as a requirement to participate in the bidding, the Inquirer News Service reported yesterday. The reason behind the deposit of the amount is to prove that a bidder indeed has the financial capability to rehabilitate, run and maintain the plant. Apart from the P1 billion bond, prospective investors must have a net worth capable enough to finance requirements of the project. They also must be technically capable of operating the facilities, and must have the necessary experts who have at least five years experience in their particular fields to operate specific machinery. RAMCAR INCORPORATED: November Debt-Restructuring Deal Expected -------------------------------------------------------------- Ailing Philippine vehicle battery maker Ramcar Inc. may restructure some P8 billion owed to 20 creditor banks this November, thereby avoiding the option of suspending its debt payments, the Asian Wall Street Journal reported October 24. According to company officials, the proposal sits well with some banks but no final agreements have been met. The proposal, presented to creditors this week, seeks approximately P6.4 billion in unsecured loans for the ailing company, to be settled subsequently by a debt-for-asset swap. The company has been suffering since the 1997 financial crisis and has been hit recently by high interests and cheap imports, especially from Indonesia. RFM CORPORATION: SMC Further Cuts Offer By P1B ---------------------------------------------- San Miguel Corporation has further reduced its offer to buy RFM Corporation bottling unit, Cosmos Bottling Corp. to P14 billion, P1 billion lower than its previous offer of P15 billion, the Asian Wall Street Journal reported yesterday. The further reduction in the price was due to San Miguel's findings that some of Cosmos' equipment was not up to the standards set by San Miguel's joint venture partner, Coca-Cola Co. However, representatives of both camps have said that no deals have yet been finalized. Two other groups are interested in acquiring Cosmos, including PepsiCo Inc. ================= S I N G A P O R E ================= CAM INTERNATIONAL: Announces Signing Of Placement Agreement ----------------------------------------------------------- CAM International Holdings Ltd had previously announced, among other things, the proposed Scheme of Arrangement between the Company and its creditors, pursuant to Section 210 of the Companies Act, Cap. 50, to restructure the indebtedness of the Company and its subsidiaries The Scheme was approved by creditors at a meeting held on 18 October 2001. The Debt Restructuring Plan includes, among other things: 1. The proposed capital reduction and capital consolidation exercise to reduce the par value of the shares of the Company from S$0.10 to S$0.03 each, and 2. The subscription by each of Dato Dr. Tan Tiong Hong ("Dato Dr. Tan") and Mr. Koh Chun Wai @ Koh Chan Wai ("Mr Koh") for 33,333,333 new shares (the "Placement Shares") of par value $0.03 each (assuming the Capital Restructuring has taken place) at a subscription price of S$0.03 for each Placement Share in exchange for cash injections of S$1,000,000 each. The Board of Directors of the Company wishes to announce that the Company has on 23 October 2001 entered into an agreement (the "Placement Agreement") with Dato Dr Tan and Mr Koh whereby Dato Dr Tan and Mr Koh shall subscribe for the Placement Shares. The obligations of each of Mr Koh and Dato Dr Tan under the Placement Agreement are conditional upon: 1. The sanction (with or without modifications) of the Scheme by the High Court of the Republic of Singapore; and 2. The occurrence of the date in which all the conditions precedent pursuant to the Scheme are either waived or satisfied. The issue and allotment of the Placement Shares shall be subject to the approval of shareholders of the Company at an Extraordinary General Meeting to be convened at a later date. SEMBCORP LOGISTICS: Posts Notice of Substantial Shareholding ------------------------------------------------------------ Sembcorp Logistics Limited announced on October 24, a notice of Substantial Shareholding of Sembcorp Industries Limited. Full text of the notice: Notice Of Substantial Shareholding Name of substantial shareholder: SembCorp Industries Ltd Date of notice to company: 24 Oct 2001 Date of change of interest: 19 Oct 2001 Name of registered holder: CDP: SembCorp Industries Ltd Circumstance giving rise to the change: Others Please specify details: Restructuring of shareholding in key strategic business unit by SembCorp Industries Ltd Shares held in the name of registered holder No. of shares of the change: 0 Percent of issued share capital: 0 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.8947 No. of shares held before change: 0 Percent of issued share capital: 0 No. of shares held after change: 525,169,048 Percent of issued share capital: 61.7 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 0 Percent of issued share capital: 0 No. of shares held after change: 525,169,048 Percent of issued share capital: 61.7 Total shares: 525,169,048 SEMBCORP LOGISTICS: Posts Notice Of Cessation Of Shareholding ------------------------------------------------------------- Sembcorp Logistics Limited posted Wednesday on the Singapore Stock Exchange, a notice of Cessation of Substantial Shareholding of substantial shareholder Sembawang Corporation Limited. The announcement: Notice Of Cessation Of Substantial Shareholding Name of substantial shareholder: Sembawang Corporation Limited Date of notice to company: 24 Oct 2001 Date of change of interest: 19 Oct 2001 Name of registered holder: CDP: Sembawang Corporation Limited CDP: United Overseas Bank Nominees Pte Ltd Circumstance giving rise to the change: Others Please specify details: Restructuring of shareholding in key strategic business unit by SembCorp Industries Ltd Shares held in the name of registered holder No. of shares of the change: 525,169,048 Percent of issued share capital: 61.7 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.8947 No. of shares held before change: 525,169,048 Percent of issued share capital: 61.7 No. of shares held after change: 0 Percent of issued share capital: 0 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 16,238,000 508,931,048 Percent of issued share capital: 1.91 59.79 No. of shares held after change: 0 0 Percent of issued share capital: 0 0 Total shares: 0 0 =============== T H A I L A N D =============== STAR BLOCK: Files Business Reorganization Petition -------------------------------------------------- The Petition for Business Reorganization of Star Block Group Public Company Limited (DEBTOR), engaged in building material trader, was filed in the Central Bankruptcy Court: Black Case Number 521/2543 Red Case Number 574/2543 Petitioner: FLARE INTERNATIONAL PUBLIC COMPANY LIMITED 1 ST, JURD ALUMINUM PARTNERSHIP LIMITED 2 ND , NOVOPLART COMPANY LIMITED 3 RD, MISS TOUNJAI SRISIRIGAD 4 TH, MR SOMKIT SRISIRIGAD 5 TH ; APPOINTED MR VASUTREP PHANAVAWAT AS AN OBLIGATOR /DD> Debts Owed to the Petitioning Creditor: Bt26,570,443.61 Planner: United Equity Company Limited Date of Court Acceptance of the Petition: June 30, 2000 Date of Examining the Petition: July 31, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: July 31, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: August 7, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: August 31, 2000 Deadline for Planner to submit the Business Reorganization Plan to Official Receiver: November 30, 2000 Appointment Date for the Creditors' meeting to consider the plan: January 18, 2001 at 9.00 am. Rachavadee Room 1st floor, YMCA, South Sathorn The Meeting of Creditors had passed the resolution accepting the reorganization plan pursuant to section 90/46 Court Order for Accepting the reorganization plan: February 16, 2001 and appointed FarEast Law Office (Thailand) Company Limited to be the Plan Administrator Announcement of Court Order for Accepting the Reorganization Plan in Matichon Public Company Limited and Siam Rath Company Limited: February 26, 2001 Announcement of Court Order for Accepting the Reorganization Plan in Government Gazette: March 27, 2001 Contact: Miss Amornrat Tel, 6792525 ext 132 SANYO UNIVERSAL: Thai NVDR Won't Invest Shares ---------------------------------------------- Sanyo Universal Electric Public Company Limited (SUE) is in a process of making a tender offer to delist SUE shares from the Stock Exchange of Thailand. Delisting was approved by the Extraordinary General Meeting of Shareholders No. 1/2544 held on 11 September 2001, on the condition that SUE must arrange for Premier CE Company limited to make a tender offer for all shares of SUE from shareholders. The tender offer period was planned from 27 September - 29 November 2001. Thai NVDR Co, Ltd (NVDR) announced: * Effective on 25 October 2001, -the Thai NVDR will not invest in SUE shares. -the Thai NVDR will not sell NVDR for SUE shares * Effective on 30 October 2001, -the Thai NVDR will not issue NVDR for SUE shares according to the mandatory purchase of NVDR in case of delisting, NVDR holders must deliver the NVDR for SUE shares to Adkinson Securities Public Company Limited who acts as a tender agent during 25 October - 29 November 2001. THAI HEAT: Bankruptcy Court Requires Revised Plan ------------------------------------------------- Thai Heat Revival Company Limited, reorganization planner of Thai Heat Exchange Public Company Limited, announced that the Central Bankruptcy Court judge has ruled that the business reorganization plan of Thai Heat Exchange needs to be revised. The revised plan has to be submitted to the Official Receiver by no later than 30th November 2001. A creditors'' meeting will then be convened by the Official Receiver for the purposes of voting on the revised business reorganization plan. 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 240/629-3300. *** End of Transmission ***