/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011029.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 Monday, October 29 2001, Vol. 4, No. 211 Headlines A U S T R A L I A ANACONDA NICKEL: Eighth AGM To Be Held On November 28 ANALYTICA LIMITED: Posts Update On Current Status PASMINCO LIMITED: Directors Announce Retirement PASMINCO LIMITED: Creditors' Meeting Extended SMART COMMUNICATIONS: Appoints Voluntary Administrators UECOMM LIMITED: Responds To Proposed Takeover Offer C H I N A & H O N G K O N G CIL HOLDINGS: Adjourns SGM To Consider Adjustment Proposal G-PROP (Holdings): Price, Turnover Movements Unexplainable KING-POST INTL: Petition To Wind Up Slated MISUZU (H.K.): Winding Up Petition Set For Hearing NAM FONG INTL: Sees No Reason For Price Share Increase I N D O N E S I A KABELINDO MURNI: JSX Withdraws Temporary Suspension SEMEN GRESIK: Government Delays Stake Sale J A P A N CHUO MITSUI: Ponders Ops Reorganization, Capital Increase DAIWA SECURITIES: May Post H1 Loss, Lowers Retirement Age MATSUSHITA COMMUNICATIONS: Declares Y16.7B Loss MATSUSHITA ELECTRIC: May Post Loss Due To Retirement Program OKINAWA SHINKIN: Bankruptcy Filing Expected This Week SONY CORPORATION: Mobile Phone Woes Result In Y43.3B Loss K O R E A DAEWOO MOTOR: Takeover Complications Arise Over New CBA HYNIX SEMICONDUCTOR: Staff To Take 1-Mo Leave To Cut Costs HYUNDAI ASAN: Fails To Pay Workers, Sinks Deeper Into The Red SHINHAN BANK: Announces Q3 Results SSANGYONG MOTOR: Sells China Bus Factory For US$2.8M * South Korea Banks Seek US$1.7B In Loans, Bonds * M A L A Y S I A AUSTRAL AMALGAMATED: Proposes Memorandum Amendment CONSTRUCTION AND SUPPLIES: KLSE Extension Approval Pending CHG INDUSTRIES: Revises Proposes Utilization Of Proceeds GEAHIN ENGINEERING: Enters MoU With Ornapaper Shareholders HONG LEONG: Discloses Voluntary Winding Up Of Subsidiaries HOTLINE FURNITURE: Updates Proposed ASF Subscription Status MANCON BERHAD: Seeks Restructuring Plan Revision Extension PLANTATION & DEVELOPMENT: SC Grants Proposed Scheme Approval REPCO HOLDINGS: Awaits KLSE Reply Re Extension Appeal TAT SANG: Appoints PwC As Units' Receiver, Manager TIME DOTCOM: Appoints Abdul Kadir As Non-Executive Director TONGKAH HOLDINGS: KLSE Grants Listing, Quotation TRANS CAPITAL: Answers KLSE Restraining Order Query TRANSWATER CORPORATION: Additional Proposed Disposal INfo P H I L I P P I N E S NATIONAL BANK: Rehabilitation Finally Underway NATIONAL POWER: 1Ho2 Privatization Likely NATIONAL STEEL: Three Groups Submit Formal Bids RFM CORPORATION: OKs Deal, Shares Up S I N G A P O R E CAPITALAND LIMITED: Announces Property Sales To Employees FLEXTRONICS INTERNATIONAL: Posts Q2 Net Loss Due To Job Cuts PANPAC MEDIA: Clarifies Deed Of Undertaking T H A I L A N D SAMART CORPORATION: Updates Debt Restructuring Progress THAI PETROCHEMICAL: Creditors Will Provide US$79.67M Injection UNI CORD: Files Business Reorganization Petition - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: Eighth AGM To Be Held On November 28 ----------------------------------------------------- Anaconda Nickel Limited announced that its eighth Annual General Meeting of the shareholders will be held at: Time: 10:00am Date: 28th November 2001 Place: Swan Room Parmelia Hilton Hotel Mill Street Perth ORDINARY BUSINESS 1. ACCOUNTS AND REPORTS The tabling of the Statement of Financial Position of the Company as at 30 June 2001, the Statement of Financial Performance and Statement of Cash Flows for the year ended on that date, and the Group accounts for the Company and its subsidiaries together with the Reports of the Directors and Auditors 2. DIRECTORS To elect directors, each as a separate resolution: (a) Mr W Strothotte, who was appointed to fill a casual vacancy retires in accordance with the Company's Constitution and being eligible, offers himself for re-election; (b) Mr I Glasenberg, who was appointed to fill a casual vacancy retires in accordance with the Company's Constitution and being eligible, offers himself for re-election; (c) Mr B Beamish, who was appointed to fill a casual vacancy retires in accordance with the Company's Constitution and being eligible, offers himself for e-election; (d) Mr J A H Forrest, who retires in accordance with the Company's Constitution and being eligible, offers himself for re-election; (e) Mr C Linegar, who retires in accordance with the Company's Constitution and being eligible, offers himself for re-election; SPECIAL BUSINESS 3. SENIOR EXECUTIVE OPTIONS 3.1 To consider and, if thought fit, pass, as a special resolution of the Company, the following resolution: "That the Company hereby authorizes the Board of Directors to grant 3 million Series III Options to subscribe for ordinary shares to John Andrew Henry Forrest, the CEO of the Company on the following terms: * exercise price of $2.40 per shares. * expiry date of 31 December 2002. * no performance hurdles to be met prior to exercise of the options. * the options are fully transferable during the life of the options. * unexercised Series III Options will not lapse if the option holder ceases employment with Anaconda, except in circumstances where the employment is terminated by Anaconda arising out of fraud, dishonesty or serious misconduct." 3.2 To consider and, if thought fit, pass, as a special resolution of the Company, the following resolution: "That the Company hereby authorizes the Board of Director's to grant 900,000 Series III Options to subscribe for ordinary shares to Michael George Masterman, the previous Chief Financial Officer and Executive Director of the Company on the terms set out in resolution 3.1." 3.3 To consider and, if thought fit, pass, as a special resolution of the Company, the following resolution: "That the Company hereby authorizes the Board of Directors to grant 80,000 Series III Options to subscribe for ordinary shares to Leslie Niven Stewart, an executive director of the Company on the terms set out in resolution 3.1." 3.4 To consider and, if thought fit, pass, as a special resolution of the Company, the following resolution: "That the Company hereby authorizes the Board of Directors to grant 10 million Options to subscribe for ordinary shares to John Andrew Henry Forrest, the CEO of the Company exerciseable at any time after the grant of the options until 28 November 2006, at an exercise price of $2.50 per share. 4. AMENDMENT TO ARTICLE 26 OF THE COMPANY'S CONSTITUTION To consider and, if thought fit, pass, as a special resolution of the Company, the following resolution: "That Articles 26.1 and 26.2 of the Company's Constitution be amended to allow the Company to serve notices on its members electronically and so that the amended Article 26 reads as follows (proposed amendments are underlined): 26. NOTICES 26.1 GIVING OF NOTICES BY THE COMPANY A notice may be served by the Company upon any Member either personally or by sending it by post, telex, facsimile transmission or electronic address addressed to that Member at his registered address. 26.2 EFFECTING OF NOTICES A notice is treated as being effectively served: (a) where sent by post, on the day after its date of posting: (b) where sent by telex or facsimile and a complete and correct transmission report is received, on the day of transmission; and (c) where sent by electronic transmission and a transmission report is received by the Company that the notice has been delivered to the electronic address of a Member, on the day of transmission." 5. NON-EXECUTIVE DIRECTORS REMUNERATION To consider and, if thought fit, pass, as an ordinary resolution of the Company, the following resolution: "That, in accordance with Article 12.13 of the Company's Constitution and ASX Listing Rule 10.17, the maximum amount of fees in aggregate payable to non-executive Directors be increased by $100,000, from $400,000 to $500,000 for each twelve month period commencing 1 July in any year until varied by members in general meeting." ANALYTICA LIMITED: Posts Update On Current Status ------------------------------------------------- Analytica Limited (Analytica) provided an update to shareholders and other interested parties on the current status of Analytica. Creditors unanimously approved a Deed of Company Arrangement (DOCA) on 17 August 2001 and since then, Directors and staff have been funding the business. The DOCA, and subsequent approved amendments to the DOCA, contain a number of conditions before funds are introduced. The major conditions are: - Completion of Due Diligence by Psiron Limited (Psiron); - Cash injection of $800,000 to be contributed by Psiron for 8 million cumulative convertible redeemable preference shares of $0.10 each; - Approval by Shareholders for a consolidation of their respective holdings; and - The purchase of a Diagnostics business from Psiron for $1.6 million in Convertible Notes. The Psiron due diligence has been completed and an Independent Expert's Report is being prepared for shareholders to report whether the proposed transactions are fair and reasonable. The reconstruction of Analytical will result in: - $700,000 being paid to creditors in full settlement of all claims over 2 years; - a consolidation of the existing share capital on a 10 for 1 basis; - the appointment of a new Board to include: Dr P Jonson, Mr D Lismore, Mr S Jones and Mr W Hanisch; - the transfer of the Diagnostics business from Psiron (see above) - a proposed requotation of the shares of Analytica on the ASX during the first half of 2002, and - $800,000 in cash from Psiron by way of a subscription to Convertible Preference Shares. A General Meeting will be held on 29 November 2001 to enable Analytica shareholders to approve the resolutions. The Company's Annual Report and Notice of Meeting will be forwarded to shareholders on Friday 26 October 2001. PASMINCO LIMITED: Directors Announce Retirement ----------------------------------------------- Pasminco Limited announced the retirement of Mr David Macfarlane and Mr Ross Herron from the Board of Directors. Mr Macfarlane announced in July 2001 his intention to retire at the conclusion of the Company's Annual General Meeting, at that time scheduled for 31 October. As Mr Herron had accepted an invitation to join the Board as a non-executive director on 4 June 2001, his appointment required shareholder confirmation at the Annual General Meeting. As the Company is now under Voluntary Administration the Annual General Meeting will not be held on 31 October and, subject to an application before ASIC, may be deferred for several months. In these circumstances, Mr Macfarlane and Mr Herron believe it is appropriate that they step down from the Board immediately. PASMINCO LIMITED: Creditors' Meeting Extended --------------------------------------------- Pasminco Limited advised that the Administrators, John Spark and Peter McCloskey of Ferrier Hodgson, were successful in their application to the courts for an extension of time to develop a forward plan for Pasminco for presentation to the creditors. Normally, Administrators are required to report back to creditors within 28 days of their appointment. However, due to the complex nature of the Pasminco business the Administrators sought, and were granted an extension so that the meeting must now be held no later than 14 January unless a further extension is granted by the courts. SMART COMMUNICATIONS: Appoints Voluntary Administrators ------------------------------------------------------- The Board of Smart Communications Group Limited announced with extreme disappointment that they have appointed a Voluntary Administrator to run the affairs of the company. Mr Mark Robinson and Mr Maxwell Prentice, Registered Liquidators of Prentice Parberry Barilla, have been appointed as the Voluntary Administrators. This follows the failure of A J Lucas Group Limited to provide a working capital facility to Smart Communications Group Limited as agreed by both parties in the "Heads of Agreement Provision of Working Capital Facility" dated 28th September 2001 which was part of a takeover bid by A J Lucas Group Limited, and was signed by both Smart and Lucas. The Board of the Company wish to thank the Management and Employees of the company for their hard work in continuing to exceed client expectations and trust that the Administrators will be able to continue to provide end to end solutions to the loyal clients of the company. UECOMM LIMITED: Responds To Proposed Takeover Offer --------------------------------------------------- Uecomm Linited informed that it had received a conditional expression of interest from Huntingfield Investment Pty Limited to acquire all of its shares. The directors of Uecomm have met to consider this matter and have declined to entertain the proposal. For further information, contact: Investors, Institutions and Analysts: Marta Wakeling INVESTOR RELATIONS MANAGER Uecomm Limited Phone: (03) 9941 4521 Mobile: 0404 837 649 E-Mail: mwakeling@uecomm.com.au ================================ C H I N A & H O N G K O N G ================================ CIL HOLDINGS: Adjourns SGM To Consider Adjustment Proposal ---------------------------------------------------------- The Directors of CIL Holdings Limited announced on 24th September, 2001 proposals for the adjustment of the nominal value of shares by way of a reduction of issued share capital and consolidation of shares. Terms defined in that announcement have the same meanings when used in this announcement. On 29th September, 2001, the Company issued a notice that a special general meeting (SGM) will be held at 10:00 a.m. on 24th October, 2001 to consider the Adjustment Proposal. On 8th October, 2001, the Company announced that the Justice of High Court granted leave for Star Dragon Securities Limited to be substituted as petitioner of a winding-up petition initially made by Power Forward Finance Limited which has withdrawn from the proceedings. An amended petition (to reflect the substitution) and a supporting affidavit were filed with the court on 18th October, 2001. In view of the foregoing and to allow time for the Company to deal with Star Dragon Securities Limited, the Directors have resolved that it is in the interests of the Company to seek at the SGM, an adjournment of the SGM ,until such further date as may be determined by the Directors. Such adjournment was approved by a simple majority of shareholders present at the SGM held Friday. As the Directors anticipate that the adjournment will be for a period of more than 14 days, in accordance with the Bye-laws of the Company, at least seven clear days' notice will be given for the adjourned meeting. Accordingly, when the Directors have determined the date on which the adjourned meeting is to be held, the Company will make a further announcement of that date and of a revised expected timetable for the implementation of the Adjustment Proposal. G-PROP (Holdings): Price, Turnover Movements Unexplainable ---------------------------------------------------------- The board of directors (Board) of G-Prop (Holdings) Limited have noted the recent increases in the price and trading volumes of the shares of the Company and wish to state that the Board is not aware of any reasons for such increases. The Board also confirmed that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. KING-POST INTL: Petition To Wind Up ----------------------------------- The petition to wind up King-Post International Company Limited is scheduled to be heard before the High Court of Hong Kong on November 21, 2001. The petition was filed with the court on August 10, 2001 by Lam Ka Fai Desmond of Room 916, Block 19, Shek Kip Mei Estate, Kowloon, Hong Kong. MISUZU (H.K.): Winding Up Petition Set For Hearing -------------------------------------------------- The petition to wind up Misuzu (H.K.) Limited will be heard before the High Court of Hong Kong on January 23, 2002 at 9:30 am. The petition was filed with the court on October 10, 2001 by Suzuki Toshio of Flat B, 16th Floor, Cumine Court, 52 King's Road, Hong Kong. NAM FONG INTL: Sees No Reason For Price Share Increase ------------------------------------------------------ Nam Fong International Holdings Limited noted the recent increases in both price and the trading volume of the shares of the Company and states that it is not aware of any reasons for such increases. In reference to the an announcement made by the Company on October 23, 2001 regarding the change of substantial shareholders and notification of a winding-up petition by a creditor, the Company confirmed that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. ================= I N D O N E S I A ================= KABELINDO MURNI: JSX Withdraws Temporary Suspension --------------------------------------------------- The Jakarta Stock Exchange (JSX) withdrew Friday the temporary suspension of PT Kabelindo Murni (KBLM) from the entire market as of the second session, IndoExchange reported. "The withdrawal was conducted shortly after the company issued an audited financial report for eight month period of 2001 ended on August 31, 2001," Division Head of Listed Companies Monitoring, Yose Rizal, said. He added that the company exercised public expose on May 30, 2001 regarding its financial performance. Kabelindo was suspended last month, following bankruptcy charges by PT Tembaga Mulia Semanan. However, The Central Jakarta Commercial Court dismissed the charges. Kabelindo produces various cables such as electricity and telephone wires. According to existing record, it owes non-bank institutions, such as Tembaga Mulia Semanan, debts totaling US$3.5 million. SEMEN GRESIK: Government Delays Stake Sale ------------------------------------------ State Enterprises Minister Laksamana Sukardi announced the government has decided to delay the proposed sale of its 51 percent stake in PT Semen Gresik to Mexico's Cemex SA, AFX-ASIA reported Friday. The decision allows a newly created privatization team to investigate the potential impact of the sale on local communities where Gresik has operations. "The government does not want to make a decision hastily. The government decided to delay it (exercising the put option), as there has been no agreement with Cemex (regarding the community demands)," he said. Sukardi did not elaborate on how long the delay would be. The government previously asked Cemex to extend the put option deadline until Dec 18, but Cemex has yet to respond. Cemex Indonesia president director Francisco Noriega Wednesday suggested Cemex and the government could negotiate a new deal or put option if the government misses this week's deadline, saying Cemex is "fully committed" to its investment in Semen Gresik. The government earlier announced it would form a new intra- department team in a bid to speed up its privatization program. Coordinating Minister for the Economy Dorodjatun Kuntjoro-Jakti will chair the new team, with Laksamana Sukardi to be appointed his deputy. ========= J A P A N ========= CHUO MITSUI: Ponders Ops Reorganization, Capital Increase --------------------------------------------------------- Chuo Mitsui Trust & Banking Co. announced recently that it is considering the reorganization of operations and steps to strengthen its capital base, the Asian Wall Street Journal reported Thursday, citing local news reports. The financial institution has already finalized plans to put up a holding company this February. The company's trust business will then be split into separate retail and wholesale operations. Chuo Mitsui is also mulling over a capital increase, and has plans to do more restructuring, to be achieved partly through branch closures. Further announcements from the company regarding the reorganization are expected within the week. DAIWA SECURITIES: May Post H1 Loss, Lowers Retirement Age --------------------------------------------------------- Bloomberg News yesterday reported that analysts predict Daiwa Securities Group Inc. will post a Y1.6 billion loss for the its fiscal second quarter, down sharply from last year's profit of Y12 billion. The company's share prices have lost a third of their value since May 1. The company also announced that it is lowering the age limit for its early retirement program that targeted those workers 50 and older. The program's main purpose is to reduce costs. No details have been released regarding early retirement incentives. MATSUSHITA COMMUNICATIONS: Declares Y16.7B Loss ----------------------------------------------- Due to a slumping mobile phone demand, Japanese mobile handset maker Matsushita Communications Industrial Co. Ltd. declared a net loss of Y16.7 billion in the six months to September after posting a Y21.4 billion net profit last year, News on Japan reported Thursday. For the same period, the company posted a pre-tax loss of Y31.6 billion, a shocking change from the Y35.5 billion in profit recorded a year ago. Company sales also dipped Y23.8 percent, yielding Y392.4 billion. Furthermore, the company estimates the group net loss will total Y30 billion for the full year to March 2002, compared with the Y33.9 billion group net profit recorded during the same period a year ago. The company also forecast a pre-tax loss of Y37 billion yen, a drastic fall from Y58.8 billion profit in the preceding year. MATSUSHITA ELECTRIC: May Post Loss Due To Retirement Program ------------------------------------------------------------ Matsushita Electric Industrial Co. is reportedly likely to incur a special loss for the current business year because of the alleged growing number of employees that may apply for the early retirement program it introduced last September 1. On Thursday, the Asian Wall Street Journal, citing a report by the Asahi Shimbun, said that about 7,000 Matsushita staff may participate in the program, which the company announced after posting its first-ever group operating loss for the April-June quarter. This may result to a group net loss amounting to Y200 billion for the year until March. About 70,000 workers are eligible for the program that the company offered to employees aged up to 58 who have worked for the company for more than 10 years. OKINAWA SHINKIN: Bankruptcy Filing Expected This Week ----------------------------------------------------- Finally tired of efforts to try to revive itself, the debt- ridden Okinawa Shinkin Bank plans to file for insolvency with the financial Services Agency Friday, the Asian Wall Street Journal reported Thursday, citing officials of the credit cooperative. As of March this year, the bank had a total of Y39.8 billion in deposits, which will subsequently be protected under the Deposit Insurance Law once it files for insolvency. The bank employs some 90 people. By the end of March, Okinawa Shinkin's outstanding loans totaled Y27.4 billion, Y9.4 billion of which have been deemed uncollectable. Last fiscal year, the bank had incurred a net loss of Y532 million, its second straight net loss. The collapse of Okinawa Shinkin Bank is the latest in a series of failures of such credit cooperatives. SONY CORPORATION: Mobile Phone Woes Result In Y43.3B Loss --------------------------------------------------------- Sony Corporation has suffered a first-half net loss, plagued by problems with its mobile phone business and the global technology slump. The electronics and entertainment giant's loss for the six months to September was Y43.3B. The loss was less severe than the Y73.78B posted last year in a result distorted by accounting changes. "Losses incurred by our mobile phone handset business were slightly higher than 45B yen on a half-year basis," executive deputy president and chief financial officer Teruhisa Tokunaka said. A disappointing performance by Sony's electronics division also depressed earnings, he said. Sony's pre-tax loss for the first half came to 13.72B yen, contrasting sharply with a 113.73B yen profit previously, while sales increased 5.2 percent to 3.42 trillion yen. Mr. Tokunaka said demand for Sony's electronics goods slipped worldwide with sales in the US down 10 percent from a year earlier and those in Europe down a little over 10 percent. Domestic sales were 1.5 percent lower and the outlook for the rest of the year was grim. ========= K O R E A ========= DAEWOO MOTOR: Takeover Complications Arise Over New CBA ------------------------------------------------------- Top General Motor (GM) officials allegedly said that the American automaker may not push through with the planned takeover of Daewoo Motor if the latter's labor union fails to sign a new Collective Bargaining Agreement (CBA) which bans illegal strikes, the Asian Wall Street Journal said on October 25. According to the officials, Daewoo's competitive future, as well as GM's takeover, will depend upon a satisfactory labor deal. Although no specifics were given regarding GM wanting a non- strike CBA, officials previously said that the current CBA, which doesn't prohibit such strikes, is unacceptable. TCR-AP reported Friday that Allan Perriton, director for GM Asia-Pacific said labor peace was important for Daewoo, and it was one of the factors to be considered in the Bupyeong plant acquisition. HYNIX SEMICONDUCTOR: Staff To Take 1-Mo Leave To Cut Costs ---------------------------------------------------------- In order to reduce staff count by 20 percent and save about 30 percent in labor costs every month, Hynix Semiconductor Inc. has forced nearly all its 14,000 employees to each take a one month unpaid leave, the Asian Wall Street Journal reported Thursday. The leave, to be made on a rotation basis, will include senior management officers of the company and will take place between November 1, 2001 and March 31, 2002. The self-help measure comes at the heels of the industry's worst ever downturn in demand and prices. The world's third largest chipmaker is currently deep in a W8.64 trillion debt. HYUNDAI ASAN: Fails To Pay Workers, Sinks Deeper Into The Red ------------------------------------------------------------- Hyundai Asan Corp. is currently facing a liquidity crisis as indicated by its recent failure to pay employees their monthly salary due Thursday, the Korea Herald reported yesterday. Officials of the ailing Hyundai Group affiliate said that company management would try to settle the problem by the end of this month. Analysts however are skeptical that Hyundai can fulfill its promise following the refusal of its main creditor, the Korea Exchange Bank, to extend further loans. SHINHAN BANK: Announces Q3 Results ---------------------------------- The Asian Wall Street Journal reported Thursday that South Korea's Shinhan Bank posted a third quarter net profit of W10.6 billion, down a whopping 87 percent from last year's W78.8 billion during the same period. The bank blamed a large loan loss due to the provisioning for loans to ailing Hynix Semiconductor, as reason for its profit plunge. The financial institution's total exposure to Hynix stood at W386.5 billion at end-September. Moreover, the bank's third quarter operating profit was down 75 percent, at W21 billion. However, the bank's revenue for the July-September period, was pegged at W1.14 trillion, up 6 percent from last year's figure of W1.076 trillion. SSANGYONG MOTOR: Sells China Bus Factory For US$2.8M ---------------------------------------------------- A contract of sale was recently signed between Ssangyong Motor and Chinese firm Huizhong Automotive Manufacturing for the former's sale of its mothballed bus-manufacturing factory in China for US$2.8 million, the Korea Herald said October 26. Under the agreement, the Korean carmaker will turn over all production facilities and provide car making technology data by the end of this year. Ssangyong also made a deal worth US$2.2 million with the Chinese company for the production of vehicles. In August last year, Ssangyong Motor, along with 11 other affiliates belonging to the Daewoo Group, undertook a debt- restructuring program. * South Korea Banks Seek US$1.7B In Loans, Bonds * -------------------------------------------------- In order to refinance existing high-interest foreign currency loans, several South Korean banks are planning to secure by year-end, up to $1.7 billion via overseas loans and bond issues, the Asian Wall Street Journal reported Thursday. In late November, Chohung Bank plans to secure $100 million in one-year syndicated loans to refinance part of its high-interest foreign debt. Shinhan Bank on the other hand, seeks to secure about US$200 million to $300 million in one to two-year overseas loans in within the same month. On Wednesday, Hanvit Bank said it would secure a syndicated loan of US$150 million from 13 foreign banks, the loan will be disbursed in two payments of US$75 million each. =============== M A L A Y S I A =============== AUSTRAL AMALGAMATED: Proposes Memorandum Amendment -------------------------------------------------- Austral Amalgamated Berhad (Special Administrators Appointed) (AAB) announced that the Company proposes to amend its Memorandum and Articles of Association (Proposal). The proposed amendment of the Memorandum and Articles of Association is, amongst others, to bring the Articles of Association of the Company to be consistent with Chapter 7 of the Kuala Lumpur Stock Exchange (KLSE) Listing Requirements, the Securities Industry (Central Depositories) Act 1991 and the Rules of Malaysian Central Depository. The Proposal is subject to the approval of the shareholders of the Company and will be tabled under special business at the forthcoming 62nd AGM scheduled on Friday, 16 November 2001. The details of the Proposal will be set out in the Appendices in the Annual Report 2001 and the Notice of the forthcoming 62nd AGM, to be dispatched out to the company's shareholders in due course. Sixty-Second Annual General Meeting (62nd AGM) The Company informed that the 62nd AGM of Austral Amalgamated Berhad (Special Administrators Appointed) will be held at the Lotus Room, Level 2, Swiss Garden Hotel, 117, Jalan Pudu, 55100 Kuala Lumpur on Friday, 16th November, 2001 at 10.30 a.m. Attached herewith the Notice of the aforesaid Meeting for your attention. AUSTRAL AMALGAMATED BERHAD (Company No. 988-W) (Special Administrators Appointed) NOTICE IS HEREBY GIVEN that the SIXTY-SECOND ANNUAL GENERAL MEETING of Austral Amalgamated Berhad (Special Administrators Appointed) will be held at the Lotus Room, Level 2, Swiss Garden Hotel, 117, Jalan Pudu, 55100 Kuala Lumpur on Friday, 16th November, 2001 at 10.30 a.m. to transact the following business: AGENDA As Special Business RESOLUTION 1 To receive and to adopt the Statutory Financial Statements for the year ended 30th June 2001 together with the Reports of the Directors and Auditors thereon. RESOLUTION 2 To re-elect the following Directors who retire pursuant to Article 101 of the Company's Articles of Association and being eligible other themselves for re-election: a) Mr Arulananda K. Manickam; and b) En Mohd Fauzilan Bin Mat Nor RESOLUTION 3 To re-appoint Messrs PricewaterhouseCoopers as Auditors of the Company and to authorize the Directors to fix their remuneration. RESOLUTION 4 To consider and if thought fit, to pass the following Special Resolution: Proposed amendments to the Memorandum and Articles of Association (*Proposed Amendments*) RESOLUTION 5 * THAT the proposed alterations, modifications, additions or deletions to the Memorandum and Articles of Association of the Company as contained in the Appendix I and II attached herewith be hereby approved. * To transact any other business for which due notice shall have been given. CONSTRUCTION AND SUPPLIES: KLSE Extension Approval Pending ---------------------------------------------------------- On behalf of the Board of Directors of Construction And Supplies House Berhad (CASH), Alliance Merchant Bank Berhad (formerly known as Amanah Merchant Bank Berhad), announced that CASH has sought the approval of the KLSE for a further extension of up to 1 month, to 25 November 2001, to make the Requisite Announcement. As of this announcement, KLSE approval is still pending. CHG INDUSTRIES: Revises Proposes Utilization Of Proceeds ---------------------------------------------------------- Commerce International Merchant Bankers Berhad (CIMB), on behalf of CHG Industries Berhad (CHG or Company), announced that the Company has revised the Proposed Utilization of Proceeds. Pursuant to the revision, the cash proceeds to be raised from the Proposed Disposal will be utilized for the repayment of bank borrowings of the Group. All other terms of the Proposed Disposal remain unchanged. On 23 August 2001, CIMB announced on behalf of CHG that the Company had entered into a conditional sale and purchase agreement with EBSB to dispose the Company's entire equity interest in its wholly-owned subsidiary, SGS, to EBSB for a total cash consideration of RM2,000,000 (Proposed Disposal). The terms of the Proposed Disposal as announced on 23 August 2001 include, inter-alia, the proposed utilization of cash proceeds from the Proposed Disposal to finance the general working capital requirements of CHG and its subsidiaries (Group) (Proposed Utilization of Proceeds). Profile: The Group's core business is manufacturing plywood and other veneer products for both the domestic and export market. The Group is also involved in manufacturing and distribution of plywood and other veneer products, logs extraction, manufacture of office furniture and office seating products and trading in building materials. With a monthly production capacity of 20,000m3, the Company operates its timber-related facilities from Selangor, Johor and Kelantan. In the year 2000 the Group accounted for 37 percent of Peninsular Malaysia's plywood and veneer product exports, and was ranked the largest manufacturer and exporter of plywood in Peninsular Malaysia by Maskayu. The Group's investments in appropriate technologies and productive assets have established manufacturing capabilities that are highly flexible and suited to efficient batch production. This has enabled the Group to choose materials with flexibility to adapt to the prevailing market condition. As announced on 18 April 2001, the Company expects to make an announcement on the status of its proposed restructuring scheme which was first unveiled on 17 October 2000, within six months. GEAHIN ENGINEERING: Enters MoU With Ornapaper Shareholders ---------------------------------------------------------- The Board of Directors of Geahin Engineering Berhad (Geahin) announced that the Company has entered into a Memorandum of Understanding (MoU) on 23 October 2001 with the shareholders of Ornapaper Industry (M) Sdn. Bhd. (Ornapaper) (Company No.201386- K) on a proposed scheme involving the acquisition of the entire equity of Ornapaper. The proposed scheme will entail the following: - Proposed capital reduction exercise and consolidation of the existing issued and paid up share capital of Geahin of 19,999,000 ordinary shares of RM1.00 each to 3,999,800 ordinary shares of RM1.00 each. - Proposed Rights Issue of new ordinary shares of three (3) for every one (1) existing ordinary share held, to the existing shareholders for working capital purposes. - Proposed restructuring exercise involving the incorporation of a Newco, which will acquire Geahin and assume its listing status. - Proposed share swap between shareholders of Geahin and on the basis of one (1) Geahin ordinary share of RM1.00 each for one (1) new ordinary share of RM1.00 each in Newco. - Proposed scheme of arrangement for Geahin's debts amounting to approximately RM230 million. - Proposed disposal of identified trade receivables and non- core assets amounting to approximately RM56 million and scheme liabilities of approximately RM230 million to a restructuring vehicle (SPV) which will be wholly-owned by the Scheme Creditors. - Proposed acquisition of the core assets of Geahin by Newco amounting to approximately RM28 million. - Proposed acquisition of the entire share capital of Ornapaper by Newco. - Proposed transfer of listing status of Geahin to Newco. The proposed scheme is principally subject to the following: 1. The agreement of the scheme creditors on the proposed scheme of arrangement; and 2. The approvals of all other relevant authorities. The detailed restructuring proposal is currently being evaluated by our financial advisors, Arthur Andersen Advisory Sdn. Bhd. Upon finalization of the proposal, the details of the restructuring exercise will be announced and submitted by our merchant bankers to be appointed. HONG LEONG: Discloses Voluntary Winding Up Of Subsidiaries ---------------------------------------------------------- Hong Leong Properties Berhad (HLPB) announced that its wholly- owned subsidiaries, Bedford Leisure Ventures Sdn Bhd (BLV) and Bedford Equities Sdn Bhd (BE) and an indirect wholly-owned subsidiary, BLV Cantonese Restaurant Co Sdn Bhd (BLVC) (BLV, BE and BLVC hereinafter collectively referred to as "the Subsidiaries") will be wound up voluntarily pursuant to Section 254(1)(b) of the Companies Act, 1965. The Subsidiaries have ceased operations and there are no plans for the Subsidiaries in the future. The voluntary winding up of the Subsidiaries will not have any financial impact nor result in any loss to the HLPB Group for the financial year ending 30 June 2002. Mr Ling Kam Hoong (I.C. No. 391019-08-5069) of Messrs Ling Kam Hoong & Co, No. 6-1, Jalan 3/64A, Udarama Complex, Off Jalan Ipoh, 50350 Kuala Lumpur has been appointed as Liquidator of the Subsidiaries. HOTLINE FURNITURE: Updates Proposed ASF Subscription Status ----------------------------------------------------------- On behalf of the Board of Hotline Furniture Berhad (HFB or the Company), Commerce International Merchant Bankers Berhad announced that the Securities Commission (SC), via its letter dated 23 October 2001 informed that it can only consider the application by HFB on the Proposed subscription by Hotline Furniture Berhad of 24,000,000 new ordinary shares of RM1.00 each in Advance Synergy Furniture Sdn. Bhd. (Special Administrators Appointed) (ASF) for a total subscription price of rm36,000,000 (Proposed ASF Subscription) upon confirmation by HFB on the status of the implementation of proposed rights issue and proposed acquisitions of Macro Systems Consultancy Sdn. Bhd., Peri Juara Sdn. Bhd., Influx Vision Sdn. Bhd. and Global Definition Sdn. Bhd. (which were approved by the SC on 1 August 2000) to be undertaken by HFB as the Proposed ASF Subscription application was made on the assumption that the proposed rights issue would be completed by January 2002 and the aforesaid proposed acquisitions would be completed by December 2001. MANCON BERHAD: Seeks Restructuring Plan Revision Extension ---------------------------------------------------------- Mancon Berhad submitted an application on 22 October 2001 to the Kuala Lumpur Stock Exchange (Exchange) for a further extension beyond 25 October 2001 to allow sufficient time for the Company to formulate and submit its revised restructuring scheme to the relevant authorities. An appropriate announcement will be made upon receipt of the Exchange's response. PLANTATION & DEVELOPMENT: SC Grants Proposed Scheme Approval ------------------------------------------------------------ Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) on behalf of Plantation & Development (Malaysia) Berhad (P&D or the Company)), announced that the Company obtained the Securities Commission's (SC) approval for the Proposed Scheme via its letter dated 18 October 2001. The Proposed Scheme has been approved as proposed except for certain revisions to the principal terms and conditions as set out herein. The Proposed Scheme comprises of the following: 1. Proposed Capital Reduction and Consolidation Proposed reduction of the existing issued and paid-up share capital of P&D by 90 percent whereby the existing 159,828,000 ordinary shares of RM1.00 each is proposed to be reduced, and thereafter consolidated to 15,982,800 ordinary shares of RM1.00 each; 2. Proposed Share Swap Proposed share swap between shareholders of P&D and Mayvin Consolidated Berhad (MCB), whereby the shareholders of P&D will exchange their P&D shares for new MCB shares on the basis of one(1) new MCB share for every one(1) P&D share after the Proposed Capital Reduction and Consolidation. Thereafter, P&D will become a wholly owned subsidiary of MCB. 3. Proposed Scheme of Arrangement Settlement of liabilities due to Scheme Creditors amounting to RM259.750 million through a combination of waiver and the issuance of RM65.372 million nominal value of redeemable secured loan stocks (RSLS), RM16.343 million nominal value of redeemable convertible secured loan stocks (RCSLS), RM35.607 million nominal value of redeemable unsecured loan stocks (RULS), RM35.607 million nominal value of irredeemable convertible unsecured loan stocks (ICULS) together with 11.869 million warrants and 17.803 million new ordinary shares of RM1.00 each in MCB. 4. Proposed Asset Disposal Proposed disposal of Kahang Palm Oil Mill Sdn Bhd, a wholly owned subsidiary company of P&D, by P&D for a net purchase consideration of about RM4.8 million 5. Proposed Acquisition of the Plantation Companies Proposed acquisition of the Plantation Companies, comprise of B.A. Plantations Sdn Bhd (BA), Mayvin (Sabah) Sdn Bhd (MSSB), Pine Capital Sdn Bhd (Pine Capital) and Right Purpose Sdn Bhd (Right Purpose), for a total consideration of RM429.851 million. The said consideration has been arrived at after taking into consideration the cash injection of RM90.358 million and the advances from the existing shareholders of RM12.603 million. MCB will settle the total consideration of RM429.851 million through the issue of 214.926 million new MCB shares at an issue price of RM1.00 each and the issue of RM214.925 million nominal amount of ICULS at RM1.00 each with 71.641 million free detachable warrants. 6. Proposed General Offer Waiver A waiver for certain vendors of the Plantation Companies namely, Mr. Lee Yeow Chor, Nagawan Dvelopment Sdn Bhd, Progressive Holdings Sdn Bhd and/or parties acting in concert with them from the obligation to undertake a mandatory take-over offer for all the remaining shares owned by them in MCB upon completion of the proposed acquisition of the Plantation Companies. 7. Proposed Transfer of Listing The listing status of P&D will be transferred to MCB. 8. Proposed Restricted Offer for Sale by the Unsecured and Contingent Scheme Creditors Proposed restricted offer for sale of up to 17.803 million MCB shares at an offer price of RM1.00 each to the shareholders of MCB and RM35.607 million nominal value to ICULS at an offer price of RM1.00 each to the shareholders of MCB. In the event the unsecured and contingent unsecured scheme creditors do not participate in the said restricted offer for sale, the Vendors will offer their ICULS for sale up to the amount to be determined later in order to meet the public spread requirement. As part of the Proposed Scheme, the Vendors will grant a put option to the unsecured scheme creditors and contingent scheme creditor of up to 50 percent of the nominal value of the ICULS exercisable at their option at an exercise price of RM1.00 each. In conjunction with the Proposed Scheme, MCB proposed to issue 13.770 million 5-year warrants on the basis of one(1) new warrant for one(1) ordinary share of RM1.00 each in MCB held by the former shareholders of P&D after the proposed capital reduction and consolidation in satisfaction in the shortfall of profit guaranteed by Siam Syntech Construction Public Company Ltd (Siam Syntech) and Rekafina Sdn Bhd (Rekafinaunder the profit guarantee agreement dated 12 June 1996 (Profit Guarantee Agreement). The principal revisions to the terms and conditions of the Proposed Scheme imposed by the SC are as follows: (i) The total purchase consideration of BA, MSSB and Pine Capital has been revised from RM302.535 million to RM256.835 million as set out in table found at http://www.bankrupt.com/misc/plantation.doc (ii) The proposed purchase consideration of Right Purpose of RM127.316 million is to be adjusted to take into consideration of any changes in the value of the quoted securities held by Right Purpose as set out in Table 1 (b) below. In addition, P&D is required to obtain the approval of the SC for the adjusted purchase consideration of Right Purpose. (iii) The proposed waiver for Siam Syntech from the obligation under the Profit Guarantee Agreement has been rejected by the SC. In this connection, P&D is required to take the necessary actions within two(2) months from 18 October 2001, including actions under the laws, on Siam Syntech for its failure to fulfill its obligations under the Profit Guarantee Agreement; (iv) In respect of the proposed acquisitions of BA, MSSB, Pine Capital and Right Purpose (Plantation Companies): (a) all outstanding issues in relation to the landed properties of the Plantation Companies, such as, the implementation of the native participation, the execution of memorandum of sub-lease and the transfer of land title, must be completed prior to the issue of the circular to the shareholders of P&D; and (b) the cash injection of RM90.358 million by the respective vendors into the Plantation Companies is required to be utilized for the core business of the said companies; (v) In relation to paragraph (iii): (a) the total amount of warrants to be issued to the shareholders of P&D (other than Rekafina and Siam Syntech and related parties) will only be determined after the MCB shares have been listed on the Main Board of the KLSE based on the net profit foregone of RM18.276 million; (b) approvals of the shareholders of P&D for the proposed waiver for Rekafina of its obligation under the Profit Guarantee Agreement are to be obtained through poll at an Extraordinary General Meeting to be convened; and (c) a legal opinion on the proposed changes above is to be obtained. (vi) Certain directors of the Plantation Companies who are presently involved in the management of IOI Corporation Berhad Group (IOI) have to relinquish their participation in IOI if they were to be appointed to the board of directors of MCB; (vii) MCB is to finalize the private placement arrangement in order to meet the public shareholding spread requirement prior to the implementation of the Proposed Scheme. The vendors of the Plantation Companies are presently considering the revised terms and conditions imposed by the SC and an announcement will be made to the Kuala Lumpur Stock Exchange in due course as to their decision. REPCO HOLDINGS: Awaits KLSE Reply Re Extension Appeal ----------------------------------------------------- Repco Holdings Berhad (Special Administrators Appointed) (RHB or the Company) announced that by its letter dated 17 October 2001 to the Kuala Lumpur Stock Exchange (Exchange), it appealed for a further extension to comply with the requirements of paragraph 5.1 of PN4/2001. The progress on the Company's plan to regularize its position and the circumstances giving rise to and reasons for the Company's appeal was set out in the said letter. The Company is currently awaiting the Exchange's reply to its appeal. On 18 September 2001, the Company received approval of the Exchange for an extension of two (2) months from 23 August 2001 to 22 October 2001 to comply with the requirements of paragraph 5.1 of PN4/2001. TAT SANG: Appoints PwC As Units' Receiver, Manager --------------------------------------------------- The Board of Directors of Tat Sang Holdings Berhad (TSHB or the Company) announced that Mr. Kenneth Teh Ah Kiam and Mr. Chew Hoy Ping of PricewaterhouseCoopers (PwC) were appointed on 23 October 2001 as the joint and several Receivers and Managers of the property of Mercuries & Muar Wooden Furniture Mfg Sdn. Bhd., Techmax Industry Sdn. Bhd. and Jastaka Sdn. Bhd. The companies are wholly-owned subsidiaries of TSHB, under the powers contained in the debentures dated 22 December 1999, given to Malayan Banking Berhad for the loan facilities granted to above- mentioned subsidiaries. The total amount due and payable under the loan facilities amounts to RM12.43 million and TSHB has given its Corporate Guarantee for the loan. The Company advised that its trading of shares was suspended with effect from 9.00 a.m., Thursday, 25 October 2001 until further notice. TIME DOTCOM: Appoints Abdul Kadir As Non-Executive Director ----------------------------------------------------------- TIME DOTCOM BERHAD (TIME dotCom or the Company) informed that the TIME dotCom Board has appointed Encik Kamaludin Abdul Kadir as an Independent and Non-Executive Director. Meanwhile, Mr Michael Lim Hee Kiang and Dr Ismail Abd Rashid have resigned from the Board of TIME dotCom. Concurrent with this resignation, Mr Michael Lim Hee Kiang also resigned from the Audit Committee. TONGKAH HOLDINGS: KLSE Grants Listing, Quotation ------------------------------------------------ Tongkah Holdings Berhad advised that the Company's additional 2,251,233 new ordinary shares of RM1.00 each arising from the conversion of 3,827,099 irredeemable convertible unsecured loan stock into 2,251,233 new ordinary shares (Conversion) will be granted listing and quotation with effect from 9.00 a.m., Wednesday, 31 October 2001 by the Kuala Lumpur Stock Exchange. Profile The Tongkah Group's activities are presently comprised of manufacturing, financial services and healthcare support services. Under manufacturing, the Group supplies quality stonework for property development projects. The Company also holds 49 percent interest in Sharp-Roxy Appliances Corporation, which caters to consumer electronic MNCs. Financial services cover stockbroking through Kestrel Securities. Through Pantai Holdings, the Group is involved in healthcare services. On 21 April 1999, the Group proposed to undertake a debt restructuring exercise involving issues of loan stocks and bonds to its lenders and bondholders. The proposal, which was approved by the shareholders and the SC on 25 May 1999 and 5 July 1999 respectively, also entails the disposal of the Group's several assets over a period of five years. Among those divested include 33 percent in THB Industries Bhd, 100 percent in Tongkah Properties and 1.5m shares in Pantai Holdings Bhd (PHB). To comply with regulatory changes in the stockbroking industry, the Company had on 30 June 2000 entered into an agreement with Avenue Assets Bhd (AAB) and MGI Securities Sdn Bhd to dispose off its entire 75 percent interest in Kestrel Securities. The disposal will provide an alternative strategy for the Group to maintain its investment in this industry, via cross shareholdings in AAB by the Company and PHB. In addition, on 14 December 2000, the Company agreed to sell its entire 51 percent interest in Tongkah Electronics Sdn Bhd (TESB) to Measurex Corporation Bhd (MCB). Tongkah subsequently entered into a supplemental agreement with MCB on 13 March 2001 to reduce the purchase consideration from RM3m to TM1.00, after taking into account the lower value of TESB's NTA as at 31 December 2000. TRANS CAPITAL: Answers KLSE Restraining Order Query --------------------------------------------------- Trans Capital Holding Berhad (TCHB) replied to Kuala Lumpur Stock Exchange query dated 19 October 2001 in relation to the restraining order section 176 of the Companies Act, 1965: 1) The date of expiry of the restraining order 26 June 2002. 2) The events leading to the grant of the court order. * TCHB embarked on a restructuring exercise under the purview of the Corporate Debt Restructuring Scheme was signed between TCHB, TCSB and the creditor banks on 23rd June 2000 and approved by all the relevant authorities. The Proposed Approved Restructuring Scheme involved the conversion of debts owing to creditor banks into debt instruments and the recapitalization of TCHB's issued and paid-up capital by way of a RM79 million proposed rights issue. * The Proposed Approved Restructuring Scheme was unable to be implemented for the following reasons: a) unable to secure an underwriter for the proposed rights issue, a requirement under the guidelines of the Securities Commission. b) the Proposed Approved Restructuring Scheme if implemented now TCHB Group would still maintain a consolidated net liability position which does not comply with the revamped Listing Requirements of KLSE. c) the appointment of the receiver and manager in TCSB by Bank Utama (Malaysia) Berhad. d) statutory notices were served to the Company pursuant to section 218 (2)(a) of the Companies Act, 1965 by AIA Capital Corporation (BVI) Limited, PricewaterhouseCoopers Consulting Sdn. Bhd. and Lee Hishammuddin. 3. TCHB has become an affected listed issuer under the Revamped KLSE Listing Requirements, Practice Note 4/2001. As a consequence, it becomes mandatory for TCHB to restore its financial condition to a satisfactory level in order to maintain the listing of its shares on the Official List of KLSE. 4. As the Proposed Approved Restructuring Scheme now cannot be implemented, TCHB is required to formulate a new restructuring plan to resolve the liabilities of TCHB Group. 3) The Restraining Order would not have any material financial and operational impact on the TCHB's Group. TRANSWATER CORPORATION: Additional Proposed Disposal INfo ---------------------------------------------------------- Transwater Corporation Bhd furnished this information for public release: 1. There are no liabilities to be assumed by the Purchaser arising from the Proposed Disposal. 2. The terms of the Proposed Disposal were agreed upon on 19 October 2001. 3. The salient features of the Sale & Purchase Agreement have already been disclosed in Clause 4.4 of the Announcement. ===================== P H I L I P P I N E S ===================== NATIONAL BANK: Rehabilitation Finally Underway ---------------------------------------------- Following majority owner Lucio Tan's consent to lower the Philippine National Bank's (PNB) stock par value to P40 a share from the original P60, the Philippine government can now finally start rehabilitating the ailing bank this year, the Asian Wall Street Journal reports Thursday. Tycoon Tan, currently owns 67 percent of the bank while the government owns a 16 percent stake. Officials say that although no formal agreements have been met, the proposed rehabilitation may start upon any agreement regarding the structure. NATIONAL POWER: 1Ho2 Privatization Likely ----------------------------------------- Unless market conditions are weak, the planned privatization of the state-owned National Power Corporation (Napocor) by the Philippine government will push through in the first half of 2002 as scheduled, the Asian Wall Street Journal reported Thursday. According to government officials, the planned privatization should push through without delay, unless market conditions otherwise don't permit. The government is expected to complete the implementing rules and regulations for the privatization of the ailing power company by yearend. Upon the completion of the privatization plan, the government hopes to sell Napocor's transmission operations first and subsequently the company's power generation assets. The government is supposed to earn US$2 billion to US$3 billion from the sale of Napocor's transmission assets. NATIONAL STEEL: Three Groups Submit Formal Bids ----------------------------------------------- In a report by the Inquirer News Service yesterday, three firms have tendered formal bids to lease, rehabilitate and operate facilities of ailing National Steel Corporation's (NSC) mothballed Iligan Plant. Two local firms, Cathay Pacific Steel Corp. (Capasco) and Allengoal Steel Fabrication Trading Co., as well as an Austrian company, Voest Alpine, have submitted their formal bids Thursday. The evaluation committee formed by the Department of Trade and Industry to choose a bidder, will start evaluating the offers this Monday. RFM CORPORATION: OKs Deal, Shares Up ------------------------------------ Buoyed by reports that RFM Corp. agreed to a lower price for the sale of Cosmos Bottling Corp., the food giant's shares price increased on Friday by 14 centavos, or 7.2 percent at P2.08 on 555,000 shares traded, the Asian Wall Street Journal reported Friday. Share price of its bottling unit, Cosmos, was up 50 centavos, or 9.6 percent higher at P5.70 on volume of 1.02 million shares. RFM originally set a P15 billion price for the purchase of its bottling unit to San Miguel Corporation (SMC). SMC, upon finding out that the facilities of Cosmos were not up to the standards of its unit, Coca Cola Bottlers Phils., wanted the purchase price reduced by P1 billion, an offer which RFM accepted. RFM Corporation is said to have been banking on the proceeds of the sale to pay immediate debts. Last year, the company incurred a net loss of P520 million, due to hefty foreign exchange losses amounting to P1 billion. Should the sale of Cosmos be successful, RFM expects to post a net income of P350 million for the year 2001. ================= S I N G A P O R E ================= CAPITALAND LIMITED: Announces Property Sales To Employees --------------------------------------------------------- On Thursday, the Board of Directors of CapitaLand Limited posted an announcement regarding a sale made the company to several of its employees, the announcement: 1 Pursuant to Clause 1006(4)(b) of the Singapore Stock Exchange Listing Manual, the Board of Directors of CapitaLand Limited wishes to announce: (a) its Australian subsidiary, the Australand Holdings Ltd (AHL) Group has sold a property developed by AHL to one of its employees; and (b) its China wholly-owned subsidiary, CapitaLand China Holdings Ltd has sold a property developed by its subsidiary, Shanghai Xin Li Property Development Co., Ltd, to one of its employees. 2 The sales are within the guidelines for such transactions approved by the Audit Committee. The Audit Committee has determined that the number and terms of the sales are considered to be fair and reasonable, and in the best interest of CapitaLand and its minority shareholders. FLEXTRONICS INTERNATIONAL: Posts Q2 Net Loss Due To Job Cuts ------------------------------------------------------------ Citing previously disclosed job cuts and facility reductions, Flextronics International Ltd. announced it has incurred a net loss of US$329.8 million, compared with the year-earlier net income of US$49.9 million, the Asian Wall Street Journal reported Thursday. Earlier this month, the electronics giant said it had cut 10,000 jobs or 15 percent of its total work force. It also announced that it had reduced 20 percent of the company's total manufacturing space, roughly about four million square feet. The company actions resulted in charges totaling US$399 million for the quarter ended September 30. PANPAC MEDIA: Clarifies Deed Of Undertaking ------------------------------------------- Panpac Media.Com Limited posted on October 25, a Clarification of the Deed of Undertaking made in relation to announcements regarding its proposed investment in Strategic Intelligence Holdings Pte Ltd made on September 25 and 26. The clarification: "Further to our announcements made on 25 September 2001 and 26 September 2001 in relation to our proposed investment in Strategic Intelligence Holdings Pte Ltd, The Singapore Stock Exchange has requested for a clarification on the Deed of Undertaking. As stated in our announcement made on 25 September 2001, the Deed of Undertaking provides that Panpac Media.com Limited will grant to each of the existing shareholders of Strategic Intelligence Holdings Pte Ltd as at the date of the Deed of Undertaking, an option to require to purchase from such existing shareholders their shares in Strategic Intelligence Holdings Pte Ltd. It is also provided that the option may only be exercised within a 2-year period commencing from the 3rd anniversary of the date of the Subscription Agreement, and is conditional upon Strategic Intelligence Holdings Pte Ltd failing to achieve a listing on the Stock Exchange within three years from the date of the Subscription Agreement. We wish to clarify that it is further provided in the Deed of Undertaking that the grant of the option to the existing shareholders is also conditional upon the receipt of approval by the shareholders of the Company to do so." =============== T H A I L A N D =============== SAMART CORPORATION: Updates Debt Restructuring Progress ------------------------------------------------------- Samart Corporation Public Company Limited informed its progress of debt restructuring that the Company signed the Debt Restructuring Agreement on October 25, 2001. The Company gave notice regarding the resolutions of the Board of Directors' Meeting and the Extraordinary General Meeting of Shareholders, touching on the approval of the Company's Debt Restructuring with its Creditors. After the Debt Restructuring, the company's outstanding debt will be reduced from approximately Bt8.7 billion to Bt3.975 billion payable over 6 years tenure and the interest payment will also be reduced by Bt250-300 million. THAI PETROCHEMICAL: Creditors Will Provide US$79.67M Injection -------------------------------------------------------------- Thai Petrochemical Industry Public Company Limited (TPI) advised that all financial institutions comprising the Committee of Creditors of TPI have formally agreed to provide US$79.67 million in new working capital facilities to TPI subject to fulfillment of conditions precedent. The facility is provided under the Master Working Capital Facility Deed in compliance with the company's Business Reorganization Plan. In effect, TPI will be in the position to increase its production to the higher level which will enable the company to generate higher profit and further ensure the debt repayment capability. UNI CORD: Files Business Reorganization Petition ------------------------------------------------ Canned-tuna manufacturer and distributor Uni Cord Public Company Limited's (DEBTOR) Petition for Business Reorganization was filed to the Central Bankruptcy Court: Black Case Number 520/2543 Red Case Number 576/2543 Petitioner: UNI CORD PUBLIC COMPANY LIMITED Debts Owed to the Petitioning Creditor: Bt7,114,586,601 Planner: Piphat and Association Office 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 Planner postponed the Date to submit the Business Reorganization Plan #1st: January 3, 2001 Planner postponed the Date to submit the Business Reorganization Plan #2nd: February 3, 2001 Appointment Date of the Creditors' meeting for the Plan Consideration had been postponed to April 26, 2001 at 9.30 am. Convention Room no. 1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd. The Meeting of Creditors had passed the resolution accepting the reorganization plan pursuant to section 90/46 Court had issued an Order for Accepting the reorganization plan: May 21, 2001 and appointed Ms. Pornpunt Pornbapa and Arthur Andersen 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: May 30, 2001 Announcement of Court Order for Accepting the Reorganization Plan in Government Gazette: July 10, 2001 Contact: Miss Phataree Tel, 6792525 ext 143 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 ***