/raid1/www/Hosts/bankrupt/TCRAP_Public/011128.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 28 2001, Vol. 4, No. 232
Headlines
A U S T R A L I A
AUSTRALIAN MAGNESIUM: Discloses Results Of Meeting
AUSTRALIAN PLANTATION: ASIC Stops Three APT Prospectuses
BULONG OPERATIONS: Issues October Production Report
KARL SULEMAN: Scheme Administrators Report $60M Shortfall
MAXIS CORPORATION: Releases 14th AGM Results
NORMANDY MINING: AngloGold Challenges Newmonts Offer
NORMANDY MINING: Dispatch Of Target Statement To Proceed
NORMANDY MINING: Macquarie Clarifies AngloGold's Bid
TENNYSON NETWORKS: Posts Chairman`s AGM Address To Shareholders
C H I N A & H O N G K O N G
FULBOND HOLDINGS: Adopts New Share Option Scheme
LUXUWAYS INVESTMENTS: Winding Up Petition Slated For Hearing
MANDARIN RESOURCES: Turnover Movement Unexplainable
MEDIA STRATEGY: Winding Up Petition Hearing Set
WING LEE: Hires Sun Hung Kai To Provide Trading Services
XIAN DAI: Hearing of Winding Up Petition Set
I N D O N E S I A
BANK CENTRAL: IBRA Puts 9 Strategic Investors Into Short List
J A P A N
ASAHI BANK: Ups Loan-Loss Reserves For Special-Attention Loans
ASAHI BANK: H101 Net Loss At Y41B, Pretax Loss Recorded
DAIWA BANK: H101 Pretax Loss At Y280B, Net Loss At Y140B
NANABOSHI COMPANY: Seeks Court Protection From Creditors
K O R E A
DAEWOO CONSTRUCTION: Secures W120B Construction Order
DAEWOO MOTOR: Sales Unit Plans Lay Off
DAEWOO SECURITIES: Kookmin Takeover Bid Likely
HYUNDAI ENGINEERING: Creditors To Approve Bailout Anew
PEACE BANK: Union Threatens Strike To Protest Hanvit Merger
SAMSUNG ELECTRONICS: Accused Of Artificial Pricing By Rival
M A L A Y S I A
ABRAR CORP.: KLSE Grants Time Extension To Regularize Cash Flow
ARTWRIGHT HOLDINGS: November 29 Eight AGM Postponed
CSM CORPORATION: Posts Defaulted Payments Update
GEAHIN ENGINEERING: Detailed Progress Report Submission Required
IDRIS HYDRAULIC: BNM Approves Proposed Acquisitions
KELANAMAS IND.: Enters Proposed Scheme MOU With MPTR, Tai Seng
MBF CAPITAL: Units Obtain Restraining Order Extension
NCK CORPORATION: KLSE Approves Two-Month Extension Request
TRANS CAPITAL: KLSE OKs Four-Mo Extension Request
WEMBLEY INDUSTRIES: Proposed Debt Restructuring RA Extended
ZAITUN BERHAD: KLSE Required Progress Reports
P H I L I P P I N E S
ALL ASIA: Yuchenco Group Likely To Takeover Unit
METRO PACIFIC: Controlling Stake Offered To San Miguel
NATIONAL BANK: Government Stands Down On Veto Power Demand
NATIONAL STEEL: Three Groups Submit Lease Bids For Iligan Plant
S I N G A P O R E
FHTK HOLDINGS: Posts Changes In Shareholder's Interests
I-ONE.NET: Fong Kah Kuen Changes Interests
STAMFORD LAND: Incurs H101 Net Loss Off S$10M
SINGAPORE PETROLEUM: Announces Profit Warning
T H A I L A N D
ITALIAN-THAI: Plans Debt To Equity Conversion
N.T.S. STEELGROUP: Files Business Reorganization Petition
SIAM STEEL: Posts Q301 Forex Rate Fluctuation Effects
THAI WAH: Releases 2002 Holidays List
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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Discloses Results Of Meeting
--------------------------------------------------
Australian Magnesium Corporation Limited have pleasure in
advising that all resolutions considered by shareholders at the
Annual General Meeting held at 9.00am Tuesday were approved:
ORDINARY BUSINESS
1. The Directors' Report and Financial Statements for the year
ended 30 June 2001 and Auditors' Report thereon was approved,
passed and adopted.
2. TO ELECT DIRECTORS:
(a) Re-election of Mr D Hillier as a Director, was approved and
elected
SPECIAL BUSINESS
3. The Distribution Reinvestment Plan was passed and adopted.
PROXY STATISTICS
Valid proxies were received for all resolutions. Details of
proxies that were entitled to cast a vote are as follows:
TOTAL VALID PROXIES RECEIVED 365 REPRESENTING 114,669,263 VOTES
RESOLUTION 1 RESOLUTION 2(a) RESOLUTION 3
FOR
No of Proxies 355 350 348
Votes 113,600,415 113,555,135 113,457,437
AGAINST
No of Proxies 3 7 9
Votes 26,338 63,509 167,059
DISCRETIONARY
No of Proxies 2 2 2
Votes 3,429 3,429 3,429
ABSTAIN
No of Proxies 5 6 6
Votes 1,039,081 1,047,190 1,041,338
AUSTRALIAN PLANTATION: ASIC Stops Three APT Prospectuses
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
placed final stop orders on three prospectuses issued by
Australian Plantation Timber Limited (APT) Projects Ltd for the
APT Eucalypt Solidwood Project 2001, the APT Pine Solidwood
Project 2001 and the Frankland River Olive Project 2001.
APT Projects Ltd is a wholly owned subsidiary of Australian
Plantation Timber Limited (Administrator and Receiver and
Manager Appointed).
ASIC issued the final stop orders to finalize the interim stop
orders and because the financial positions of the APT entities
remain uncertain.
The final stop orders mean that the three prospectuses cannot be
used to raise funds. They follow interim orders placed on the
prospectuses after Australian Plantation Timber Limited
appointed Mervyn Kitay of Grant Thornton as Voluntary
Administrator on 30 July 2001.
ASIC issued the interim stop orders after the Voluntary
Administrator was appointed to ensure that no funds could be
raised until the new circumstances of the entities, in
particular their financial positions, were fully disclosed.
The final stop orders were issued with the consent of the
directors and Voluntary Administrator of APT Projects Ltd.
BULONG OPERATIONS: Issues October Production Report
---------------------------------------------------
Preston Resources Limited, parent company of Bulong Operations,
announced that nickel and cobalt dispatched for sale during
October amounted to 508 and 40 tons, respectively. Circuit
inventories decreased by three tons for nickel and eight tons
for cobalt. Production was affected early in the month by
unscheduled power outages due to temporary problems on the
Western Power grid. Loss of power resulted in depressurization
of the leach circuit and subsequent dislodgment of scale in
high-pressure vessels causing numerous autoclave feed pump
blockages. Plant utilization was also affected by the failure of
cross over piping which directs steam from the flash vessels to
heater vessels, and the commencement of a half yearly
maintenance shut down which commenced at the end of the month.
Modifications to the ore preparation circuit have resulted in
more effective beneficiation of plant feed. A reject rate of 24
percent grading 0.75 percent nickel was achieved. This resulted
in a 1.7 percent increase in grade from ore preparation to leach
feed.
Production statistics for the month of October are shown in the
table below:
ACTUAL PLAN VARIANCE VARIANCE UNIT
%
INPUTS
32,813 36,196 -3,382 -9.3% Leach Feed (1)
1.93 1.79 0.14 8.1% Ni Grade (%)
0.142 0.137 0.006 4.3% Co Grade (%)
OUTPUTS
508.198 555.639 -47.441 -8.5% Ni (t)
40.348 40.020 0.328 0.8% Co (l)
YTD
UNIT ACTUAL PLAN VARIANCE VARIANCE
(%) INPUTS
Leach Feed (1) 151,604 164,783 -13,178 -8.0%
Ni Grade (%) 1.81 1.80 0.01 0.7%
Co Grade (%) 0.128 0.115 0.014 11.8%
OUTPUTS
Ni (t) 2,199.664 2,455.093 -255.429 -10.4%
Co (l) 132.458 147.851 -15.393 -10.4%
Production for the month of October was below forecast due to
increased maintenance on the autoclave feed pumps, primarily as
a result of scale dislodgment in the high temperature heater
vessel. This situation resulted from premature depressurization
of the current following power loss from the State grid. Poor
performance of the logwasher contributed to feed difficulties.
A spare set of logs has since been procured to mitigate similar
interruptions in the future.
The planned major shutdown for autoclave de-scaling was deferred
until late in the month, the leach plant not being taken off
line until 30th October. Consequently the November production
forecast will be less than October production.
MINING
Mine production activities were carried out in the Albion 2,
Federal, Gala and Foundry pits.
Grade control activities comprised trenching in the Foundry and
Gala pits, with ore mining in Albion 2, Gala, Foundry and
Federal pits.
The 354RL, and 352RL benches wore mined in Albion 2. An expected
significant increase in high-grade tonnes was experienced on the
352RL as mining progressed into the main ore zone.
The southern end of the Federal 374RL bench was mined. Remaining
reserves in the pit are planned to be delineated with close
spaced drilling rather than trenching due to the hard nature of
the lower profile material.
LEACH PLANT
The ore preparation circuit performance was below forecast due
to the logwasher paddle condition and a number of major failures
of the logwasher discharge end bearings. Both of these events
reduced the autoclave throughput.
Power failures at the beginning of the month caused a number of
total plant shutdowns. These shutdowns in turn caused scale to
mobilize in the high temperature heater vessel. The dislodged
scale was transported in the slurry medium to the autoclave.
The presence of large lumps of scale in the slurry increased the
wear rate on the autoclave feed pumps and reduced throughput
rates due to strainer blockages. The leach plant was down for 9
hours due to the successive failure of the two feed pumps. The
majority of the scale was cleared by the 16 October.
Two other major failures of the leach circuit were associated
with the failure of a steam crossover line from the intermediate
flash vessel to the intermediate heater vessel (13hrs) and the
replacement of a cracked diaphragm housing on one of the
autoclave feed pumps in the second half of the month. The
housing cracked in a similar form as previous housings.
Counter Current Decantation (CCD) recovery decreased to 92.0
percent. This reduction was caused by maintaining Pregnant
Liquor Solution (PLS) grade during periods of low throughput
from the leach and ore preparation circuits. The wash flow was
reduced to maintain the PLS grade, at the cost of wash recovery.
REFINERY
The cobalt solvent extraction circuit averaged 90.8 percent
cobalt recovery at 91.6 percent availability. Cobalt recovery is
again low due to insufficient cobalt extractant concentration,
crud handling difficulties, ammonia flow problems, and elevated
cobalt levels in feed.
Gypsum restrictions towards the end of the month limited
throughput through cobalt solvent extraction (Co SX).
The cobalt extractant recovery circuit has continued to perform
well in the temporary modified configuration. A permanent
installation has been determined, with installation to occur in
November. The crud press has been performing reasonably well,
although some modifications are still outstanding.
The nickel solvent extraction (Ni SX) circuit averaged 91.61
percent nickel recovery at 86.2 percent availability.
Intermittent operation and calcium saturation in the scrub and
electrolyte circuits impacted negatively on performance. The
variable feed tenor made control more difficult. The
installation of the new pH probes has been completed with
noticeable improvement in pH control.
Gypsum restrictions were particularly severe towards the end of
the month as a result of the protracted period since the last
major clean.
Total cobalt production for October was 40.3 tons, 25.5 tons as
cobalt cathode and 14.8 tons contained in sulphide.
The continuous anode replacement program is showing benefits
with cell house current efficiency increasing by 3 percent. The
low number of cells being cleaned per month is a function of the
availability of new anodes, the worst cells being completed
first to limit potential bottlenecks in the tankhouse.
Mild steel starters were used during the month due to starter
sheet shortages.
METALLURGLICAL PERFORMANCE
The table below shows an estimate of the total plant
metallurgical balance.
OVERALL PLANT METAL BALANCE
ACTUAL OPTIMUM
NICKEL COBALT NICKEL COBALT
Plant Feed Grade 1.93 0.142 1.90 0.130
Plant Inputs (PAL Feed) (1) 632.9 46.7 851.6 58.3
Plant Recovery (%) 79.8 69.0 92.9 91.6
Plant Stock Increase (t) -3.2 -8.1 0.0 0.0
Product (t) 508.2 40.3 791.2 53.4
Stock Increase + Product (t) 505.0 32.2 791.2 53.4
Overall Plant Utilization (%) 76.5 88.2
NB: Plant Input x Plant Recovery - Plant Stock Increase +
Product Availability - Lewa hours/Total hours
There was minimal nickel stock movement, however, cobalt stocks
declined by 8.1 tonnes. This was largely associated with the
shipment of cobalt sulphide (CoS) material previously held back
for reprocessing through the cobalt refinery.
MINING COSTS. Major cost variance in the contract mining area
was due to variance from the budgeted mine material movement
schedule, with higher than planned ore movement and less waste.
Grade control costs were well below budget due to decreased
activity in trenching as benches were mined after the relaxing
of credit constraints with the contract assay laboratory.
Increased activity in November is expected as benches become
available for grade control.
A reversal of an accrual for equipment hire costs from the mine
planning area for ore screening activity reduced reported costs
by $130,000.
LEACH PLANT COSTS. Total costs were over budget by 14 percent at
$2,354,411.
Total costs were $4,108 per ton of nickel reporting to the PLS
pond or $71.75 per tonne of ore leached.
REFINERY COSTS. Refinery costs were on budget for October 2001,
despite some abnormal costs.
* Labor was 8 percent under-budget for month.
* Reagents were 19 percent under-budget for the month. No cobalt
extractant was added to the CoSX circuit due to availability of
that reagent despite lower than desired concentrations.
* "Other" was 75 percent over-spent for the month. The normal
over-expenditure on tankhouse supplies and safety equipment
accounted for 26 percent of the over-expenditure. An expense
incurred in August 2000 for pipe and pump hire accounted for 17
percent of the over-expenditure. The remaining over-expenditure
($152,000) is made up of re-allocated services.
MAINTENANCE COSTS. Maintenance costs for the month were $0.604
million under budget, totaling $1.574 million. The reason for
the $2.1million budget was due to the original major shutdown
date being forecast to occur in October. The shut commenced late
October and the associated costs will be spread over October and
November.
The major cost areas for the month were workshop labor, ore
preparation and leaching. Workshop labor included in excess of
$400,000 of shutdown labor costs, which were committed prior to
the end of the month. Ore preparation included costs related to
significant repairs to the logwasher during the month and also
shutdown spares (new logs for logwasher) received. Leaching
costs also related to spares and shut works committed to prior
to the end of the month.
November costs are expected to be higher than budget due to the
shut costs being spread over the two months.
PRODUCTION SERVICES COSTS. Costs for the month were under budget
due to restrictions in exploration drilling and capital works.
COMMERCIAL COSTS
SUPPLY
Supply costs are over budget by $63,000 with the major variance
being in the area of freight. Product freight was high due to
$32,000 of September invoices not accrued in that month and
product freight costs being higher than originally budgeted.
General Freight was also over by $9,000 due to deliveries
associated with preparation for the October shutdown.
SITE ADMINISTRATION
Site Administration costs were $30,000 over budget and the main
variances were in the areas of audit fees ($11,000 over),
penalties and fines ($17,000 over due to taxation and interest
charges), insurance ($45,000 over due to adjustments to the 2000
workers compensation premium), rates and taxes ($23,000 over),
and training ($9,000 over related to Front Line Management
training).
REVENUE OCT-2001
A$'000
Nickel sales 6,233
Cobalt sales 1,011
METAL PRODUCTION
Estimates of quarterly metal output, through to June 2002 are
shown in the table following.
Quarter Ending NICKEL COBALT
(IN TONNES)
December 31, 2001 2,040 145
March 31, 2002 2,073 151
June 30, 2002 1,892 139
OUTLOOK
The outlook for November is for lower than budget metal
production as a result of most of the half yearly scheduled
maintenance shut occurring in that month rather than October, as
previously planned. Improved performance is anticipated in
December.
KARL SULEMAN: Scheme Administrators Report $60M Shortfall
---------------------------------------------------------
Following a report from voluntary administrators Paul Weston and
Neil Cussen, the New South Wales Supreme Court has ordered that
the matter of an allegedly illegal investment scheme operated by
Karl Suleman and Karl Suleman Enterprises Pty Ltd, will return
to court on 10 December 2001.
On 12 November Weston and Cussen of Horwath Accountants were
appointed voluntary administrators of Karl Suleman Enterprises
Pty Ltd and Suleman Investments Limited, with consent orders
made on 13 November 2001 requiring them to report back to the
court on the financial status of the investment scheme.
After initial investigations Weston and Cussen report that there
appear to be over 2000 investor contracts in the scheme, with an
investment value of approximately $130 million and a shortfall
to investors that is likely to be more than $60 million.
The administrators identified numerous offences under the
Corporations Act and required the matter to be investigated
further.
The court ordered that:
* the matter be adjourned to the Corporations List on 10
December 2001;
* a summary of the administrators findings in the form filed
with the Court can be made publicly available
* the administrators be given till 10 December 2001 to
complete their report on details of monies received and
disbursed by Karl Suleman Enterprises Pty Ltd
* that the list of investors in the scheme not be disclosed
except to the parties and their legal representatives.
ASIC indicated to the court that it will seek orders to have the
managed investment scheme wound up when the matter returns on 10
December.
Investors who wish to make any enquiries in relation to this
matter can call ASIC's hotline on 02 9911 2408.
MAXIS CORPORATION: Releases 14th AGM Results
--------------------------------------------
Maxis Corporation Ltd announced that the fourteenth Annual
General Meeting of the shareholders of the Company was held at
11 am on Monday, 26 November 2001, at the Company's offices at
59-61 Dickson Avenue, Artarmon New South Wales. Shareholders
that were entitled to attend and vote are those registered as
shareholders as at 11 am on Saturday, 24 November 2001.
AGENDA
1. RECEIPT OF FINANCIAL REPORTS AND REPORTS OF DIRECTORS' AND
AUDITOR
To receive and consider the Financial Reports of the Company for
the financial year ended 30 June 2001, together with the Report
of the Directors and the Auditor, which relate to the Financial
Reports.
2. ELECTION OF DIRECTORS
2.1 To consider and, if thought fit, to be passed as an ordinary
resolution the re-election of Sepp Stepanian as a Director of
the Company.
Stepanian retires by rotation in accordance with Article 17.1 of
the Constitution of the Company and being eligible, offers
himself for re-election as a Director of the Company.
2.2 To consider and, if thought fit, to be passed as an ordinary
resolution the re-election of Mr Vaz Hovanessian as a Director
of the Company.
Vaz Hovanessian was appointed to fill a casual vacancy on 9
March, 2001 and retires in accordance with Article 16.4(2)(2) of
the Constitution of the Company and being eligible, offers
himself for re-election as a Director of the Company.
2.3 To consider and, if thought fit, to be passed as an ordinary
resolution the re-election of Nicholas Swan as a Director of the
Company.
Swan was appointed to fill a casual vacancy on 9 March, 2001 and
retires in accordance with Article 16.4(2)(2) of the
Constitution of the Company and being eligible, offers himself
for re-election as a Director of the Company.
3. ORDINARY SHARE PLACEMENTS
3.1 To consider and, if thought fit, to pass with or without
amendment as an ordinary resolution in terms of ASX Listing
Rules 7.1 and 7.4 ratifying the placement of ordinary fully paid
shares since the last General Meeting of the Company.
The Board of Directors of the Company seeks to ratify the issue
of 3,600,000 fully paid ordinary shares made at the following
prices since the last General Meeting of the Company:
SHAREHOLDER NO. OF ISSUE PRICE
SHARES PER SHARE
Abrahams Advertising Pty Ltd 600,000 5 cents
Teleglobe Australia Pty Limited 3,000,000 10 cents
3.2 To consider and, if thought fit to pass with or without
amendment as an ordinary resolution and pursuant to ASX Listing
Rule 7.1 future placements of fully paid ordinary shares and /
or options in the Company.
The Directors are hereby authorized to issue, within 3 months
after the date of the Annual General Meeting or such later date
as the ASX permits at its discretion, up to 100 million fully
paid ordinary shares in the capital of the Company, at a price
not less than 80 percent of the weighted average market price of
the shares traded on the ASX during the 5 days prior to the
issue of the shares. In addition, the Directors are hereby
authorized to issue fully paid ordinary Maxis shares to clients
of brokers and/or advisors appointed by the Company, any other
member of the ASX, other allottees determined by the Company, or
allottees pursuant to a prospectus which may be issued by the
Company for the purpose of the issue of shares in the Company.
4. OTHER BUSINESS.
Notice not having been given of any other business, no other
resolution may be passed at the meeting.
NORMANDY MINING: AngloGold Challenges Newmonts Offer
----------------------------------------------------
AngloGold Limited commented on the Newmont Mining Corporation's
competing takeover offer for Normandy Mining Limited and
announced that it would commence action at the Australian
Takeovers Panel to challenge certain aspects of Newmont's
proposed offer and arrangements with Franco Nevada.
ANGLOGOLD'S COMMENTS ON THE NEWMONT OFFER
Commenting on Newmont's offer, AngloGold's Executive Director
and CFO, Jonathan Best, said: "AngloGold considers that
Newmont's offer is a high-risk proposition for Normandy
shareholders. We consider that the comparative analysis which
Newmont has presented in selling its offer and its
characterization of AngloGold are misleading in a number of
ways." He outlined these as:
ANGLOGOLD HAS A SUPERIOR PERFORMANCE RECORD
>From both a financial and an operating perspective, AngloGold's
recent performance suggests that it is the preferred choice of
investment between the competing companies. Financially,
AngloGold's recent performance has been superior to that of
Newmont. For the nine months to 30 September 2001 AngloGold's
headline earnings were US$194 million compared with Newmont's
operating loss of US$8.4 million. Operationally, AngloGold has
also produced superior results, with total production costs per
ounce of US$211 per ounce for the three months to 30 September
2001 compared with Newmont's total production costs of US$241
per ounce for the same period.
NEWMONT HAS LESS POTENTIAL FOR RE-RATING
Newmont's offer is predicated on offering Normandy shareholders
its paper, which trades at higher multiples than AngloGold, in
anticipation of a dramatic rise in the gold price. The risk for
Normandy shareholders is a fall in the Newmont share price as it
is not supported by the company's earnings and cashflow. In
contrast, while AngloGold has positioned itself so as to benefit
from a substantial rise in the gold price, AngloGold is
confident that it can deliver attractive returns to shareholders
at the present gold price. AngloGold is offering Normandy
shareholders a compelling value proposition with significant
upside potential, in terms of both price and performance.
ANGLOGOLD IS A HIGH DIVIDEND PAYER
Acceptance of Newmont's offer is likely to result in a
substantial reduction in dividends for Normandy shareholders as
Newmont has offered a very low dividend yield in recent years.
In contrast, AngloGold pays high dividends and intends to
maintain this practice. Normandy shareholders who accept the
AngloGold offer (and are on the AngloGold register by the record
date) will qualify for the final dividend payable by AngloGold
for the financial year ending 31 December 2001. It has been
suggested that Newmont does not pay a material dividend because
it is a capital growth company. AngloGold has demonstrated that
profitable companies are able to grow and to pay healthy
dividends.
NEWMONT'S OFFER WILL BE VALUE DILUTIVE
AngloGold believes Newmont's offer will be dilutive for Normandy
shareholders in terms of earnings, cashflow and net present
value per share.
NEWMONT CARRIES SUBSTANTIAL COUNTRY RISK
Newmont has claimed that AngloGold carries a higher risk than
Newmont does because of its operations in South Africa. In fact,
in excess of 100 percent of Newmont's profits for the nine
months to 30 September 2001 were generated from operations in
Bolivia, Indonesia, Peru and Uzbekistan. Newmont's North
American operations, which account for approximately 59 percent
of production, have a total production cost of US$270 per ounce
for the nine months to September 2001. Newmont's North American
operations could, at best, be described as highcost and
marginal. AngloGold has a demonstrated track record of closing
or selling highcost marginal operations wherever they might be.
The most recent example of this is the sale of AngloGold's Free
State assets which will have the effect of reducing AngloGold's
cash operating costs for the nine months to 30 September from
US$184 per ounce to US$175 per ounce on a pro forma basis. This
compares with Newmont's cash operating costs for the same period
of US$185 per ounce.
CONTRAVENTION OF AUSTRALIAN LAW & POLICY
Best said that AngloGold considered that various aspects of the
arrangements between Newmont, Franco Nevada and Normandy and the
terms of Newmont's proposed takeover bid "contravened
fundamental aspects" of Australian takeover law and policy.
AngloGold's concerns relate to:
* the special benefits that are to be given to Franco Nevada,
its associates and shareholders, that are not being offered to
other Normandy shareholders (in particular, the merger proposal
pitched at a significant premium to the market price of Franco
Nevada's shares and underlying value of its assets);
* the proposed conditions of Newmont's takeover bid;
* the apparent breaches of the Foreign Acquisition and Takeovers
Act; and
* the break fee arrangements between Newmont and Normandy.
AngloGold believes that these arrangements give rise to
unacceptable circumstances. It will be requesting the Takeovers
Panel to make the following orders:
* that the option agreement between Newmont and Franco Nevada
over 19.9 percent of Normandy's shares is set aside; and
* that Newmont must remove the condition of its offer for Franco
Nevada which requires Newmont to obtain 50.1 percent of Normandy
and for the Franco Nevada acquisition to be completed, prior to
dispatching Newmont's offer for Normandy.
Alternatively, AngloGold will be seeking an order that Newmont
must offer equivalent benefits to other shareholders (valued
potentially at up to A$2.25 to A$5.50 per Normandy share in
addition to the announced exchange ratio) in addition to the
order to set aside the option agreement.
AngloGold considers that the break fee arrangements between
Normandy and Newmont contravene the policy of the Takeovers
Panel and are unacceptable and should be set aside.
AngloGold is reviewing the legality of those arrangements in
other jurisdictions, including Canada, and whether it will also
commence legal proceedings in those jurisdictions.
NORMANDY MINING: Dispatch Of Target Statement To Proceed
--------------------------------------------------------
The Takeovers Panel (Panel) has revoked its interim order of
last Thursday restraining dispatch of Normandy Mining Limited's
(Normandy) Target Statement in response to the takeover offer by
AngloGold Limited (AngloGold) for Normandy shares.
The Panel has concluded that, contrary to AngloGold's
assertions, Normandy's Target's Statement does not need to be
amended but can instead be sent in its current form.
Normandy is disappointed with the unnecessary delay caused by
AngloGold's application to the Panel. It is however pleased that
the Target Statement containing the Normandy Directors'
recommendation to reject AngloGold's offer can now be sent to
shareholders for consideration.
Dispatch of Normandy's Target's Statement began Tuesday night
and is expected to be completed by close of business the same
say.
Normandy has undertaken to the Panel that, if the AngloGold bid
appears likely to close before a Target's Statement in response
to the proposed Newmont Mining Corporation ("Newmont") bid is
given to Normandy shareholders, Normandy will publish (by
release to ASX and newspaper advertisement) a Supplementary
Target's Statement in relation to the AngloGold offer in
sufficient time for Normandy shareholders consideration.
This Supplementary Target's Statement will address (as at its
date):
1. progress of the proposed Newmont bid arrangements and the
prospects of the bid proceeding:
2. relative values of the AngloGold bid and the proposed Newmont
bid; and
3. Normandy Board's recommendation concerning the AngloGold bid
and its intention concerning the proposed Newmont bid.
Normandy's Board remains focused on achieving the best result
for all shareholders in this takeovers process.
NORMANDY MINING: Macquarie Clarifies AngloGold's Bid
----------------------------------------------------
Macquarie Bank Limited (Macquarie) is the financial advisors to
Normandy in relation to AngloGold's bid.
In the Chairman's letter included in Normandy's Target's
Statement dated 19 November 2001, the following statement
appears:
Based on this and other reasons as set out in this document,
Normandy's Directors and their advisers, Macquarie Bank Ltd,
have concluded that the AngloGold offer is inadequate and
undervalues Normandy.
For clarification, Macquarie confirmed the following matters in
respect of that statement:
(a) Macquarie consents to the use of its name in the Chairman's
letter;
(b) Macquarie consents to the use of its name in the form and
context in which it appears in the Chairman's letter;
(c) the statement is an accurate representation of the advice
Macquarie gave to the Normandy directors concerning the
AngloGold bid.
TENNYSON NETWORKS: Posts Chairman`s AGM Address To Shareholders
---------------------------------------------------------------
Tennyson Networks Limited posted Chairman Harvey Parker's Annual
General Meeting Address to Shareholder:
"Welcome to the Annual General Meeting of Tennyson Networks
Limited. As you would be aware the year ended 30 June 2001 was a
very difficult period for the company. Almost without
exception, the fortunes of technology companies around the
world underwent massive changes and Tennyson was no exception.
"The worldwide downturn caused the Board to request the ASX to
suspend trading in Tennyson shares on 21 March 2001 to allow a
review and reorganization of the company's existing operations.
After completion of the reorganization and a successful capital
raising program, Tennyson resumed trading on the ASX on 16
August 2001.
"Immediately prior to the relisting, three new directors,
including myself, Mr Ross Leighton and Mr Ed Barry joined the
Board. Mr Leigh Coleman, appointed as our new CEO in August,
also was invited to join the Board on 15 October 2001.
"Among other significant moves were the closure of the three
overseas subsidiaries, reduction of the workforce by over 30 per
cent and paring back of overheads by more than 50 per cent. The
cost reduction program will be ongoing as the Board and
management seek further opportunities to increase operating
efficiencies and strengthen the bottom line.
"In addition to tackling its cost structure the company also
decided to focus and redirect its resources towards the
Australian and New Zealand markets, where Tennyson had the most
control, greatest loyalty and largest installed base of the SOX
product.
"This does not mean that Tennyson has abandoned its aspirations
of expanding the global market for SOX. Rather the company
believes it will be more successful if it leverages the customer
relationships and sales skills of local distribution partners in
overseas markets, instead of pursuing international
opportunities directly.
"Tennyson has continued to focus on building awareness and
distribution channels for SOX and adding business communication
solutions to the SOX platform. In addition to distributing SOX
through its Reseller Channel Partners the company has also
embarked on a strategy of selling direct to end-user customers
by a combination of contracting with commission-only independent
sales agents and entering into commission-based agreements with
specialist telecommunication marketing firms.
"Tennyson believes this strategy will significantly increase our
sales and marketing efforts by putting more "feet on the ground"
while minimizing the cost. Our Reseller Channel Partners will
also benefit from this strategy by participating in the
outsourced installation and provision of maintenance services.
"I would like to mention a number of agreements and arrangements
that have recently been put in place as a result of initiatives
carried out by the Company to minimize costs and generate sales:
1. COMMUNICATIONS MANAGEMENT GROUP (CMG)
"The Company has signed an agreement with Melbourne-based CMG, a
specialist telecommunications consultancy and marketing firm, to
manage a SOX-based call center for lead generation activities,
in addition to selling SOX product on a commission-only basis
within Australia.
2. TELECOMMUNICATIONS SERVICES AUSTALIA (TSA)
"Tennyso has signed a Memorandum of Understanding ('MOU") with
TSA who will provide sales leads, sales and sales support for
SOX products within Australia. TSA is a premium reseller of
Telstra services and again will be compensated on commission
only for sales generated.
3. RESELLER CHANNEL PARTNERS
"Tennyson Channel Partners recently appointed include: Solar
City Communications (Melbourne); Budget Bits (Melbourne); Grande
Technology Solutions (Sydney); CTI Solutions (Sydney);
Enterprise Convergence Solutions (Sydney); Communication
Partners Australia (Adelaide) and Millenium Systems (Adelaide).
4. INDEPENDENT SALES AGENTS
"Tennyson has entered into commission-only agreements to sell
SOX products with independent sales agents in Sydney (3 agents)
and Brisbane (5 agents).
5. POWERCONNEX
"Tennyson has signed an MOU with PowerConnex to sell the
PowerConnex Customer Contact Center suite of products and other
third party products (branded as "PowerSOX"), integrated with
the SOX product as well as other equivalent PBX or telephony
switching equipment.
6. NEW WORLD TELECOMMUNICATIONS (UK) LTD
"Tennyson has appointed New World as the UK distributor of SOX
product.
7. OPEN NETWORKS LIMITED
"Tennyson is undertaking R&D activities for New Zealand-based
Open Networks on a commercial basis, allowing Tennyson to
maintain its R&D competencies cost effectively.
8. HARTEC LIMITED
"Tennyson recently entered into a three-year Manufacturing
Agreement with HarTec Limited, who will provide a total
outsourced turn-key manufacturing solution for the SOX product
platform.
"The company is currently pursuing other initiatives in addition
to those described in order to further develop and expand the
SOX product and its capabilities.
"I am also pleased to announce to shareholders that the company
has received a Notice for the conversion of Convertible Notes
with a face value of $330,000. As a result, the face value of
Convertible Notes outstanding has been reduced to $670,000.
"In conclusion, through the initiatives announced and further
ones under development, the company is diligently working
towards its goal of increasing sales, achieving cash break-even
and establishing a profitable business with a global ambition.
"Thank-you."
================================
C H I N A & H O N G K O N G
================================
FULBOND HOLDINGS: Adopts New Share Option Scheme
------------------------------------------------
The Directors of Fulbond Holdings Limited announced that at the
SGM held on 19th November, 2001, the ordinary resolutions
regarding the Acquisition and the Subscription were duly
approved by the Independent Shareholders. The ordinary
resolutions proposed at the SGM for the adoption of the new
share option scheme and the grant of a general mandate to issue
and allot new Shares were also duly approved by the
Shareholders. The new share option scheme fully complies with
the requirements of Chapter 17 of the Listing Rules.
The delay in the publication of this announcement in relation to
the adoption of the share option scheme constitutes a breach of
Rule 17.02 of the Listing Rules and the Stock Exchange has
indicated that it reserves the right to take appropriate action
against the Company and/or its Directors in respect of such
breach.
LUXUWAYS INVESTMENTS: Winding Up Petition Slated For Hearing
------------------------------------------------------------
The petition to wind up Luxuways Investments Limited is
scheduled to be heard before the High Court of Hong Kong on
December 12, 2001 at 10:00 am.
The petition was filed with the court on August 22, 2001 by The
National Commercial Bank Limited (whose undertakings have been
succeeded by Bank of China (Hong Kong) Limited by virtue of the
Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167
whose registered office is situated at Bank of China Tower, 1
Garden Road, Central, Hong Kong.
MANDARIN RESOURCES: Turnover Movement Unexplainable
---------------------------------------------------
The Board of Directors of Mandarin Resources Corporation Limited
(the Board) has noted the recent increase in the trading volume
of the shares of the Company and stated that it is not aware of
any reasons for such increase.
The Board confirms that there are no negotiations or agreements
relating to the intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matters discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price sensitive nature.
MEDIA STRATEGY: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up MEDIA STRATEGY MANAGEMENT LIMITED
is set for hearing before the High Court of Hong Kong on
December 19, 2001 at 9:30 am.
The petition was filed with the court on August 23, 2001 by The
Yien Yieh Commercial Bank Limited (whose undertakings have been
succeeded by Bank of China (Hong Kong) Limited by virtue of the
Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167
whose registered office is situated at Bank of China Tower, 1
Garden Road, Central, Hong Kong.
WING LEE: Hires Sun Hung Kai To Provide Trading Services
--------------------------------------------------------
Wing Lee Holdings Limited advised that in order to alleviate the
difficulties arising from the existence of odd lots of the New
Shares when the Proposal becomes effective, the Company has
appointed Sun Hung Kai to provide the service to match the sale
and purchase of odd lots of the New Shares during the period
from Monday, 26th November, 2001 to Monday, 17th December, 2001,
both days inclusive.
Holders of the New Shares in odd lots who wish to take advantage
of this facility either to dispose of their odd lots of the New
Shares or top up their shareholdings in the Company to board
lots of 2,000 New Shares, may directly or through their broker
contact Ms Lee Nga Yee at 2822 5695 of Sun Hung Kai at Suite
1101-1106, One Pacific Place, 88 Queensway, Hong Kong during
such period. Shareholders should note that successful matching
of the sale and purchase of odd lots of the New Shares is not
guaranteed.
XIAN DAI: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Xian Dai Daily (Hong Kong) Limited is
scheduled for hearing before the High Court of Hong Kong on
December 12, 2001 at 10:00 am.
The petition was filed with the court on August 22, 2001 by The
Kwangtung Provincial Bank, Hong Kong Branch (whose undertakings
have been succeeded by Bank of China (Hong Kong) Limited by
virtue of the Bank of China (Hong Kong) Limited (Merger)
Ordinance, Cap. 1167 whose registered office is situated at Bank
of China Tower, 1 Garden Road, Central, Hong Kong.
=================
I N D O N E S I A
=================
BANK CENTRAL: IBRA Puts 9 Strategic Investors Into Short List
-------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is optimistic
about successful divestment of Bank Central Asia (BCA) shares
and has selected 9 strategic investors, put them into the short
list which consists of both local and foreign investors and list
them as short listed investors. The investors comprise of banks,
financial institutions and several consortium. The nine
strategic investors will be invited to due diligence process for
examining the financial, managerial and operational aspects of
BCA.
The short-listed 9 strategic investors:
Bidder Name Representative
1. Malaysian Plantation Group Andalan Artha Advisindo
2. Bank Mega Consortium Bhakti Capital
3. Dynamic Choice Credit Agricole
4. Farallon Capital Farallon Capital
5. Foreign Bank Foreign Bank
6. GKBI, Newbridge, Rifan and
Saratoga Consortium GKBI Investment
7. Indonesia Recovery Fund Limited IRCL
8. Berca Consortium JP Morgan Sekuritas
9. Consortium of Bank Panin
Share Holders Trimegah Sekuritas
Note: The numbering order does not represent ranking
(alphabetical representative)
Earlier, IBRA has received 15 preliminary bids (non-binding) for
BCA shares from prospective BCA strategic investors, consisting
of 5 International Investors and 10 Local Investors. Assisted by
the financial advisor and independent consultant, IBRA has
selected 15 prospective strategic investors and picked 9
investors of them who are eligible for further phase of the BCA
divestment process.
The criteria for selecting short-listed investors include the
following:
* Prime bank and or financial institution with good
reputation,
* Legal clarity about the consortium with support from bank or
financial institution of good reputation,
* Commitment to long-term investment in Indonesia,
* Sound financial position and guaranteed fund sources,
* Exclusion from the Banker Negative List of Bank Indonesia,
* Not affiliated, either directly or indirectly to the former
share holder of BCA (Salim Group).
Subsequent to the investor short listing in the BCA divestment
is:
* Due diligence (3 weeks after investor short listing)
* Submission of Final bid (Third week of December 2001)
* Signing of Sales & Purchase Agreement (Fourth Week of
December 2001)
* Fit & Proper Test Approval from Bank Indonesia
IBRA remains committed to conducting the BCA divestment process
in optimal manner while complying with the principles of
transparency, integrity, fairness, and consistency so as to
secure confidence from all investors and the public.
=========
J A P A N
=========
ASAHI BANK: Ups Loan-Loss Reserves For Special-Attention Loans
--------------------------------------------------------------
Asahi Bank Ltd will increase reserves against losses on loans
that need special attention to 38 percent by the end of the
fiscal year, as reported by PRNewsAsia on November 26, citing
senior executive managing director Tadahiro Tone.
Tone, in a press briefing said that the percentage of loans that
require monitoring to overall loans should rise to 11 percent,
from 4.5 percent at end-September.
For the first half of the year, Asahi disposed of Y59.6 billion
in bad loans, against the Y106.2 billion disposed during the
same period for last year. Furthermore, Asahi expects some Y400
billion in disposals for the full year.
ASAHI BANK: H101 Net Loss At Y41B, Pretax Loss Recorded
-------------------------------------------------------
Asahi Bank Ltd announced that it has posted a pretax loss of
Y73.1 billion for the six months to September period, down from
the last year's first half pretax loss of Y14.9 billion,
PRNewsAsia reported Monday.
Asahi also posted a net loss of Y41 billion during the same
first half period, also down from last year's first half net
profit of Y14.9 billion.
For the full year to March, Asahi expects a pretax loss of Y660
billion on operating income of Y800 billion. It also estimates
its net loss to be at around Y530 billion for the same full year
period.
DAIWA BANK: H101 Pretax Loss At Y280B, Net Loss At Y140B
--------------------------------------------------------
Daiwa Bank Ltd. posted a pretax loss of Y280.2 billion for the
six months to September as compared to a pretax profit of Y18.7
billion posted for the same period last year, according to a
Monday PRNewsAsia report.
Moreover, the Japanese bank posted a net loss of Y140 billion
for the same period, as compared to a year-ago net profit pegged
at Y1.4 billion. The company failed to earn any dividends during
the interim period. The bank expects a full-year pretax loss of
Y240 billion.
NANABOSHI COMPANY: Seeks Court Protection From Creditors
--------------------------------------------------------
Nanaboshi Co. Ltd, a midsize company engaged in building,
alteration and maintenance works for electric power plant
facilities such as boilers and turbines, announced on November
26 that it is asking the Osaka District Court for a protection
of its assets from its creditors and to order its management to
be rehabilitated.
=========
K O R E A
=========
DAEWOO CONSTRUCTION: Secures W120B Construction Order
-----------------------------------------------------
Daewoo Engineering & Construction Co. announced that it has
secured a contract to build 1,350 apartment units in Ansan,
southern part of Korea, worth W120 billion, the Asian Wall
Street Journal said on Monday.
Residents of Ansan have pooled their funds for the construction
of the new apartments in order to replace the existing ones.
However, no timeframe for the construction has been decided yet.
Daewoo Engineering hasn't emerged from a creditor imposed
restructuring plan yet although it has, as of late, been
performing greater than expected.
DAEWOO MOTOR: Sales Unit Plans Lay Off
--------------------------------------
To prepare for upcoming sales talks with General Motors, Daewoo
Motor unit, Daewoo Motor Sales is set to carry out a series of
lay off plans, the Digital Chosun reported Monday.
General Motors is currently finalizing the acquisition of a part
of Daewoo Motor and the sales unit is set to be included in the
deal. Daewoo Motor Sales intends to reduce its 4,000 workforce
to about 3,000 via voluntary resignations. Employees who avail
of the voluntary retirement scheme will be given bonuses
consisting of salaries for three to seven months, depending upon
the employee's tenure of employment in the firm.
DAEWOO SECURITIES: Kookmin Takeover Bid Likely
----------------------------------------------
Although both banks deny this, Kookmin Bank is widely predicted
to seek a takeover of Daewoo Securities Co. from the Korea
Development Bank, the Korea Herald reported yesterday, citing
unnamed industry sources.
Market expectations about the alleged impending merger are based
on the fact that the sale of Daewoo Securities is currently in a
standstill, with the government imposed deadline only about a
month away. Moreover, the merger looks all the more convenient
considering that Kookmin is currently looking for ways to boost
its brokerage business following the November 1 merger between
Housing and Commercial Bank and the former Kookmin Bank.
Predicting a merger between the two financial institutions, an
unnamed analyst said, "In light of the deadline and prospective
foreign buyers' liquidity conditions, there is a high
possibility that Kookmin may acquire the brokerage house as part
of its efforts to become a financial services group."
After the collapse of its parent Daewoo Group last year, Daewoo
Securities was handed over to the state-run bank.
HYUNDAI ENGINEERING: Creditors To Approve Bailout Anew
------------------------------------------------------
Creditors of Hyundai Engineering and Construction Co. (HEC) are
set to re-approve a bailout package for the troubled builder,
according to the Korea Herald on Tuesday.
The package includes a debt-for-equity swap of W1.4 trillion, as
well as a rights offering worth some W750 billion.
A creditor bank official commented, "Through the re-approval of
the bailout program, the creditors will handle the issue of
creditors not living up to their commitments for the rescue
plan, which is worth W192.5 billion."
Furthermore, HEC creditors will discuss whether or not they will
extend the maturity of the ailing builders loans remaining after
the debt-for-equity swap till 2004.
PEACE BANK: Union Threatens Strike To Protest Hanvit Merger
-----------------------------------------------------------
Workers of restructuring Peace Bank will likely go on strike
this week or early next week to protest a planned merger with
Hanvit Bank, the Asian Wall Street Journal reported on November
26, citing labor union officials. More than half of the bank's
764 union members voted for a strike.
Peace Bank originally promised not to merge with any other
entity until June of next year, and the union is simply asking
the bank management to abide by this promise. Peace Bank and
Hanvit Bank are set to merge as part of the former's
restructuring plans that are supposed to be submitted to the
KDIC. Both banks are units of Woori Finance Holdings Co., a
government-owned financial holding company for troubled banks.
The restructuring plan, however, cannot be submitted as required
to the KDIC because Peace Bank has yet to secure union approval.
Should the bank's union push through with the strike, it would
likely halt operations at many of its 74 branch offices
nationwide.
SAMSUNG ELECTRONICS: Accused Of Artificial Pricing By Rival
-----------------------------------------------------------
Samsung Electronics have been accused by Doctor Ulrich
Schumacher, CEO of rival Infineon Technologies Germany, of
artificially dropping DRAM prices at the global market which
resulted to the upsurge in chip prices in early November, the
Digital Chosun reported on November 27.
According to Schumacher, when creditors of Hynix Semiconductor
announced a new bailout package for the ailing chipmaker, DRAM
prices should have gone down but instead they went in the
opposite direction, having in fact more than doubled.
The Infineon CEO hinted that Samsung, in an attempt to scuttle
its rival Hynix, artificially lowered down DRAM prices, a
strategy which apparently didn't work because creditors of
troubled Hynix came up with a rescue plan for the Korean
chipmaker. Samsung subsequently abandoned its original plan of
lowering down DRAM prices, and as a result, global chip prices
surged.
===============
M A L A Y S I A
===============
ABRAR CORP.: KLSE Grants Time Extension To Regularize Cash Flow
---------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)(the
Company) announced that the Kuala Lumpur Stock Exchange (KLSE)
had by its letter dated 23 November 2001 approved the Company's
application for an extension two (2) months from 23 October 2001
to 22 December 2001 to enable the Company to make its
announcement on the Company's plans to regularize its financial
condition (the Requisite Announcement).
The Company was earlier required to make the Requisite
Announcement by 22 October 2001. The Company had by its letter
dated 17 October 2001 sought the approval of the Exchange for a
further extension of two (2) months to make the Requisite
Announcement.
In the meantime, the KLSE has required the Company to provide
with a detailed progress report on the development and /or
latest status of the Company's regularization exercise by 6
December 2001 on any development between the Company's
application letter dated 17 October 2001 to 5 December 2001.
ARTWRIGHT HOLDINGS: November 29 Eight AGM Postponed
---------------------------------------------------
Artwright Holdings Berhad announced that the Eighth Annual
General Meeting of the Company scheduled to be held on Thursday,
29th November, 2001 at 12.00 noon at Hotel Istana, Baiduri &
Berlian Courtroom, No. 73 Jalan Raja Chulan, 50200 Kuala Lumpur
will be postponed to a date to be informed in due course.
CSM CORPORATION: Posts Defaulted Payments Update
------------------------------------------------
CSM Corporation Berhad (CSM) provided an update on the status of
default in interest payments and principal loan repayments of
the CSM Group bank borrowings as of 31 October 2001:
Bank Facility Limit Type Total Existing
Lender of Default outstanding Security
as at 31 Oct
2001
Bank Utama Term RM40M Principal RM37.0M Land &
(Malaysia) Loan repayment Building
Berhad and interest
payments
Bank Utama Overdraft RM80M Principal RM89.4M Land
(Malaysia) repayment & Building
Berhad and interest
payments
Alliance Bank Term RM24M Principal RM26.2M Land and
Malaysia Loan repayment building
Berhad and interest
Payments
Bank Islam Trade i)RM10M Trade i) RM8.4M Clean
Malaysia facilities Facilities
Berhad Overdue
ii)RM4M Trade ii) RM2.6M Land &
Facilities Building &
Overdue Corporate
Guarantee
Fr CSM
HSBC Bank Term RM2M Principal RM2.18M Corporate
Malaysia Loan repayment guarantee
Berhad and interest from CSM
payments
The above defaults shall be addressed in conjunction with the
Group's efforts to regularize its financial conditions, as
required under the PN4/2001 requirements.
GEAHIN ENGINEERING: Detailed Progress Report Submission Required
---------------------------------------------------------------
Geahin Engineering Berhad announced that the KLSE, on 23
November 2001 approved an extension of three months from 26
October 2001 to 25 January 2002 to enable the Company to
announce its Requisite Announcement. The Company is required to
provide the Exchange with detailed progress reports on the
development and/or latest status of the regularization exercise
by these dates:
a) 1st progress report by 6 December 2001 on any development
between the Company's application letter dated 25 October 2001
and 5 December 2001, and
b) 2nd progress report by 15 January 2002 on any development
between 5 December 2001 and 14 January 2002.
IDRIS HYDRAULIC: BNM Approves Proposed Acquisitions
---------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Idris Hydraulic (Malaysia) Berhad (IHMB or the Company)
announced that Bank Negara Malaysia (BNM) had in its letter
dated 20 November 2001 stated that it has no objection for
Talasco Insurance Berhad (Talasco) to undertake the following:
(a) proposed acquisition of entire equity interest in Tenaga
Insurance Berhad (Tenaga) comprising 42,000,000 ordinary shares
of rm1.00 each by Talasco for a total purchase consideration of
rm90,000,000 to be satisfied by cash (Proposed Tenaga
Acquisition); and
(b) proposed acquisition of entire equity interest in Malaysia &
Nippon Insurans Berhad (MNI) comprising 53,000,000 ordinary
shares of RM.00 each by Talasco for a total purchase
consideration of rm100,000,000 to be satisfied by cash (Proposed
MNI Acquisition);
(c) Idaman Unggul Sdn. Bhd. (Newco) or Talasco to issue shares
to Koperasi Angkatan Tentera Berhad (KATMB), the vendor of MNI,
amounting to RM50.0 million to enable KATMB to continue to hold
its equity interest in the merged entity upon completion of the
proposed acquisitions; and
(d) Talasco to place fixed deposit with a designated bank as
guarantee for the payment of the consideration for the Proposed
Tenaga Acquisition and Proposed MNI Acquisition pursuant to
Section 53 of the Insurance Act, 1996 and subsequently allowing
the fixed deposit to be taken into account in compliance with
the margin of solvency of Talasco until the full payment is made
by Talasco for the acquisitions of Tenaga and MNI.
The approval from BNM stated above is subject to IHMB or Newco,
being the shareholder of Talasco, providing the injection of
additional funds amounting to RM100.0 million into Talasco in
order to ensure that Talasco meets the minimum margin of
solvency prior to the Proposed Tenaga Acquisition and Proposed
MNI Acquisition.
In addition, IHMB is required to inform BNM from time to time on
the status of the injection of funds and the acquisition of the
equity interest in Tenaga and MNI.
KELANAMAS IND.: Enters Proposed Scheme MOU With MPTR, Tai Seng
--------------------------------------------------------------
On behalf of the Board of Directors of Kelanamas Industries
Berhad (KIB or Company), Arab-Malaysian Merchant Bank Berhad
(Arab-Malaysian) announced that on 26 November 2001, KIB had
entered into a Memorandum of Understanding (MOU) with MP
Technology Resources Berhad (MPTR), Tai Seng Plastic Industries
Sdn Bhd (Tai Seng) and other companies as detailed in Section 3
below, in relation to a Proposed Scheme to regularize its
financial condition.
SALIENT TERMS OF THE MOU
The salient terms of the MOU are:
a) Each of the parties will in good faith use its best
endeavors to conclude negotiations leading to the finalization
and execution of all the agreements in respect of the Proposed
Scheme within three (3) months from the date of the MOU (Lockout
Period);
b) During the Lockout Period, the parties will negotiate
exclusively with each other only in respect of the Proposed
Scheme. Each of the parties agrees that it shall not during the
Lockout Period negotiate with any other party;
c) The MOU represents the good faith, understanding and
statement of intention of the parties to proceed further with
their negotiations and as such, is not intended to have any
legally binding effect save with respect to the agreement as to
exclusive negotiation during the Lockout Period;
d) Proposed Scheme
Under the Proposed Scheme, MPTR will be used as the vehicle to
assume the listing status of KIB. The Proposed Scheme, which is
subject to modifications and variations as may be deemed
necessary by the parties concerned, would include the following
components and will be subject to all relevant approvals:
i) Proposed capital reconstruction of KIB.
ii) Proposed scheme of arrangement between MPTR and the
shareholders of KIB whereby shareholders of KIB will be offered
MPTR shares.
iii) Proposed scheme of arrangement between MPTR and the
creditors of KIB whereby creditors of KIB will be offered MPTR
Shares in satisfaction of the amount owing by KIB to the
creditors.
iv) Proposed acquisition of the following companies by
MPTR.
ú Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
ú Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
ú Highlight Plastic Machinery Sdn Bhd (HL)
ú VCM Precision Sdn Bhd (VCM)
ú Tralvest (M) Sdn Bhd (Tralvest)
ú HIM Marketing Sdn Bhd (HIM)
ú Hearngrange Packaging Industries Sdn Bhd (HG)
ú MP Recycle Products Sdn Bhd (MP Recycle)
v) Proposed transfer of the listing status of KIB to MPTR.
INFORMATION ON MPTR, TAISENG AND OTHER COMPANIES
MPTR
MPTR was incorporated in Malaysia on 5 January 1999 as a private
limited company and was later converted into a public company on
17 April 2001. It is currently dormant and is intended to be
used as the vehicle to assume the listing status of KIB. Its
present authorized share capital is RM100,000 comprising of
100,000 ordinary shares of RM1.00 each ("Shares"), of which 2
Shares have been issued and fully paid up. It does not have any
associated or subsidiary companies. Details of its vendors are
contained in Table 1 found at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
Tai Seng
Tai Seng was incorporated in Malaysia on 17 September 1994. It
is principally involved in the manufacturing and export of
plastic carrier bags. Its present authorized share capital is
RM5,000,000 comprising 5,000,000 Shares, of which 4,888,888
Shares have been issued and fully paid up. Based on the audited
accounts as at 30 November 2000, its profit after taxation
amounts to RM2.808 million while its NTA is RM9.521 million. It
does not have any associated or subsidiary companies. Details of
its vendors are contained in Table 1 found at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
Eng Zan
Eng Zan was incorporated in Malaysia on 1 August 1996. It is
principally involved in the manufacture and reconditioning of
plastic printing and other plastic related machinery, equipment
and replacement parts. Its present authorized share capital is
RM500,000 comprising 500,000 Shares, of which 500,000 Shares
have been issued and fully paid up. Based on the audited
accounts as at 31 October 2000, its profit after taxation
amounts to RM1.134 million while its NTA is RM2.441 million. It
does not have any associated or subsidiary companies. Details of
its vendors are contained in Table 1 at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
HL
HL was incorporated in Malaysia on 8 January 1999. It is
principally involved in the manufacturing of plastic blowing
machines, reconditioning and supply of spare parts. Its present
authorized share capital is RM500,000 comprising 500,000 Shares,
of which 300,000 Shares have been issued and fully paid up.
Based on the audited accounts as at 30 November 2000, its profit
after taxation amounts to RM1.029 million while its NTA is
RM2.277 million. It does not have any associated or subsidiary
companies. Details of its vendors are contained in Table 1 at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
VCM
VCM was incorporated in Malaysia on 17 March 1995. It is
principally involved in the manufacturing of all types of
printing drums primarily for the plastics and packaging
industry. Its present authorized share capital is RM500,000
comprising 500,000 Shares, of which 500,000 Shares have been
issued and fully paid up. Based on the audited accounts as at 31
August 2000, its profit after taxation amounts to RM0.7 million
while its NTA is RM1.936 million. It does not have any
associated or subsidiary companies. Details of its vendors are
contained in Table 1 at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
Tralvest
Tralvest was incorporated in Malaysia on 17 May 1994. It is
principally involved in the manufacture of plastic components
using injection machines and mould making for plastic injection
machines. Its present authorized share capital is RM1,000,000
comprising 1,000,000 Shares, of which 879,417 Shares have been
issued and fully paid up. Based on the latest available audited
accounts as at 31 December 1999, its profit after taxation
amounts to RM0.196 million while its NTA is RM1.189 million. It
does not have any associated or subsidiary companies. Details of
its vendors are contained in Table 1 at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
HIM
HIM was incorporated in Malaysia on 16 August 1994 but only
commenced operations in 2000. It is principally involved in the
collection and trading of recyclable material such as plastics,
paper and wooden and plastic pallets. Its present authorized
share capital is RM100,000 comprising 100,000 Shares, of which
88,000 Shares have been issued and fully paid up. It does not
have any associated or subsidiary companies. Details of its
vendors are contained in Table at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
HG
HG was incorporated in Malaysia on 14 September 1999 but only
commenced operations only in 2000. It is principally involved in
the trading of plastic raw materials, recycling of plastic
resins and manufacturing of plastic bags and related products.
Its present authorized share capital is RM5,000,000 comprising
5,000,000 Shares, of which 1,000,000 Shares have been issued and
fully paid up. It does not have any associated or subsidiary
companies. Details of its vendors are contained in Table 1 at
http://www.bankrupt.com/misc/Kelanamas_Industries.doc
MP Recycle
MP Recycle was incorporated in Malaysia on 10 July 2001. It is
currently dormant and its intended activity is in the
compounding and recycling of plastic materials. Its present
authorized share capital is RM100,000 comprising 100,000 Shares,
of which 2 Shares have been issued and fully paid up.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors and substantial shareholders of KIB and
persons connected to Directors and substantial shareholders of
KIB have any interest, direct or indirect, in the Proposed
Scheme.
ADVISER
Arab-Malaysian has been appointed as the adviser to KIB for the
Proposed Scheme.
FULL ANNOUNCEMENT UPON EXECUTION OF AGREEMENTS
A full announcement will be made upon the execution of the
agreements in respect of the Proposed Scheme.
INSPECTION OF DOCUMENTS
A copy of the MOU will be available for inspection by the
shareholders of KIB during normal business hours at the
registered office of the Company, from Mondays to Fridays
(except public holidays) for a period of two (2) weeks from the
date of this announcement.
MBF CAPITAL: Units Obtain Restraining Order Extension
-----------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of MBf CAPITAL BERHAD (MBf Capital or Company),
announced that:
(i) two (2) wholly owned subsidiary companies of MBf Capital,
namely MBf Leasing Sdn Bhd (MBf Leasing) and MBf Factors Sdn Bhd
(MBf Factors) had obtained an extension of the restraining order
under Section 176(10) of the Companies Act, 1965 from the High
Court of Malaya at Kuala Lumpur for a period of three (3)
months, to 22 February 2002;
(ii) MBf Leasing and MBf Factors had obtained an order
pursuant to Section 176(1) and 177 of the Companies Act, 1965
from the High Court of Malaya at Kuala Lumpur for the Court
Convened Meetings to be held by 31 January 2002;
(iii) MBf Capital had obtained an order pursuant to Section
176(1) and 177 of the Companies Act, 1965 from the High Court of
Malaya at Kuala Lumpur for the Court Convened Meetings to be
held by 31 January 2002; and
(iv) Kuala Lumpur Stock Exchange had on 23 November 2001
approved an extension of two (2) months from 23 October 2001 to
22 December 2001 to enable MBf Capital to announce its Requisite
Announcement.
NCK CORPORATION: KLSE Approves Two-Month Extension Request
----------------------------------------------------------
The Special Administrators (the SA) announced on behalf of NCK
Corporation Berhad (Special Administrators Appointed) that the
Company had on 24 October 2001 applied for an extension of two
(2) months to release the Requisite Announcement (RA) to the
Kuala Lumpur Stock Exchange (KLSE). The KLSE, on 23 November
2001 approved an extension of two (2) months from 26 October
2001 to 25 December 2001 to enable the Company to announce its
RA to the Exchange for public release.
The Company is required to provide the Exchange with a detailed
progress report on the development and/or latest status of the
regularization exercise by 6 December 2001 on any development
between the Company's application letter
TRANS CAPITAL: KLSE OKs Four-Mo Extension Request
-------------------------------------------------
Trans Capital Holding Berhad (TCHB) announced that TCHB has
received the approval of the Kuala Lumpur Stock Exchange (KLSE)
for the extension of time for 4 months from 22 October 2001 to
28 February 2002 in order for TCHB to revise its regularization
plan and to make a revised Requisite Announcement (RA) to the
KLSE for public release.
WEMBLEY INDUSTRIES: Proposed Debt Restructuring RA Extended
-----------------------------------------------------------
Alliance Merchant Bank Berhad announced, on behalf of Wembley
Industries Holdings Berhad (WIHB or Company), that the Kuala
Lumpur Stock Exchange (KLSE) had, vide their letter dated 23
November 2001, given an approval for a further extension of time
from 23 October 2001 to 31 December 2001 to enable WIHB to
announce its revised Requisite Announcement (RA) in relation to
its Proposed Debt Restructuring.
Thereafter, upon submission of the revised plan to the
regulatory authorities, the Company is also required to make a
separate application to the KLSE to seek additional time for the
Company to obtain all the necessary approvals from the
regulatory authorities.
ZAITUN BERHAD: KLSE Required Progress Reports
---------------------------------------------
Zaitun Berhad informed that on 23 November 2001, the KLSE
approved an extension of three (3) months from 26 October 2001
to 25 January 2001 to the Company. In approving the extension,
the Company is required to provide the KLSE a:
(i) 1st progress report by 6 Dec 2001 on any development between
company's application letter dated 17 October 2001 and 5
December 2001
(ii) 2nd progress report by 15 January 2002 on any development
between 5 December 2001 and 14 January 2002.
=====================
P H I L I P P I N E S
=====================
ALL ASIA: Yuchenco Group Likely To Takeover Unit
------------------------------------------------
The Yuchengco group opened negotiations for the acquisition of
All Asia Life, the life insurance unit of troubled All Asia
Capital and Trust Corporation, according to Inquirer News
Service on Monday.
Legacy Scholarship Plans, has likewise expressed interest in
taking over another All Asia Capital subsidiary, All Asia Plans.
The sale of both All Asia Capital and Trust Corp. subsidiaries
are integral components of the All Asia Groups rehabilitation
plan.
Last July, All Asia filed a petition for rehabilitation with the
Makati regional trial court, which granted the request and
ordered the appointment of former SEC associate commissioner
Danilo Concepcion as All Asia's receiver.
As of June 30 this year, All Asia had exceeded its assets by P2
billion.
METRO PACIFIC: Controlling Stake Offered To San Miguel
------------------------------------------------------
First Pacific Co Ltd has offered to sell its 80.6 percent stake
in Metro Pacific Corp to San Miguel Corp, who in turn was not
interested, PRNewsAsia reported on Monday, citing unnamed
sources.
San Miguel was not interested in the deal because as a
consequence of the supposed acquisition, the food and beverage
giant will be ordered to pay over P12 billion of Metro Pacific's
debts. An unidentified source said that, "There's no strategic
fit and San Miguel cannot take on that risk. It's a high risk
project even if San Miguel is already into property
development."
Aside from San Miguel, First Pacific had already approached
tycoons, Henry Sy and John Gokongwei for the acquisition of its
stake in its subsidiary. An earlier local report said that
First Pacific was offering to sell Metro Pacific for only P1 per
share plus advances worth about US$90 million.
NATIONAL BANK: Government Stands Down On Veto Power Demand
----------------------------------------------------------
The government has appeared to have given up a plan to secure
veto power for itself in the ailing Philippine National Bank,
should PNB's 67-percent stake be sold through a joint sale or
re-acquired by its present majority owner Lucio Tan, the
Inquirer News Service reported on Monday, quoting Finance
Secretary Jose Isidro Camacho.
Tan, even after securing a right of first offer, in which he
gets assurance that the block of shares to be sold jointly would
be offered to him first, has also rejected the government's veto
proposal.
A veto power would have been crucial because it would have given
the government the final say in any decision making issue even
if Tan should pursue the joint sale.
The government instead is now bent on convincing Tan to grant it
a put-option, which gives the government the opportunity to sell
its remaining stake should Tan end up regaining control of PNB.
NATIONAL STEEL: Three Groups Submit Lease Bids For Iligan Plant
---------------------------------------------------------------
Voest Alpine of Austria, and local firms Cathay Pacific Steel
Corp and Allengoal Steel Fabrication Trading Co. have finally
submitted detailed offer sheets to lease and rehabilitate the
mothballing Iligan Plant of ailing National Steel Corporation,
as reported by Inquirer News on November 26.
The Department of Trade and Industry-led evaluation committee
accepted the bids and will start the formal presentation of each
by November 28. The committee likewise expressed its confidence
in being able to come up with its choice by the end of the
month.
=================
S I N G A P O R E
=================
FHTK HOLDINGS: Posts Changes In Shareholder's Interests
--------------------------------------------------------
FHTK Holdings Limited issued a notice of changes on the
interests of substantial shareholder Oversea-Chinese Banking
Corporation Limited. The notice:
Notice Of Changes In Substantial Shareholder's Interests
Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: November 23, 2001
Date of change of interest: November 21, 2001
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 72,000
Percent of issued share capital: 0.01
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.11
No. of shares held before change: 943,122
Percent of issued share capital: 0.08
No. of shares held after change: 871,122
Percent of issued share capital: 0.07
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed ` Direct
No. of shares held before change: 48,581,292 149,707,667
Percent of issued share capital: 3.95 12.16
No. of shares held after change: 48,581,292 149,635,667
Percent of issued share capital: 3.95 12.15
Total shares: 48,581,292 149,635,667
Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
148,764,545 (12.08 percent) and registered holder Oversea-
Chinese Nominees Private Limited is 871,122 (0.07 percent) and
deemed interest under registered holder UOB Kay Hian Private
Limited is 48,176,448 (3.92 percent) and under registered holder
Keppel Bank Nominees Private Limited is 404,844 (0.03 percent).
Total interest after change is 16.10 percent.
I-ONE.NET: Fong Kah Kuen Changes Interests
------------------------------------------
I-One.Net International Limited announced a notice of changes in
the interests of substantial shareholders Fong Kah Kuen and
Foong Kah Kuen. The notice containing the changes is detailed in
document:
Notice Of Changes In Substantial Shareholder's Interests
Name of substantial shareholder: Fong Kah Kuen & Foong Kah Kuen
Date of notice to company: November 24, 2001
Date of change of interest: November 22, 2001
Name of registered holder: Lum Chang Securities Pte Ltd
Circumstance giving rise to the change: Sale initiated by
financial institution to meet
obligations
Shares held in the name of registered holder
No. of shares of the change: 800,000
Percent of issued share capital: 0.13
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.05
No. of shares held before change: 22,800,000
Percent of issued share capital: 3.73
No. of shares held after change: 22,000,000
Percent of issued share capital: 3.59
Holdings of Substantial Shareholder (See Note below) including
direct and deemed interest
Deemed Direct
No. of shares held before change: 92,878,000 42,000,000
Percent of issued share capital: 15.18 6.86
No. of shares held after change: 92,878,000 41,200,000
Percent of issued share capital: 15.18 6.73
Total shares: 92,878,000 41,200,000
Note:
The percentage of shareholdings to issued share capital reflects
the increase in the issued share capital of the Company as a
result of the recent Rights Issue in November 2001.
STAMFORD LAND: Incurs H101 Net Loss Off S$10M
---------------------------------------------
Stamford Land Corporation, which manages, operates and owns
hotels, as well as operates travel agencies, posted a net loss
of S$10.759 million on revenues of S$83.951 million for the six
months to September. The losses are significant, compared to
last year's first half net profit of S$3.03 million on revenues
of S$118.64 million, as reported by PRNewsAsia on yesterday.
The current first half figures resulted into a loss per share
equal to 1.2 cents compared to an earnings per share (EPS) of
0.3 cents set last year during the same period. The company also
failed to post dividends for the six months to September period,
the same as last year.
SINGAPORE PETROLEUM: Announces Profit Warning
---------------------------------------------
The Board of Directors of the Singapore Petroleum Company (SPC)
together with its subsidiaries, announced that the Group's
performance for the full year 2001 may be adversely affected by
the poorer than expected refining margins in the second half of
the year, the steep slowdown in demand for products following
the September 11, 2001 incident and the recent drastic decline
in both crude and product prices which has resulted in a
significant inventory loss.
As a result of the above factors and contrary to the
expectations disclosed in the first half results announcement,
the Board of SPC does not expect the Group to report a net
profit for the full year 2001.
===============
T H A I L A N D
===============
ITALIAN-THAI: Plans Debt To Equity Conversion
---------------------------------------------
ITD Planner Company Limited, on behalf of Italian-Thai
Development Public Company Limited (the Company), informed
that, currently, the Company is in the process of preparing
the reorganization plan. The debt to equity conversion is one
of the alternatives, which the planner is considering.
At present, the conversion price is not yet specified. However,
the Company expects that the reorganization plan could be
submitted to the Central Bankruptcy Court within December 2001.
Regarding the bid submission for the construction of Runway for
Suvarnabhumi Airport, the Company is expecting to submit also
within December 2001.
N.T.S. STEELGROUP: Files Business Reorganization Petition
---------------------------------------------------------
The Petition for Business Reorganization of N.T.S Steelgroup
Public Company Limited (DEBTOR), engaged in manufacturing and
selling steel products, was filed in the Central Bankruptcy
Court:
Black Case Number 692/2543
Red Case Number 719/2543
Petitioner: N.T.S. STEELGROUP PUBLIC COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt21,548,941,886.29
Planner: 331 Planner Company Limited
Date of Court Acceptance of the Petition: September 4, 2000
Date of Examining the Petition: October 2, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: October 2, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 9, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner : in Government Gazette: October 26,
2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: January 26, 2001
Planner postponed the date of submitting the Plan #1st: February
26, 2001
Planner postponed the date to submit the reorganization plan #
2nd: March 26, 2001
Appointment Date of the Meeting of Creditors for the Plan
Consideration: April 27, 2001 at 9.30 am. Sirikit Convention
Center.
The Meeting of Creditors had passed the resolution accepting the
reorganization plan pursuant to Section 90/46
Court Order for Accepting the reorganization plan: June 6, 2001
and appointed 331 Planner 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: June 28, 2001
Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: August 2, 2001
Contact: Mr. Somkit Tel, 6792525 ext 144
SIAM STEEL: Posts Q301 Forex Rate Fluctuation Effects
-----------------------------------------------------
Siam Steel International Public Company Limited and Subsidiaries
have foreign currency loans outstanding as of September 30, 2001
totaling approximately US$20.45 million. Under the
rehabilitation plan, which was approved by the Central Court of
Bankruptcy on May 11, 2000 with an amendment on December 13,
2000, the foreign currency loans have been split into three
tiers.
Presently, the loan balances consist of Tier 1 US$12.67 million,
Tier 2 US$7.78 million, and Tier 3 US$14.52 million. The Tier 3
loans were converted to Baht on the plan approval date of
approximately Bt1,271 million.
On July 3, 2001, the Company partially converted its Tier 3
loans amounting to approximately Bt722 million into authorized
and paid-up share capital. The conversion of the remaining
loans is expected to be completed by June 30, 2002.
During the three-month ended September 30, 2001, the Company
partially paid Tier 1 foreign currency loans of approximately
US$0.26 million. The outstanding foreign currency loans as of
September 30, 2001 are totaling approximately US$20.45 million.
THAI WAH: Releases 2002 Holidays List
-------------------------------------
Thai Wah Group Planner Co., Ltd., Plan Administrator of Thai Wah
Public Company Limited, informed the company's holiday for the
year 2002:
List of Holidays for the Year 2002
1. Tuesday 1st January New Year Day
2. Monday 11th February Chinese New Year Day *
3. Tuesday 12th February Chinese New Year Day *
4. Tuesday 26th February Makha Bucha Day
5. Monday 8th April Substitution for Chakri Day
6. Monday 15th April Songkarn Day
7. Tuesday 16th April Substitution for Songkarn Day
8. Wednesday 1st May National Labor Day
9. Monday 6th May Substitution for Coronation Day
10. Monday 27th May Substitution for Visakha Bucha Day
11. Thursday 25th July Buddhist Lent
12. Monday 12th August H.M. The Queen's Birthday
13. Wednesday 23rd October King Chulalongkorn's Day
14. Thursday 5th December H.M. The King's Birthday
15. Tuesday 10th December Constitution's Day
16. Tuesday 31st December New Year's Eve
Remark: * Company's Holidays which are not the Stock Exchange of
Thailand's holidays.
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-Merlin, 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 ***