/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011219.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, December 19, Vol. 4, No. 247 Headlines A U S T R A L I A ANACONDA NICKEL: Company Secretary Resignation, New Appointment ANSETT AIRLINES: International Consortium Back Fox/Lew Group ENRON AUSTRALIA: Administrators Grant Parties Data Access GOODMAN FIELDER: Focuses On Improved Returns To Holders GOODMAN FIELDER: Posts Address Given To Market Investors HIH INSURANCE: Little Time, Information Hindered Accountants LEND LEASE: Sells Larry Smith Italy NORMANDY MINING: AngloGold Extends Offer Period TENNYSON NETWORKS: Unit Joins Forces With Commsoft Group C H I N A & H O N G K O N G CHINA METALLURGIC: Winding Up Petition Pending CO YANG: Winding Up Petition To Be Heard EMPEROR CHINA: Eases Losses G-PROP (HOLDINGS): Enters Placing Agreement With NSL GARDEN CITY: Winding Up Petition Heard GUANGDONG KELON: Requests Trading Suspension PORTSLINK ASIA: Petition To Wind Up Docketed PRO-MARKET: Winding Up Sought By Hop Lik SOMERSET & MORGAN: Hearing of Winding Up Petition Set I N D O N E S I A BANK CENTRAL: IBRA Extends Bid Deadline To Jan 28 J A P A N NISSHO IWAI: Moody's Downgrades Ratings To B2, Outlook Negative TEISEI FIRE: Merger With Yasuda Fire, Nissan Fire Cancelled K O R E A DAEWOO SECURITIES: Woori Financial Likely To Take over HANBO STEEL: Kamco Plans To Terminate Talks With AK Capital HYUNDAI MOTOR: Unionists To Vote On Deal With Management HYUNDAI PETROCHEM: Creditors Push Sale After Debt-Equity Swap HYUNDAI PETROCHEMICAL: Honam Interested To Take Over HYNIX SEMICONDUCTOR: Micron To Unveil Proposal This Week SEOUL BANK: KEB Shows Interest, Floats Merger SUMITOMO MITSUI: Setting Up Y28.3B US Holding Co M A L A Y S I A RENONG BERHAD: Doubts Over Asset Sale Plan Weaken Shares UNITED ENGINEERS: Plans RM2.4B Restricted Issue In PLUS Shares P H I L I P P I N E S METRO PACIFIC: Property Development Unit "Not For Sale" NATIONAL STEEL: Creditor Banks Stick To P1B Cash Deposit, Bond S I N G A P O R E CAPITALAND: GK Goh Brokers Sell Parkway Holdings Stake CAPITALAND LIMITED: Posts Temasek Holdings' Change In Interest CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest SEMBCORP LOGISTICS: Posts Changes In Capital Group's Interest T H A I L A N D DATAMAT PUBLIC: Posts Share Offering Resolution Report EMC PUBLIC: Declares 2002 Annual Holidays ROBINSON DEPARTMENT: Submits 2002 Holiday Lists To SET SIAM PAPER: Files Business Reorganization Petition THAI RUNG: Board Resolution Issued Re Change In Par Value - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: Company Secretary Resignation, New Appointment --------------------------------------------------------------- Anaconda Nickel Limited announced the resignation of Mr Malcolm James as Company Secretary and the appointment of Mr Stephen Dennis to this position. Mr Dennis will also continue as General Manager, Commercial for Anaconda. Early this month, TCR-AP reported that the Company reduced its workforce after the completion of the Strategic Review. The Company stated that the action has been necessary following the decision of the Board to focus primarily on the Murrin Murrin Operation. ANSETT AIRLINES: International Consortium Back Fox/Lew Group ------------------------------------------------------------ The Lindsay Fox and Solomon Lew consortium have found international backers for their bid to acquire Ansett Airlines assets, AFX reported Tuesday, quoting the Australian Financial Review report. The consortium, led by the Chairman of UK budget carrier Ryanair and Continental Airlines Director David Bonderman, and a former chief executive of America West Airlines Bill Franke, have agreed to take 35-49 percent of the Fox/Lew syndicate and play an active role in the airline's management. According to Mr Franke, "Having looked first hand at Ansett and the overall market in Australia, I am convinced Ansett can be restored to being a great airline, and a great business, of which its employees and the traveling public can be proud." ENRON AUSTRALIA: Administrators Grant Parties Data Access --------------------------------------------------------- The Voluntary Administrators of Enron Australia Finance have reach the final initial process of data room access for qualified parties who have shown an interest in the Enron electricity derivatives contracts, according to a Tuesday AsiaPulse article. According to the Administrators, nine out of an initial 18 parties had been granted access to the room, including one international party. Parties who did not access the due diligence room had either withdrawn voluntarily, or had not met the Administrators' pre- qualifying requirements. The Administrators have rejected bids received on the basis that work out or termination of counterparty agreements will produce a greater return to Enron Australia shareholders. At this time, of a total of 38 counterparties, six have elected to issue default notices and terminate, nine have mutually agreed to a close-out, a negotiated finalization of their Enron obligations, and negotiations were continuing with remaining counterparties in respect to the 1200 electricity derivatives contracts. GOODMAN FIELDER: Focuses On Improved Returns To Holders ------------------------------------------------------- Goodman Fielder has a clear strategy and straightforward earnings model that will improve returns to shareholders, Chief Executive, Tom Park, has told investors in Sydney. Mr Park said he is confident that the strategic action plan will generate consistent profit growth over the next few years. "The strategic action plan provides a platform to build a stronger company that will generate increased earnings and return on funds employed," Mr Park said. "By focusing on our retail branded businesses in Australasia, we will leverage our strong brand and market positions with funds generated from productivity benefits across our businesses. This will allow us to achieve our previously stated targets for earnings growth and return on funds employed on a sustainable basis." Mr Park said there had been substantial progress so far, including: * A re-organization of the company on a simplified business model; * Appointment of a new management team; * Several recent marketing initiatives including Mighty Soft, Uncle Tobys Break free and Uncle Tobys Flakes Plus; * Improved product pricing; * The sale of Starch and Germantown: and * The 1st tranche of a share buy-back. Mr Park also said Goodman Fielder was aggressively pursuing other major outstanding elements of the strategic action plan including the sale of Leiner Davis and the Milling and Mixing review. "We have recently announced a major review of our Australian Milling and Mixing businesses and will be seeking a strategic partner that is willing to enter into an input supply agreement to provide flour for our baked goods businesses. We expect the Leiner Davis sale to be concluded in the first half of 2002 as FTC issues are addressed and are working towards completion of the Milling and Mixing review in the second half of 2002." For further information: Robert Hadler Lina Melero CORPORATE AFFAIRS DIRECTOR CORPORATE AFFAIRS MANAGER 02-8874 6095 work 02-8874 6064 work 0401 700 000 mobile 0401 700 151 mobile GOODMAN FIELDER: Posts Address Given To Market Investors -------------------------------------------------------- Goodman Fielder Limited posted Chief Executive and Managing Director, Tom Park' s address to market investors: "I would like to thank Larry Gandler and CSFB for hosting today's lunch. I am delighted to be back in the food industry and leading Goodman Fielder. I have been Chief Executive now for only seven weeks. But in that time, I have had a chance to: - work with my team to develop a clear view of the opportunities and challenges facing us and our strategies to address them; - announce seven core principles that will drive our future plans; - attend the Annual General Meeting and talk to shareholders; - and announce the review of our Milling & Mixing business in Australia. "I have also visited over ten of our manufacturing and sales sites in Australia and New Zealand. As this is my first presentation to major investors, I would like to start by outlining my initial impressions about the company. I will revisit the key elements of the strategic action plan and our seven core operating principles and progress so far. I will then spend some time outlining to you the basic shape of the earnings model I believe will work at Goodman Fielder and help us to achieve our vision." "My first impressions are that Goodman Fielder has very good people, brands and assets that provide a platform for improved performance and returns to shareholders. Much work has been done to restructure the company and to leverage those assets to improve performance - there was a lot to clean up, align and improve from the early 90s. However, there is still far too much complexity and cost in the business that needs addressing for us to be able to realize our potential." "This will not require the big restructuring of previous years but it will require focus, and hard work across our company to bring in the processes and disciplines to realize savings available. I am confident that if we stick to our strategy, our straightforward earnings model will generate consistent profit growth and improved shareholder returns." "It is important to remember that Goodman Fielder is the biggest food company in Australasia. Size and scale provides a number of benefits if we properly leverage those assets. Firstly, it means scale economies in sourcing, logistics, manufacturing and selling. Secondly it provides an opportunity to take category leadership positions and build strategic partnerships with our major customers." "In the past, Goodman Fielder has not been structured to take advantage of these assets. I believe that business consolidation under the strategic action plan will allow us to unlock productivity benefits and focus more on leveraging these assets. We also have very strong market positions across our businesses. The Scan Data shows healthy share positions. This requires focus and commitment to support it." "Our strong brand portfolio underpins our healthy category positions. These existing brands deserve greater investment behind them to realize their full potential. Our direct marketing expenditure is relatively low, but more importantly, these are great products with real benefits to communicate more broadly. Our relatively low DME is also a function of our current exposure in non-retail branded activities. This will alter as we go forward. "As we increase our brand support, we would also seek to lift core brand growth rates. Remember, core brand growth is profitable growth. As I said before, there has been widespread restructuring in the last few years. "That restructuring focused on: -divesting non-core businesses such as European Foods and Steggles - improving our core businesses through bolt on acquisitions such as Bunge Defiance; and - reducing duplication and excess capacity through site closures and sales. "This has seen modest improvements in the EBIT to sales margin & ROFE. "However, it has involved significant abnormals ($374 million in last six years). "We have also seen costs rise and erode much of the savings generated by the restructuring. "As a result earnings have been too volatile and returns to shareholders inadequate. A more consistent and sustainable business model is required. The Strategic Action Plan announced back in March is the last major restructuring and provides a platform to build a better company. Our future commitment to no net abnormals stands. By focusing on our core retail branded businesses in Australasia, we will leverage our strong market positions and build greater equity and sustainability into our business. We will continue to simplify the business and work our core assets harder whether they be brands of physical assets while requiring greater productivity in the process. This will improve returns and generate increased cash and earnings to reinvest in the business and returns to shareholders. "I'd now like to outline seven core operating principles my staff and I have developed to drive our business forward. They form both a model of how we will manage our business and a guideline for decision-making at all levels of our organization: "First - as discussed, we will focus our resources on our existing core retail brands. We will work to grow them over time, while reducing efforts spent on non-core activities. Without Ingredients and Milling, our percentage of retail branded businesses will rise significantly; "Second - we will continue to simplify and streamline our business to reduce complexity and allow our people to accomplish the important things most economically. Reduced SKUs (stock keeping units), improved system and portfolio management will all contribute. We will remove the excess complexity to allow greater focus on productivity and effective brand management; "Third - we need to free up the funds and time from our existing business to provide the resources to grow our core brands. This requires a company-wide effort on productivity as the primary engine of future growth. Conversion costs, overhead reductions, material management, yields, formulation savings, strategic sourcing and reduced wastage are all being targeted for savings; "Fourth - we will maintain an external focus to ensure our activities are driving value for our customers and consumers and thus building equity in our brands and our company over time. In the past, our DIFOT has not been adequate and that is a top priority; "Fifth - we must leverage our existing assets more actively and effectively, whether they are our physical assets, our people capabilities, or our existing brands. This will see best practice shared across the group, capex held down and ROFE (return on funds employed) improve over time; "Sixth - we must have a powerful underlying commitment to the basics of good business; safety for both employees and consumers, a quality focus in all that we do, a true commitment to customer service and rigorous attention to all compliance issues. Over the past three years, our lost time injury frequency rate has fallen from around 12/200,000 hours worked to 1.5 times today (an 80% improvement); and "Finally, we must have a total belief in the power of teamwork to deliver specific results and superior outcomes and we will invest in our people and their skills to equip them to succeed. "These seven core operating principles, along with the strategic action plan, form the focus of our approach to our business going forward and define the activities we are pursuing. "There has been substantial progress this year: - in three months we completely re-organized the company. As I said before, this consolidation will be very important in driving improved performance; - we have put a completely new and younger management team in place and reduced overheads in the process; - we have launched some important new umbrella brands; - we have lifted prices in core products such as bread and margarine; - we have completed the sale of Starch and Germantown and used the proceeds to reduce debt and fund the 1st tranche of an on- market share buy-back; and - we are continuing with our program to divest non-core businesses. "We are pursuing DGF and the FTC to resolve all outstanding issues so we can close the Leiner Davis sale early in the New Year. We have also announced the review of our Australian milling & mixing businesses to complete the major restructuring at Goodman Fielder, increase our focus on retail branded businesses and lift returns. The re-organization has reduced the number of business units from 10 to six (and eventually to four). This simplification has significantly reduced duplication of back office functions and will generate significant cost savings this year. It will also allow us to reduce expenditure on corporate support and IT systems. The consolidation will also improve the relationship we have with our major customers by increasing our scale and streamlining our logistics and paperwork costs. As part of the business consolidation, we have also appointed a young and aggressive management team. Most of the new management team are in their early to mid forties. "Simon McDoweall, head of our daily fresh Baking business in Australia, is still only 39 but has 20 years experience with Bunge before joining Goodman Fielder. He launched Helga's nationally and took it from 5% to 10% share. "Rob Gordon, formerly head of Meadow Lea Foods, has just turned 40 and has been appointed Managing Director of GF Consumer Foods. This is a billion dollar retail branded shelf stable business - the biggest in Australia - with leading brands such as Uncle Tobys, Meadow Lea and White Wings. "Ron Vela has also just turned 40 and has been promoted from head of the successful Bluebird business to Managing Director of our combined businesses in New Zealand - the biggest shelf stable business in that country with icon brands such as Quality Bakers, Ernest Adams and Bluebird. "These are representative of a new generation of managers at Goodman Fielder who are determined to improve performance and shareholder returns. "As part of our strategy to focus on our existing brands and drive improved margins out of the business, we launched three new umbrella brands this year. - 'Mighty Soft' bread was launched in Australia to bring together the three regional brands of Buttercup in NSW, Sunicrust in Victoria and Country Bake in Queensland. This has already allowed us to standardize packaging but more importantly will create Australia's largest bread brand with various support programs. There was a similarly successful program in New Zealand in the late 90s when the Quality Bakers brand was relaunched. - Uncle Tobys 'Break free' has brought together a range of existing and new products as part of an adult snacking concept that will target health and convenience concerns of consumers; - Uncle Tobys 'Flakes Plus' also brings together our existing range of flake cereal products under one banner. "We have also relaunched other products, such as Bluebird Original chips in New Zealand, which generated a 13% increase in sales volumes over the past year. These examples highlight what we can do with our existing brands to drive cost savings and improved sales. "We have started the final phase of the restructuring program under the Strategic Action Plan. So there will be a positive mix impact within our sales number. We have already sold Starch and Germantown and used the proceeds to reduce debt and fund the 1st phase of the on market share buy back. "As discussed, we are pursuing DGF and the FTC to finalize the sale of Leiner Davis early next year. We are committed to using the proceeds for further debt reduction and the 2nd tranche of the current share buy-back. Last week we also announced plans to identify a strategic partner for our milling and commercial mixing business in Australia. We expect the process to take between 6 to 12 months to complete. The proceeds from these initiatives will enhance our future financial flexibility and provide a range of options including strategic investments for growth or possible capital return to shareholders consistent with our operating principles. "As a relatively mature industry, we do not expect big top line growth. As a result, we are targeting modest but sustainable overall sales growth, stronger growth from our core retail brands while reflecting some declines as we have lower marketing on non-core activities. "Driving our model, we will focus on significant productivity improvements as the engine of growth from every part of the business to: - generate funds for reinvestment in our brands to provide core brand growth - to underpin mix improvement - to provide support for pricing; and - to provide sustainability in our operating profit growth "These productivity improvements will come from simplification, conversion cost savings, formulation, yield and material management, strategic purchasing and overhead contraction and programs are progressing on plan with further upsides possible. "We will also improve our return on funds employed through the combination of asset sales and improved capex management with a target in excess of 15 per cent in the next 2 to 3 years. In combination with the share buy-back this will also sustain healthy earnings per share growth compounding around 10% in the next few years. There is much hard work to be done to fully deliver this model over the next couple of years but we are well progressed in the restructuring and productivity activities to underpin it. "This productivity driven model fuelling our retail brand growth will achieve our objective of improved operating performance and share holder return on a consistent and sustainable basis. This is the first step towards achieving our vision of becoming the leading food company in Australasia and the Pacific." HIH INSURANCE: Little Time, Information Hindered Accountants ------------------------------------------------------------ The HIH Royal Commission's hearing on Monday revealed that HIH Insurance withheld vital information from accountants Ernst & Young, AsiaPulse reported Tuesday, affecting the accountants ability to determine whether the failed insurer was still solvent late last year. The claim came as the Commission also heard that HIH Director Justin Gardener insisted to the Board that the insurer was still solvent just four days before it collapsed on March 15 this year. Ernst & Young was hired by HIH to review its finances and solvency in mid-November last year. HIH agreed to give the 36- member team of accountants unrestricted access to its books. However, no information was provided on HIH's individual companies. The team was told HIH staff was too busy dealing with a new joint venture with Allianz to provide details. Ernst & Young auditor, Kim Smith, said, "It clearly restricted the level of detail that was available to us and therefore had some impact on the scope of the work that we could achieve. The fact that we were working within a two-week period also made it very difficult even if the information had been available." The Commission also heard that Ernst & Young found "errors" in minutes of an HIH board meeting, held to discuss the report on November 28, at which Mr Smith was present for 15 minutes. Included in the "errors" was the claim that Ernst & Young "had not seen anything to indicate that HIH was insolvent", a view Mr Smith denied ever having expressed. The hearing continues before Justice Neville Owen. LEND LEASE: Sells Larry Smith Italy ----------------------------------- Lend Lease Corporation Limited (Lend Lease) announced that it has sold its Larry Smith property management operation in Italy (Larry Smith Italy) for a small profit to European Commercial Properties NV (ECP). The sale will have no effect on the activities of Larry Smith in Spain, which will continue to operate within the Lend Lease Group on a pan-European level, based in Madrid. The sale forms part of Lend Lease's reorganization of its operations in Italy. This will involve its Real Estate Investment Management activities being focused through its joint venture with Generali. Lend Lease's construction and project management services business will continue through Bevis Lend Lease and the recently announced joint venture with Pirelli. "Asset and property management are core to our activities when they are supporting assets in which we, or clients, have invested capital, as with our UK retail asset portfolio. We remain strongly committed to expansion in the Italian market, notably through our strategic relationship with Generali", said Charles Foster Taylor, CEO of Lend Lease Real Estate Investments, Europe. NORMANDY MINING: AngloGold Extends Offer Period ----------------------------------------------- On 13 December 2001 AngloGold Ltd announced that it intended to appeal the decision of the Australian Takeovers Panel in respect of its application relating to the provision of special benefits by Newmont Mining Corporation to Franco-Nevada Mining Corporation in connection with Newmont's proposed takeover offer for Normandy Mining Ltd. Following consultation with Normandy, and in light of this appeal and the Christmas holiday period, AngloGold has extended the closing date for its offer from 27 December until 7.00pm Sydney time, 3.00am New York time, on Friday, 4 January 2002. TENNYSON NETWORKS: Unit Joins Forces With Commsoft Group -------------------------------------------------------- Tennyson Technologies Pty Ltd, a subsidiary of Tennyson Networks Ltd (ASX:TNY) announced a new master distributor agreement in Australia with software developer CommSoft Group (ASX/NZSE: CSG). Under the agreement, Tennyson will distribute CommSoft's CallMaster software with its own award winning Smart Office Exchange (SOX) platform. The company will also become a distributor for NetMaster, CommSoft's innovative Internet monitoring software. Paul Addison, Managing Director of CommSoft Australia, says that this is an important new relationship for both companies. "Tennyson's solution offering is a good match with CommSoft's mid-market focus and both companies intend offering a highly competitive solution set to organizations within this market segment," says Addison. Tennyson is a world leader in the design, development, marketing and support of communications solutions for information-centric businesses. Leigh Coleman, CEO of Tennyson Networks Ltd, sees the synergy between the products working perfectly, saying, "CallMaster and SOX integrate seamlessly to present an invaluable solution for our customers. The combined package is a great product offering," says Coleman. "This agreement will strengthen the position of both companies in the marketplace." CALLMASTER FEATURES CallMaster is CommSoft's PABX call management product, designed to help companies manage telephone call costs. * CallMaster offers a full range of standard reports and the option of creating customized reports. Companies know at a glance how many calls are being made, both inbound and outbound, including duration, source and destination. Costs of calls are automatically identified from comparative carrier rates. Calls can be on-charged to other departments and with extensive reporting capabilities call costs can be examined. For example, the Top 20 reports show most often called numbers, most expensive calls made and longest calls made. * CallMaster can also make carrier comparisons, which lets companies see whether they are really receiving competitive call rates. * CallMaster benefits companies by reducing call costs, improving employee productivity and better allocating costs. NETMASTER FEATURES NetMaster is CommSoft's web management product, designed to monitor and categories employee time and frequency spent on particular sites on the Internet. The latest version introduces four significant advances: * "Follow that user" technology means NetMaster tracks usage by user, not by workstation * Reports can be run remotely from any web browser * NetMaster classifies internet use into 15 categories such as finance, shopping, chat rooms etc * Monitoring of chat-rooms and gaming sites SOX FEATURES Tennyson's Smart Office eXchange is the leading new-generation business communications platform integrating the functions of a phone system, fax server, LAN/WAN switching and routing, Unified Messaging and Computer Telephony Integration. SOX provides more business communications features with less Telco lines, and through its unique Virtual Phone PC application, all staff can easily handle more calls, more professionally. For sales groups, support desks, and other telephony intensive departments, Tennyson's PowerSOX software can be installed to turn those extensions, or indeed, the whole system into a powerful customer contact center solution at around half the cost of comparable systems. * Modular hardware platform integrates communications functions and saves money on separate devices * Point-and-Click and drag-and-drop PC interface making the phone easy and fun to use * Powerful screen-pop and database dialing capabilities integrating with most CRM and Contact Management applications * Affordable unified messaging offering built in fax-routing of received faxes into email Inbox, along with emails, voicemails and SMS send/receive from any desktop * Fully featured remote access for traveling staff via PC, Web, telephone or WAP * Powerful Call Distribution with graphical queue monitoring * Sophisticated Predictive and Power-dialing automation for dramatic outbound productivity increases * Easily configured Agent scripting (inbound/outbound) * Powerful Campaign results data analysis and decision support modeling tool Tennyson is based in Australia, with offices in Melbourne and Sydney, as well as international distributors in the United Kingdom, New Zealand, Korea, South Africa and Israel. SOX products have been sold in 22 countries. More information is available at www.tennyson.com.au On late September, TCR-AP reported that the company closed its Perth office, consolidating all head office functions in Melbourne Commensurate with the move, as another major milestone in its cost reduction program. ================================ C H I N A & H O N G K O N G ================================ CHINA METALLURGIC: Winding Up Petition Pending ---------------------------------------------- China Metallurgic (Hong Kong) Company Limited is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on January 30, 2002 at 11:00 am. The Bank of Tokyo-Mitsubishi, Ltd. whose principal place of business in Hong Kong is situated at 1st Floor, Far East Finance Center, 16 Harcourt Road, Hong Kong, filed the petition on November 14, 2001. CO YANG: Winding Up Petition To Be Heard ---------------------------------------- The petition to wind up CO YANG (HONG KONG) COMPANY is scheduled for hearing before the High Court of Hong Kong on January 23, 2001 at 9:30 am. The petition was filed on October 10, 2001 by Omaha Investments Limited whose registered office is situated at 22nd Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong. EMPEROR CHINA: Eases Losses --------------------------- Real estate developer Emperor (China Concept) Investments posted a net loss of $8.79M, or $0.32 per share, for the six months to September 30, compared with a net loss of $20.35M for the same time last year. The improved result was mainly due to a reduction of finance costs and appreciated of property values. Turnover rose 5.67% to $17.51M during the period. No interim dividend was declared. G-PROP (HOLDINGS): Enters Placing Agreement With NSL ---------------------------------------------------- G-Prop (Holdings) Limited entered into a placing agreement with the Placing Agent, on 14th December 2001 to place, through the Placing Agent on a best endeavor basis, 53,900,000 new Shares of HK$0.01 each in the share capital of the Company to independent investors at a price of HK$0.125 per Placing Share. The Placing Shares represent approximately 19.99% of the existing issued share capital of the Company and approximately 16.66% of the Company's issued share capital as enlarged by the Placing. The net proceeds from the Placing of approximately HK$6.6 million will be used as set out under the paragraph headed "Use of proceeds and reasons for the Placing" below. The Placing is conditional upon: (i) the allotment and issue of the Placing Shares being approved at a Special General Meeting to be convened on or before 28th January 2002 or such later date as the Company and NSL may agree; and (ii) the Stock Exchange granting listing of and permission to deal in the Placing Shares on or before 28th January 2002 or such later date as the Company and NSL may agree. The Placing Price represents the following: (i) a discount of approximately 15.54% to the closing price of HK$0.148 per Share quoted on the Stock Exchange on 14th December 2001, being the last trading day before the signing of the Placing Agreement and (ii) a discount of approximately 10.07% to the average of the closing price per Share as quoted on the Stock Exchange of approximately HK$0.139 for the ten trading days ended 14th December 2001. The Placing Price was agreed after arm's length negotiations and was determined having regard to the recent performance of the closing prices of the Shares. A circular to Shareholders setting out details of the Placing and a notice convening a Special General Meeting will be dispatched to the Shareholders as soon as practicable in accordance with the Listing Rules. THE PLACING AGREEMENT DATED 14TH DECEMBER 2001 Issuer The Company Placing Agent Newpont Securities Limited (NSL) is the Placing Agent. NSL and its ultimate beneficial owners are independent of and not connected with the Company nor with the directors, chief executive or substantial Shareholders of the Company, and any of their subsidiaries or any of their respective associates (as defined in the Listing Rules). The Placing is to be made on a best endeavor basis. Placees Not less than six placees (which are required to be independent individual, corporate and/or institutional investors) who will be independent of and not connected with the Company nor with the directors, chief executive or substantial Shareholders of the Company, and any of their subsidiaries or any of their respective associates (as defined in the Listing Rules). Currently, there is no substantial Shareholder holding more than 10% of the Shares of the Company. There will not be any new substantial Shareholders, who shall hold more than 10% of the Shares of the Company, arising from the Placing. Placing Price The Placing Price is HK$0.125 per Placing Share. This price was agreed after arm's length negotiations. The Directors consider that the Placing Price and the placing costs to be paid to the placing agent are fair and reasonable and the Placing is in the interest of the Company and the Shareholders as a whole. The Placing Agent will place the Placing Shares on a best endeavor basis and receive a commission of 1.5% of the aggregate Placing Price of the Placing Shares which is payable by the Company. USE OF PROCEEDS AND REASONS FOR THE PLACING The Company is an investment holding company. The Group is principally engaged in property investment and development. The Company also holds 50% shareholding interest in Legend Power Ltd., a company together with its subsidiaries engages in the business of manufacturing, sale and leasing of energy saving machines internationally. The net proceeds of approximately HK$6.6 million to be raised will be used for general working capital purposes of the Company. The Directors consider that the Placing is an opportunity for the Company to raise additional capital, which would enhance the capital base of the Company and increase the shareholders base and marketability of the Shares. GARDEN CITY: Winding Up Petition Heard -------------------------------------- The petition to wind up Garden City Company Limited was heard before the High Court of Hong Kong on December 12, 2001 at 9:30 am. The petition was filed on August 16, 2001 by Tremayne Investments Limited whose registered office is situated at 22nd Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong. GUANGDONG KELON: Requests Trading Suspension -------------------------------------------- Guangdong Kelon Electrical Holdings Company Limited (the "Company", and together with its subsidiaries, the "Group") has been conducting an internal audit in respect of the inter- company financial arrangements between the Company and its single largest shareholder, Guangdong Kelon (Rongsheng) Group Company Limited (GKG). During the internal audit, it was recently discovered that certain past inter-company financial arrangements between the Group and GKG or its subsidiaries and certain connected transactions between the two groups have not been fully or previously disclosed. The Company is currently in discussion with GKG to resolve the matters. The Company considers the previously undisclosed or not fully disclosed inter-company financial arrangements and connected transactions and their latest developments as price sensitive information in relation to the Company's shares. Accordingly, the Company has requested for suspension of the trading of its shares on the Stock Exchange of Hong Kong Limited and the Shenzhen Stock Exchange. The Company will make a further announcement on the details as soon as possible. The Company's internal audit and its discussions with GKG on the above matters have not affected the daily operations of the Company. PORTSLINK ASIA: Petition To Wind Up Docketed -------------------------------------------- The petition to wind up Portslink Asia Limited is scheduled to be heard before the High Court of Hong Kong on January 23, 2001 at 9:30 am. The petition was filed on October 8, 2001 by Turbo Top Limited whose registered office is situated at 22nd Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong. PRO-MARKET: Winding Up Sought By Hop Lik ---------------------------------------- Hop Lik Plastic Products Factory Limited is seeking the winding up of Pro-Market Global (Hong Kong) Limited. The petition was filed on October 9, 2001, and will be heard before the High Court of Hong Kong on January 23, 2002. Hop Lik holds its registered office at Room 2703, Bonham Trade Center, 50-54 Bonham Strand East, Sheung Wan, Hong Kong. SOMERSET & MORGAN: Hearing of Winding Up Petition Set ----------------------------------------------------- The petition to wind up Somerset & Morgan International Limited is set for hearing before the High Court of Hong Kong on January 10, 2001 at 10:30 am. The petition was filed on November 20, 2001 by Kwong sau Cheung Eddy of Flat E, 29th Floor, Ning Yeung Terrace, 78B Bonham Road, Hong Kong. ================= I N D O N E S I A ================= BANK CENTRAL: IBRA Extends Bid Deadline To Jan 28 ------------------------------------------------- Indonesian Bank Restructuring Agency (IBRA) decided to extend its deadline to all candidates of PT Bank Central Asia (BCA) strategic investor to deliver their final bid up to 28 January 2002. The extra period of time is given due to request from most candidates of strategic investor, as well as input from the Financial Advisor for BCA Divestment, such as PT Danareksa Sekuritas (Persero), Merrill Lynch Pte. Ltd, and Deloitte and Touche (DTT). These candidates requested extra period of time due to several things. First, though up to this time due diligence process is going on smoothly, candidates, which most represents consortium still need additional time to finish their cooperation between the consortium members. Secondly, having completed the due diligence process, they require time to draw up everything referring to delivery of final bid, inclusive is omitting approval from each management of consortium member, also preparing funding resources. Aside from that, the extra period of time is given because they need to prepare some documentations in order to fulfill fit & proper process requirement, which is held by Bank Indonesia (BI). The execution process of fit & proper towards strategic investor candidates of BCA shares an important part in the effort of completion of BCA divestment process in an optimal fashion relating to transparency, integrity, justice, and consistency in its execution. ========= J A P A N ========= NISSHO IWAI: Moody's Downgrades Ratings To B2, Outlook Negative --------------------------------------------------------------- Moody's Investors Service has downgraded Nissho Iwai Corporation's (NIC) senior unsecured debt rating to B2 from B1. The long-term debt ratings assigned to notes issued by NIC's subsidiaries were also downgraded to B2 from B1. The rating outlook is negative reflecting the reduced level of certainty as to the future behavior of Japanese banks. The rating action reflects Moody's increased concern over NIC's narrowing ability to manage the negative impact from a deteriorating external environment and maintain its current operating franchise. Also, Moody's is concerned about increasing uncertainty about Japanese banks' ability to continue traditional underwriting practice for highly leveraged firms with weak profitability over the intermediate period, given the current unfavorable domestic economic environment. The rating agency says that due to large restructuring-related losses in the past, NIC's economic capitalization has been weakened, and there is less cushion to absorb likely additional losses from the current stressful environment. These ratings were downgraded: Nissho Iwai Corporation: the senior unsecured debt rating to B2 from B1. Nissho Iwai America Corporation: the senior unsecured debt rating to B2 from B1 Nissho Iwai Europe PLC: the senior unsecured debt rating to B2 from B1. Nissho Iwai HK (Cayman) Limited: the senior unsecured debt rating to B2 from B1. Nissho Iwai International Finance (Cayman) Limited.: the senior unsecured debt rating to B2 from B1. Trading titan Nissho Iwai operates in several industries, including machinery, metals, commodities, construction, and energy. Like other sogo shosha facing tough economic times in Japan, Nissho Iwai is restructuring to be more efficient and profitable. TEISEI FIRE: Merger With Yasuda Fire, Nissan Fire Cancelled ----------------------------------------------------------- Yasuda Fire & Marine Insurance Co, Nissan Fire & Marine Insurance Co and Taisei Fire & Marine Insurance Co, which had been preparing to merge on April 1 to form Sompo Japan Insurance Inc, said Monday they have formally canceled their previous agreement to merge following Taisei Fire's collapse last month. The companies will, however, meet to come up with a revised merger agreement, and will continue to merge by July 1, 2002, PRNewsAsia reported Monday. ========= K O R E A ========= DAEWOO SECURITIES: Woori Financial Likely To Take over ------------------------------------------------------ Woori Financial Group, emerging as the leading candidate to acquire Korea Development Bank's stake in the securities firm, is likely to take over Daewoo Securities Co, PRNewsAsia reported Monday, which cited Maeil Business Newspaper TV. HANBO STEEL: Kamco Plans To Terminate Talks With AK Capital ----------------------------------------------------------- Korea Asset Management Co. (Kamco), which has been managing Hanbo Steel Co. since the steelmaker's bankruptcy in January 1997, plans to terminate the talks with AK Capital to sell Hanbo if the American company fails to meet Kanco's conditions. It will hold another auction in an attempt to sell the bankrupt steelmaker, Wall Street Journal reported Monday, which quoted an official at Kamco's public relations department. The official said, "AK Capital has to accept the conditions by midnight (Tuesday), otherwise we'll terminate talks with the U.S. concern." HYUNDAI MOTOR: Unionists To Vote On Deal With Management -------------------------------------------------------- Hyundai Motor's labor and management agreed late Monday on several pending issues, but the deal will not be binding until after the union members will endorse, which will due Wednesday. Half of the unionists should approve of the agreement, otherwise the whole deal will be sent back to the drawing board, Digital Chosun reported Monday. Under the agreement, the company will raise the monthly basic wage for next year by W96,750 and will award workers a bonus payment of 300 percent in addition to a separate cash payment of W1.6 million. The management offered to pay a bonus of 300 percent on top of W700,000 in merit payments against the union's demand for an increase of W125,033 in basic wages and a bonus of 568 percent next year. The management also reportedly approved of the union' s demand to re-hire laid-off workers and spare layoffs in the future. DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007 (HYUNMTR) trades between 101.500 and 103.500. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR HYUNDAI PETROCHEM: Creditors Push Sale After Debt-Equity Swap ------------------------------------------------------------- Hyundai Petrochemical's creditors said Monday they will push for the sale of the company following the completion of a W230 billion ($176 million) debt-for-equity swap yesterday, with Korea Development Bank to convert W60 billion of Hyundai Petrochemical's debts into equity, while Hanvit Bank and Kookmin Bank will extend debt-for-equity swaps of W34.1 billion and W20.1 billion, respectively, Korea Herald reported Tuesday. According to a creditor bank official, with the conclusion of the debt-equity conversion, the creditors will wholly own the troubled company, and once the debt-for-equity swap is completed, the creditors will double their efforts to sell Hyundai Petrochemical to a prospective buyer. HYUNDAI PETROCHEMICAL: Honam Interested To Take Over ---------------------------------------------------- Honam Petrochemical is interested to take over Hyundai Petrochemical, but negotiations have yet to start pending the former's specific takeover terms, Korea Herald reported Tuesday. A creditor bank official said, "We know that Honam Petrochemical is interested in taking over the embattled company but we have not talked about details." The ailing petrochemical company's sale is expected to be completed by June next year, with foreign companies interested to acquire and with the company president actively working for the sale, he added. HYNIX SEMICONDUCTOR: Micron To Unveil Proposal This Week -------------------------------------------------------- Micron Technology, which conducted a due diligence on Hynix Semiconductor last week, is expected to unveil a detailed proposal before the end of this week for a strategic alliance with ailing Hynix, Digital Chosun reported Monday. High-ranking officials of Hynix's creditor committee reportedly said Monday that what Micron wants is not a nominal strategic alliance deal, but a merger with the Korean firm. The officials, however, emphasized that Micron' s merger proposal is expected to contain tough terms and that Hynix creditors will take the proposal only as the starting point for further negotiations. SEOUL BANK: KEB Shows Interest, Floats Merger --------------------------------------------- Korea Exchange Bank (KEB) showed interest in Seoul Bank. It is closely monitoring the sale talks, and it indicated on an alliance and merger with another bank next year, Korea herald reported Tuesday. KEB director Park Jin-kon said, "We are monitoring the progress of the talks for the sale of Seoul Bank. KEB will actively push for an alliance or merger with another bank in the first half of next year when the bank becomes clean and sound." According to another KEB official, becoming "a super-healthy leading bank" would be the top priority for its management in 2002, and should the talks on the sale of Seoul Bank fall apart early next year, KEB may push for a merger with it. SUMITOMO MITSUI: Setting Up Y28.3B US Holding Co ------------------------------------------------ Sumitomo Mitsui Marine and Fire Insurance will set up a US holding company in January to strengthen insurance operations there. The holding company, which will control nine units, including two insurers, will have a capital of Y28.3 billion, PRNewsAsia reported Monday. =============== M A L A Y S I A =============== RENONG BERHAD: Doubts Over Asset Sale Plan Weaken Shares -------------------------------------------------------- Last week's shares in Renong Berhad went low by 6.1% to 85 sen, a record low for the month, according to a Business Times report, after investors believed that the plans for paying off parent company United Engineers Berhad (UEM)'s debt of US$8 billion is vague and unlikely to succeed. UEM planned to dispose of several assets, including holdings in banking group Commerce Asset-Holding Bhd, phone company Time Engineering Bhd and hotel operator Faber Group Bhd to refinance its debt. The company's announcement that it would write off former vice- chairman Halim Saad's US$632 million debt still undermined investor confidence in Prime Minister Mahathir Mohamad's commitment to raise the country's level of corporate accountability. UNITED ENGINEERS: Plans RM2.4B Restricted Issue In PLUS Shares -------------------------------------------------------------- United Engineers Malaysia Bhd (UEM) plans to make a restricted issue of new shares in Projek Lebuhraya Utara Selatan (PLUS) worth RM2.4 billion prior to its planned listing in mid-2002, the Star reported Friday citing UEM Managing Director Abdul Wahid Omar. According to Mr. Wahid, upon listing, UEM will hold 51 percent in PLUS while the public will hold 25 percent. The Mr. Wahid is optimistic the company will be able to meet the deadline set for the listing. UEM also expects proceeds of RM600 million from the sale of Renong unit Projek Usahasama Transit Ringan (Putra) and RM400 million from internal funds. The funds will be used to reduce PLUS' debts worth RM11.5 billion, comprising 8.7 billion of bonds, 2.4 billion in commercial loans and serial bonds and 400 million of accrued interest, Wahid concluded. ===================== P H I L I P P I N E S ===================== METRO PACIFIC: Property Development Unit "Not For Sale" ------------------------------------------------------- Metro Pacific Corp's unit Landco Pacific Corp President Alfred Xerez Burgos said Metro Pacific has no intentions to sell its high-end property development unit, PRNewsAsia reported Tuesday, which cited BusinessWorld. Mr Burgos said, "We're not selling it but we have received offers. The company is not for sale. Landco is committed to staying with Metro Pacific and will eventually become its core business." DebtTraders reports that Metro Pacific's 2.500% convertible bond due in 2003 (METPAC) trades between 124.000 and 125.500. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC NATIONAL STEEL: Creditor Banks Stick To P1B Cash Deposit, Bond -------------------------------------------------------------- National Steel Corp's (NSC) creditor banks wanted to stay with the P1 billion cash deposit and guarantee bond requirement to ensure that the proponent that will reopen the steel company will have enough cash to sustain its operations, ABS-CBN reported Monday. The P1 billion consists of a P500 million cash deposit held in escrow with a reputable bank or financing institution and a P500 million rehabilitation and operating performance security. According to Trade Secretary Manuel Roxas II, the creditor banks want to stick to the P1-billion cash deposit and guarantee bond needed to rehabilitate the steel facilities of NSC at the same time bankroll its start-up. He stressed that "It is an important element. That is part of the terms of reference that everybody agreed to," but clarified that some members of the evaluation committee are advocating for greater flexibility. Presently under review by the evaluation committee, which has decided to tap the services of a foreign technical adviser, are proposals from Austrian firm Voest Alpine, Filipino-owned Cathay Pacific Steel Corp. and Allengoal Steel Fabrication and Trading, which were submitted last October. ================= S I N G A P O R E ================= CAPITALAND: GK Goh Brokers Sell Parkway Holdings Stake ------------------------------------------------------ GK Goh Holdings Director Goh Yew Lin said GK Goh brokered the sale of CapitaLand's 16.70 percent stake in Parkway Holdings to an unidentified buyer. He did not indicate, however, whether the shares, sold for S$0.99 each, were sold to a single or multiple buyers. Goh expects Parkway or the buyer to make the appropriate disclosures as required by regulations soon, PRNewsAsia reported Tuesday. CAPITALAND LIMITED: Posts Temasek Holdings' Change In Interest -------------------------------------------------------------- Capitaland Limited posted a notice of changes in substantial shareholder Temasek Holdings' deemed interests. Name of substantial shareholder: Temasek Holdings (Private) Limited Date of notice to company: 14 Dec 2001 Date of change of interest: 07 Dec 2001 Name of registered holder: CDP : DBS Vickers Securities Singapore Pte Ltd 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: 500 % of issued share capital: 0.00002 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.48 No. of shares held before change: - % of issued share capital: - No. of shares held after change: - % of issued share capital: - Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 1,590,721,771 0 % of issued share capital: 63.19 0 No. of shares held after change: 1,590,721,271 0 % of issued share capital: 63.19 0 Total shares: 1,590,721,271 0 CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest ---------------------------------------------------------- Creative Technology Limited posted a notice of changes in substantial shareholder Merrill Lynch & Co., Inc's deemed interests. Date of notice to company: 14 Nov 2001 Date of change of shareholding: 12 Nov 2001 Name of registered holder: Citibank (Singapore) Circumstance giving rise to the change: Others Please specify details: Open market sale & purchase Shares held in the name of registered holder No. of shares of the change: 0 % of issued share capital: 0 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: SGD 14.36 and SGD 14.74 No. of shares held before change: 43,500 % of issued share capital: 0.06 No. of shares held after change: 43,500 % of issued share capital: 0.06 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 3,782,333 % of issued share capital: 5.257 No. of shares held after change: 3,782,333 % of issued share capital: 5.257 Date of notice to company: 14 Nov 2001 Date of change of shareholding: 07 Nov 2001 Name of registered holder: Citibank (Singapore) Circumstance giving rise to the change: Open market purchase Shares held in the name of registered holder No. of shares of the change: 10,000 % of issued share capital: 0.014 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: SGD 14.88 and SGD 14.96 No. of shares held before change: 33,500 % of issued share capital: 0.047 No. of shares held after change: 43,500 % of issued share capital: 0.06 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 3,772,333 % of issued share capital: 5.243 No. of shares held after change: 3,782,333 % of issued share capital: 5.257 SEMBCORP LOGISTICS: Posts Changes In Capital Group's Interest ------------------------------------------------------------- Sembcorp Logistics Limited posted a notice of changes in the seemed substantial shareholding of Capital Group. Name of substantial shareholder: The Capital Group Companies, Inc. Date of notice to company: 14 Dec 2001 Date of change of deemed interest: 13 Dec 2001 Name of registered holder: DBS Nominees Pte. Ltd. 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: 135,000 % of issued share capital: 0.02 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.6979 No. of shares held before change: 55,684,400 % of issued share capital: 6.54 No. of shares held after change: 55,549,400 % of issued share capital: 6.53 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 88,045,200 % of issued share capital: 10.34 No. of shares held after change: 87,910,200 % of issued share capital: 10.33 Total shares: 87,910,200 =============== T H A I L A N D =============== DATAMAT PUBLIC: Posts Share Offering Resolution Report ------------------------------------------------------ Datamat Public Company Limited reported the results of its Share Offering on December 14. 1. Information relating to the share offering - Class of shares offered : Common Shares - Number of shares offered : 574,550,059 - Offered to : Definite persons Price Per Shares - Cyber Venture Company Limited : Baht 1 - Asian Capital Advisers Company Limited : " 1 - 12 Lenders (Detail attached) : " 3 - Subscription and payment period : 4-17 December 2001 2. Results of the share sale (/) totally sold ( ) partly sold, with shares remaining The company will deal with the remaining shares as follows: 3. Detail of the sale Thai investors Foreign investors Juristic Natural Juristic Natural Total Persons persons Persons persons - Number of persons 14 - Number of shares subscribed offered for sale 4. Amount of money received from the share sale Total amount : Bt857,250,177 million Less expenses : 1 : Bt - million 2 : Bt - million Net amount received : Bt857,250,177 million EMC PUBLIC: Declares 2002 Annual Holidays ----------------------------------------- EMC Public Company Limited announced the company's holiday for the year 2002. The company's holiday list has one deviation from the Stock Exchange of Thailand's holiday, which is 12th February 2002, the Chinese New Year's Day. The Company's 2002 Holidays EMC Group of Companies Tuesday 1 January New Year's Day Tuesday 12 February Chinese New Year's Day Tuesday 26 February Makha Bucha Day Monday 8 April Substitution For Chakri Day Monday 15 April Songkran Festival Day Wednesday 1 May National Labor Day Monday 6 May Substitution For Coronation Day Monday 27 May Substitution For Visakha Bucha Day Thursday 25 July Buddhist Lent Day Monday 12 August H.M.The Queen's Birthday Wednesday 23 October Chulalongkorn Memorial Day Thursday 5 December H.M. The King's Birthday Tuesday 10 December Constitution Day Tuesday 31 December New Year's Eve ROBINSON DEPARTMENT: Submits 2002 Holiday Lists To SET ------------------------------------------------------ Robinson Department Store Public Company Limited submitted its list of the company's holidays for year 2002 to the Stock Exchange of Thailand (SET). Public Holidays For 2002 1. Tuesday 1 January New Year's Day 2. Tuesday 26 February Makha Bucha Day 3. Saturday 6 April Chakri Memorial Day 4. Saturday 13 April Songkran Day 5. Sunday 14 April Songkran Day (Family Day) 6. Wednesday 1 May National Labor Day 7. Sunday 5 May Coronation Day 8. Sunday 26 May Wisakha Bucha Day 9. Thursday 25 July Buddhist Lent Day 10. Sunday 12 August H.M. The Queen's Birthday 11. Wednesday 23 October Chulalongkorn Day 12. Thursday 5 December H.M. The King's Birthday 13. Tuesday 31 December New Year's Eve In case that holiday falls on a weekend, the holiday will be postponed to the next working day. On October 10, TCR-AP posted the Company's Plan Administrator implementation progress report, which includes initial repayment and issuance of notes to creditors. DebtTraders reports that Robinson Dept Store's 4.250% convertible bonds due in 2004 (ROBY2) are trading between 13 and 16.000. For more real-time bond pricing information, check http://www.debttraders.com/price.cfm?dt_sec_ticker=ROBY2 SIAM PAPER: Files Business Reorganization Petition -------------------------------------------------- The Petition for Business Reorganization of Siam Paper Company Limited (DEBTOR), engaged in manufacturing and distributing the product made from any kinds of paper, was filed in the Central Bankruptcy Court: Black Case Number 869/2543 Red Case Number 893/2543 Petitioner: SIAM PAPER COMPANY LIMITED Debts Owed to the Petitioning Creditor: Bt7,622,261,109.91 Planner: S.P.C. Planner Company Limited Date of Court Acceptance of the Petition: October 20, 2000 Date of Examining the Petition: November 20, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: November 27, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: December 1 , 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: December 28, 2000 Deadline for Planner to submit the Business Reorganization Plan to Official Receiver: March 28, 2001 Planner postponed the Date of Submitting the Reorganization Plan #1: April 28, 2001 Planner postponed the Date of Submitting the Reorganization Plan #2: May 28, 2001 Appointment date for the Meeting of Creditors to consider the plan: June 28, 2001 at 9.30 am. Convention Room 1105, 11th Floor, Bangkok Insurance Building, South Sathorn Road The Meeting of Creditors had a resolution accepting the reorganization plan pursuant to Section 90/46 The Court issued the order accepting the reorganization plan: August 16, 2001 and Appointed S.P.C. Planner Company Limited to be as a Plan Administrator Announcement of Court Order for accepting the Business Reorganization Plan and Appointment of the Plan Administrator in Matichon Public Company Limited and Siam Rath Company Limited: August 27, 2001 Announcement of Court Order for accepting the Business Reorganization Plan and Appointment of the Plan Administrator in Government Gazette: September 18, 2001 Contact: Miss Bang-Orn Tel, 6792525 ext 113 THAI RUNG: Board Resolution Issued Re Change In Par Value --------------------------------------------------------- At Board Meeting No. 17/2001 of Thai Rung Union Car Public Company Limited held on 14th December 2001 from 2.00 p.m. to 4.00 p.m., it was resolved to change the par value of the Company's shares. 1. The Board agreed to a proposed change in the par value of the Company's shares from Bt10.00 to Bt1.00 per share, in order to improve share liquidity and resolved to submit the proposal as an item on the Agenda at Extraordinary Meeting of Shareholders No.1/2002 for consideration and ratification. 2. The Board approved a proposed amendment to Article 4 of the Company's Statutes to reflect the change in the par value of the company's shares, as: Registered Share Capital Bt400,000,000 Divided into 400,000,000 shares Value per share Bt1.00 Divided into: Ordinary Shares 400,000,000 Preferred Shares none and resolved to submit the proposal as an item on the Agenda at Extraordinary Meeting of Shareholders No. 1/2002 for consideration and ratification. 3. The Board resolved to call an Extraordinary General Meeting of Shareholders, No. 1/2002, on 24th January 2002 at 10.00 a.m. at the Company's Head Office at 28/6 Moo 1, Soi Phetchkasem 81, Phetchkasem Road, Khwaeng Nongkhangphloo, Khed Nong Khaem, Bangkok 10160, with the agenda for: 1. Approval of minutes of Ordinary Meeting of Shareholders No. 1/2001 held on 17th April 2001 2. Ratification of change in par value of Company's shares from Bt.10.00 to Bt.1.00 per share. 3. Ratification of amendment to Article 4 of Company's Statutes. 4. Any Other Business 4. It was resolved to close the Company's share transfer register for purposes of establishing voting rights at Extraordinary Meeting of Shareholders No. 1/2002 from 12 noon on 7th January 2002 until the such time as the meeting adjourned. 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, 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 ***