/raid1/www/Hosts/bankrupt/TCRAP_Public/020214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, February 14, 2002, Vol. 5, No. 32
Headlines
A U S T R A L I A
ANSETT: Federal Court Denies Continued Operations Sanction
AUSTRALIAN MAGNESIUM: Changes Registered Office Address
BRISBANE BRONCOS: BB Sports, Magic Millions Declare T/O Bids
COUNTRY ROAD: Releases Progress Report
IOCOM LIMITED: Releases Amended Timetable for Shareholders
OMNI GROUP: Posts General Meeting Results
QUOIN (INT): Administrator, Receiver Appointed
C H I N A & H O N G K O N G
GOOD WAY: Winding Up Petition Pending
INFONEERING LIMITED: Winding Up Sought By Friendly Benefit
INTERNATIONAL (PROFESSIONAL): Petition To Wind Up Scheduled
KTP HOLDINGS: Restoration of Public Floats
LIAUW'S INTERNATIONAL: Winding Up Petition To Be Heard
SHEUNG HIN: Hearing of Winding Up Petition Set
TOWERTOP COMPANY: Faces Winding Up Petition
I N D O N E S I A
BANK CENTRAL: BI Receives Supporting Docs From Four Bidders
J A P A N
FUJITSU LTD: Globe Inks $80M Deal
MARUBENI CORPORATION: Books US$748M Group Net Loss
MATSUSHITA ELECTRIC: Chooses Kopin's CyberDisplay 320
NEC CORPORATION: Viacore Manages Global Network's Critical Part
NEC CORP: UBSW Lowers Investment Rating to `Reduce' From `Hold'
SNOW BRAND: Admits To Imported Pork Mislabeling
K O R E A
DAEWOO GROUP: Plans Myanmar Oil, Gas Drilling
M A L A Y S I A
ASIAN PAC: Aspires to Narrow FY2002 Losses
ASIAN PAC: Awaits SC's Proposed Disposal Approval
ASIAN PAC: RAM Downgrades RCSLS to B1
COUNTRY HEIGHTS: SC Junks Rights Issue Implementation Extension
MALAYSIAN RESOURCES: Unit Signs Supplemental Agreement With BPSB
MECHMAR CORPORATION: Proposed Disposal Passed at EGM
RENONG BERHAD: Unit Disposes of Assets to Pay Loan Interest
SOUTHERN STEEL: Restructures US$125M Million Term Loan Facility
TANCO HOLDINGS: Two-Call Rights Issue W/ Warrants Oversubscribed
P H I L I P P I N E S
BAYAN TEL: Extelcom Asks Court to Grant License
NATIONAL POWER: Govt Might Delay Transco Privatization
PHILIPPINE LONG: Mobile Unit Sale Size Not Yet Set
TOBACCO FLUE: Three Years of Loss Quash Recovery Hopes
S I N G A P O R E
JADE TECHNOLOGIES: Issues Share Option Scheme Notice
JADE TECHNOLOGIES: Proposes Share Repurchase Mandate Renewal
RAFFLES HOLDINGS: Issues FY Financial Statement Further Info
T H A I L A N D
NEP REALTY: Resolution Passed at EGM No 1/2545
PRASIT PATANA: Issues Further Phyathai 1 Hospital Information
PROPERTY PERFECT: Informs of Capital Increase Procedure
THAI PETROCHEMICAL: Discloses Plan Amendment Voting Results
TWY PROPERTY: Files Business Reorg Petition
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
ANSETT: Federal Court Denies Continued Operations Sanction
----------------------------------------------------------
Ansett's Administrators, Andersen's Mark Korda and Mark Mentha,
failed to secure a Federal Court sanction for their decision to
keep the airline flying, but added the ruling will not ground
the airline, AFX Asia reports.
The Federal Court did not grant the judicial backing for
continued Ansett operations, which would have provided a measure
of legal protection from creditors in the event a proposed sale
to the Tesna consortium does not go through.
Korda and Mentha sought a court order extended to Feb 28, when
the Tesna consortium, led by businessmen Lindsay Fox and Solomon
Lew, is scheduled to take possession of Ansett.
"It was and remains our firm conviction that keeping the airline
flying during this period prior to the sale agreement with Tesna
being finalized provides the only prospect of a possible return
to all creditors," Korda said. "As the judge pointed out, the
creditors have given their overwhelming support for our decision
to continue and he believes that to be sufficient endorsement.
As soon as key third parties provide their consents to the Tesna
sale, it will be finalized quickly."
Federal Court Justice Alan Goldberg ruled it was inappropriate
for him to lend the weight of the court to the administrators'
commercial decisions.
"I have reached the conclusion that... the direction sought by
the administrators is a direction that the court approve of
their commercial decision. As a matter of principle, it is not
appropriate for a court to give a direction approving a business
decision made by administrators where no issue of power or the
propriety or reasonableness of the decision or issue requiring
the court to make a judgment on a legal issue arises for
consideration," Goldberg said.
AUSTRALIAN MAGNESIUM: Changes Registered Office Address
-------------------------------------------------------
Australian Magnesium Corporation Limited (AMC), pursuant to ASX
Listing Rule 3.14, advised that Australian Magnesium Corporation
Limited's registered office has changed to:
Telephone: (07) 3837 3400
Facsimile: (07) 3837 3423
Street address: Level 5
30 Little Cribb Street
Milton Qld 4064
Postal address: PO Box 1364BC
Milton Qld 4064
Barely days ago, TCR-AP reported that AMC's consolidated loss
for the six months to 31 December 2001 was $3.1 million,
compared with $11.3 million in the previous corresponding half
year. In the December 2001 half, AMC booked $5.3 million in
foreign exchange provisions compared with $9.4 million in the
previous corresponding period. Total sales revenue for the six
months to 31 December 2001 increased 33 per cent to $43.5
million reflecting organic growth in QMAG's sales base, but also
the change in foreign exchange receipts as a consequence of a
restructuring of the QMAG foreign exchange arrangements.
BRISBANE BRONCOS: BB Sports, Magic Millions Declare T/O Bids
------------------------------------------------------------
Each of BB Sports Pty Limited (BB Sports), a wholly owned
subsidiary of The News Corporation Limited (News), and Magic
Millions League Pty Limited (Magic Millions) , a company
associated with Mr John Singleton, has announced takeover bids
for shares in Brisbane Broncos Limited (Broncos). Each proposed
bidder has announced two bids (but abandoned one of them), and
there has been much maneuvering by the bidders and consideration
of the proposed bids by the Australian Securities and
Investments Commission and the Takeovers Panel (Panel
As far as the Broncos are aware, however, the latest position,
following certain determinations by the Panel (including a
modification of the Corporations Act (Act) by the Panel and
permission given by the Panel to Magic Millions to withdraw an
undertaking to bid it had given to the Panel) is:
1. BB Sports has announced, and is proceeding with, a partial
bid for 50 percent of each shareholder's shareholding in Broncos
at 17 cents per share, such bid conditional upon no "prescribed
occurrence" occurring and BB Sports and its associates having
relevant interests in more than 50% of the issued Broncos shares
at the end of the offer period under the BB Sports bid. Broncos
understands that BB Sports in fact dispatched formal offers
under its bid on 6 February 2002.
2. The position in relation to the latest announced proposed bid
by Magic Millions is more complicated. The bid apparently will
involve offers to each shareholder in Broncos for all or any of
the shareholder's shares in Broncos at a price of 18 cents per
share. The bid is also apparently conditional on no "prescribed
occurrence" occurring, and upon the following (the "MM special
condition"):
(a) at the end of the offer period of the bid, Magic
Millions' voting power in Broncos must be 45% or greater and
must also be higher than the aggregate voting power in Broncos
of News and its associates; and
(b) a modification to section 652B of the Act that the
Takeovers Panel has apparently already granted to Magic Millions
remaining in force throughout the offer period of the Magic
Millions bid.
Although Magic Millions first announced a takeover bid for
Broncos in late November 2001, Broncos from Magic Millions only
received a bidder's statement late on 6 February 2002.
Typically, a bidder is not permitted to dispatch its offer
documents under a bid earlier than 14 days after delivery of the
bidder's statement to the target company (in the present case
Broncos). Magic Millions has however requested Broncos'
directors' agreement to the abbreviation of this waiting period
to 7 days. Broncos' directors have power under the Act to agree
to an abbreviation of the waiting period, and will consider
doing so once they have had the opportunity to review the
bidder's statement received from Magic Millions.
Under the Act, the minimum period of an offer under a takeover
bid is one month, although subject to certain limitations
contained in the Act, it is possible for offers to be withdrawn.
Indeed, pursuant to the modification referred to above, Magic
Millions is permitted to withdraw its bid if, before or during
its offer period, the voting power of News (or some person other
than Magic Millions and its associates) becomes greater than
50%. If this occurs, under the modification, Magic Millions must
as soon as practicable do one of the following:
(i) waive all of the conditions to which offers under its
takeover bid are subject other than conditions relating to
prescribed occurrences;
(ii) if offers have been made under the bid, to withdraw
those offers by notice in writing to Broncos; and
(iii) if offers have not been made under the bid, give
Broncos notice in writing that those offers will not be made.
The Act requires Broncos to provide shareholders with a target
statement in relation to each takeover bid not later than 15
days after Broncos receives a notice from the bidder that all
offers under the takeover bid have been sent to shareholders.
Such a target statement is required to include a recommendation
to shareholders from the directors as to whether a takeover bid
should be accepted or not accepted (and reasons for such a
recommendation) or, if no recommendation is made a statement to
this effect and setting out the reasons why no recommendation
was made.
Broncos expects to dispatch a target statement in respect of the
two above bids prior to the end of the relevant 15-day periods
provided by the Act. Although the Panel has sought to facilitate
acceptance of the proposed Magic Millions bid without precluding
possible later acceptance of the BB Sports bid while the latter
bid was still open (for example, if the Magic Millions bid is
withdrawn), it has not been entirely successful in doing so. The
current position facing shareholders is therefore in certain
respects uncertain, although it is possible that the situation
may clarify itself and become more straightforward as events
unfold.
In the current circumstances, therefore, Broncos shareholders
may prefer to take no action in relation to the offers under
either bid pending such developments and receipt by shareholders
of the target statements to be dispatched by Broncos as referred
to above.
In the meantime, should you have any questions regarding the
bids, please telephone me on (07) 3858 9101. Shareholders are
encouraged, however, to limit such questions to those that are
truly urgent and need be dealt with prior to receipt of the
Broncos' target statements referred to above.
COUNTRY ROAD: Releases Progress Report
--------------------------------------
Country Road Limited advised in the ASX release of 18 January
2002 that the recent closure of Country Road's US operation
would allow the business to focus on the core Australasian
market and on markets with climates similar to our own. It was
announced that only one range would be produced allowing
significant cost savings, and that we would ensure
greater focus on the design and delivery of that range.
Having now reviewed our processes, systems and structures we
have determined the most economic and effective overhead
structure for the business. The new structure has resulted in 40
positions being made redundant. The redundancies were made
across all levels and divisions of Country Road's Head Office,
and represent a 15 percent reduction in the number of head
office staff. An outplacement company has been appointed to
assist employees affected by the restructure and appropriate
redundancy packages have been provided.
The changes made to Country Road's structure and operating
processes will result in annualized cost savings of
approximately $2.7 million, and reflect the company's commitment
to ensuring the business is returned to sustained profitability
and is better placed to focus on its core Australasian market.
IOCOM LIMITED: Releases Amended Timetable for Shareholders
----------------------------------------------------------
Iocom Limited has amended the timetable previously announced and
included in documentation sent to Shareholders on 17 January
2002.
The key changes revolve around extending the last day of
trading, which will now be Monday 18 February 2002. This is to
allow for additional time to process applications for the Top-up
offer and to accommodate shareholder and broker requests for
extra time.
The Record and Dispatch dates will consequently be deferred as a
result of the additional trading days, however, Iocom does not
anticipate, that any shareholders will be disadvantaged by these
changes.
The date of general meeting is not affected and is still 19
February 2002 at 10am.
The revised timetable is as follows:
Key Dates
Calculation Date 8 January 2002
Dispatch notice of General Meeting :17 January 2002
Dispatch Prospectus :17 January 2002
Offer Opens :Expiration of ASIC exposure period
Closing date for processing of Top Up
Scheme Application Forms :18 February 2002
First day of trading suspension :19 February 2002
General Meeting of Shareholders :19 February 2002
Ex date Bonus Options :20 February 2002
Issue of Shares to Optima Vendors :22 February 2002
Issue of New Shares under the Top Up Scheme :22 February 2002
Record Date for Bonus Options and consolidation:26 February 2002
Dispatch statements reflecting new issues of
Shares, Options and effect of consolidation :1 March 2002
Change Company's ticker code on ASX to [OPI*] :1 March 2002
Last day of trading suspension :6 March 2002
Listing of Shares and Options on consolidated basis:7 March 2002
This timetable is indicative only. The Company reserves the
right to vary the dates and times without notice, which may have
a consequential effect an other dates.
*Proposed code subject to final ASX approval.
OMNI GROUP: Posts General Meeting Results
-----------------------------------------
Omni Group Limited released the voting results on Resolutions at
the General Meeting held at Level 29, St Martins Tower, Market
Street, Sydney NSW 2000 on 11 February 2002 at 11:00 am.
The Chairman announced to the meeting, that the Company,
representing 19,621,601 shares, has received 34 valid proxies.
For the resolution - 25 proxies numbering 3,762,384 shares and
to vote at the proxy holders discretion - 9 proxies representing
15,859,217 shares.
Proxies were the same for all resolutions excepting Resolution 5
where 24 proxies numbering 3,734,384 shares were voted for the
resolution. One proxy numbering 28,000 shares voted to abstain.
The number to vote at the proxy holder's discretion remain the
same.
RESOLUTION 1.
ACQUISITION OF E-CONTROL PTY LIMITED
To consider, and if thought fit, pass the following the
following resolution:
"To approve:
(a) the Company making a change to its activities in
accordance with Listing Rule 11.1 of the Listing Rules of the
Australian Stock Exchange Limited; and
(b) the Company entering into and performing its obligations
in respect of the E-Control Transactions defined and described
in the Explanatory Memorandum accompanying the Notice of Meeting
convening the meeting at which this resolution is considered
including, without limitation, the acquisition of all of the
issued shares in E-Control Pty Limited ABN 29 087 433 369 by the
Company and the issue of 130,700,000 ordinary fully paid shares
in the Company to the shareholders of E-Control Pty Limited as
consideration for the purchase of the shares in E-Control Pty
Limited."
The resolution was carried unanimously on a show of hands.
RESOLUTION 2.
ISSUE OF SHARES TO SHAREHOLDERS OF E-CONTROL PTY LIMITED AND
ACQUISITION OF SHARES BY RELATED PARTIES
If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution:
"To approve in accordance with:
(a) Listing Rules 7.1, 10.1 and 10.11 of the Listing Rules of
the Australian Stock Exchange Limited; and
(b) Chapter 2E and Item 7 of section 611 of the Corporations
Act, the issue, on or before the date which is one month after
this resolution is passed, of 130,700,000 ordinary shares in the
Company at an issue price of $0.40 per share to each of the
persons named in column 1 of Table 1 included in the explanatory
notes to the Notice of Meeting convening the meeting at which
this resolution is considered."
The resolution was carried unanimously on a show of hands.
RESOLUTION 3.
ISSUE OF SHARES TO CREDITORS OF E-CONTROL PTY LIMITED
If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution:
"To approve, in accordance with Listing Rule 7.1 of the Listing
Rules of the Australian Stock Exchange Limited, the issue, on or
before the date which is three months after this resolution is
passed, of 12,683,188 ordinary fully paid shares in the Company
at an issue price of $0.40 per share to the E-Control Creditors
defined and specified in the Explanatory Memorandum accompanying
the Notice of Meeting convening the meeting at which this
resolution is considered in order to capitalize debts of
$5,073,275 owing by E-Control Pty Limited."
The resolution was carried unanimously on a show of hands.
RESOLUTION 4.
ISSUE OF SHARES UNDER A PROSPECTUS
If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution:
"To approve, in accordance with Listing Rule 7.1 of the Listing
Rules of the Australian Stock Exchange Limited, the issue on or
before three months after the date on which this resolution is
passed of up to 30 million ordinary fully paid shares in the
Company at an issue price of $0.40 per Share to investors under
a prospectus or otherwise to be issued in respect of the Company
for the purpose of raising up to $12 million to be used as
specified in the Explanatory Memorandum accompanying the Notice
of Meeting convening the meeting at which this resolution is
considered including the issue of 10 million ordinary fully paid
shares to Liao Ning Construction Group Limited."
The resolution was carried unanimously on a show of hands.
RESOLUTION 5.
INCREASE IN REMUNERATION OF NON-EXECUTIVE DIRECTORS
To consider, and if thought fit, pass the following resolution:
"To approve in accordance with the Listing Rule 10.17 of the
Listing Rules of the Australian Stock Exchange Limited and the
Company's Constitution an increase of $100,000 in the maximum
annual remuneration of the Company's non-executive directors to
$250,000 per annum to be divided between them in such
proportions as the directors of the Company determine."
The resolution was carried unanimously on a show of hands.
RESOLUTION 6.
CHANGE OF COMPANY NAME
If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution as a special resolution:
"That the Company change its name from Omni Group Limited to
ECSI Limited."
The resolution was carried unanimously on a show of hands.
RESOLUTION 7.
AMENDMENT OF COMPANY CONSTITUTION
To consider, and if thought fit, pass the following resolution
as a special resolution:
"That the constitution of the Company be amended in accordance
with the Explanatory Notes to the Notice of Meeting convening
the meeting at which this resolution is considered, with
immediate effect."
The resolution was carried unanimously on a show of hands.
The meeting closed at 11:35am
QUOIN (INT): Administrator, Receiver Appointed
----------------------------------------------
The Directors of Quoin Technology Pty Ltd, a wholly owned
subsidiary of Quoin (Int) Limited, appointed Joseph Loebenstein
of Green & Sternfeld of 201 Balaclava Road Caulfield Vic as the
voluntary administrator to Quoin Technology Pty Ltd on 5
February 2002.
On 6 February, 2002, Westpac Banking Corporation appointed
Anthony Smith and Timothy Paul Burfield of Ernst & Young of
Level 21 King William Street Adelaide SA as Receivers of Quoin
Technology Pty Ltd. The Receivers are actively trying to sell
Quoin. Technology Pty Ltd and the Receivers will consider all
offers including the ongoing negotiations with the outgoing
management.
================================
C H I N A & H O N G K O N G
================================
GOOD WAY: Winding Up Petition Pending
-------------------------------------
Good Way Group Company Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on March 6, 2002 at 9:30 am. The petition was filed on December
18, 2001 by Lai Mei King of 6/F., 5B Nassau Street, Mei Foo Sun
Chuen, Kowloon, Hong Kong.
INFONEERING LIMITED: Winding Up Sought By Friendly Benefit
----------------------------------------------------------
Friendly Benefit Engineering Limited is seeking the winding up
of Infoneering Limited. The petition was filed on January 10,
2002, and will be heard before the High Court of Hong Kong on
April 3, 2002.
Friendly Benefit holds its registered office at Room 11, 39th
Floor, Hong Kong Plaza, 188 Connaught Road West, Hong Kong.
INTERNATIONAL (PROFESSIONAL): Petition To Wind Up Scheduled
-----------------------------------------------------------
The petition to wind up International (Professional) Groups
Limited is set for hearing before the High Court of Hong Kong on
February 27, 2002 at 9:30 am. The petition was filed with the
court on December 12, 2001 by Tsang Kwok Wah of Room 1018, Sui
Tai House, Siu Sai Wan Estate, Chai Wan, Hong Kong.
KTP HOLDINGS: Restoration of Public Floats
------------------------------------------
KTP Holdings Limited (the Company), further to the announcement
jointly made by the Company and Wonder Star Securities Limited
(Wonder Star) dated 12th January, 2002 in relation to the
closing of mandatory general offer (the Offer) made by Wonder
Star for all the issued shares of HK$0.01 each (the "Shares")
in the Company, upon the closing of the Offer on 12th January,
2002, announced that the public float of the Company has
remained at approximately 22.95% of the issued share capital of
the Company at that time. As a result, Wonder Star has to
dispose of 10,000,000 Shares (the "Disposal") on 11th February,
2002 in order to restore the public float of the Company and
details of which are stated below.
Disposal
Seller:
Wonder Star, being the controlling shareholder held
approximately 76.86% interest of Company before the Disposal.
Buyer:
Ten existing staff of the Company and its subsidiaries (the
Group), being independent of and not connected with any of the
directors, chief executives or substantial shareholders of the
Company or any of its subsidiaries, or any of their respective
associates (as such terms are defined in the Rules Governing the
Listing of Securities (Listing Rules) on The Stock Exchange of
Hong Kong Limited (Stock Exchange).
Number of Shares sold:
10,000,000 shares of the Company (Sale Shares) which represent
approximately 2.94% of the existing issued share capital of the
Company.
Consideration:
HK$0.30 per Share which is equal to and represents a discount of
approximately 6.25% to the closing price of HK$0.30 per Share on
8th February, 2002 and the average closing price of
approximately HK$0.32 per Share for the ten trading days up to
and including 8th February, 2002 respectively. The consideration
is determined with reference to the market price of the Share
and after arm length negotiation between the existing staff of
the KTP Group and Wonder Star.
Reason for the Disposal:
The reason for the Disposal is to maintain at least 25% of the
entire issued share capital of the Company in public hands.
After the Disposal and with reference to the announcement of the
Company dated 21st January, 2002, which stated that Wonder Star
has disposed 630,000 Shares, representing approximately 0.19% of
the existing issued share capital of the Company in the open
market on 21st January, 2002, there shall be approximately
26.08% of the entire issued share capital of the Company in
public hands representing a market value of approximately
HK$26.64 million calculated on the basis of the closing price of
HK$0.30 per Share on 8th February, 2002.
Shareholding of Wonder Star:
Before the Disposal, Wonder Star and parties acting in concert
with it held approximately 76.86% of the existing issued share
capital of the Company.
The Disposal reduced the aggregate attributable interest of
Wonder Star and parties acting in concert with it in the Company
from approximately 76.86% to approximately 73.92% of the
existing issued share capital of the Company as at the date of
this announcement.
LIAUW'S INTERNATIONAL: Winding Up Petition To Be Heard
------------------------------------------------------
The petition to wind up Liauw's International Holdings Limited
is scheduled to be heard before the High Court of Hong Kong on
March 6, 2002 at 9:30 am. The petition was filed with the court
on December 17, 2001 by Bank of China (Hong Kong) Limited of
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.
SHEUNG HIN: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Sheung Hin Company Limited will be heard
before the High Court of Hong Kong on March 6, 2002 at 9:30.
The petition was filed with the court on December 17, 2001 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.
TOWERTOP COMPANY: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Towertop Company Limited is scheduled
for hearing before the High Court of Hong Kong on March 6, 2002
at 9:30 am. The petition was filed with the court on December
17, 2001 by Bank of China (Hong Kong) Limited of 14th Floor,
Bank of China Tower, 1 Garden Road, Central, Hong Kong.
=================
I N D O N E S I A
=================
BANK CENTRAL: BI Receives Supporting Docs From Four Bidders
-----------------------------------------------------------
Bank Indonesia (BI) has received the necessary supporting
documentation from the four final bidders interested in
acquiring a 51 percent stake in PT Bank Central Asia,
IndoExchange reports, citing Bank Indonesia Senior Official
Halim Alamsyah.
"IBRA (Indonesian Bank Restructuring Agency) has submitted to us
those documents around 10 o'clock this morning. Right now Bank
Indonesia is checking whether they are complete," Alamsyah said.
Bank Indonesia said it is now checking whether the paperwork has
been completed properly and to conduct its fit-and-proper test
on each bidder.
The final four bidding consortia are led by U.K.-based Standard
Chartered Plc, U.S. investment company Farallon, small-sized
Indonesia bank PT Bank Mega, and Indonesia's GKBI Investment.
=========
J A P A N
=========
FUJITSU LTD: Globe Inks $80M Deal
---------------------------------
Philippine firm Globe Telecoms had signed an $80-million
contract with the local unit of Japan's Fujitsu Ltd., which will
supply equipment for Globe's fiber optic project, AFX News
reported Tuesday. The name of the unit was not disclosed.
The project will involve the installation of submarine and land
cables with an estimated fiber optic length of 1,600-km. to
connect Globe's telecom network in Manila to provinces in
central and southern Philippines.
TCR-AP reported earlier this week that the Fair Trade Commission
(FTC) has issued a warning to electronics maker Fujitsu Ltd
related to a series of bids it made last year for government
information systems at unfairly low prices. FTC suspected
Fujitsu of having violated the Antimonopoly Law by winning
central and local government bids for computer systems at prices
short of estimated costs.
MARUBENI CORPORATION: Books US$748M Group Net Loss
--------------------------------------------------
Marubeni Corporation (TSE:8002) on Friday books a consolidated
net loss of Y100.8 billion (US$748 million) for the April-
December 2001 period, a sharp reversal of the Y13.6 billion
profit recorded the prior year, PR Newswire reports. The poor
showings were the result of about Y200 billion in losses related
to restructuring, including those from liquidation of businesses
as well as securities valuation losses booked in the interim
period ending September 2001. For the full fiscal year ending
March 31, a group net loss of Y105 billion is expected, down
from the Y15 billion profit of the prior year.
MATSUSHITA ELECTRIC: Chooses Kopin's CyberDisplay 320
-----------------------------------------------------
Kopin Corporation (KOPN) announced on February 12, 2002 that its
miniature CyberDisplay 320 has been integrated as the viewfinder
into all seven new digital camcorder models manufactured by
Matsushita-Kotobuki Electronics Industries, Ltd. (MKE). MKE, a
subsidiary of Matsushita Electric Industrial Co. (MEI), the
world's largest consumer electronics company, expects to launch
the camcorders this month under the Panasonic brand name at
stores in the United States and Canada.
The CyberDisplay incorporated into the new Panasonic camcorders
features Kopin's new patent pending design, a polarizerless,
frameless display that enables customers to design products
featuring a smaller overall footprint.
"With its solid-state miniature form factor and low power
consumption, the Kopin CyberDisplay is integral to our strategy
to offer our customers the most innovative camcorders," said
Mr. Mitsuki Wada, manager of Matsushita Electric Industrial
Co.'s camcorder procurement department. "Kopin continues to
demonstrate its ability to manufacture the highest quality
solutions to meet the demands of its customers, and we are
pleased to be continuing our relationship with them."
"We continue to enjoy a strong and fruitful relationship with
MEI, and we are delighted that they have chosen the CyberDisplay
as the viewfinder for their new digital camcorders," said Dr.
John C.C. Fan, Kopin's president and CEO. "MKE's selection of
the CyberDisplay underscores our success in expanding our
relationships with strategic customers, gaining market share and
displacing the CRT (cathode ray tube) as the leading technology
for this application."
The new Panasonic brand digital camcorders should be available
in the United States and Canada starting this month. The model
numbers of the new camcorders are PV-602, DV702, DV402, DV202,
DV102, PV-DV102, and PV-DV52.
Kopin's CyberDisplay is a 0.24-inch diagonal transmissive active
matrix liquid crystal display (AMLCD) that displays information
at a pixel resolution of 320 x 240. At 1,700 lines per inch, it
is the world's densest AMLCD. Along with displaying standard
text and graphics, the CyberDisplay operates at video speeds and
consumes less than 20mW of power, including the backlight. The
CyberDisplay offers original equipment manufacturers (OEMs) a
power-efficient, lightweight and cost-effective display option
for a range of devices from consumer electronics such as
camcorders and digital cameras to next-generation Internet
wireless handsets.
About Matsushita Electric Industrial Co., Ltd.
Based in Osaka, Japan, Matsushita Electric Industrial Co., Ltd.
(MC) is one of the world's leading producers of electronic and
electric products for consumer, business and industrial use.
Matsushita markets its products under the Panasonic, Technics,
Quasar and National brands and recorded sales of $57.9 billion
for the fiscal year ended March 2001. Based in Kagawa, Japan,
Matsushita-Kotobuki Electronics Industries, Ltd., a subsidiary
of Matsushita Electric Industrial Co., Ltd., operates seven
manufacturing sites and employs more than 4,000 people. For more
information on Matsushita/Panasonic, visit www.panasonic.com.
About Kopin Corporation
Kopin is a leading developer and manufacturer of high
resolution, flat panel display products and HBT wafers for
telecommunications and digital imaging applications that enhance
the delivery and presentation of video, voice and data. The
Company has combined advanced AMLCD and integrated circuit
technology to produce its CyberDisplay family of ultra-small,
high density imaging devices. The Kopin CyberDisplay family has
won many international awards for innovation in the past two
years, and now includes the CyberDisplay 1280, 640C, 320 and
320C - providing OEMs with a range of powerful, high quality
display solutions for a range of devices from consumer
electronics such as camcorders and digital cameras to next-
generation Internet wireless handsets.
Telecommunication providers are using Kopin's HBT wafers for
power amplifier circuits used in wireless digital phones, and
gigabit circuits for fiber optic and Internet data transmission.
For more information, please visit Kopin's Web site at
www.kopin.com
CyberDisplay is a trademark of Kopin Corporation.
Statements in this news release about Kopin's contract with
Matsushita-Kotobuki Electronics Industries, Ltd. are made under
`safe harbor' provisions of the Private Securities Litigation
Reform Act of 1995 and involve a number of risks and
uncertainties that could materially affect future results. Among
these risk factors are general economic and business conditions
and growth in the flat panel display and gallium arsenide
integrated circuit and materials industries, the impact of
competitive products and pricing, availability of third-party
components, viability of integrated circuit fabrication
facilities, cost and yields associated with production of the
Company's CyberDisplay imaging devices and Wafer-Engineered
device wafers, loss of significant customers, acceptance of the
Company's products, continuation of strategic relationships, and
the other risk factors and cautionary statements listed from
time to time in the Company's periodic reports and registration
statements filed with the Securities and Exchange Commission,
including but not limited to, the Company's prospectus dated
November 14, 2001 and its Annual Report on Form 10-K for the
fiscal year ended December 31, 2000.
CONTACT: Kopin Corporation
Richard Sneider
(508) 824-6696
rsneider@kopin.com
or
Sharon Merrill Associates, Inc.
Scott Solomon
(617) 542-5300
ssolomon@investorrelations.com
TCR-AP reported that Matsushita Electric Industrial Co., Ltd. on
January 31, 2002 decided on terms and conditions for the issues
in Japan of unsecured straight bonds in the aggregate principal
amount of Y300 billion. The basic terms for these domestic
unsecured straight bond issues had been approved at Matsushita's
board meeting, as announced on January 10, 2002.
NEC CORPORATION: Viacore Manages Global Network's Critical Part
---------------------------------------------------------------
A company press release on February 12, 2002 announced that NEC
Corporation, a leading provider of information technology,
network, and electronic device solutions, has selected Viacore,
the first Integration Utility and the leading operator of
Partner Integration Networks, to manage a critical portion of
its global supplier network. Viacore will manage the
connectivity and interoperability between NEC and several of its
key component suppliers in the Great China region, enabling deep
visibility into automated supply chain information.
The first phase of NEC's supply chain initiative includes the
establishment of system-to-system connections between NEC and
its trading partners in the Asian Area including Great China.
Initially, Viacore will configure NEC's Integration Utility
service to manage the production-level exchange of RosettaNet
partner interface processes (PIPs) 4A4, Notify of Planning
Forecast, and 4A5, Notify of Forecast Reply. These specific
forecast PIPs were chosen because of their importance in helping
execute effective demand planning and inventory management.
Following the successful completion of this initial phase, NEC
plans to increase the number of trading partners and PIPs, in
order to maximize the potential of its inter-company network.
"NEC is taking an important first step towards improving the
flow of supply chain information within its global trading
community," said Hiroyuki Okada, General Manager, Corporate IT
Division of NEC Corporation. "Viacore's Integration Utility
service allows our company to rapidly create a dynamic,
intelligent partner network with minimized risk and resource
commitment."
NEC and its trading partners will benefit from the ability to
share, in real- time, information critical to effective demand
planning, inventory management and other supply-chain related
functions. Viacore's Integration Utility service will ensure
that NEC's business information is managed 24x7 in a secure,
reliable environment and supported by business process experts.
"NEC's reputation as an industry leader is clearly visible
through its implementation of this important business
initiative," said Fadi Chehade, chairman and CEO of Viacore.
"Viacore's Integration Utility service model was designed to
support companies like NEC that are looking to avoid significant
risks and capital investments required to achieve continuous
integration of their business processes and applications with
their trading partners."
About Viacore's Integration Utility Service
Building viable private exchanges requires two key elements: a)
a business application to analyze performance of the value chain
and provide the necessary business alerts to avoid demand/supply
surprises; and b) a Partner Integration Network to create
partner liquidity and get valid data from them to "fuel" the
business application. Viacore configures, deploys, and operates
private- branded, Partner Integration Networks, which are
delivered as utility services. A Viacore Partner Integration
Network provides the following services:
1. Community Enablement, for the rapid integration and
activation of trading partners, including B2B software
provisioning, document validation, testing, training, partner
readiness certification, and partner on-boarding project
coordination;
2. Infrastructure Building and Management, for the secure
handling of inter-company business documents, including disaster
recovery, data storage and archiving, and infrastructure
monitoring;
3. Document/Process Management, for the intelligent routing of
documents and processes to/from trading partners, including
guaranteed process routing and data/protocol translation and
mapping -- Viacore supports most information standards and
protocols such as cXML, xCBL, RosettaNet Partner Interface
Processes (PIPs), and EDI;
4. Integration Operations, for the ongoing management of
document flow and integrity, including event notification and
alert management, document quality, analysis, and reporting, and
24x7 partner support.
About NEC Corporation
NEC Corporation (Nasdaq: NIPNY) (FTSE: 6701q.l) is a leading
provider of Internet solutions, dedicated to meeting the
specialized needs of its customers in the key computer, network
and electron device fields through its three market-focused in-
house companies: NEC Solutions, NEC Networks and NEC Electron
Devices. NEC Corporation, with its in-house companies, employs
approximately 150,000 people worldwide and saw net sales of
5,409 billion Yen (approx. US$43 billion) in fiscal year 2000-
2001. For further information, please visit the NEC home page
at: http://www.nec.com.
About Viacore, Inc.
Viacore, Inc., is the first Integration Utility(TM) offering
subscription- based, private Partner Integration Networks,
enabling companies to avoid the significant risks and capital
investments required to achieve "continuous integration" of
their business processes and applications with their value chain
partners. The company's list of clients includes industry
leaders such as Agilent, Cisco Systems, Honeywell-ACI, NEC,
Philips Semiconductor, and Tyco Electronics. Viacore was
recently recognized in InfoWorld's annual list of Top 100
innovative companies and Forbes's "Best of the Web" B2B
Directory. Additional information is available at
www.viacore.net .
Viacore and Integration Utility are trademarks of Viacore, Inc.
Other products mentioned in this document are registered,
trademarked or service marked by their respective owners.
http://tbutton.prnewswire.com/prn/11690X84906032
CONTACT: Linda York of Viacore, +1-949-725-1406,
linda.york@viacore.net;
or Sonia Bovio of Brodeur Worldwide, +1-602-282-5484,
sbovio@brodeur.com, for Viacore/
TCR-AP reported last week that NEC doubled its previous loss
forecast for the full year ending in March to Y300 billion. The
company expects its first-ever group operating loss for the full
fiscal year. The company said it would lose Y57 billion during
the period, reversing its previous forecast for a profit of Y30
billion.
NEC CORP: UBSW Lowers Investment Rating to `Reduce' From `Hold'
--------------------------------------------------------------
UBS Warburg (UBSW) had cut its investment rating on NEC
Corporation to 'reduce' from 'hold', cutting its target price on
the chip making conglomerate's shares to Y580 from Y800, Reuters
reported on Wednesday. In January, Japan's biggest PC supplier
and second-largest chipmaker doubled its group net loss forecast
for the year to March to Y300 billion ($2.26 billion) to reflect
widening restructuring costs and shrinking revenues.
SNOW BRAND: Admits To Imported Pork Mislabeling
-----------------------------------------------
Ailing Snow Brand Foods has admitted to falsely labeling
imported pork as domestic meat and selling it at higher prices,
Channel News Asia reported on Monday. The firm admitted its
guilt and apologized for damaging customers' trust in the latest
scandal to hit the firm.
The Company was accused last month of falsely labeling 13.9 tons
of imported Australian beef as domestic to qualify for a
government program of subsidies to cushion the impact of the mad
cow crisis. It later raised the total to 30 tons.
=========
K O R E A
=========
DAEWOO GROUP: Plans Myanmar Oil, Gas Drilling
---------------------------------------------
Daewoo is planning to start drilling of oil and gas at a reserve
off Myanmar 's west coast by the end of 2002, Xinhua News Agency
reported on Monday, citing Energy Planning Department of the
Myanmar Ministry of Energy. The reserve, block A1, off the
Rakhine state's Sittwe and 483 kilometers northwest of the
capital of Yangon, is expected to have a gas reserve of 396.2
billion cubic-meters.
Daewoo will take 40 percent of the gas drilled under a project
deal with Myanmar, which aims to sell gas to India and
Bangladesh.
TCR-AP reported earlier this week that the Korea Asset
Management Corp. (KAMCO), aims to dispose of W4.7 trillion of
the total W26.8 trillion in Daewoo Group's bad loans by selling
it to corporate restructuring vehicles in 2002, Korea Herald
reported on Sunday.
===============
M A L A Y S I A
===============
ASIAN PAC: Aspires to Narrow FY2002 Losses
------------------------------------------
Asian Pac Holdings Berhad, following the disposal of its 77.7
percent insurance unit Tenaga Insurance Bhd to Idris Hydraulic
(Malaysia) Bhd, is confident of narrowing its losses for the
financial year ending March 31, 2002, The Edge reports, quoting
Asian Pac's Managing Director Datuk Mustapa Buang.
"With the disposal of Tenaga Insurance, we should be able to
improve on this year's financial results," he said, adding that
the disposal would result in exceptional gains of RM27.7 million
for the company and RM46.9 million for its unit, AGB Properties
Sdn Bhd.
Asian Pac booked a net loss of RM90.17 million on the back of a
RM74.06 million turnover for the financial year ended March 31,
2001.
ASIAN PAC: Awaits SC's Proposed Disposal Approval
-------------------------------------------------
On behalf of the Board of Directors of Asian Pac Holdings Berhad
(APHB or the Company), Alliance Merchant Bank Berhad announced
that the shareholders of APHB had unanimously, at the
Extraordinary General Meeting (EGM) held on Friday, passed the
ordinary resolution which was set out in the Notice of EGM dated
24 January 2002 in relation to the Proposed disposal by AGB
Properties Sdn Bhd, a wholly-owned subsidiary of APHB, of
32,640,000 ordinary shares of RM1.00 each in Tenaga Insurance
Berhad representing 77.71% equity interest therein to Talasco
Insurance Berhad, a wholly-owned subsidiary of Idris Hydraulic
(Malaysia) Bhd, for a cash consideration of RM68,933,349
(Proposed Disposal) .
The approval from the Securities Commission in respect of the
Proposed Disposal is still pending.
ASIAN PAC: RAM Downgrades RCSLS to B1
-------------------------------------
Rating Agency Malaysia (RAM) has downgraded the long-term rating
for Asian Pac Holdings Berhad's (APHB) RM298,252,110 Redeemable
Convertible Secured Loan Stocks (RCSLS), from BB3 to B1. The
rating reflects the delayed launches of APHB's property
development project at Kepong Entrepreneurs' Park (KEP), its
main cash flow contributor in the future.
In addition, the rating also takes into account the Group's
transformation into a property development company and its
current fundamentals compared to its rated peers. Previously,
APHB was rated as a financial services group on account of its
involvement in the stockbroking and insurance businesses.
The planned disposals of its stockbroking (Kin Khoon Sdn Bhd)
and insurance (Tenaga Insurance Berhad) subsidiaries are
expected to be completed by 1H 2002. This leaves APHB with
property development as its core business. The delay in its
property development project at KEP, coupled with the current
sluggish property market, is expected to hamper APHB's future
earnings and cash flow. APHB will have to rely on proceeds from
the future conversion of its warrants, the prospects of which
appear uncertain at this juncture.
COUNTRY HEIGHTS: SC Junks Rights Issue Implementation Extension
---------------------------------------------------------------
Country Heights Holdings Berhad (CHHB/ the Company) announced
that the Securities Commission (SC) has rejected CHHB's
application to extend the dead-line for implementation of the
Proposed revised rights issue of up to 200,588,470 new Shares on
the basis of one (1) new Share for every two (2) existing Shares
held at an issue price of RM1.00 per new Share (Proposed Revised
Rights Issue) from 2 January 2002 to 2 January 2003. With the
rejection, the SC's approval for the Proposed Revised Rights
Issue has lapsed and CHHB would therefore no longer proceed with
the Proposed Revised Rights Issue.
The proceeds that would have been raised from the Proposed
Revised Rights Issue had earlier been principally earmarked for
the redemption of the outstanding RM200 million nominal amount
of 3% Redeemable Bonds (Bonds) which was issued by CHHB in 1996.
However, on 27 December 2002, the holders of the Bonds had
agreed to extend the maturity date of the Bonds to 31 December
2005, and the approval of the SC was received on 21 January 2002
for the extension of the maturity date. Further, the redemption
of the Bonds on 31 December 2005 would be sourced from, inter
alia, the proceeds of CHHB's asset divestment programmed and
internal funds generated from the property development
activities of CHHB and therefore would not be dependent upon the
proceeds from the Proposed Revised Rights Issue.
With regards to CHHB's application to extend the dead-line for
implementation of the Proposed Special Issue of 50,000,000 new
CHHB ordinary shares of RM1.00 each (Shares) at an issue price
of RM2.00 per CHHB Share (Proposed Special Issue) from 31
December 2001 to 31 December 2002, the SC has indicated that
they will only consider CHHB's aforesaid application after CHHB
has obtained the prior approval of the Foreign Investment
Committee (FIC) as the purpose of the Proposed Special Issue is
to enable CHHB to comply with equity condition imposed by the
FIC.
MALAYSIAN RESOURCES: Unit Signs Supplemental Agreement With BPSB
----------------------------------------------------------------
The Board of Directors of Malaysian Resources Corporation Berhad
(MRCB) announced that MRCB Cahaya Mutiara Sdn Bhd (MCM), which
effectively is a wholly owned subsidiary of the Company, had on
7 February 2002 entered into a Supplemental Agreement with BP
Plantations Sdn Bhd (BPSB).
BACKGROUND
MCM had on 29 June 2000 entered into a Sale And Purchase
Agreement with BPSB to purchase approximately 314 acres of land
held under P.T. No. 12, Mukim 6, Daerah Seberang Perai Utara,
Negeri Pulau Pinang (the Land) in the development of Bandar
Bertam Perdana, for a total consideration of RM61.2 million.
MCM intended to develop the Land into an integrated and complete
educational center together with any other development, which
may be ancillary and complementary to the Intelligent City
Concept of the development of Bandar Bertam Perdana.
RATIONALE
Pursuant to the Sale And Purchase Agreement, MCM has paid an
amount totaling RM16.1 million to BPSB. Due to the current
economic conditions, MCM has decided to acquire a smaller
portion of the Land measuring 65 acres for a purchase
consideration of RM16.1 million being the amount paid to BPSB.
The parties have agreed to enter into a Supplemental Agreement
to vary the terms and conditions of the Sale And Purchase
Agreement of 29 June 2000.
SALIENT TERMS OF THE SUPPLEMENTAL AGREEMENT
The purchased portion will be reduced from 314 acres to 65 acres
(New Purchase Portion) for a purchase consideration of RM16.1
million which was fully paid by MCM to BPSB.
MCM will be entitled at its own prerogative to determine and
undertake the type and kind of development on the New Purchase
Portion subject to the approval of the relevant authorities.
There will be no change in price of the New Purchase Portion
even if MCM develop it for any other purpose than for education.
For the purpose of integrated education development, BPSB agrees
to give an absolute guarantee that the New Purchase Portion can
be developed into an educational park. Should the New Purchase
Portion cannot be developed for educational purposes, BPSB will
substitute with other suitable piece of land to be mutually
agreed by both parties.
FINANCIAL EFFECT
The acquisition is not expected to have any material impact on
the earnings and net tangible assets of MRCB for the financial
year ending 31 August 2002.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the directors or substantial shareholders of MRCB has
any interest, direct or indirect, in the acquisition of the New
Purchase Portion.
MECHMAR CORPORATION: Proposed Disposal Passed at EGM
----------------------------------------------------
Mechmar Corporation (Malaysia) Berhad (the Company) revealed
that at the Extraordinary General Meeting held on 7 February
2002, the shareholders present passed the ordinary resolution
authorizing the directors of the Company and Sri Komakmur Sdn
Bhd to dispose off 3 parcels of lands held under H.S.(D) 70345,
H.S.(D) 70349 and P.T. nos. 3645,4650 & 3657 respectively in the
Mukim of Setapak, Daerah Kuala Lumpur, Negeri Wilayah
Persekutuan by 51% owned subsidiary, Sri Komakmur Sdn Bhd for a
total cash consideration of RM 45 million to Platinum Victory
Sdn Bhd upon the terms and conditions as stipulated in the
Disposal Agreements.
Wrights Investors' Service reports that at the end of 2000, the
Company had negative working capital, as current liabilities
were Rm410.53 million while total current assets were only
RM192.22 million. This company has paid no dividends during the
last 12 months. It has also reported losses during the previous
12 months.
RENONG BERHAD: Unit Disposes of Assets to Pay Loan Interest
-----------------------------------------------------------
Prolink Development Sdn. Bhd (Prolink), 64 percent owned
subsidiary of Renong Berhad, has entered into a conditional
agreement with Hektar Klasik for the disposal of three parcels
of freehold land in Johor for RM32.806 million, The Star
reports.
The sale is expected to result in a profit of about RM6.15
million at Renong group level. The proceeds would be used as
advance payment of interest on the Danaharta loan and/or to
partly retire ProlinkĄs Danaharta loan.
Renong said that the disposal was part of Renong's strategy to
selectively divest properties to increase its cash flow and to
reduce the total debt required for the development of Bandar
Nusajaya.
SOUTHERN STEEL: Restructures US$125M Million Term Loan Facility
---------------------------------------------------------------
The Board of Directors of Southern Steel Berhad (the Company)
announced the restructure of the Company's US$125 Million Term
Loan Facility (the Facility) by way of an extension of the
Facility, which has been rescheduled to be repaid over 12
installments of varying amounts, the last installment to be due
on 15 June 2008.
The Company as Borrower, The Development Bank of Singapore Ltd,
Labuan Branch as Agent and the Financial Institutions will enter
into a Supplemental Agreement for the purposes of the extension.
TANCO HOLDINGS: Two-Call Rights Issue W/ Warrants Oversubscribed
----------------------------------------------------------------
On behalf of Tanco Holdings Berhad (Tanco or Company), Commerce
International Merchant Bankers Berhad announced that the
Renounceable two-call rights issue of 167,443,363 new ordinary
shares of RM1.00 each (Rights Shares) at an issue price of
RM1.00 per Rights Share (of which the first call of RM0.28 is
payable in cash on application and the second call of RM0.72 is
payable out of the Company's share premium account and retained
profit account) with 167,443,363 free warrants upon acceptance,
on the basis of one (1) Rights Share with one (1) free attached
warrant for every one (1) existing ordinary share held in the
Company (Two-Call Rights Issue with Warrants) has been
oversubscribed.
Details of acceptance by entitled shareholders, including excess
applications received as at the close of acceptance and payment
for the Two-Call Rights Issue with Warrants at 5.00 p.m. on 4
February 2002 are as set out in the table:
No. of Rights Shares
With warrants %
Accepted by entitled shareholders 144,444,584 86.26
Not accepted by entitled shareholders 22,998,779 13.74
167,443,363 100.00
Excess Rights Shares with warrants
application 74,023,246 44.21
Total applications 218,467,830 130.47
Over-subscription 51,024,467 30.47
=====================
P H I L I P P I N E S
=====================
BAYAN TEL: Extelcom Asks Court to Grant License
-----------------------------------------------
Express Telecommunications Co Inc (Extelcom) has asked the
Supreme Court to reconsider an earlier ruling allowing Benpres
Holdings Corp's Bayan Telecommunications Inc (BayanTel) to
operate mobile services, Business World and AFX News reported
Tuesday, quoting a copy of the court's resolution. According to
Extelcom there is no urgent public need to justify the entry of
another operator in the already congested market. BayanTel owns
47 percent of Extelcom.
BayanTel hopes to settle debt-restructuring talks with creditors
by the end of 2002, TCR-AP reported last month. The Company
started debt restructuring negotiations with bondholders and
creditor banks in early 2000. BayanTel has $477 million in
liabilities, of which $277 million is owed to banks and $200
million to bondholders.
DebtTraders reports that Bayan Telecommunications, Inc's 13.500%
bond due in 2006 (BAYANA) trades between 18.5 and 20.5. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYANA
NATIONAL POWER: Govt Might Delay Transco Privatization
------------------------------------------------------
The government might delay its target to privatize assets of
state-owned National Power Corporation (Napocor) in 2002 as the
Energy Regulatory Commission (ERC) expressed doubts it would be
able to act on the petition of Napocor's transmission company
(Transco) by June, Business World said Wednesday. Transco is the
firm created under the Electric Power Industry Reform Act
(EPIRA) to manage Napocor's transmission assets.
ERC chair Fe B. Barin said the final resolution of the petition
might be delayed, as the regulatory body has to review over 140
unbundled rate petitions from various power utilities. As
mandated by law, power utilities like Transco have to submit
their unbundled rate schedules for approval by the ERC.
PHILIPPINE LONG: Mobile Unit Sale Size Not Yet Set
--------------------------------------------------
Philippine Long Distance Telephone Co. has not yet set the size
of the stake it will sell in its mobile unit Smart
Communications Inc., according to Bloomberg and Business World
on Wednesday.
The report said that the company reduced the sale to 12 percent
of Smart from as much 20 percent, and is in talks with a
possible buyer that isn't PLDT shareholder Nippon Telegraph &
Telephone Corp.
Proceeds from the sale would aid PLDT repay $417 million of debt
due in 2002. The phone company expects to finalize the sale next
month.
DebtTraders reports that Philippine Long Distance Telephone Co's
10.625% bond due in 2004 (PLDT8) trades between 95 and 98. for
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLDT8
TOBACCO FLUE: Three Years of Loss Quash Recovery Hopes
------------------------------------------------------
The Philippine Tobacco Flue Curing & Redrying Corporation (PTFC)
has been losing money for 3 years and does not expect its
business to recover in the future, Business World reported
Tuesday.
PTFC said tobacco sales in the past three years were not even
enough to cover expenses. In 1999, cost of sales exceeded
tobacco sales by roughly P2 million. In the next two years, the
gap between revenues and expenses grew. Sales in 2000 and 2001
registered at P126 million and P47 million while expenses jumped
to P150 million and P68 million, respectively.
The Company disclosed that it would keep its equipment
mothballed and allow it to resume operations should business
prospects improve. The firm has earmarked P9 million to cover
the separation of 348 employees in its tobacco business, of
which 320 are seasonal workers. According to the company's
balance sheet it has P603.96 million worth of total assets in
2000.
The company is located at 802 A. Bonifacio St., Balintawak,
Quezon City, Philippines; Telephone number: 362-1808.
=================
S I N G A P O R E
=================
JADE TECHNOLOGIES: Issues Share Option Scheme Notice
----------------------------------------------------
The Directors of Jade Technologies announced on February 8, 2002
provided the following information on the Executives' Share
Option Scheme (the Scheme) in relation to the Annual Report for
the financial year ended 29 September 2001.
1. (a) The members of the Committee administering the Scheme are
(i) Mr Brian C. Beazer
(ii) Dr Seet Ai Mee
(b) Participants of the Scheme are detailed below:
(i) Directors of the Company
Options granted during financial year under review (including
terms)
Dr Peter J. Kalmarczie No. Of Shares : 0
Mr Lim Le Kim (resigned on 31 January 2000) No. Of Shares : 0
Total: 0
Aggregate Options granted since commencement of Scheme to end of
financial year under review
Dr Peter J. Kalmarczie No. Of Shares : 300,000
Mr Lim Le Kim No. Of Shares : 70,000
Total: 370,000
Aggregate Options exercised since commencement of Scheme to end
of financial year under review
Dr Peter J. Kalmarczie No. Of Shares : 0
Mr Lim Le Kim No. Of Shares : 70,000
Total: 70,000
Aggregate Options outstanding as at end of financial year under
review
Dr Peter J. Kalmarczie No. Of Shares : 300,000
Mr Lim Le Kim No. Of Shares : 0
Total: 300,000
(ii) Participants who are controlling Shareholders of the
Company and their associates
There were no participants who are controlling Shareholders of
the Company and their associates.
(iii) Participants, other than those in (i) and (ii) above, who
have been granted Options in respect of Shares representing 5%
or more of the total number of Shares issued pursuant to Options
granted under the Scheme
Options granted during financial year under review (including
terms)
Ms Goh Poh Choo No. of Shares : 0
Mr Lim Teng Seng No. of Shares : 0
Mr Ng Whee Siang No. of Shares : 0
Mr Sim Geok Chua No. of Shares : 0
Total : 0
Aggregate Options granted since commencement of Scheme to end of
financial year under review
Ms Goh Poh Choo No. of Shares : 60,000
Mr Lim Teng Seng No. of Shares : 40,000
Mr Ng Whee Siang No. of Shares : 30,000
Mr Sim Geok Chua No. of Shares : 30,000
Total : 160,000
Aggregate Options exercised since commencement of Scheme to end
of financial year under review
Ms Goh Poh Choo No. of Shares : 30,000
Mr Lim Teng Seng No. of Shares : 40,000
Mr Ng Whee Siang No. of Shares : 30,000
Mr Sim Geok Chua No. of Shares : 20,000
Total : 120,000
Aggregate Options outstanding as at end of financial year under
review
Ms Goh Poh Choo No. of Shares : 30,000
Mr Lim Teng Seng No. of Shares : 0
Mr Ng Whee Siang No. of Shares : 0
Mr Sim Geok Chua No. of Shares : 10,000
Total : 40,000
(c) Except for the above, no participant has received 5% or more
of the total number of Options available under the Scheme.
Size of the Scheme
The total number of Scheme Shares over which the Committee may
grant Options on any date shall not exceed 3,000,000.
(d) Employees of the parent Group are not eligible to
participate in the Scheme.
2. No Share Options under the Scheme were granted during the
financial year under review and no Share Options were granted
with exercise prices set at a discount of less than or equal to
10% and at a discount of more than 10% to the market price of
the Company's Shares.
In accordance to the Circular to Shareholders dated 7 November
1997 in relation to the Jade Technologies Executives' Share
Option Scheme, the Subscription Price is determined as detailed
below :
(a) Subscription Price
Subject to adjustment pursuant to the Rules, the Subscription
Price for each Scheme Share on the exercise of an Option shall
be the average of the last dealt prices of the Shares as shown
in the daily Financial News issued by the Singapore Exchange
Securities Trading Limited for each of the last three (3)
Trading Days immediately prior to the relevant Date of Grant for
which there was trading in the Shares or the nominal value of
the Shares, whichever is the higher.
(b) Adjustments
In the event of a variation in the issued share capital of the
Company (whether by way of a capitalization or rights issue or a
reduction, subdivision or consolidation of the Shares) the
Subscription Price, the nominal value, class and/or the number
of Shares comprised in an Option or over which Options may be
granted, may be adjusted in such manner as the Committee may
determine to be appropriate, and except in relation to a
capitalization issue, upon the written confirmation of the
Auditors (acting only as experts and not as arbitrators) that,
in their opinion, such adjustment is fair and reasonable.
Provided always that no adjustment to the Subscription Price
shall be made if, as a result, the Subscription Price shall fall
below the nominal value of a Share or the number of Shares which
an Executive shall be entitled to subscribe for pursuant to the
exercise of Options granted to him/her shall be reduced (except
in the event of consolidation of Shares) and unless the
Committee, after considering all relevant circumstances,
considers it equitable to do so. The issue of securities as
consideration for an acquisition or a private placement of
Shares will not be regarded as a circumstance requiring
adjustment.
TCR-AP reported in December of last year that Jade Technologies
operations of one of its wholly owned subsidiaries, namely Jade
Technologies Europe B.V. (JTE), would be wound down and some of
the remaining business of JTE may be transferred to JTS. In view
of the current weak state of the market for electronic products,
the uncertain future outlook, and the consequential uncertainty
regarding business prospects for JTE, the Directors of JTE and
JTS have concluded that it is best to wind down the operations
of JTE. This will be done progressively as existing orders and
orders for buffer inventory are built up under an agreement
entered into, November 29, 2001, with a major customer of JTE.
JADE TECHNOLOGIES: Proposes Share Repurchase Mandate Renewal
------------------------------------------------------------
Jade Technologies Singapore Ltd disclosed on February 8 an
addendum relating to the proposed resolution for the renewal of
the Share Repurchase Mandate, notice of which was given in the
Notice of Annual General Meeting dated 5 February 2002.
SUMMARY SHEET ON SHARE REPURCHASE
(A) Shares Repurchased In The Previous Twelve Months
No Shares were repurchased in the previous twelve months.
(B) Renewal Of The Shares Repurchase Mandate
The Ordinary Resolution No. 8(c), if passed, will renew the
Share Repurchase Mandate approved by the Shareholders of the
Company from the date of the Annual General Meeting until the
date of the next Annual General Meeting.
(C) Rationale For The Share Repurchase Mandate
The proposed mandate will give the Board the flexibility to
purchase Shares if and when circumstances permit. Share
purchases offer various advantages to the Company, such as
providing the easy mechanism to facilitate the return to
Shareholders of surplus cash, over and above the Company's
ordinary capital requirement, in an expedient and cost-efficient
manner, or to buffer short term share price volatility and
offset the effects of trading by short term speculators and
investors.
The purchase of Shares may, depending on market conditions and
funding arrangements at the time, lead to an enhancement of the
earnings per Share and/or net asset value per Share of the
Company. The Board will decide whether to purchase Shares only
after taking into account, among other things, the market
conditions at such time, the Company's financial condition and
whether such purchases will cause the Company to become
insolvent (i.e. the Company is unable to pay its debts as they
become due in the ordinary course of business, or the value of
the Company's assets is less than the value of its liabilities
including contingent liabilities), and whether such purchases
represent the most efficient and cost-effective approach to
enhance Share value. Share purchases will only be made if the
Board believes that such purchases are likely to benefit the
Company and increase economic value for Shareholders.
The Board will ensure that notwithstanding any Share purchase,
there will be maintained a sufficient float in the hands of the
public to provide for an orderly market for trading in the
Shares, and that such Share purchase will not thereby have an
adverse effect on the listing of the Company's Shares on the
SGX.
(D) Financial Impact Of The Proposed Share Repurchase
1. The proposed purchases of Shares will reduce the issued share
capital of the Company by the nominal value of the Shares
purchased and distributable profits by the amount of the
aggregate purchase price. The nominal value of the purchased
Shares will be credited to the capital redemption reserve of the
Company.
2. The financial effects on the Company and the Group arising
from the proposed purchases of the Company's Shares which may be
made pursuant to the proposed Share Repurchase Mandate will
depend on, inter alia, the aggregate number of Shares purchased
and the consideration paid at the relevant time.
3. Based on the existing issued and paid-up share capital of the
Company as at 17 January 2002 (the "Latest Practicable Date"),
the proposed purchases by the Company of up to a maximum of ten
percent of its issued share capital under the mandate will
result in the purchases of 3,264,902 Shares.
4. An illustration of the impact of Share purchases by the
Company pursuant to the mandate on the Group's and the Company's
financial position is set out below based on the following
assumptions :
(a) audited accounts of the Group and the Company are as at 29
September 2001;
(b) in full exercise of the mandate, 3,264,902 Shares are
purchased;
(c) the maximum price for the market purchases is $0.5754, which
is 5% above the average closing prices of the Shares over the
last five market days preceding the Latest Practicable Date on
which the transactions in Shares were recorded on SGX; and
(d) the maximum amount of the funds required for the purchases
in the aggregate is $1,879,000.
Market Purchases
Group Before Share Purchase
$'000
As at 29 September 2001
Shareholders' funds 20,444
Net tangible assets 20,088
Current assets 37,101
Current liabilities 32,085
Total borrowings * 22,719
Cash and cash equivalents 12,876
Number of shares ('000) 32,649
Financial Ratios
Net tangible assets per share ($) 0.62
Gearing (%) 111
Current ratio (times) 1.16
Group After Share Purchase
$'000
As at 29 September 2001
Shareholders' funds 18,565
Net tangible assets 18,209
Current assets 35,222
Current liabilities 32,085
Total borrowings * 22,719
Cash and cash equivalents 10,997
Number of shares ('000) 29,384
Financial Ratios
Net tangible assets per share ($) 0.62
Gearing (%) 122
Current ratio (times) 1.10
Company Before Share Purchase
$'000
As at 29 September 2001
Shareholders' funds 21,312
Net tangible assets 21,312
Current assets 5,458
Current liabilities 5,079
Total borrowings * 7,490
Cash and cash equivalents 2,069
Number of shares ('000) 32,649
Financial Ratios
Net tangible assets per share ($) 0.65
Gearing (%) 35
Current ratio (times) 1.07
Company After Share Purchase
$'000
As at 29 September 2001
Shareholders' funds 19,433
Net tangible assets 19,433
Current assets 3,579
Current liabilities 5,079
Total borrowings * 7,490
Cash and cash equivalents 190
Number of shares ('000) 29,384
Financial Ratios
Net tangible assets per share ($) 0.66
Gearing (%) 39
Current ratio (times) 0.70
Note :
* Total borrowings comprise long term secured and unsecured
loans and non-current portion of hire-purchase creditors.
5. Shareholders should note that the financial effects set out
above are based on the audited financial accounts of the Group
and the Company for the financial year ended 29 September 2001
and are for illustration only. The results of the Group and the
Company for the financial year ended 29 September 2001 may not
be representative of the future performance.
6. The Company intends to use its internal sources of funds to
finance its purchases of the Shares. The Company does not intend
to obtain or incur any borrowings to finance its purchases of
the Shares. The Directors do not propose to exercise the Share
Repurchase Mandate in a manner and to such extent that the
working capital requirements of the Group would be materially
affected.
7. The Company will take into account both financial and non-
financial factors, among other things, the market conditions at
such time, the Company's financial condition, the performance of
the Share and whether such purchases would represent the most
efficient and cost-effective approach to enhance the Share
value. Share purchases will only be made if the Board believes
that such purchases are likely to benefit the Company and
increase economic value for the Shareholders.
(E) Listing Rules
1. Before deciding to effect a Share purchase, the Directors
will consider whether, notwithstanding such practice, a
sufficient float in the hands of the public will be maintained
to provide for an orderly market trading in the Shares. It is
the Board's intention that, following such Share purchases, the
number of Shares remaining in the hands of the public will not
fall to such level as to cause market illiquidity and affect
adversely the listing status of the Company.
2. The Listing Rules require a listed company to ensure that at
least 10.00 percent of any class of its listed securities must
be held by public shareholders. As detailed in (F)2., as at the
Latest Practicable Date, Electronic Convergence Technology Ltd
(ECT), which is the substantial shareholder of the Company, has
an interest of 76.03 percent of the issued share capital of the
Company and certain Directors of the Company have an interest,
direct and deemed, of 0.47 percent of the issued share capital
of the Company. In aggregate, ECT and certain Directors of the
Company held an interest of 76.50 percent of the issued share
capital of the Company. Approximately 23.50 percent of the
issued share capital of the Company is held by public
shareholders. The exercise in full of the proposed mandate will
result in ECT and certain Directors of the Company holding in
aggregate approximately 84.99 percent of the issued share
capital of the Company while approximately 15.01 percent of the
issued share capital of the Company would be held by public
shareholders. Accordingly, the Company is of the view that there
is sufficient number of Shares in issue held by public
shareholders which would permit the Company to undertake
purchases of its Shares through Market Purchases up to the full
10.00 percent limit pursuant to the proposed Share Repurchase
Mandate without affecting the listing status of the Shares on
the SGX, and that the number of Shares remaining in the hands of
the public will not fall to such a level as to cause market
illiquidity.
(F) Consequences Of Share Repurchases Under The Singapore Code
On Take-overs And Mergers
1. Under Appendix 2 in relation to Rule 14.1 of the Singapore
Code on Take-overs and Mergers (Take-over Code), an increase in
the percentage of voting rights held by a shareholder and
persons acting in concert with him will be treated as an
acquisition of shares by such shareholder for the purposes of
Rule 14.1 of the Take-over Code. Consequently, a shareholder or
group of shareholders acting in concert could, depending on the
level of increase in his or their interest in the Company,
obtain or consolidate control of the Company and become obliged
to make a mandatory take-over offer in accordance with Rule 14
of the Take-over Code.
Unless prior waiver of the Securities Industry Council (SIC) is
obtained, directors and persons acting in concert with them will
incur an obligation to make a mandatory offer if, due to share
purchases by a company, (i) the percentage of voting rights in
the Company held in aggregate by such directors and parties
acting in concert with them increases to 30.00 percent or more,
or, (ii) if at the outset, they hold in the aggregate between
30.00 percent and 50.00 percent of the Company's voting rights,
the percentage of the voting rights in aggregate increases by
more than 1.00 percent in aggregate in any six-month period.
2. As at the Latest Practicable Date, ECT holds approximately
76.03 percent of the issued and paid-up share capital of the
Company. By virtue of their directorship in ECT, Mr Brian C.
Beazer and Mr Peter F. Reilly are parties presumed to be acting
in concert with ECT as defined in the Take-over Code. As ECT
currently holds more than 50.00 percent of the issued and paid-
up share capital of the Company, the exercise in full of the
proposed mandate will not result in ECT incurring an obligation
to make a mandatory offer.
Substantial Shareholder And Directors' Interest As At Latest
Practicable Date And Before Proposed Share Repurchase
Direct Interest Deemed Interest Total Interest
No. of Shares % No. of Shares % No. of Shares %
Directors
Mr Brian C. Beazer - - 51,000 0.16 51,000 0.16
Dr Peter J. Kalmarczie 100,000 0.31 - - 100,000 0.31
Mr Peter F. Reilly - - - - -
Substantial Shareholder
ECT 24,824,028 76.03 - - 24,824,028 76.03
In Aggregate 24,924,028 76.34 51,000 0.16 24,975,028 76.50
Share Options To Purchase Shares In The Company Granted By The
Company
Dr Peter J. Kalmarczie 300,000 0.92 - - 300,000 0.92
Share Options To Purchase Shares In The Company Granted By ECT
Dr Peter J. Kalmarczie 220,000 0.67 - - 220,000 0.67
Substantial Shareholder And Directors' Interest After Proposed
Share Repurchase
Direct Interest Deemed Interest Total Interest
No. of Shares % No. of Shares % No.
of Shares %
Directors
Mr Brian C. Beazer - - 51,000 0.17 51,000 0.17
Dr Peter J. Kalmarczie 100,000 0.34 - - 100,000 0.34
Mr Peter F. Reilly - - - - - -
Substantial Shareholder
ECT 24,824,028 84.48 - - 24,824,028 84.48
In Aggregate 24,924,028 84.82 51,000 0.17 24,975,028 84.99
Share Options To Purchase Shares In The Company Granted By The
Company
Dr Peter J. Kalmarczie 300,000 1.02 - - 300,000 1.02
Share Options To Purchase Shares In The Company Granted By ECT
Dr Peter J. Kalmarczie 220,000 0.75 - - 220,000 0.75
3. The Directors of the Company are of the opinion that the
renewal of the proposed Share Repurchase Mandate is in the best
interests of the Company. Accordingly, the Directors of the
Company recommend that Shareholders vote in favor of Ordinary
Resolution 8(c).
RAFFLES HOLDINGS: Issues FY Financial Statement Further Info
------------------------------------------------------------
Raffles Holdings Limited (the Company) announced on February 7
the following additional information on its Proforma Full Year
Financial Statements and Dividend Announcement for the Financial
Year Ended 31 December 2001 announced on 4 February 2002.
1. Notes to the Accounts - Exceptional Items
In its announcement on the Completion of the Swissotel Hotels &
Resorts Acquisition dated 5 June 2001, the Company had stated
that as of the acquisitions closing, certain contractual matters
were pending resolution.
As at 31 December 2001, the contractual matters relating to the
management contracts of the five hotel properties in the US were
still pending resolution. Accordingly, for prudence, the Company
has made provisions for the contractual obligations and the
value ascribed to these contracts in the financial statements
for the year ended 31 December 2001. The amount of $24.7 million
is part of the $94.8 million provisions made in 2001.
2. Review of the performance of the Company and its principal
subsidiaries
The increase in Other Income of $14.9 million or 332 percent
over the previous financial year, was mainly due to interest
income derived from proceeds from the Company's divestment of a
55 percent equity stake in Raffles City (Private) Limited (now
known as Tincel Properties (Private) Limited) that were pending
redeployment, as well as interest income on shareholder's loans
to an associated company.
TCR-AP reported that Raffles Holdings, subsidiary of CapitaLand
Ltd., has posted a loss of S$4.3 million in the third quarter
ending September in 2001 as the hotel operator suffered from
cancelled bookings from travelers following the aftermath of the
September 11 terrorist attacks. The company expects losses for
the fourth quarter as well. Raffles Holdings has a portfolio of
39 hotels with 13,457 rooms in 34 destination cities. Raffles
Holdings is a subsidiary of CapitaLand Limited, which has an
asset base of over S$18 billion.
===============
T H A I L A N D
===============
NEP REALTY: Resolution Passed at EGM No 1/2545
----------------------------------------------
NEP Realty and Industry Public Company Limited (NEP or the
Company) informed that the Extraordinary General Meeting (EGM)
No. 1/2545 of NEP was held on February 11, 2002 at 10:00 a.m. at
Chateau de Bangkok, No. 29 Soi Ruamruedi, Ploenchit Road,
Khwaeng Pathumwan, Khet Pathuwan, Bangkok.
The meeting was attended by 35 shareholders, both in person and
by proxy, representing 68,583,627 shares or 68.58 percent of the
outstanding shares. The meeting adopted the following key
resolutions:
1 The meeting unanimously endorsed the minutes of the EGM No.
2/2544.
2 The meeting approved the transaction of land that has total
area of 1,174 rai 2 ngan 76 square wah valued at Bt411,141,500,
located at Tambon Na Klang, Amphoe Sungnoen, Changwat Nakhon
Ratchasima, between Nava Nakhon Co., Ltd. and P.K.S. Development
Co., Ltd. The shareholders who approved the transaction
accounted for 38,665,341 shares or 56.38 percent of the total
shares represented at the meeting and the shareholders who
disapproved the transaction accounted for 29,918,286 shares or
43.62 percent of the total shares represented at the meeting.
PRASIT PATANA: Issues Further Phyathai 1 Hospital Information
-------------------------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, Plan
Administrator of Prasit Patana Public Company Limited (PYT or
the Company), in response to a request from the Stock and
Exchange of Thailand, provided additional information on the
establishment of Phyathai 1 Hospital Co., Ltd as part of the
implementation of Rehabilitation Plan of Prasit Patana Public
Company Limited as follows:
* In accordance with the Plan for the four company structure
selected by creditors of Prasit Patana Public Company Limited,
Phyathai 2 Company Limited and Phyathai 3 Company Limited,
therefore Phyathai 1 Company Limited (Phyathai 1) has been set
up and registered with Ministry of Commerce since 11 December
2001. The registered capital has been fixed at Bt1,000,000
consisting of 100,000 shares at Baht 10 each. Prasit Patana
Public Company Limited as the principal shareholder holds
99.99% Currently, no capital has been paid;
* Prasit Patana Public Company Limited will transfer the
assets and liabilities comprising Phyathai 1 Hospital and
certain related assets to the new company, Phyathai 1, on the
effective date for the implementation of its rehabilitation
plan, currently expected to be in the month of April 2002.
PROPERTY PERFECT: Informs of Capital Increase Procedure
-------------------------------------------------------
Asian International Planners Co., Ltd., as the administrator of
the rehabilitation Plan of Property Perfect Public Company
Limited (Company) according to The Central Bankruptcy Court' s
order as of October 2, 2001, informed procedure of Capital
Increasing as:
1. Capital increasing
According to rehabilitation item 8.3 ( c ), the Company increase
its capital from Bt778,256,470 to Bt12,000,000,000 by issuing
1,122,174,353 ordinary shares at par value of Bt10 each for the
amount of Bt11,221,743,530
2. Newly issued shares allocation
2.1 Detail of allocation
Purpose Amount Ratio Selling Price Date, Time of Note
(shares) (Old : New) Baht per share Subscription
and Paid up
To. Reserve for 1,062,174,353 - - -
debt to equity
Conversion
To. Reserve for 60,000,000 - - - According to
exercising of the plan in
warrants given item 8.3
to creditors (f)
2.2 The plan item 8.3 (h) has stated that in case of shares
residue from allocation, the company will reduce its capital as
soon as possible.
2.3 Shares residue from allocation ___shares.
3. Schedule the shareholders meeting date to approve capital
increasing and newly issued shares allocation.
The Central Bankruptcy Court ordered such capital increasing and
newly issued shares allocation, so that the shareholders meeting
is cancelled.
4. Capital increasing / newly issued shares approved by
government agency and conditions for approval (if any).
- None -
5. Objectives of capital increasing.
To reserve for debt to equity conversion of creditors group 1,
2, 3, 4, 5, 6, 7, 8, 10 and 11 for exercising of warrants given
to creditors group 2, 3, 4, 5, 6, 7, 8, 10 and 11 according to
the plan item 8.3 (b).
6. Benefits that the Company will get from newly issued shares
allocation
6.1 To restructure the Company's debt and capital according
to the rehabilitation plan that will help the company to
continue its business
7. Benefits that the Shareholders will get from newly issued
shares allocation
7.1 Dividend policy according to plan item 8.8 stated that
during the rehabilitation plan the dividend will be omitted
7.2 This newly issued shares holders will have the right to
get dividend after the rehabilitation plan was cancelled
8. Other necessary details for shareholder in order to approve
capital increasing and newly issued shares allocation
9. Time table of the operation
The Company has already register the capital increase plan to
the registrar since February 4, 2002.
THAI PETROCHEMICAL: Discloses Plan Amendment Voting Results
-----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI), in
reference to its notification on 6 February 2002, which advised
that, on 4 February 2002, the Participating Scheme Creditors of
TPI have voted by fax not to take any action in respect of the
Event of Default and the voting to reset the Repayment Milestone
Date is scheduled to take place on 8 February 2002, advised that
they have been by the Committee of Creditors who arranged a
Participating Scheme Creditors meeting on 8 February 2002 that
Participating Scheme Creditors representing in aggregate 92.65
percent of TPI's Participating Scheme Debts cast their votes.
The Committee of Creditors may agree the Participating Scheme
Creditors representing 91.06 percent of the Participating Scheme
Debts voted in support of the extension of the Repayment
Milestone Date to 31 December 2002 or such later date. At the
same time, only two Participating Scheme Creditors representing
1.59 percent of the Participating Scheme Debts voted against the
extension.
The Plan provides for the Committee of Creditors to seek the
Participating Scheme Creditors approval before it can formally
consent to amendments to the Plan. The voting threshold set out
in the Plan for such Participating Scheme Creditors approval is
75% in value of the total Participating Scheme Debts voting in
favor and no creditors disapproving of the proposal.
As reported above, there were creditors disapproving of the
resolution at the meeting on 8 February 2002, as a result, the
Committee of Creditors cannot formally consent to the proposed
amendment of extending the Repayment Milestone Date.
The inability of the Committee of Creditors to formally approve
the extension to the Repayment Milestone Date does not directly
affect TPI's operation or the validity of the Plan. The Plan
Administrator will therefore proceed with the implementation of
the Plan and will discuss with the Committee of Creditors
whether further action to amend the Repayment Milestone Date is
required.
TWY PROPERTY: Files Business Reorg Petition
-------------------------------------------
Hotel business Twy Property Company Limited (DEBTOR) filed its
Petition for Business Reorganization in the Central Bankruptcy
Court:
Black Case Number 449/2544
Red Case Number 629/2544
Petitioner: THAI BANK PUBLIC COMPANY LIMITED #1ST, THAI
COMMERCIAL BANK PUBLIC COMPANY LIMITED #2ND, SINASIA FINANCIAL
PUBLIC COMPANY LIMITED #3RD
Planner: ARTHUR ANDERSEN COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt3,017,599,186.57
Date of Court Acceptance of the Petition: June 1, 2001
Date of Examining the Petition: July 2, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date
Court postponed the Date of Examining the Petition to July 27,
2001 at 9.00 a.m.
Court Order for Business Reorganization and Appointment of
Planner: August 10, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 28, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 18,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 18, 2001
Planner postponed the date of submitting the reorganization plan
#1st to January 18, 2002
Planner postponed the date of submitting the reorganization plan
#2nd to February 18, 2002
Contact: Mr. Nopadon Tel, 6792525 ext. 114
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
------ ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 6 - 8 0
Asia Pulp & Paper 11.75% due 2005 21 - 23 -2
APP China 14.0% due 2010 16 - 18 -1
Asia Global Crossing 13.375% due 2006 25 - 28 -2
Bayan Telecom 13.5% due 2006 19 - 21 0
Daya Guna Sumudera 10.0% due 2007 1.5 - 5.5 0
Hyundai Semiconductor 8.625% due 2007 59 - 62 -1
Indah Kiat 11.875% due 2002 25 - 27 -3
Indah Kiat 10.0% due 2007 16 - 18 -2
Paiton Energy 9.34% due 2014 53 - 56 0
Tjiwi Kimia 10.0% due 2004 16 - 18 -1
Zhuahi Highway 11.5% due 2008 23 - 28 0
Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson
at 1-212-247-5300. To view our research and find out about
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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, Maria Cristina Pernites-Lao, Editors.
Copyright 2002. 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 ***