/raid1/www/Hosts/bankrupt/TCRAP_Public/020215.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 15, 2002, Vol. 5, No. 33
Headlines
A U S T R A L I A
AQUARIUS PLATINUM: Executive Director Resigns from Board
COTTEE HEALTH: Enters Acquisition Agreement With NoRegrets
EARTH SANCTUARIES: Expressions of Interest Lodged by 25 Parties
JAMES HARDIE: Releases Third Quarter 2001 Report
LEND LEASE: Sells Kiwi Property Group Interest
NORMANDY MINING: Removed From S&P/ASX Indices
OMNI GROUP: ASIC Places Prospectus Third Interim Stop Order
PLANTATION EQUITY: Dealers' License Suspended
TRITON CORPORATION: Posts Ferrier Hodgson's Letter to Holders
C H I N A & H O N G K O N G
02NEW TECHNOLOGY: Proposes Capital Workout to Cancel Losses
ARBROSS LIMITED: Winding Up Petition To Be Heard
CITY LEADER: Winding Up Petition Hearing Set
EURECA CORPORATION: Winding Up Petition Pending
GRAINTEX DEVELOPMENT: Winding Up Petition Slated For Hearing
GROP YIELD: Faces Winding Up Petition
MEGA TRACK: Winding Up Petition Set For Hearing
I N D O N E S I A
UNITED TRACTORS: March Berau Coal Sale Finalization Likely
J A P A N
AIOI INSURANCE: Sees Y126.1B Reinsurance Claims Loss
ASAHI MUTUAL: Plans More Staff Pay Cuts
CHOGIN TOKYO: Former President Postpones Fraud Case Appeal
KOTOBUKIYA CO: Agrees to Aeon's 50-Store Take-Over
MATSUSHITA ELECTRIC: Unions Gear Up for Wage Talks
NEC CORPORATION: US Unit Releases NEAX 2400 Internet Protocol
NIPPON TELEGRAPH: Unit Offering Online Service For PS2 April 1
NISSAN MOTOR: Selects Hyperion to Drive Global Business
K O R E A
HYNIX SEMICONDUCTOR: Micron Merger Talks Continues
HYNIX SEMICONDUCTOR: Creditors Expect Micron Proposal
HYUNDAI MOTOR: Selling Half Of Chonju Plant Stake
M A L A Y S I A
ANGKASA MARKETING: MITI Approves Proposed Disposal of SAM
CONCRETE ENGINEERING: Posts Change in Boardroom Notice
MALAYSIAN AIRLINE: Enters Proposed Disposal MAP With ABM
PACIFICMAS BERHAD: Proposes Purchase of Own Shares
PARIT PERAK: Talks With White Knights Endangered
PICA (M) CORPORATION: Reappoints Bin Ibrahim as Chairman
SRI HARTAMAS: Proposes Share Equity Interest Disposal
P H I L I P P I N E S
BAYAN TEL: Shows Mobile Merger Interest With Extelcom
RFM CORPORATION: Discloses Movement In Share Price
METRO PACIFIC: Clarifies P68B Asset Write-off Report
NATIONAL BANK: Clarifies Loss Reduction Issue
TOBACCO FLUE: Approves Business Action Plan
T H A I L A N D
EASTERN PRINTING: Cuts, Raises Capital as Rehab Plan Compliance
EMC PUBLIC: Posts Top Ten Major Shareholders
INTER FAR: Q401 Financial Statement Submission Exempted
ITALIAN-THAI: Signs Contract With Bangkok Metropolitan
POWER-P COMPANY: Business Reorganization Petition Filed
- - - - - - - -
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A U S T R A L I A
=================
AQUARIUS PLATINUM: Executive Director Resigns from Board
--------------------------------------------------------
In line with Aquarius Platinum Limited's (Aquarius) stated goal
of increasing its management in South Africa, the Directors of
Aquarius advise that Mr Craig Munro, Executive Director Finance,
has announced his retirement from the Board of Aquarius.
The group is close to securing the services of a replacement to
enhance its management structure in South Africa. Mr Munro who
has been with the Company since 1997 was involved in the
embryonic stages of the Company's corporate life in South Africa
which involved the listing of Kroondal Platinum Mines Limited on
the Johannesburg Stock Exchange, the raising of debt finance for
the Kroondal Platinum Project and the subsequent listing of
Aquarius on the AIM Board in London. The Aquarius Board recorded
their appreciation for Mr Munro's contribution whilst on the
Board of the Company.
Mr Munro who retires to pursue private interests leaves the
Company with the best wishes of the Aquarius Board. Mr Munro's
areas of responsibilities are being managed by the Company
Secretary pending a replacement.
On January 10, 2002 Aquarius entered into agreements with
Investec Bank Limited (IBL) and Impala Platinum Holdings Limited
(Implats) to extend the Implats guaranteed ZAR504 million
facility that Aquarius Platinum (South Africa) Pty Ltd (AQPSA)
was required to settle with IBL on 31 December 2001.
COTTEE HEALTH: Enters Acquisition Agreement With NoRegrets
----------------------------------------------------------
The Directors announced that Cottee Health Limited (Cottee) has
entered into an agreement with NoRegrets Limited (NoRegrets), an
unlisted company, and associated parties to acquire all of the
shares in NoRegrets, and other incidental assets.
OVERVIEW OF TRANSACTION
Under the agreement, Cottee will initially acquire an eighty
percent (80 percent) interest in NoRegrets a scrip based
consideration totaling up to one hundred million (100,000,000)
ordinary fully paid Cottee shares.
Key elements of the agreement between Cottee and NoRegrets
include:
(a) Cottee will issue a total of one hundred million
(100,000,000) shares to the shareholders of NoRegrets or their
nominees in consideration for the acquisition of eighty percent
(80 percent) of the issued shares in NoRegrets.
(b) the shareholders in NoRegrets will grant an option to
Cottee to acquire the remaining twenty percent (20 percent) of
the issued shares in NoRegrets exercisable at any time within
eighteen (18) months of completion of the sale
and purchase at a price to be agreed or failing agreement by
independent determination; and
(c) The Board of Cottee will be restructured whereby up to
three (3) new Directors including Alister Norwood and Jennifer
Browning will be appointed to the Board.
The transaction is conditional upon:
(a) the restructure of the NoRegrets group;
(b) satisfactory due diligence investigations being completed
by both parties:
(c) no material adverse events occurring; and
(d) all shareholder and regulatory approvals being obtained
by Cottee, NoRegrets and its shareholders for the transaction.
NOREGRETS
NoRegrets is Australia's leading retailer of signature branded
intimate apparel. It sells its premium quality merchandise
through a Sydney based NoRegrets store and the NoRegrets Online
Store.
NoRegrets has developed a Managed Retail Franchise System with
approximately six hundred and forty (640) franchises that
leverages the infrastructure of NoRegrets Online and greatly
expands its marketing and sales reach. The NoRegrets Managed
Franchise System uses the electronic catalogue of
the Online Store.
The NoRegrets business has grown over a period of approximately
five (5) years through the creation of an exclusive range of
intimate apparel, hosiery, fragrance and skin care products
under the NoRegrets signature brand that is available only from
NoRegrets, the NoRegrets website and the NoRegrets Managed
Franchise network.
NoRegrets was founded by CEO Alister Norwood, the founder of the
highly successful Jeans West retail chain.
The Directors have been advised that revenue for NoRegrets has
been:
1999 (unaudited) 2000 (unaudited) 2001 (unaudited)
$5,188,193 $8,998,143 $4,770,158
SHAREHOLDER APPROVALS
As the proposed acquisition and merger involves a change of
scale and nature of business by Cottee, the fashion and online
industry, Australia Stock Exchange Listing Rules require that
Cottee comply with the requirement of Chapters 1 and
2 of ASX Listing Rules. It is anticipated re-listing will occur
by early May 2002.
Shareholders and potential investors are advised that, if
shareholders approve all resolutions related to the transactions
put at the shareholders' meeting then:
(a) Cottee will be required to comply with Chapters 1 and 2
of the Listing Rules of ASX;
(b) Cottee will remain suspended until the requirements of
Chapters 1 and 2 of the listing Rules have been satisfied, and
(c) Cottee expects to be able to comply with the requirements
of Chapters 1 and 2 of the Listing Rules by early May 2002 and
will issue a prospectus for the purpose of satisfying Listing
Rule 1.1.
IMPLICATIONS FOR COTTEE
Aside from the other details set out above in relation to the
transaction with NoRegrets subsequent to completion of the
transaction:
(a) the capital structure of Cottee will be approximately 130
million ordinary fully paid shares which will increase further
in the event Cottee determines to exercise its option to acquire
the remaining twenty percent (20 percent) interest in NoRegrets;
and
(b) three (3) new Directors including Alister Norwood and
Jennifer Browning as nominated by NoRegrets will be appointed to
the Board of Cottee.
If you have any questions please contact Tony Hamilton at
Cottee.
TCR-AP reported December 17 last year that Mr A Sims and Mr
Scott Pascoe were appointed joint and several administrators of
the company. The Administrators requested a suspension of
trading for the conduction of investigation into the company
affairs.
EARTH SANCTUARIES: Expressions of Interest Lodged by 25 Parties
---------------------------------------------------------------
The Directors of Earth Sanctuaries Ltd (ESL) announced that
25 interested parties have lodged expressions of interest for
some or all of Earth Sanctuaries assets. The identity of these
interested parties remains confidential.
Of the 25 interested parties, four have expressed a potential
interest in acquiring all of the shares of Earth Sanctuaries
whilst 21 have expressed interest in particular assets.
Interest in particular assets has been strong with a number of
indicative bids for assets at better than book value. Many
parties are
interested in continuing ESL's conservation activities in some
form.
Accordingly, the process of asset sales is on track to improve
ESL's financial performance and facilitate some crystallization
in value for shareholders above that currently reflected in
ESL's traded share price.
The expressions of interest received will be firmed up in coming
weeks as interested parties undertake due diligence and complete
site visits. Final binding bids are due on 28 February.
Mid-January this year, TCR-AP reported that ESL intends to
undertake a major restructuring in order to enhance and to
preserve shareholder value. The first step in the restructuring
will involve the commencement of a significant program
of cost reductions. A major program of asset sales is also being
initiated. Expressions of interest are sought on all of ESL's
assets. If interest is expressed in acquiring all the shares in
ESL this will also be considered by the Board.
JAMES HARDIE: Releases Third Quarter 2001 Report
------------------------------------------------
James Hardie Industries N.V. reported an 18 percent increase in
its 3rd quarter EBIT before non-recurring items to US$19.1
million for the three months ended December 31, 2001.
The stronger operating performance, reflecting improvements from
all businesses, was offset by one-off, non-recurring charges
totaling $17.1 million. As a result, Net Operating Profit for
the quarter was down 77 percent to US$2.5 million.
The operating performance improvements included a 9 percent
increase in Sales Revenue and a 23 percent rise in Gross Profit.
Fibre cement operations were universally stronger with EBIT
before non-recurring items rising 17 percent in the United
States, while EBIT was up 42 percent in Australia, 27 percent in
New Zealand and 89 percent in the Philippines. The US-
based gypsum business recorded a 213 percent recovery in EBIT.
All business units are expecting further improvements in
operating performance in the fourth quarter and no significant
one-time costs are anticipated.
3RD QUARTER AND NINE MONTHS AT A GLANCE
US$Million Q302 Q301 %+/- YTD02 YTD01 %+/-
Sales Revenue 208.0 191.0 9 630.6 636.5 (1)
Gross Profit 57.8 47.0 23 159.5 192.7 (17)
EBIT before non- 19.1 16.2 18 51.5 86.8 (41)
recurring items
Non-Recurring (17.1) (0.3) (28.2) (1.2)
Items
EBIT 2.0 15.9 (87) 23.3 85.6 (73)
Net Operating
Profit 2.5 10.7 (77) 12.0 56.2 (79)
USA FIBRE CEMENT - CONTINUED GROWTH AND STRONGER COMPETITIVE
POSITION
Sales revenue increased 12 percent to US$102.2 million in the
third quarter due to a 2 percent increase in the average selling
price to US$451 per thousand quare feet and a 10 percent
increase in sales volume to 227 million square
feet, despite a temporary weakening of market conditions.
EBIT before non-recurring items was up 17 percent to US$21.8
million for the quarter and was 36 percent higher for the nine
months year to date. The third quarter EBIT margin was 21.3
percent.
The US fiber cement business continues to expand and strengthen
its competitive position. In December, the business completed
the strategically significant acquisition of two fiber cement
plants - in Pennsylvania and South Carolina - from Cemplank Inc,
until then the second largest producer of fiber cement in the
USA.
In a separate statement, James Hardie announced plans to enter
the large US roofing market with construction of a pilot plant
in the southwest to trial manufacturing a new generation of
fiber cement roofing products.
AUSTRALIA - HIGHER SALES, VOLUMES AND EBIT
Sales revenue increased 16 percent to US$27.2 million for the
third quarter buoyed by a 19 percent lift in sales volume.
Exports were up 52 percent and sales of FRC Pipes rose 27
percent for the quarter. EBIT for the third quarter
was up 42 percent to US$4.4 million and the EBIT margin also
improved, rising to 16.2 percent.
NEW ZEALAND - HIGHER SALES AND EBIT DESPITE FLAT TRADING
CONDITIONS
Sales revenue was up 7 percent for the third quarter due mainly
to an increase in the average selling price. Combined with
further improvements in manufacturing efficiency, EBIT rose 27
percent to US$1.4 million and the EBIT margin was 13.9 percent.
PHILIPPINES - CLOSE TO BREAKEVEN DESPITE WEAK DEMAND
DOMESTICALLY
The business generated positive cash flow and achieved a close
to breakeven result at the EBIT line, due to a significant
increase in export sales which more than offset lower demand
domestically, and lower manufacturing costs.
CHILE - SALES VOLUME DOUBLED
Volume doubled for the quarter and revenue increased
significantly compared to the second quarter of the current year
following the start-up of the business in March 2001. The
business is penetrating its targeted market segments at the
desired rate.
FRC PIPES USA - NEW PRODUCTS FUEL SALES GROWTH
Sales revenue and volume continued to grow following the
expansion of the product range in the second quarter with the
launch of 24" and 30" storm drainage pipes which have allowed
the business to bid on a larger number of construction projects
in its target markets. Demand from the public construction
sector remained at high levels.
US GYPSUM - FURTHER SIGNS OF RECOVERY
The gypsum business recorded a 213 percent increase in EBIT
compared to the same quarter last year, following the successful
implementation of price increases
for wallboard products. The average selling price for the
quarter was US$84 per thousand square feet, which was up US$2 on
the same quarter last year and up US$10 on the previous quarter
of the current year.
The stronger EBIT result reflects not only higher selling prices
but also further reductions in manufacturing costs and
significant growth in sales of non-wallboard products.
The business has just announced its fourth price increase on
wallboard products in the past 8 months. The latest price
increase, to take effect in March, is similar to other price
increases that have been announced by all of the major industry
participants in recent weeks.
NON-RECURRING ITEMS
One-time non-recurring costs of US$17.1 million occurred in the
quarter and included:
a) US$12.6 million to settle a legal action involving certain
roofing products that were sold mainly in the Pacific north-west
of the United States and which were removed from the market in
that region in 1995, and to fully provide for all other related
future claims;
b) US$2.8 million, being the final corporate restructuring
costs; and c) US$11.7 million for pulp hedge costs due to the
implementation of a new US accounting standard in April 2001.
This charge is not related to the termination of the company's
pulp hedge contract with Enron, which terminated as a result of
that company going into bankruptcy in December 2001.
SHARE PURCHASE PLAN
James Hardie also announced the launch of a Share Purchase Plan
that will enable all Australian and New Zealand resident
shareholders to purchase shares in James Hardie up to the value
of A$3,000. Details of the Plan will be mailed to shareholders
on 26 February, 2002.
The offer of shares under the plan will be made at a 5 percent
discount to the share price calculated over a three day period
before the record date of 21 February, 2002 and shareholders
will be able to subscribe for the shares without incurring
brokerage or other transaction costs. No securities are or will
be offered to persons who are established, domiciled or resident
in The Netherlands or the United States.
OUTLOOK
The economic outlook in the company's major markets remains
mixed and uncertain.
It is not yet clear whether the easing of interest rates in the
United States will offset a modest softening in consumer
confidence or the recent increase in unemployment. To date, the
housing industry has been resilient in the face of weaker
economic conditions and there are signs that this could
continue. Housing starts for the 2002 calendar year are
currently forecast to be similar to 2001. If this eventuates,
market conditions for James Hardie's products could be expected
to remain favorable.
The company expects to continue to grow demand for its fiber
cement products in the USA, due to an increased focus on the
Repair & Remodel segment, a continued push into strong vinyl
siding markets and further changes to distribution arrangements.
In Australia, strong housing activity is expected to continue
during the next quarter buoyed by low interest rates and the
Government's First Home Buyer's Scheme. Export sales are also
expected to grow. Profitability should improve further due to
the sales growth, higher prices and manufacturing efficiencies.
In New Zealand, there are signs of an improvement to the new
residential housing market with building permits up in the third
quarter, supported by low interest rates. Strong demand from the
non-residential construction sector and for premium priced
products in the residential sector is expected to continue.
In the Philippines, domestic sales growth is expected from a
stronger construction and building industry in the fourth
quarter. Growth in export sales is also expected as the business
continues to penetrate key Asian countries. Profitability
improvements are anticipated from sales growth, further
efficiency gains and lower manufacturing costs.
In Chile, it is expected that sales volumes will grow steadily
as the business continues to build brand awareness and develops
additional distribution cannels.
The US-based FRC Pipe business is expected to continue to
increase production to meet strong demand from the buoyant civil
construction sector.
In Gypsum, wallboard prices were marginally lower in January due
to seasonal factors. However, industry-trading conditions should
improve as a result of all major industry wallboard producers
announcing further price increases for wallboard products to
become effective during March and April. Growth in sales
of non-wallboard products, along with further manufacturing
efficiencies and lower paper and energy costs should contribute
to a further improvement in profitability.
The process to examine the potential for a sale of James
Hardie's gypsum assets is continuing with discussions underway
with a number of parties. There are good prospects for a sale
and significant shareholder value could be created from a
sale of the assets at the appropriate time, although James
Hardie remains under no pressure to sell its gypsum assets.
The company believes that the stronger operating performances
during the second and third quarters will continue into the
fourth quarter.
Media/Analysts enquiries, please call
Greg Baxter, SENIOR VICE PRESIDENT CORPORATE AFFAIRS
Telephone - 61 2 9290 5377
Mobile - 0419 461 368
Facsimile - 61 2 9262 4557
Email - greg.baxter@jameshardie.com.au
www.jameshardie.com
LEND LEASE: Sells Kiwi Property Group Interest
----------------------------------------------
Lend Lease Corporation Limited (Lend Lease) announced the sale
of its interest in the New Zealand property funds management
company, Kiwi Income Properties
Limited (Kiwi Group), and associated assets to Colonial First
State Property.
Lend Lease acquired its interest in Kiwi Group in 1998. Since
then Lend Lease has assisted Kiwi management in the
restructuring of the Kiwi Group and provided management advice
on its retail assets.
The Kiwi Group was 50 percent owned by Lend Lease, 25 percent by
interests associated with Ross Green and Richard Didsbury, and
25 percent by Canadian interests. Colonial First State Property
is acquiring 100 percent of the business.
Lend Lease held an option to increase its interest in the Kiwi
Group to 100 percent, exercizable this year.
Lend Lease Real Estate Investments' Global Chief Executive, Mr
David Ross said, "The decision to sell down our interest
clarifies Kiwi Group's long-term ownership structure for
investors, while freeing us to concentrate resources on
other initiatives as we expand our global real estate investment
management business."
The sale is conditional upon receiving approval from New
Zealand's Overseas Investment Commission. Settlement of the
transaction is expected at the end of March 2002.
NORMANDY MINING: Removed From S&P/ASX Indices
---------------------------------------------
Standard & Poor's, the leading provider of equity indices in
Australia, announced that effective Friday, 22 February, 2002
the following changes to the S&P/ASX indices will occur.
Removal: Normandy Mining (ASX: NDY) will be removed from all
S&P/Australia Stock Exchange indices as a result of the takeover
offer by Newmont Mining.
Standard & Poor's announced that Newmont Mining will not be
included in any S&P/ASX index.
Replacement companies as a result of NDY's removal:
James Hardie (ASX: JHX) will be included within the S&P/ASX 50.
Medical Imaging Australia (ASX: MIA) will be included within the
S&P/ASX 100.
Roc Oil Company Limited (ASX: ROC) will be included within the
S&P/ASX 200.
No replacement company will be added to the S&P/ASX 300.
OMNI GROUP: ASIC Places Prospectus Third Interim Stop Order
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Wednesday issued a third interim stop order on the prospectus of
Omni Group Limited (Omni), due to concerns that Omni has failed
to disclose sufficient information about the financial position
of E-Control Pty Limited.
Omni, an ASX-listed company, has been suspended from quotation
since 8 December 2000 and is now seeking to raise a minimum of
$8 million through the issue of 20 million shares under its
second replacement prospectus, dated 21 December 2001.
Omni plans to acquire E-Control Pty Limited in conjunction with
the re-listing of its shares.
ASIC made its third interim stop order, following a surveillance
action undertaken after receipt of a detailed and credible
complaint from a member of the public.
"Complaints from the public are an important source of
information for ASIC in relation to the contents of a
prospectus, and ASIC will undertake surveillance
action when it believes that such action is warranted.
"Prospectuses must contain sufficient information to enable an
investor to make an informed decision," said Richard Cockburn,
an ASIC Director of Policy and Markets Regulation.
The concerns relating to the third interim stop order are
scheduled to be addressed at a hearing later this month. Omni is
co-operating with ASIC in relation to the prospectus.
Omni lodged two replacement prospectuses in response to ASIC's
earlier concerns that led to the placement of the first two
interim stop orders.
PLANTATION EQUITY: Dealers' License Suspended
---------------------------------------------
The Australian Securities and Investment Commission has
suspended the securities dealers license held by Plantation
Equity Services Limited (PES).
This action followed a decision by the Directors of PES to
appoint Garry Trevor and Martin Jones of Ferrier Hodgson,
Chartered Accountants as joint administrators of PES on 28
December 2001.
The Directors of PES appointed administrators as they felt that
PES would be unable to meet its debts as and when they fell due.
PES is the responsible entity for three managed investment
schemes, the Paulownia West Coast Projects No. 3 & 4 and the
Australian Oak Project; and acts as the manager for two other
prescribed interest schemes, the Paulownia West Coast Projects
No. 1 & 2.
ASIC suspended the license to prevent PES from continuing to
manage the schemes while it remains insolvent and under external
administration. Under an approval granted by ASIC, the
administrators are authorized to continue to operate or
manage the schemes to the extent necessary to carry out their
administration.
This includes maintaining or preserving any property held
pursuant to the schemes, arranging a reconstruction or sale of
PES and/or the schemes, and winding up the schemes.
The license suspension is in effect for three months.
TRITON CORPORATION: Posts Ferrier Hodgson's Letter to Holders
-------------------------------------------------------------
Triton Corporation Limited posted the letter of Deed
Administrator J R Lindholm of Ferrier Hodgson to its
shareholders:
ANNUAL GENERAL MEETING OF SHAREHOLDERS
An Annual General Meeting of Shareholders of Triton was held on
11/02/2002 at 10.00am (eastern standard time) at the offices of
Ferrier Hodgson in Melbourne.
VARIATION OF RESOLUTIONS
Reference is made to the Notice of Annual General Meeting of
Triton, dated 7 January 2002, which sets out the Resolutions to
be considered at the Annual General Meeting.
The Annual General Meeting considered the variation of:
(i) Resolutions 1 to 3, dealing with the re-election of the
current directors of Triton, namely Mr Vivian Caldwell, Mr
Richard Haren and Mr Garry Yost
(ii) Resolutions 9 to 11 to reflect the immediate appointment of
Mr Hugh Warner, Mr Gary Steinepreis and Mr David Steinepreis as
Directors of Triton, effective from passing of the relevant
resolutions.
Variations to the Resolutions to 1 to 3 and 9 to 11 were
proposed to the meeting and passed on a show of hands.
RESULTS OF ANNUAL GENERAL MEETING
All Resolutions considered at the Annual General Meeting were
passed on a show of hands and all discretion proxies in favor of
the Chairman, totaling 626,525 votes were not exercised.
Shareholder proxies received for the meeting is as follows:
Resolution 1: Resolution Deleted
(Re-election of Mr Caldwell as Director)
Resolution 2: Resolution Deleted
(Re-election of Mr Haren as Director)
Resolution 3: Resolution Deleted
(Re-election of Mr Yost as Director)
Resolution 4: For 3,257,915
(Consolidation of Capital) Against 9,000
Abstain 0
Resolution 5: For 3,162,915
(Allotment & Issue of Shares) Against 49,000
Abstain 55,000
Resolution 6: For 3,162,915
(Allotment & Issue of Shares) Against 49,000
Abstain 55,000
Resolution 7: For 3,171,915
(Allotment & Issue of Shares) Against 40,000
Abstain 55,000
Resolution 8: For 3,262,415
(Disposal of Non-Mining Related Assets) Against 4,500
Abstain 0
Resolution 9: For 3,240,415
(Election of Mr Warner as Director) Against 26,500
Abstain 0
Resolution 10: For 3,240,415
(Election of Mr Steinepreis as Director) Against 26,500
Abstain 0
Resolution 11: For 3,240,415
(Election of Mr Steinepreis as Director) Against 26,500
Abstain 0
Resolution 12: For 3,238,730
(Adoption of New Constitution) Against 24,500
Abstain 3,685
Resolution 13: For 3,260,415
(Change of Name to Avon Resources Ltd) Against 6,500
Abstain 0
Resolution 14: Resolution Not
(Conditionality of Resolutions 4 to 14) Required
================================
C H I N A & H O N G K O N G
================================
02NEW TECHNOLOGY: Proposes Capital Workout to Cancel Losses
-----------------------------------------------------------
O2New Technology Ltd offered a capital restructuring exercise
that will involve the cancellation of accumulated losses, AFX
reports, referring to a Company statement.
In a statement, the Company proposed to cancel the entire credit
of its share premium account, adding that the credit arising
will be used to eliminate part of the accumulated losses. In
addition, the HK$430 million in its contributed surplus account
will be used to eliminate the remainder of its accumulated
losses.
O2New also proposed share capital increase to HK$150 million
from the present 50 million by creating 10 billion new shares.
It also proposed to change its name to Onmitech Group Ltd. It is
also proposing a new share option scheme and the termination of
its existing share option scheme.
ARBROSS LIMITED: Winding Up Petition To Be Heard
------------------------------------------------
The petition to wind up Arbross Limited is scheduled for hearing
before the High Court of Hong Kong on April 10, 2002 at 9:30 am.
The petition was filed with the court on January 14, 2001 by
Robert John Francis Brothers of No. 8 Fung Sau Road, Sai Kung,
New Territories, Hong Kong.
CITY LEADER: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up City Leader (Asia) Limited is scheduled
for hearing before the High Court of Hong Kong on March 20, 2002
at 9:30 am. The petition was filed with the court on December
31, 2001 by Bank of China (Hong Kong) Limited of 14th Floor,
Bank of China Tower, 1 Garden Road, Central, Hong Kong.
EURECA CORPORATION: Winding Up Petition Pending
-----------------------------------------------
Eureca Corporation Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on February 27, 2002. The petition was filed on December 13,
2001 by Fortis Bank Asia HK whose principal place of
business is established at 33rd Floor, Asia Pacific Finance
Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong.
GRAINTEX DEVELOPMENT: Winding Up Petition Slated For Hearing
------------------------------------------------------------
The petition to wind up Graintex Development Limited is
scheduled to be heard before the High Court of Hong Kong on
February 20, 2002 at 9:30 am.
The petition was filed with the court on December 12, 2001 by
Bank of China (Hong Kong) Limited. Pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167)), Bank of
China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong has become the successor
corporation to The National Commercial Bank Limited on 1st
October 2001 and by virtue of the said Ordinance Bank of China
(Hong Kong) Limited continues to enforce the debts due from the
above named company.
GROP YIELD: Faces Winding Up Petition
-------------------------------------
The petition to wind up Grop Yield Enterprises Limited is set
for hearing before the High Court of Hong Kong on March 6, 2002.
The petition was filed with the court on December 18, 2001 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of The Kwangtung Provincial Bank, Hong Kong Branch
by virtue of the Bank of China (Hong Kong) Limited (Merger)
Ordinance, Cap. 1167) whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.
MEGA TRACK: Winding Up Petition Set For Hearing
-----------------------------------------------
The petition to wind up Mega Track Limited will be heard before
the High Court of Hong Kong on April 3, 2002 at 9:30 am. The
petition was filed with the court on January 7, 2001 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.
=================
I N D O N E S I A
=================
UNITED TRACTORS: March Berau Coal Sale Finalization Likely
----------------------------------------------------------
PT United Tractors said the sale of its coal mining subsidiary
PT Berau Coal is likely to be finalized by the end of March, AFX
reports, referring to the Company's latest investor update.
"Regarding the divestment of Berau, at this moment (early Feb)
the bidders are in the middle of due diligence process which is
estimated to last until mid-Feb. From then on, United Tractors
expects to be able to find the winner by the end of the first
quarter 2002," it said.
United Tractors is seeking to sell its entire 60 percent stake
in Berau Coal to help repay its debts, which amounts to US$327.9
million and Rp138.7 billion as of 31 Dec 2001. The Company has
repaid in advance some US$5 million of its facility I debt,
bringing the balance for that facility due for repayment this
year to US$95 million.
=========
J A P A N
=========
AIOI INSURANCE: Sees Y126.1B Reinsurance Claims Loss
----------------------------------------------------
Non-Life Insurer Aioi Insurance Co. expects a loss of Y126.1
billion related to its liabilities under reinsurance contracts
concluded with Fortress Re Inc. in the fiscal year to March 31,
Japan Times said on Thursday. The claims include those stemming
from the September 11 attacks in the United States.
Aioi Chairman Koji Fukuda was demoted to an adviser Tuesday and
will resign next month to take responsibility for the loss. All
board members will receive a pay cut of between 10 percent and
30 percent starting next month.
Fortress Re is based in North Carolina, signed a reinsurance
policy contract with Aioi, Taisei Fire & Marine Insurance Co.
and Nissan Fire & Marine Insurance Co. Aoio was created in the
April 1 merger of Chiyoda Fire & Marine Insurance Co. and Dai-
Tokyo Fire and Marine Insurance Co.
ASAHI MUTUAL: Plans More Staff Pay Cuts
---------------------------------------
Asahi Mutual Life Insurance Co will plan more staff pay cuts to
15 percent from 10 percent because of the January scrapping of a
business integration plan with Tokio Marine & Fire Insurance Co,
Kyodo News reported on Thursday, citing unnamed company sources.
The move is part of its cost-cutting measures the sources said.
According to TCR-AP Standard & Poor's on January 30, 2002,
lowered its insurer financial strength and counterparty credit
ratings on Asahi Mutual Life Insurance Co. to single-'B'-minus
from double-'B'-minus, and removed the ratings from CreditWatch,
where they had been placed on Sept. 19, 2001. The outlook on
the counter-party credit rating is negative.
CHOGIN TOKYO: Former President Postpones Fraud Case Appeal
----------------------------------------------------------
Former President Chong Gyong Saeng of the defunct Chogin Tokyuo
Credit Union delayed entering a plea to charges of embezzling
Y837 million, but pleaded guilty to obstructing an inspection of
the credit union's books, Kyodo News reported Wednesday.
Saeng pleaded guilty to obstructing a 1998 inspection by the
Tokyo metropolitan government. He entered the plea during the
first hearing of his trial at the Tokyo District Court.
KOTOBUKIYA CO: Agrees to Aeon's 50-Store Take-Over
--------------------------------------------------
Kumamoto-based Kotobukiya Co. has agreed in principle with Aeon
Co to have it acquire 50 of Kotobukiya's 134 stores, Kyodo News
said Thursday, quoting unnamed company officials.
The officials said that the struggling supermarket chain
operator is expected to reach a deal with several firms
including Seiyu Ltd and Kagoshima-based supermarket operator
Taiyo Co to have them take over a further 40 stores.
MATSUSHITA ELECTRIC: Unions Gear Up for Wage Talks
--------------------------------------------------
The Matsushita Electric Industrial Co's labor union is gearing
up for wage talks with management, planning to adopt a new model
of an average worker and preparing for changes in payment
systems, Kyodo News reported Thursday, citing union officials.
According to Company officials, the electronics maker will
likely cancel its two-year-old bonus payment system, in which
the results of the firm's operating profit automatically decide
the amount of the payment, related to a sharp deterioration in
its business performance.
NEC CORPORATION: US Unit Releases NEAX 2400 Internet Protocol
-------------------------------------------------------------
NEC America, Inc. (NEC) announced on February 13, 2002 the most
current release of its NEAX(R) 2400 Internet Protocol eXchange
(IPX), the industry's first enterprise-wide IP-PBX that supports
peer- to-peer connectivity, as well as IP transport and
traditional TDM telephony.
Offering the same reliability and features associated with
traditional TDM PBXs, the NEAX 2400 IPX is designed to provide
telephony solutions for large enterprises.
Available immediately from NEC authorized dealers, the NEAX 2400
IPX is the latest step in NEC's Enterprise Open Network (NEON),
the company's migration strategy for introducing converged
networking based upon proven reliability, functionality and
investment protection.
"Last Fall, NEC shook the foundation of the telecommunications
industry when it released the NEAX 2000 IPS, the first PBX to
support peer-to-peer, IP transport and TDM switching, all while
providing the reliability and full feature set that business
demands," said Frank Viola, assistant general manager, NEC
Corporate Networks Group. "Now, with the introduction of the
NEAX 2400 IPX, large businesses have the option to deploy IP
wherever it makes sense for them, without impacting the user
experience. This solution gives customers the power to choose
where to leverage new technologies within the enterprise without
having to forego the reliability and functionality they depend
upon. We feel it is the best possible vehicle for an enterprise
to protect its investment while migrating to new technology."
The NEAX 2400 IPX is unique in that it can provide a combination
of peer-to- peer switching, IP transport and TDM telephony while
offering PBX reliability and full functionality with over 750
enterprise-specific features. The NEAX 2400 can scale to over
24,000 ports. Current NEAX 2400 users can easily migrate to
the NEAX 2400 IPX, avoiding the need to forklift out their
equipment.
"Migrating our customers seamlessly to new technologies has
always been one of NEC's hallmarks," said Jay Krauser, assistant
general manager for NEC Product Management. "When we first
embarked on our NEON strategy three years ago, our message to
the industry was that businesses should be able to choose where
to deploy IP without compromising their experiences. There was
then, and continues to be, no reason to choose IP at the expense
of the user experience. NEC has stayed on message by delivering
solutions that make it possible for companies to opt for IP in a
manner that makes sense for them."
Editors Note: For additional information on NEC America, Inc.,
Corporate Networks Group and its products, please consult the
World Wide Web at http://www.cng.nec.com.
About NEC America Inc.
NEC America, Inc., an affiliate of NEC Corporation, develops,
manufactures and markets a complete line of advanced
communications products and software for public and private
networks, including network management systems; digital
microwave radios; satellite communications systems; digital key
telephone and PBX systems; IP Telephony solutions, ATM switching
systems; wireless communications; facsimile equipment; fiber
optic transmission systems; and data communications products.
NEC Corporation and its affiliates worldwide are a $43 billion
global leader whose 150,000 employees are dedicated to the
development, manufacture and marketing of leading-edge computer,
communications and semiconductor products and services.
TCR-AP reported earlier last week that NEC forecasted Y300B loss
in the full year ending in March. The company said it would lose
Y57 billion during the period, reversing its previous forecast
for a profit of Y30 billion.
NIPPON TELEGRAPH: Unit Offering Online Service For PS2 April 1
--------------------------------------------------------------
NTT Broadband Initiative Inc. (NTT-BB), a unit of Nippon
Telegraph & Telephone Corporation offers commercialized
nationwide online service for users of Sony Corp.'s "PlayStation
2" game machine on April 1, Dow Jones reported on February
13. The service called "BROBA" will include content distribution
and video communication via Sony's popular "PS2" game consoles.
Over 1,000 game titles will be made available for either
downloading or playing online.
On March 16, NTT-BB will begin accepting applications for the
new service and the broadband unit at a special web site
http://www.broba.com.
TCR-AP reported earlier this month that the Nippon Telegraph and
Telephone Corp. labor union decided not to seek a uniform hike
in base wages during spring salary negotiations, with the
decision to be formalized at the union's central committee
meeting. The decision stemmed from the company's restructuring
plans, including NTT East Corp. and NTT West Corp., involving
wage cuts of up to 30 percent and the transfer of around 110,000
workers to lower-paid positions at subsidiaries.
NISSAN MOTOR: Selects Hyperion to Drive Global Business
-------------------------------------------------------
Hyperion (Nasdaq: HYSL), a global leader in business
intelligence software, announced on February 13, 2002 that
Nissan Motor Co., Ltd. one of the world's leading car
manufacturers, has standardized on Hyperion's
business intelligence solutions as part of its global business
performance monitoring system.
The implementation will consist of a common repository and
underlying system to help Nissan drive budgeting, planning and
analysis of managerial data globally across more than 300
business units in over 20 countries. Nissan's implementation
will be based on the latest Japanese language versions of
Hyperion Essbase, Hyperion Planning and Hyperion Analyzer.
Nissan Motor has achieved remarkable improvements in business
performance, under the leadership of Carlos Ghosn, its President
and Chief Executive Officer. The company has implemented a
comprehensive performance recovery plan known as the 'Nissan
Revival Plan (NRP)', designed to move the company toward
sustained profitability and growth. In order to achieve this,
Nissan needed a business intelligence solution to help manage
the company's planning and budgeting processes.
Nissan selected Hyperion because of its recognized leadership in
business intelligence solutions, and its expertise in helping
meet the financial monitoring and performance management needs
of global companies. Hyperion also has a proven ability to
deploy and support world-class solutions to Japanese businesses
and the automobile industry.
Mr. Thiery Moulonguet, Chief Financial Officer at Nissan Motor
Co., Ltd. said, "We firmly believe that Hyperion's business
intelligence solutions provide a key element in Nissan's efforts
to improve enterprise wide business performance management."
"Global manufacturing companies are increasingly turning to
Hyperion business intelligence solutions to drive performance
improvements," said Godfrey Sullivan, President and Chief
operating officer of Hyperion. "This is especially true for
manufacturers such as Nissan, that need a business intelligence
solution that scales to support their needs across a very large
and very complex enterprise. It is very gratifying that Hyperion
will be an integral component of the Nissan Revival Plan."
About Hyperion
Hyperion, a global leader in business intelligence software,
creates solutions that help businesses measure performance and
drive profitability. Its flagship product, Hyperion Essbase, as
well as its financial analysis, performance management and eCRM
analysis solutions are used by more than 6,000 companies
around the world. Hyperion has a network of more than 400
strategic partners to provide innovative business intelligence
solutions, specialized applications and services.
Headquartered in Sunnyvale, California, Hyperion had annual
revenues of more than $500 million in fiscal 2001. The company
has more than 2,300 employees in 20 countries and is also
represented in 16 other countries through distributor
relationships. For more information, please visit
www.hyperion.com, e-mail info@hyperion.com or call 800-286-8000.
NOTE: Hyperion, the Hyperion "H" logo, and Essbase are
registered trademarks and Hyperion Analyzer, and Hyperion
Solutions are trademarks of Hyperion Solutions Corporation. All
other trademarks and company names are the property of their
respective owners.
CONTACT: Christopher Webb of Hyperion, +44-161-498-2230, or
chris_webb@hyperion.com
TCR-AP reported on October 23 that Nissan Motor Co. plans to
decrease the number of its car platform plants to eight from the
current 15 by fiscal year 2006. The restructuring plan calls for
reducing the number of platforms to 12 by fiscal 2002 from 24 in
fiscal 1999. The new goal is a more aggressive cost-cutting
measure.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Micron Merger Talks Continues
--------------------------------------------------
Micron Technology Inc. spokesman announced on Wednesday that
talks between ailing chipmaker Hynix Semiconductor Inc. and
Micron are ongoing, DebtTraders analysts, Daniel Fan (852-2537-
4111) and Blythe Berselli (1-212-247-5300), report.
However, Infineon Technologies reported that its talks with
Hynix have ended and the two companies will not be combining
their computer memory chip businesses. The analysts emphasized
that without a combination Hynix will be unable to survive due
to insufficient funding. They stressed that Micron will bid no
more than $4 billion for Hynix's DRAM manufacturing operations.
Meanwhile, Infineon Technologies is abandoning cooperation talks
with Hynix Semiconductor in both memory and logic chips,
according to ZD Net on Wednesdays. An unnamed Hynix
representative emphasized that the German semiconductor maker
was no longer interested in taking over Hynix' chip operation,
but would still talk about cooperation in communication chips.
Hyundai Semiconductor's 8.625% bond due in 2007 (HYUNS2) trades
between 59 and 64. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2
HYNIX SEMICONDUCTOR: Creditors Expect Micron Proposal
-----------------------------------------------------
Hynix Semiconductor Inc. creditors will receive a formal offer
from Micron Technology Inc. for some of the firm's facilities on
February 14, Bloomberg reports, citing the Korea Exchange Bank.
Shares of Hynix rose as much as 10 percent to W2,780 in early
trade, after a report by Korea's Yonhap News agency on Wednesday
that an agreement was close after two-and-a-half months of
talks.
Micron spokesman Sean Mahoney refused to comment on the report
that Hynix Chief Executive Park Chong Sup said Hynix agreed to
sell its memory-chip business to Micron for about $4 billion.
HYUNDAI MOTOR: Selling Half Of Chonju Plant Stake
-------------------------------------------------
Hyundai Motor Co will sell a 50 percent stake in its Chonju
plant for W500 billion to DaimlerChrysler AG making the unit a
50/50 commercial vehicles joint venture, the Korea Economic
Daily and AFX News said, citing an unidentified Hyundai
official. DaimlerChrysler will also acquire W300 billion
in debt owed by the plant. Both companies are expected to sign a
memorandum of understanding (MoU) on May 6 at which time they
will announce the deal.
DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYUNMTR) trades between 103.656 and 104.159. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR
===============
M A L A Y S I A
===============
ANGKASA MARKETING: MITI Approves Proposed Disposal of SAM
---------------------------------------------------------
Angkasa Marketing Berhad, in reference to its Proposed Disposal
of 51 percent equity interest in Suzuki Assemblers Malaysia Sdn
Bhd by the Company to Suzuki Motor Corporation, Japan (Proposed
Disposal of SAM); and Proposed Disposal of 51 percent equity
interest in Lion Suzuki Marketing Sdn Bhd by the Company to
Suzuki Motor Corporation, Japan (Proposed Disposal of LSM),
pursuant to two separate conditional Share Sale Agreements both
dated 1 October 2001 entered into between the Company and SMC,
announced that the Ministry of International Trade and Industry
(MITI) has, via their letter dated 31 January, 2002 (received
on 5 February 2002) approved the Proposed Disposal of SAM
subject to the following conditions which have been accepted by
both SMC and the Company:
(a) SAM is to export 55 percent of its production as of the
fourth year, that is in the year 2006; and
(b) at least 40 percent of SAM's shares must be bought and
held by Malaysian citizens, with at least 10 percent reserved
for bumiputra.
The Proposed Disposal of LSM remains subject to these approvals
being obtained:
i. the approval of the shareholders of the Company to be
obtained at an extraordinary general meeting; and
ii. the approvals of any banks, financial institutions and/or
lenders to the Company and LSM, if necessary.
The Proposed Disposal of SAM remains subject to the following
approvals being obtained:
i. the approval of the shareholders of the Company to be
obtained at an extraordinary general meeting; and
ii. the approvals of any banks, financial institutions and/or
lenders to the Company and SAM, if necessary.
On 1 October 2001, RHB Sakura Merchant Bankers Berhad, on behalf
of the Company announced, inter alia, the Proposed Disposal of
SAM and the Proposed Disposal of LSM to Suzuki Motor
Corporation, Japan (SMC) pursuant to two separate
conditional Share Sale Agreements both dated 1 October 2001
entered into between the Company and SMC.
On 28 November 2001, the Company announced that the Foreign
Investment Committee (FIC) had via their letter dated 24
November 2001 approved the Proposed Disposal of LSM subject to
certain conditions. Subsequently on 24 December 2001, the
Company announced that SMC had appealed to FIC to review the
conditions imposed. To date, the Company has not received any
information on the outcome of SMC's appeal to FIC.
Wrights Investors' Service reported that at the end of 2001,
Angkasa Marketing Berhad had negative working capital, as
current liabilities were RM1.88 billion while total current
assets were only RM1.02 billion. The fact that the company
has negative working capital could indicate that the company
will have problems in expanding. The Company has paid no
dividends during the last 12 months. It has also reported losses
during the previous 12 months.
CONCRETE ENGINEERING: Posts Change in Boardroom Notice
------------------------------------------------------
Concrete Engineering Products Berhad posted this notice:
Date of change : 08/02/2002
Type of change : Appointment Boardroom
Designation : Director
Directorate : Executive
Name : Ang Yeow Hwa
Age : 47
Nationality : Malaysian
Qualifications : B.Eng (Hons) Singapore
Working experience and occupation :
1. 1980-1982 : JKR Design & Research Department.
2. 1983-1985 : Hussein & K H Chong Sdn Bhd (Engineering
Consultant firm)
3. 1986-1992 : Operation Engineer, Cepco
4. 1992-1996 : Executive Director, Cepco
5. 1996-1998 : as a consultant to a spun pile manufacturer in
Indonesia)
6. 1999 : Rejoined Cepco as Chief Operating Officer
7. 2002 : Appointed as executive director, Cepco
At the end of 2001, Concrete Engineering Products Berhad had
negative working capital, as current liabilities were RM85.42
million while total current assets were only RM54.13 million.
The company has reported losses before extraordinary items for
each of the past 4 years, Wrights Investors' Service reported.
MALAYSIAN AIRLINE: Enters Proposed Disposal MAP With ABM
---------------------------------------------------------
Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of Malaysian Airline System Berhad (MAS or
the Company), announced that the Company had on 5 February 2002
entered into a conditional Master Aircraft Purchase Agreement
(MAP) with Aircraft Business Malaysia Sdn Bhd (ABM), a wholly
owned subsidiary of the Ministry Of Finance Incorporated (MOF),
for the Proposed Disposal of eight (8) aircraft for a total
consideration of approximately RM3.867 billion (Proposed
Disposal).
Save and except for the amendments listed below (Proposed
Amendments), there are no other changes in the terms of the
Proposed Disposal as stipulated in our previous announcement
dated 7 January 2002.
PROPOSED AMENDMENTS
(i) As mentioned in the Earlier Announcement, based on the
valuation carried out by AVITAS, an international consulting
firm that specializes in aircraft appraisal, in their 2nd half
2001 publication, the market value of the three (3) existing
aircraft (Existing Aircraft) to be disposed namely the B747 (9M-
MPL) (Aircraft 6), B747 (9M-MPM) (Aircraft 7) and B747 (9M-MPN)
(Aircraft 8) was RM1.432 billion.
To factor in the impact of the terrorist attack of 11 September
2001, the revised market value of the Existing Aircraft based on
the valuation by AVITAS dated 25 January 2002 is RM1.093
billion. Accordingly, the disposal consideration has been be
revised to RM1.17 billion.
The disposal consideration for the Existing Aircraft of RM1.17
billion is a premium of approximately RM77 million or
approximately 7 percent higher than the current market value of
the Existing Aircraft based on the valuation carried out
by AVITAS of RM1.093 billion.
Further details of the above are as entailed in the table below:
Revised Valuation and Total Consideration for the Existing
Aircraft
AVITAS 2nd 25 January Consideration
Half Value (RM) Value (RM) (RM)
Aircraft 6 456,000,000 330,220,000
353,400,000
(USD120,000,000) (USD86,900,000) (USD93,000,000)
Aircraft 7 456,000,000 330,220,000
353,400,000
(USD120,000,000) (USD86,900,000) (USD93,000,000)
Aircraft 8 520,600,000 432,820,000
463,200,000
(USD137,000,000) (USD113,900,000) (USD121,895,000)
Total 1,432,600,000 1,093,260,000
1,170,000,000
(USD377,000,000) (USD287,700,000) (USD307,895,000)
(ii) The initial deposit for the disposal consideration of
approximately RM390 million shall be revised upward to RM1.170
billion.
(iii) The 2nd Half 2001 AVITAS Bluebook of Jet Aircraft Values
and Avatar's letter dated 25 January 2002 will be made available
for inspection at the Company's registered office at 33rd Floor,
Bangunan MAS, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal business hours for a period of two (2) months from the
date of this announcement.
IMPACT OF THE PROPOSED AMENDMENTS
(i) Pursuant to the revision in the disposal consideration for
the Existing Aircraft, the total disposal consideration for the
Proposed Disposal is revised to approximately RM3.867 billion as
compared to approximately RM4.13 billion, subject to any further
adjustments to cover all cost incurred by MAS in respect
of the five (5) newly acquired aircraft to be disposed (Newly
Acquired Aircraft) namely B747 (9M-MPO) (Aircraft 1), B747 (9M-
MPP) (Aircraft 2), B747 (9M-MPQ) (Aircraft 3), B777 (9M-MRN)
(Aircraft 4) and B777 (9M-MRO) (Aircraft 5), up to
the delivery date to ABM and all costs of the buyer furnished
equipment identified at the point of the delivery to be incurred
by MAS from time to time in respect of the Newly Acquired
Aircraft.
The purchase consideration of the Aircraft is to be partly
satisfied with the payment of approximately RM3.638 billion in
cash and the balance plus any further adjustments will be
treated as an advance lease payment for the leaseback of the
Newly Acquired Aircraft from ABM.
(ii) The Proposed Disposal would enhance the net tangible asset
per share of MAS from RM0.89 as at 31 March 2001 to RM0.92 after
taking into accounts gain from the Proposed Disposal of
approximately RM20 million based on the net book value
of the said aircraft of approximately RM1.149 billion as at 31
December 2001.
(iii) Pursuant to paragraph 2 (ii) above, the deposit payable is
proposed to be utilized for the payment of the purchase price
for the Newly Acquired Aircraft to the aircraft manufacturer.
(iv) Based on the MAP, MAS and ABM have also agreed on the
indicative terms of the leaseback arrangement as follows:
a. Type of lease
Finance or operating lease
b. Duration
For all Aircraft, 12 years or such other duration as may be
agreed
c. Rental
Arms' length basis taking into account market price
PACIFICMAS BERHAD: Proposes Purchase of Own Shares
--------------------------------------------------
The Board of Directors of Pacificmas Berhad (Company)
announced that the present mandate granted by the shareholders
at the Annual General Meeting held on 14 May 2001 for the
Company to purchase its own shares will expire at the conclusion
of the forthcoming Annual General Meeting (AGM) and the Company
proposes to seek the approval of the shareholders for a renewal
of the authority to purchase and/or to hold up to ten per centum
(10 percent) of the issued and paid-up share capital of the
Company amounting to 17,099,350 ordinary shares of RM1.00 each
as at 7 February 2002 (Proposed Purchase of Its Own Shares).
The Proposed Purchase of Its Own Shares is subject to the
approval of the shareholders of the Company at the forthcoming
AGM.
A Circular to Shareholders detailing the Proposed Purchase of
Its Own Shares will be dispatched to the shareholders in due
course.
PARIT PERAK: Talks With White Knights Endangered
------------------------------------------------
Parit Perak Holdings Bhd's asset injection negotiations with the
white knights, led by Nadicorp Holdings Sdn Bhd Executive
Chairman Datuk Mohd Nadzmi Mohd Salleh, is in danger of falling
through due to the creditors' unwillingness to take a haircut,
The Edge reports, citing unnamed sources.
"Parit Perak creditors had backed out of an earlier deal to
accept a certain amount of haircut," said sources, adding that
until and unless the creditors accept the haircut conditions and
convert the rest of the debts owed to them into loan stocks, it
is unlikely that the white knights led by Nadzmi would be
interested.
"Nadzmi and his associates are unwilling to pump in so much
money for the creditors when money is needed for the company. No
one in their position would and the creditors have to be
realistic," a source to the deal said.
Parit Perak has been granted a month's extension until Feb 28 by
the Kuala Lumpur Stock Exchange to release the requisite
announcement on its corporate and debt-restructuring plans.
PICA (M) CORPORATION: Reappoints Bin Ibrahim as Chairman
--------------------------------------------------------
Pica (M) Corporation Berhad posted this notice:
Date of change : 08/02/2002
Type of change : Redesignation Boardroom
Previous Position : Chairman
New Position : Chairman
Directorate : Non Independent & Non Executive
Name : Dato' Wan Malek Bin Ibrahim
Age : 54
Nationality : Malaysian
Qualifications : Bachelor of Arts from University of Malaya
Working experience and occupation :
Managing Director of MAS in July 1994;
Director of Juan Kuang (M) Industrial Bhd & KYM Holdinhs Bhd
Directorship of public companies (if any) : Director of Juan
Kuang (M) Industrial Bhd & Director of KYM Holdinhs Bhd
Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : Indirect
Remarks : Dato' Wan Malek Bin Ibrahim be re-designated from
Executive Chairman to Non-Executive Chairman. He will be remain
as a Non-Executive and Non-Independent Director of the Company.
TCR-AP reported last month that the Company and its wholly owned
subsidiary, Pica First Credit Sdn. Bhd. had been served a writ
of summons by Alliance Merchant Bank Berhad on 25 January 2002
claiming for the sum of RM48,819,749.16 allegedly arising from a
term loan facility granted by the said financial institution to
Pica First Credit Sdn. Bhd, of which the Company acted as the
guarantor.
SRI HARTAMAS: Proposes Share Equity Interest Disposal
-----------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB), being
the ultimate holding company of Sistem Kejuruteraan Sri Hartamas
Sdn Bhd (SKSH), announced that SKSH had on 11 February 2002
entered into a Share Sale Agreement (Agreement) with Melariang
Sdn Bhd (Melariang) to dispose off its 100 percent equity
interest in Interpile (M) Sdn Bhd (Interpile), comprising
1,000,000 issued and fully paid-up ordinary shares upon such
terms and conditions as stipulated in the Share Sale Agreement.
Interpile is a wholly owned subsidiary of SKSH, which in turn is
a wholly owned subsidiary of Sri Hartamas Construction Sdn Bhd,
which in turn is a wholly owned subsidiary of SHB.
DETAILS OF THE EQUITY DISPOSAL
The Special Administrators of SHB had carried out an open tender
exercise on 23 May 2001 on the assets of SHB Group, which was
closed on 12 June 2001. Pursuant to the said tender exercise,
SKSH, the legal and beneficial owner of the entire issued share
capital of Interpile had on 11 February 2002 entered into a
Share Sale Agreement with Melariang, for the disposal of its 100
percent equity interest in Interpile, comprising 1,000,000
issued and fully paid-up ordinary shares.
The shares were disposed off free from all liens, charges and
encumbrances together with all rights attaching thereto and
accruing in respect thereof after the Completion Date for a
total consideration of RM2.00 subject to the terms and
conditions of the Agreement.
Prior to execution of the Agreement, Melariang had paid
RM310,000 to the Special Administrators of SHB as "Security
Deposit" for Melariang's undertaking to pay the Redemption Sum
of the charged Interpile Land amounting to RM6,200,000 to
Arab-Malaysian Bank Berhad (AMBB). The Security Deposit shall be
forfeited by SHB if Melariang does not fulfill the Condition
Precedent as mentioned in Para 4 within a period of four months
from the date of the said Agreement.
DETAILS OF INTERPILE LAND
Interpile had on 1 October 1994 entered into a Sale and Purchase
Agreement with SKSH to sell a part of the piece of land held
under H.S. (D) 48952 P.T. No. 5195 Mukim Petaling, Daerah
Petaling, Selangor, measuring approximately 65.12 acres
comprising industrial plots (Interpile Land). By a Supplemental
Agreement dated 23 September 1996, SKSH agreed that Interpile
should hold the Interpile Land as trustee for SKSH and Interpile
should deal with the same in accordance with SKSH's directions
as soon as the balance purchase price is paid to Interpile (the
Trust).
Presently, the Interpile Land is charged to AMBB for credit
facilities granted to SKSH. The outstanding sum due to AMBB by
SKSH as at 31 December 2001 is RM9,084,915.48.
Various parcels of the Interpile Land had subsequently been sold
to several parties (the Sold Plots) by SKSH and SKSH had assumed
certain obligations relating to the Sold Plots. Two of the
purchasers of the Sold Plots, namely Gold-Trend Food Services
Sdn Bhd and Solidprop Sdn Bhd had on 22 December 1999 and 26
July 2000 respectively, entered private caveats on the Interpile
Land. The remaining unsold portion of the Interpile Land (the
Unsold Plot), measuring approximately 41.74 acres and another
7.54 acres of the Sold Plot sold to Solidprop Sdn Bhd remained
charged to AMBB.
DETAILS OF SETTLEMENT
(a) SKSH shall dispose off its entire equity interest in
Interpile comprising 1,000,000 issued and fully paid-up share
capital to Melariang for a total consideration of RM2.00 and the
mutual covenants as stipulated in the Agreement;
(b) AMBB had via letters dated 12 October 2001 and 17 January
2002 agreed to accept a cash payment of RM6,200,000 from
Melariang as the Redemption Sum to discharge the charge on the
Interpile Land provided the same is settled before 31 March
2002. Melariang has agreed to settle the above in accordance to
the terms and conditions imposed by AMBB;
(c) SKSH has agreed to release its full beneficial interest in
the Unsold Plot to Interpile in return for all SKSH's
obligations and liabilities in relation to the Interpile Land as
at the date of the Agreement, including but not limited to
the subdivision of titles and the provision and completion of
the infrastructure facilities in relation to the Sold Plots, to
be assumed by and novated to Interpile and the settlement by
Melariang of the Redemption Sum as mentioned above.
(d) Subject to the completion of the Agreement, SKSH shall
forgive and shall procure SHB to forgive and fully release
Interpile from all liabilities owing by Interpile to SKSH and
SHB respectively as at the Completion Date or date falling
four (4) months from the date of the Agreement, whichever is
earlier. Melariang had agreed that it shall not have any
claim(s) against SKSH for any debts or moneys owing by SKSH to
Interpile.
CONDITIONS PRECEDENT
Based on the terms of the Share Sale Agreement, the proposed
disposal of the equity interest shall be subject to the
following Condition Precedent being fulfilled within a period of
four months from the date of this agreement:
(a) the full settlement of the Redemption Sum by Melariang
upon such terms and conditions imposed by AMBB and discharge of
the charged Interpile Land by AMBB;
The Agreement shall become unconditional on the date when the
condition precedent had been fulfilled.
BASIS OF ARRIVING AT THE CONSIDERATION
The latest valuation by Messrs CH Williams Talhar and Wong Sdn
Bhd dated 8 December 2000 values the Unsold Plot at RM5.0
million based on open market value.
INFORMATION ON SKSH
SKSH was incorporated in Malaysia under the Companies Act, 1965
on 26 July 1980.
SKSH's present authorized share capital is RM1,000,000 divided
into1,000,000 shares of RM1.00 each of which 1,000,000 ordinary
shares of RM1.00 each had been issued and fully-paid.
The principal activity of SKSH is building contractor and
property development including dealing in land.
INFORMATION ON INTERPILE
Interpile was incorporated in Malaysia under the Companies Act,
1965 on 24 January 1983.
Interpile is a 100 percent owned subsidiary of SKSH, which in
turn is a wholly owned subsidiary of SHB.
Interpile's present authorized share capital is RM1,000,000
divided into 1,000,000 shares of RM1.00 each of which 1,000,000
ordinary shares of RM1.00 each had been issued and fully-paid.
Interpile had ceased operations in 1999.
INFORMATION ON MELARIANG
Melariang was incorporated in Malaysia under the Companies Act,
1965 on 27 January 2000.
Melariang's present authorized share capital is RM500,000
divided into 500,000 shares of RM1.00 each of which 400,000
ordinary shares of RM1.00 each had been issued and fully-paid.
The principal activity of Melariang is property development.
RATIONALE FOR THE DISPOSAL
(a) AMBB had via letters dated 12 October 2001 and 17 January
2002 agreed to accept a cash payment of RM6,200,000 from
Melariang as the Redemption Sum to discharge the charge on the
Interpile Land. As such the loan due to AMBB by SKSH
will be reduced to RM2,884,915.48 (using balance as at 31
December 2001).
(b) SKSH's obligations and liabilities in relation to the
Interpile Land as at the date of the Agreement, including but
not limited to the subdivision of titles and the provision and
completion of infrastructure facilities in relation to the Sold
Plots, are to be assumed by and novated to Interpile.
FINANCIAL EFFECTS OF THE DISPOSAL
The financial effects of the disposal are as follow:
Share Capital
The proposed disposal will not have any effect on the issued
paid-up share capital of SHB.
Earnings
The proposed disposal will not have any material effect on the
consolidated earnings of SHB Group current financial year ending
30 June 2002.
Net Tangible Assets (NTA)
The proposed disposal will not have any material effect on the
audited consolidated NTA of SHB Group as at 30 June 2001.
Conditions of The Disposal
Based on the terms of the Share Sale Agreement, the proposed
disposal of the equity interest shall be subject to the
following Condition Precedent being fulfilled within a period of
four months from the date of the Agreement:
(a) the full settlement of the Redemption Sum by Melariang
upon such terms and conditions imposed by AMBB and discharge of
the charged Interpile Land by AMBB;
The agreement shall become unconditional on the date when all
the conditions precedent had been fulfilled. Special
Administrators', Directors' and Substantial Shareholders'
Interest
The Board of Directors of SHB as at 31 January 2002 is made up
of:
(i) Tan Sri Dato Elyas Bin Omar
(ii) Abdul Rahman Bin Dato' Mohammed Hashim
(iii) Gopala Krishnan s/o Sanguni Nair
(iv) Nirmaljit Singh a/l Surjit Singh
None of the Directors held any shares in SHB as at 31 January
2002
None of the shareholders of SHB as at 31January 2002 held more
than 5 percent of the paid-up capital of SHB.
None of the Special Administrators, Directors and/or substantial
shareholders and/or persons connected with them has any interest
direct and indirectly, in the disposal.
DIRECTORS OF SKSH RECOMMENDATION
The Directors of SKSH are of the view that the disposal is in
the best interest of the stakeholders of SKSH and the terms and
conditions thereof are fair and reasonable in the circumstances.
=====================
P H I L I P P I N E S
=====================
BAYAN TEL: Shows Mobile Merger Interest With Extelcom
-----------------------------------------------------
Bayan Telecommunications Inc is interested in merging its mobile
phone service operations with those of business partner Express
Telecommunications Co Inc (Extelcom), Business World and AFX
News reported on Thursday, citing BayanTel Chief Finance Officer
Gary Olivar.
According to Olivar the merger would be a constructive
alternative to the Court protest launched by Extelcom when
BayanTel won court approval to operate a mobile phone service.
Extelcom had opposed BayanTel's foray into the cellular
business on grounds it would jeopardize their partnership.
BayanTel has written off its 47 percent investment in Extelcom's
mobile service.
BayanTel hopes to settle debt-restructuring talks with creditors
by the end of 2002, TCR-AP reported last month. The Company has
$477 million in liabilities, of which $277 million is owed to
banks and $200 million to bondholders.
RFM CORPORATION: Discloses Movement In Share Price
--------------------------------------------------
RFM Corporation, in connection with the Philippine Stock
Exchange's request for a full, fair, timely and accurate
disclosure of material information that may affect the value of
RFM Corp shares, the share price of which decreased on Feb 6
by 39.65 percent, from P2.85 to P1.72 per share, advised that
February 6 is the ex-date of RFM's cash dividend of P2.0 B,
declared to all stockholders as of record date February 11,
2002. Other than the normal market reaction to the ex-
date, the Company is unaware of any material information that
may have caused such movement in RFM's share price.
METRO PACIFIC: Clarifies P68B Asset Write-off Report
----------------------------------------------------
Metro Pacific Corporation (MPC), in reference to the news
article entitled "In RP assets, PLDT and First Pacific writes
off P68 billion" published in the February 1, 2002 issue of
Malaya that reports:
"...First Pacific Co. Ltd. (FPC) said on February 6 it will
record US$1.7 billion (P88.4 billion) in 'asset impairment
provisions' in its 2001 results to reflect the fall in values of
its listed units in the Philippines and Indonesia.
Some P68 billion (P1.307 billion) will be written off ini
Philippine assets, Metro Pacific Corp., P38.69 billion ($744
million) and Philippine Long Distance Telephone Co., P29.28
billion, ($563 million). Another P286 million will be
written off in PT Indofood Sukses Makmur First Pacific said in a
statement..."
in its disclosure to the Philippine Stock Exchange, stated that
in addressing FPC's impairment provision as it relates to MPC,
it should be noted that FPC made provisions they deemed
necessary to reflect their US dollar equity in MPC.
These provisions include readjustments in currency exchange
rates, perceived Philippine country risks, and other factors.
In addition, FPC noted in its full disclosure to the Hong Kong
stock exchange that, "the revised valuations reflect neither the
inherent value of First Pacific's significant shareholdings in
these investments nor the potential for long-term value
development, and do not acknowledge the anticipated improvement
in sentiment in the Philippine and Indonesian markets."
MPC is currently engaged in an extensive review and re-
organization of its businesses and intends to make the required
disclosures upon completion of this process no later than April
15, 2002, when its audited financial statements for the year
ended December 31, 2001 will also have been announced.
DebtTraders reports that Metro Pacific's 2.500% convertible bond
due in 2003 (METPAC) trades between 124 and 125.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC
NATIONAL BANK: Clarifies Loss Reduction Issue
---------------------------------------------
The Philippine National Bank (PNB), in reference to the Manila
Bulletin February 7 issue that reported "Philippine National
Bank said on February 6 it was able to trim its losses in 2001
to P4.5 billion versus P5.97 billion loss in the previous year
due to improved management. PNB Chairman Norberto Nazareno
disclosed the P4.5 B loss was based on preliminary and unaudited
number presented to the board....", informed that the basis for
the reduction of losses in 2001 to P4.5 billion versus P5.97
billion loss in the previous year was due to the reversal of
valuation reserves already booked, after BSP reduced the
valuation reserves for fully secured loans classified as
substandard from 25 percent to 10 percent, as well as to
improved management.
TOBACCO FLUE: Approves Business Action Plan
-------------------------------------------
Philippine Tobacco Flue Curing and Redry Corporation (PTFC)
disclosed on February 6, 2002 the result of the meeting of its
Board of Directors regarding its approval of the registrant's
action plan for the Tobacco Business. The business plan for Crop
Year 2001-2002 is to phase out the registrant's tobacco
operations. However, the registrant will continue to process the
produce of Mindanao Burley Corporation and any other potential
clients who may be interested in processing their tobacco with
the registrant through a tolling arrangement.
In order to phase out the tobacco operations, the registrant
will separate, on March 31, 2002, 348 employees, of which 320
are seasonal workers and 28 are regular employees. This will
cost the registrant approximately P9 million, which amount is
fully funded.
At the annual meeting of the stockholders, the stockholders
elected the following as members of the Board of Directors of
the registrant for the year 2002-2003:
Alonzo Q. Ancheta
Jose P. Leviste Jr.
Cesar A. Battung
Patricio L. Lim
Carlos G. Dominguez
Bienvenido A. Tan
Jr.Conrado C. Gozun
Bienvenido A. Tan III
Emmeline S. Huang Atty
Alonzo Q. Ancheta and Mr. Patricio L. Lim were elected as
independent directors of the registrant for the year 2002-2003.
At the organizational meeting of the Board of Directors, the
members elected these officers for fiscal year 2002:
1. Chairman - Bienvenido A. Tan, Jr.
2. President - Carlos G. Dominguez
3. Vice President - Ignacio Luis P. Tan
4. Treasurer - Bienvenido A. Tan III
5. VP & Assistant Treasurer - Albert C. Eufemio
6. Corporate Secretary - Rafael Antonio M. Santos
7. Assistant Corp. Secretary - Elma Christine R. Leogardo
Finally, the registrant would like to inform the (Philippine
Stock Exchange) PSE that Sandiganbayan Case No. 20685 filed
against Mr. Bienvenido A. Tan, Jr. was reversed in favor of Mr.
Tan, Jr. on January 29, 2002.
TCR-AP reported on Thursday that PTFC has been losing money for
three years straight and does not expect its business to recover
in the future. The Company says tobacco sales in the past three
years were not even enough to cover expenses. In 1999, the 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.
===============
T H A I L A N D
===============
EASTERN PRINTING: Cuts, Raises Capital as Rehab Plan Compliance
---------------------------------------------------------------
Eastern Printing Public Co., Ltd. reported a capital increase
(in accordance with the Rehabilitation Plan) as:
1.1 The Company will decrease the number of outstanding common
shares from 36 million shares to 9 million shares (at a ratio of
4 to 1) and the Company will decrease the par value from Baht 10
to Bt4; resulting in decreasing the paid-up Capital by Bt324
million with only Baht 36 million left as paid-up Capital.
1.2 The Company will increase Capital by 377,557,651 shares (at
par value of Bt4), which will consist of:
* 243,191,788 shares for debt conversion to equity
* 134,365,863 shares as provision for Warrant conversion
After the capital increase, the Company will have 386,557,651
shares, par value
Bt4 each totaling Bt1,546,230,604.
2. Allotment of new shares:
2.1 In accordance with the Rehabilitation Plan, the issuance of
377,577,651
details of which are as follows:
Allotted to # of shares Sale Price/share
Thai Asset Management Corporation 43,281,618 Baht 4
Standard Chartered Nakornthon Bank 87,619,748 Baht 4
Tisco Finance Public Company Limited 473,203 Baht 4
Bangkok First Investment &
Trust Public Co.,Ltd. 7,500,000 Baht 4
Bankthai Public Co.,Ltd. 2,500,000 Baht 4
The Thai Farmer Bank Public Co.,Ltd. 22,705,700 Baht 4
Asset Mannagment Corporation 79,111,519 Baht 4
Provision for Warrant Coversion:
Thai Asset Management Corporation 43,053,288 Baht 4
Tisco Finance Public Company Limited 1,334,143 Baht 4
Bangkok First Investment &
Trust Public Co.,Ltd. 3,481,962 Baht 4
Bankthai Public Co.,Ltd. 1,113,233 Baht 4
Thai Asset Management Corporation 43,649,690 Baht 4
Total 377,557,651
3. Schedule for shareholders meeting to approve the Capital
increase/allotment
The Company acts in accordance with the Rehabilitation Plan,
thus no shareholders meeting in required.
4. Approval of the capital increase
The Company is registering and obtain approval from the
Ministry of Commerce.
5. Objectives of the capital increase
To convert debt to equity in accordance with the Rehabilitation
Plan.
6. Benefits, which the Company will receive from the capital
increase
To lessen interest burden of the Company, thus increase
profitability.
7. Benefits, which the shareholders will receive from the
capital increase
7.1 With the capital increase, the Company will be able to
wipe out Retained Loss of the Company, thus be eligible to pay
dividend.
7.2 Subscribers of new shares issued for this capital
increase will be entitled to receive dividends from the
Company's business operations starting from Jan.2002
EMC PUBLIC: Posts Top Ten Major Shareholders
--------------------------------------------
EMC Power Co., Ltd., the plan administrator of EMC Public
Company Limited (EMC or the Company), posted the top ten major
shareholders of the Company:
No. of shares %
1. Bank Thai Pcl. 15,503,279 28.85
2. Chatuchak Assets Management
Co., Ltd. 10,287,328 19.14
3. Bangkok Bank Pcl. 9,782,398 18.20
4. BIP Engineering & Construction
Co., Ltd. 4,668,695 8.69
5. Bank Of Ayudhhya Pcl. 2,482,506 4.62
6. Asset Management Corporation 2,124,143 3.95
7. Thailand Securities Depository
Co., Ltd. for Depositor 1,711,713 3.18
8. Bangkok First Investment &
Trust Pcl. 850,771 1.58
9. Asia Credit Pcl. 802,451 1.49
10.Bangkok Grand Pacific Lease Pcl. 563,730 1.05
Total 48,777,014 90.75
INTER FAR: Q401 Financial Statement Submission Exempted
-------------------------------------------------------
Inter Far East Engineering Public Company Limited informed that
since the Company is under reconstruction as per the order of
Bankruptcy Court, Red Case no.346/2544 so it is under the
regulation on exemption of submitting Financial Statement for
the fourth quarter of 2001. Therefore for the fourth quarter of
2001, the Company will not submit the Financial Statement until
it has completed the reconstruction period or when the stock of
the company is on sale and purchase in Stock Exchange.
ITALIAN-THAI: Signs Contract With Bangkok Metropolitan
------------------------------------------------------
Italian-Thai Development Public Company Limited (ITD or the
Company) represented by ITD Planner Co., Ltd. in its capacity as
the Company's planner, informed that on Nov 29, 2001, ITD with
its partners in the NWR, ITD, and CNT & AS Joint Venture signed
a contract with Bangkok Metropolitan Administration to proceed
of Bangkok Wastewater Project Stage 4. The details of the
contract are:
Description of works: Design and construct a
wastewater treatment
plant with a capacity of 150,000 m3 / day and related
collection system
compressing.
- Diameter 100 diameter 2300 mm. pipes Total length is
33,950m.
- Manhole 205 units
- Interception point chamber 175 units
- Pump station 12 units Construction area is located at
Chatuchak, Lardprao,
Sutisan and Laksi Districts.
Total Contract value: Bt3,482.07M (including VAT)
ITD share : Bt845.04M (including VAT)
The period of work : 36 months
POWER-P COMPANY: Business Reorganization Petition Filed
-------------------------------------------------------
Power-P Company Limited (DEBTOR), engaged in building service,
filed its Petition for Business Reorganization in the Central
Bankruptcy Court:
Black Case Number 453/2544
Red Case Number 518/2544
Petitioner: POWER - P COMPANY LIMITED
Planner: POWER - P PLANNER COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt742,244,950.01
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 Order for Business Reorganization and Appointment of
Planner: July 2, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: July 18, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: August 16,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: November 16 , 2001
Planner postponed the date of submitting the reorganization plan
#1st to December 16, 2001
Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: January 24, 2002 at 9.30 am. Convention
Room 1105, 11th Floor, Bangkok Insurance Building, South Sathorn
Road
The Meeting of Creditors had a special resolution accepting the
Reorganization Plan
Contact: Ms. Umaporn Tel, 6792525 ext. 142
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 ***