/raid1/www/Hosts/bankrupt/TCRAP_Public/020221.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 21, 2002, Vol. 5, No. 37
Headlines
A U S T R A L I A
ANACONDA NICKEL: Director Andrew Forrest Changes Interest
AUSTRALIAN MAGNESIUM: Releases Update Letter to Shareholders
COTTEE HEALTH: Appoints New Directors
GRAEME HALL: Financial Advisor Banned for Life
IOCOM LIMITED: ASIC Lifts Prospectus Interim Stop Order
IOCOM LIMITED: Proposes Optima Computer Acquisition
MTM ENTERTAINMENT: Perth Imax Agreement Reached
WATER WHEEL: Administrator Posts Preliminary Final Report
C H I N A & H O N G K O N G
HAPPY BOAT: Winding Up Petition Pending
HERBALIST DOCTOR: Winding Up Petition Slated For Hearing
KING EASY: Winding Up Petition Set For Hearing
MAGNETIZED WATER: Winding Up Petition To Be Heard
NEW FEDERAL: Winding Up Petition Hearing Set
PRICERITE GROUP: Resolutions Passed at SGM
ROWEI ELECTRONICS: Faces Winding Up Petition
I N D O N E S I A
ASTRA INTERNATIONAL: Telecom Unit Disposal Delayed
CHANDRA ASRI: Marubeni to Sign Debt Restructuring Deal
CITRA MARGA: Pefindo Downgrades Rp275B Bond Rating to `idCCC'
J A P A N
HITACHI LTD: Ends Joint Venture Deal With UMC
MATSUSHITA COMMUNICATIONS: Posts Y19.8B Group Net Loss
NAKAMICHI CORP: Files for Court Protection
NIKKO CORDIAL: Moody's Lowers Long-Term Debt Rating to Baa3
SUMITOMO METAL: Sees Y6B Group Net Loss
K O R E A
DAEWOO MOTOR: Expects GM to Sign Takeover Deal by April End
HYNIX SEMICONDUCTOR: Creditors Normalize Management Before Sale
HYNIX SEMICONDUCTOR: Creditors Reject Some of Micron Terms
HYNIX SEMICONDUCTOR: Union Opposes Deal With Micron
HYUNDAI GROUP: Prudential Joins Ailing Financial Units Bidding
HYUNDAI HEAVY: Likely to Transfer Unit Stake for Free
HYUNDAI MOTOR: Issues US$100M FRN's to Refinance Debt
M A L A Y S I A
ABRAR CORP.: Special Administrators Review Workout Proposal
CONSTRUCTION AND SUPPLIES: KLSE Approves RA Time Extension
DEWINA BERHAD: Proposals Awaits Shareholders' Approval at EGM
HOTLINE FURNITURE: Shares Trading Suspended
KELANAMAS INDUSTRIES: Modifies Proposed Workout Scheme Terms
L&M CORPORATION: KLSE OKs Proposed Financial Regularization
PANGLOBAL BERHAD: Company Secretary Resigns
ZAITUN BERHAD: Requisite Announcement Release Extended
P H I L I P P I N E S
BAYAN TEL: Creditors Examine Break-Up to Recover Debt
BELLE CORP: Sy Examining Units' Business Opportunities
METRO PACIFIC: Names FBDC Presidential Candidates
TOBACCO FLUE: Clarifies Newspaper Reports
REYNOLDS PHILIPPINES: Metrobank Approves Restructuring Plan
URBAN BANK: Provides Additional Info On URB-EIB Merger
S I N G A P O R E
JADE TECHNOLOGIES: Posts Notice Of Shareholder's Interest
SEMBCORP LOGISTICS: Posts Director's Interest Notice
T H A I L A N D
EMC PUBLIC: Issues Share Sale Results
NEP REALTY: Discloses Additional Asset Acquisition Info
PROPERTY PERFECT: Clarifies 2001 Operation Results
TANAWIWAT ASSOCIATE: Files Petition for Business Reorganization
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
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A U S T R A L I A
=================
ANACONDA NICKEL: Director Andrew Forrest Changes Interest
----------------------------------------------------------
Anaconda Nickel Limited (Anaconda) has been informed by its
share registry that on 7 February 2002, it processed two off
market transactions consisting of:
* 1 transfer of 12,722,049 Anaconda shares from Forrest
Family Investments Pty Ltd to JAHF Pty Ltd; and
* 1 transfer of 12,722,049 Anaconda shares from JAHF Pty Ltd
to Metal Holdings Pty Ltd.
Mr Andrew Forrest, an Anaconda director, is also a director of
Forrest Family Investments Pty Ltd, JAHF Pty Ltd and Metal
Holdings Pty Ltd.
Anaconda is aware of its obligations under Listing Rules 3.19A
and 3.19B and has requested the details of the transactions
processed by the share registry on 7 February 2002 from Mr
Forrest and will make disclosure as required in the form of
Appendix 3Y as soon as that information is received.
AUSTRALIAN MAGNESIUM: Releases Update Letter to Shareholders
------------------------------------------------------------
In the three months since Australian Magnesium Corporation
Limited (AMC) closed its public offer, a great deal of activity
has been undertaken by your Company with respect to the Stanwell
Magnesium Project and corporate initiatives that we believe will
add long term value to AMC.
This letter is designed to briefly update you on a number of
these activities and let you know of some important
correspondence you will receive next month.
1. INTERIM FINANCIAL REPORT
On 11 February 2002, AMC released its half yearly accounts for
the six months to 31 December 2001. AMC's consolidated loss for
the six months was $3.1 million, a 72 per cent improvement on a
loss of $11.3 million in the previous corresponding half year.
The lose was in line with forecasts and incorporated a number of
expenses and costs related to AMC's funding activities last
year.
The strong improvement by QMAG, a wholly owned magnesia
subsidiary of AMC, was pleasing. Its operating result improved
by 48 per cent from a loss of $2.9 million to a loss of $1.5
million and net cash flow of $2.6 million was generated. QMAG
reported record magnesite production and record magnesia
production and sales. For the period under review, magnesia
production rose 8.2 per cent to 98,528 tonnes and magnesia sales
increased 17 per cent to 98,305 tonnes.
2. STANWELL MAGNESIUM PROJECT DEVELOPMENT
AMC is currently assessing a number of engineering, procurement
and construction tenders from a range of Australian and
international firms. AMC expects a number of major project
milestones will be achieved in the coming months which will
result in a number of engineering and construction contracts
being awarded, thus providing greater certainty on expected
capital expenditures.
Engineering in two major areas of the project has commenced. In
addition, a project co-ordination office has opened in
Rockhampton and work at Stanwell on-site facilities such as
fencing, water and power access for the construction crews is
about to commence. Major civil works are expected to commence in
the June quarter and full construction mobilization is expected
in the September quarter of 2002.
3. MAGNESIUM SALES AND TECHNOLOGY OPPORTUNITIES
In addition to developing the Stanwell Magnesium Project,
growing the magnesium market through additional sales contracts
and alliances, including fostering magnesium car component
programmers, is a key focus for AMC. Leveraging and licensing
the AM technology - which we believe is the most modern and most
environmentally progressive in the world - are also
opportunities to be pursued.
AMC is continuing its initiatives on the market development and
technology fronts with a number of international parties. We
expect to conclude some of these initiatives in the March
quarter.
4. SHAREHOLDER INFORMATION PACK
In late March, AMC will send holders of Distribution Entitled
Securities an information kit covering issues such as how to
receive, deposit or reinvest the Distribution Entitled Security
payments, commencing with a 3.2 cent per security payment on 23
May 2002. The shareholder pack will explain how the Distribution
Reinvestment Plan (DRP) operates, the discount available, and
issues such as registration, closing dates, and change of
address details.
5. SHAREHOLDER MEETING
On 28 February 2002, a meeting of shareholders will be held
seeking approval for a number of important funding arrangements
between AMC and Normandy Mining Limited. A notice of meeting,
explanatory memorandum and independent expert's report were
released on 29 January 2002. As outlined in AMC's October
prospectus, a number of contractual commitments between AMC and
the State of Queensland, the Commonwealth Government and the
Stanwell Magnesium Project lenders are conditional on
shareholder approval of the funding arrangements between AMC and
Normandy.
The team at AMC are focused on growing many different aspects of
your Company and the Company looks forward to updating
shareholders on progress as its evolves.
COTTEE HEALTH: Appoints New Directors
-------------------------------------
Cottee Health Limited advised that Mr Anthony Hamilton, Mr J
Palermo and Mr Alan Hopkins were appointed Directors of the
Company on 16 January 2002 and replaced Mr John Cottee, Mr Ian
Richer and Mr Douglas Parrish who resigned as Directors of the
company.
The Company further advised that the creditors have resolved to
terminate the administration of the company by Sims Lockwood on
Monday, 11 February, 2002.
In addition, the Company will not be proceeding with the
acquisition of the Cottee Health business as approved by
shareholders in May 2001 and further confirm that no securities
were issued to the vendors of that business.
Finally, please note the new contact details for the
company as detailed below:
New Contact for the Company for the Purposes of Australian Stock
Exchange Listing Rules
Mr John Palermo
Level 1
284 Oxford Street
Leederville WA 6007
Phone: +61 8 9242 1622
Facsimile: +61 8 9443 2859
GRAEME HALL: Financial Advisor Banned for Life
-----------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
permanently banned Graeme Edward Smith Hall of Rosslyn Park,
South Australia, from acting as a representative of a securities
dealer or investment adviser.
Between 1997 and October 2000 Mr Hall, worked as a financial
advisor with Poynter Hargraves Hall, and was an authorized
representative of Ausfin Management Services Pty Ltd (Ausfin).
From October 2000 to August 2001, he was an authorized
representative of Transocean Financial Services Pty Ltd
(Transocean).
An ASIC investigation into Mr Hall's activities found that nine
of Mr Hall's former clients lost approximately $1.15 million,
after he paid their money to his private company, Graeme Hall
and Associates Pty Ltd (In Liquidation), following redemption of
their investments.
Mr Hall was able to engage in this conduct as a result of his
clients allowing him to nominate his address on their investment
redemption forms, or through signing forms that were not fully
completed, thus enabling Mr Hall to fill in the details.
With cooperation from Ausfin and Transocean, ASIC has taken
action to ensure that Mr Hall's clients are fully compensated
where possible. The Serious Fraud Investigation Branch of the
South Australia Police is continuing its investigation of Mr
Hall's activities.
"Due to the serious nature of Mr Hall's conduct, ASIC has
permanently prohibited Mr Hall from giving investment advice or
carrying on a securities business," ASIC's Director Enforcement,
Jamie Orchard said.
"ASIC will not tolerate advisors who use their positions for
their own gains, and will not hesitate to take action to protect
the public from advisers who cannot be trusted in their
industry," he said.
Investors can check whether a financial advisor has been banned
from providing investment advice at ASIC's website,
www.fido.asic.gov.au.
IOCOM LIMITED: ASIC Lifts Prospectus Interim Stop Order
-------------------------------------------------------
Iocom Limited (ASX:ICM) announced that the Australian
Securities and Investments Commission (ASIC) have advised Iocom
that the interim stop order for the Prospectus dated 15 January
2002 will be lifted.
Iocom have lodged a supplementary prospectus with the ASIC,
which will be mailed to all shareholders. The supplementary
prospectus contains some additional disclosures.
The General Meeting was adjourned with resolutions 1, 3, 4, & 5
as detailed in the Information Memorandum dated 15 January 2002
to be considered at the reconvened meeting on the 14 March 2002.
A new timetable is contained in the supplementary prospectus. A
notice of the reconvened meeting will be sent to all
shareholders.
Normal trading in Iocom shares on the ASX resumed yesterday,
Wednesday, 20 February 2002.
IOCOM LIMITED: Proposes Optima Computer Acquisition
---------------------------------------------------
Iocom Limited (the Company) advised the Australian Stock
Exchange Limited (ASX) on 28 November 2001 that it has agreed,
subject to obtaining all necessary shareholder approval, to
acquire Optima Computer Technology Pty Limited (the
Transaction). The Company released a Prospectus dated 15 January
2002 and Notice of General Meeting in connection with the
proposed Transaction.
A general meeting of shareholders has been convened for Tuesday,
19 February 2002 to consider resolutions to implement the
proposed Transaction. Apart from seeking approval to acquire
Optima Computer Technology Pty Limited, the resolutions also
include, but are not limited to, a consolidation of existing
capital of the Company at a ratio of 4 securities to 1, issues
of further securities pursuant to a top-up scheme, and a change
of company name to Optima ICM Limited (the proposed ASX code for
Optima ICM Limited is OPI). For further information please refer
to the Company's Prospectus and Notice of General Meeting.
If all required approvals are obtained and the proposed
acquisition of Optima Computer Technology Pty Limited proceeds,
the following timetable is expected to be as follows.
Monday 18 February 2002 Last day of trading cum Bonus Options.
Tuesday 19 February 2002 The Company's securities suspended
before the commencement of trading.
General meeting of shareholders to
consider all resolutions to implement
the proposed Transaction.
The Company immediately advises ASX
the outcome of the meeting.
Wednesday 20 February 2002 Ex-date for Issue of Bonus Options
Friday 22 February 2002 Completion of Transaction including
issue of new shares pursuant to
Prospectus.
Tuesday 26 February 2002 Record date for consolidation of
existing securities on issue (4
securities to 1) and for
determination of entitlement to Bonus
Options (1 bonus option for every 1
ordinary consolidated share held at
record date).
Friday 1 March 2002 Dispatch of holding statements for
new shares and options issued
under the Prospectus and post
consolidated existing
shares.
Change of Company name (to Optima ICM
Limited) is effective on ASX.
ASX ticker codes: OPI (shares)
OPIO (options)
SEATS short name: OPTIMA ICM
Thursday 7 March 2002 Company reinstated to official
quotation. Existing shares and new
shares and options trade on a post
consolidation basis (ASX codes:
OPI & OPIO)). Trading commences as
part of normal opening phase between
10:00 am and 10:10 am EDST.
For any more information, please refer to the Company's
announcements. It is expected another participants circular will
be forwarded on or around 4 March updating the above and details
relating to the reinstatement of the Company.
ASX Contact: Andrew Black
Business Unit: Companies Sydney
Ext.No: 7899
Date: 15 February 2002
MTM ENTERTAINMENT: Perth Imax Agreement Reached
-----------------------------------------------
The MTM Entertainment Trust (MME) has been advised by Babcock &
Brown Transactions Pty Ltd (B&B) and Multiplex Constructions Pty
Ltd (Multiplex) that they have now reached agreement regarding
the Imax Perth and MTM Funds Management Limited ("MTM")
including that they have agreed:
1. to use their respective reasonable endeavors to maximize
the value of MME's assets and the value of Multiplex's interest
in the Perth IMAX;
2. that decisions in relation to the IMAX Perth will be made
on a joint basis with B&B;
3. to share profits derived from MTM, B&B's interest in MME
and Multiplex's interest in the Perth IMAX (although B&B retains
complete control over its MME units); and
4. that the put and call agreement over Multiplex's interest
in MTM will be terminated.
B&B and Multiplex will jointly control MTM and each be entitled
to appoint one half of its directors when MME receives the
proceeds from the Force settlement or an equivalent amount.
Prior to that time B&B will have the right to appoint a majority
of the directors to MTM's Board.
WATER WHEEL: Administrator Posts Preliminary Final Report
---------------------------------------------------------
Water Wheel Holdings Limited's Deed Administrator, N Brooke
posted the Company's preliminary final report:
CONSOLIDATED PROFIT AND LOSS ACCOUNT
CURRENT PREVIOUS
PERIOD CORRESPONDING
PERIOD
AUD000 AUD000
1.1 Revenues from ordinary activities 206 12,258
1.2 Expenses from ordinary activities
(see items 1.24 + 12.5 + 12.6) (562) (16,271)
1.3 Borrowing costs - (115)
1.4 Share of net profit (loss) of
associates and joint venture
entities (see item 16.7) - -
1.5 Profit (loss) from ordinary
activities before tax (356) (4,128)
1.6 Income tax on ordinary
activities (see note 4) - -
1.7 Profit (loss) from ordinary
activities after tax (356) (4,128)
1.8 Profit (loss) from extraordinary
items after tax (see item 2.5) - (6,812)
1.9 Net profit (loss) (356) (10,940)
1.10 Net profit (loss) attributable to
outside equity interests - -
1.11 Net profit (loss) for the period
attributable to members (356) (10,940)
CONSOLIDATED RETAINED PROFITS
1.12 Retained profits (accumulated losses)
at the beginning of the financial
period (17,650) (9,296)
1.13 Net profit (loss) attributable to
members (item 1.11) (356) (10,940)
1.14 Net transfers (to) and from reserves 75 2,586
1.15 Net effect of changes in accounting
policies - -
1.16 Dividends and other equity distributions
paid or payable - -
1.17 Retained profits (accumulated losses)
at end of financial period (17,931) (17,650)
PROFIT RESTATED TO EXCLUDE AMORTISATION
OF GOODWILL
1.18 Profit (loss) from ordinary activities
after tax before outside equity
interests (items 1.7) and amortization
of goodwill (356) (4,128)
1.19 Less (plus) outside equity interests - -
1.20 Profit (loss) from ordinary activities
after tax (before amortization of
goodwill) attributable to members (356) (4,128)
PROFIT (LOSS) FROM ORDINARY ACTIVITIES
ATTRIBUTABLE TO MEMBERS
1.21 Profit (loss) from ordinary activities
after tax (item 1.7) (356) (4,128)
1.22 Less (plus) outside equity interests
1.23 Profit (loss) from ordinary activities
after tax, attributable to members (356) (4,128)
REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES
AASB 1004 requires disclosure of specific categories of revenue
and AASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.
See also items 12.1 to 12.6
Current Previous
Period Corresponding
Period
AUD000 AUD000
1.24 Details of revenue and expenses
Details of revenue and expenses - -
Sales Revenue 12 12,176
Cost of Materials (4) (9,704)
Other Revenue from Ordinary Activities 194 161
Distribution Expenses - (598)
Labour Costs - (2,996)
Fixed Costs - (1,160)
Other Variable Costs - (852)
Borrowing Costs - (173)
Administrators Fees and Other Costs (558) (982)
- -
Profit (Loss) from ordinary activities - -
after tax,
Attributable to members (356) (4,128)
CONTINGENT LIABILITIES
On the 30th June 2000 Water Wheel Holdings Limited and
subsidiaries (the economic entity) entered into a Deed of
Company Arrangement.
Pursuant to this Deed, the Deed Administrator has to the date of
this report received Proof of Debt claims from creditors
$2,739,619 (3rd December 2000: $2,880,730) in excess of the
liabilities recorded in the accounts.
As at the date of this report, the Deed Administrator has not
accepted these claims.
As at the date of this report, the Deed Administrator has not
finalized receipt and acceptance of Proof of Debts.
================================
C H I N A & H O N G K O N G
================================
HAPPY BOAT: Winding Up Petition Pending
---------------------------------------
Happy Boat International Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on March 6, 2002. The petition was filed on December
14, 2001 by Industrial and Commercial Bank of China (Asia)
Limited (formerly known as Union Bank of Hong Kong Limited)
whose office is situated at ICBC Tower, 122-126 Queen's Road
Central, Hong Kong.
HERBALIST DOCTOR: Winding Up Petition Slated For Hearing
--------------------------------------------------------
The petition to wind up Hong Kong Herbalist Doctor Clinic
Limited is scheduled to be heard on March 13, 2002 at 9:30 am.
The petition was filed with the court on December 19, 2001 by Ng
Yin Man, Shirley of Flat C, 2ndFloor, Block 7, The Eldorado,
Tong Yan San Tsuen, Yuen Long, New Territories, Hong Kong.
KING EASY: Winding Up Petition Set For Hearing
----------------------------------------------
The petition to wind up King Easy Limited is set for hearing
before the High Court of Hong Kong on April 3, 2002 at 9:30 am.
The petition was filed with the court on January 8, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to the
Yien Yieh Commercial Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.
MAGNETIZED WATER: Winding Up Petition To Be Heard
-------------------------------------------------
The petition to wind up Hong Kong Magnetized Water Limited is
scheduled for hearing before the High Court of Hong Kong on
March 13, 2002. The petition was filed with the court on
December 20, 2001 by Chu Tik Yanof 2nd Floor, No. 138 Nai Wai,
Tuen Mun, New Territories, Hong Kong.
NEW FEDERAL: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up New Federal Limited is set for hearing
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, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.
PRICERITE GROUP: Resolutions Passed at SGM
------------------------------------------
The Board of Directors (Board) of Pricerite Group Limited
(Company), in reference to the Circular dated 1 February 2002,
announced that the proposed ordinary resolution to approve the
adoption of new share option scheme and the termination
of the existing share option scheme of the Company was duly
passed at the Shareholders General Meeting (SGM) of the Company
held on 19 February 2002.
TCR-AP reported last year that Celestial Asia Securities
Holdings Limited (CASH), the controlling shareholder of the
Company, agreed to place a total of 35,000,000 shares of HK$0.10
each in the share capital of the Company to independent placees
at a placing price of HK$0.40 per Share on 8 June 2001.
The public float of the Company, TCRAP reported, had been below
the 25 percent minimum public float requirement since close of
the unconditional general offers made by CASH for the Shares and
the options of the Company on 3 May 2001.
ROWEI ELECTRONICS: Faces Winding Up Petition
--------------------------------------------
The petition to wind up Rowei Electronics Limited will be heard
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, 2002 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
=================
ASTRA INTERNATIONAL: Telecom Unit Disposal Delayed
--------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), say, "Astra International's disposal
of its telecommunication unit, Pramindo Ikat Nusantara, was
delayed, pending for approval from more shareholders. Under the
original plan, Telkom will pay $340 million for the network and
assume $85 million of Pramindo's debt."
"We believe Telkom will able to resolve the issues, because the
network is of strategic importance to the state-owned
telecommunication company. Separately, Astra has denied selling
its 51% stake in Toyota Astra Motor. There were rumors that
Toyota wants to have a 100% owned manufacturing operation as
part of a regional strategy," Fan and Berselli said.
Astra Overseas Finance's 5.719% floating rate note due on 2005
(ASII05IDS1) trades between 72 and 74. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1
for real-time bond pricing.
CHANDRA ASRI: Marubeni to Sign Debt Restructuring Deal
------------------------------------------------------
Marubeni Corp has agreed to the government's proposed terms and
conditions for the debt restructuring of PT Chandra Asri
Petrochemical Center, AFX reports, citing Financial Sector
Policy Committee Secretary Safruddin Tumenggung.
"It is important that they (Marubeni) finally accepted the
government's proposal," Tumenggung said, adding that the
signing of terms was scheduled on Wednesday, February 20, 2002.
The conditions set by the government include changes to the
shareholder agreement, a non-default clause and distribution of
excess cash flow.
CITRA MARGA: Pefindo Downgrades Rp275B Bond Rating to `idCCC'
-------------------------------------------------------------
PEFINDO downgraded the corporate and Rp275 billion bond ratings
of PT Citra Marga Nusaphala Persada Tbk. (CMNP) to "idCCC" from
"idBB-". The rating reflects the Company's high probability of
not being able to make payment of its maturing obligation of
US$65.8 million on February 20, 2002.
The Company recently proposed a debt standstill arrangement
until May 2002. CMNP is the operator of Cawang-Tj. Priok-Jbt.
Tiga sections of the heaviest toll road Jakarta Intra Urban
Tollway (JIUT). The Company listed its shares at the Jakarta
Stock Exchange (JSX) in 1994. As of 30 September 2001, the
public controls 37.9% ownership of the company.
The rating mainly reflects these factors:
* High probability of non-repayment of maturing debts. CMNP's
floating rate notes (FRN) of USD36 million (restructured in
1999) and Eurobond of US$29.8 million will come due immediately
on 20 February 2002. CMNP will not have sufficient cash to repay
the debts, even after taking into account its US$27.2 million
negotiable certificate of deposits (NCD) at the frozen bank PT
Unibank although PEFINDO is also less sure on the recovery of
the NCD on time. CMNP's 21% equity stake at Citra Metro Manila
Tollway (CMMTC) in the Philippines could also become a source of
additional funds, but it would need some times to exercise.
* Debt standstill arrangement. While all interest payments are
still current up to now, the Company recently proposed a debt
standstill during a lengthened restructuring period until May
2002. PEFINDO expects CMNP to be able to reschedule the maturing
FRN and Eurobond. Given the current macroeconomic condition,
however, such a rescheduling process has proven to be uneasy for
the company.
* Escalating pressures to revise its favorable revenue sharing
agreements. The pressures for GOI to revise CMNP-Jasa Marga's
revenue sharing agreements of 75:25 on JIUT have escalated
recently. The indication of corruption, collusion and nepotism
practices in the past has remained as a major issue, supported
by the needs of additional funds of Jasa Marga to develop the
planned toll road projects.
Those factors above are slightly mitigated by:
* The Company's relatively stable performance. CMNP has
continued to show a quite strong operational performance. Toll
traffic and revenue recorded over 8% growth in 2001. This year,
the growth is expected to continue although at a slower rate
level of around 7%. As a result, the Company's profitability
ratios have been relatively stable including OPBDIT margin of
64.5%, OPBIT margin of 50.6% and ROPC of 8.9% in 3Q-01. However,
its unfavorable capital structure has brought up high financial
cost burdens for the Company. Thus, cash flow protection
measured by FFO/Debt and (FFO+Interest)/Interest ratios have
remained weak.
OUTLOOK
A negative outlook is attached to the rating. The Company will
still be under liquidity pressures during the restructuring
process within the next 3 to 4 months.
=========
J A P A N
=========
HITACHI LTD: Ends Joint Venture Deal With UMC
---------------------------------------------
Hitachi, Ltd. (Hitachi)(NYSE:HIT) and United Microelectronics
Corporation (UMC)(NYSE:UMC), announced on Tuesday that they have
agreed to discontinue the joint management of Trecenti
Technologies, Inc. (Trecenti), the 300-mm fab company located in
Hitachinaka City, Ibaraki prefecture, Japan. To complete the
transaction, Hitachi will acquire the entire 40% of Trecenti
stock owned by UMC, making Trecenti a wholly owned subsidiary of
Hitachi. The transaction will be closed by the end of April
2002.
Trecenti was established in March 2000. It started manufacturing
operations in March 2001 and was the world's first company with
a 300mm wafer plant in mass production. The company has realized
quick turn around times by using single wafer processing, and
world leading cost-performance with leading-edge process
technologies down to 0.13-micron. However, facing the present
semiconductor industry downturn, Hitachi and UMC have decided to
focus their resources on their individual company's respective
300mm efforts. UMC will concentrate on its wholly owned Fab 12A
in Taiwan and UMCi subsidiary in Singapore, while Hitachi
focuses on Trecenti. Trecenti's UMC employees will return to
UMC, while those transferred or dispatched from Hitachi will
remain at Trecenti.
"Hitachi will use Trecenti, which will be our most advanced
fab, along with Hitachi Nippon Steel Semiconductor Singapore
Pte. Ltd. and the N2 line in Naka, in order to manufacture
System LSIs, flash memories and SRAMs," said Hitachi's Satoru
Ito, President and Chief Executive Officer of semiconductor &
integrated circuits. "Although UMC and Hitachi will terminate
the joint venture agreement regarding Trecenti, we will keep our
good relationship."
H. J. Wu, Board director and General Manager for UMC, said,
"The Trecenti joint venture with Hitachi has been a very
productive and cooperative effort as we accelerated our 300mm
manufacturing learning curve by capitalizing on each other's
respective strengths. However, the current industry slowdown
makes it necessary for us to concentrate our resources on our
Fab 12A 300mm manufacturing facility in Taiwan, our 300-mm
subsidiary company in Singapore, UMCi, and our joint venture
company with AMD, AU Pte Ltd. Despite this decision, we look
forward to extending the excellent relationship that we have
built with Hitachi over the years."
About Trecenti Technologies, Inc.
Name: Trecenti Technologies, Inc.
Headquarters: 751 Horiguchi, Hitachinaka City, Ibaraki, Japan
Representative: President, Toshio Nohara
Number of employees: 440 (as of 31 January, 2002)
Capital: 30 billion yen (as of 31 January, 2002)
Business content: Manufacturing, sales and services of
semiconductor products using 300mm wafer, and its related
business
URL: http://www.trecenti-tech.com
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE:HIT)(Tokyo Stock Exchange: 6501)
headquartered in Tokyo, Japan, is one of the world's leading
global electronics companies, with fiscal 2000 (ended March 31,
2001) consolidated sales of 8,417 billion yen (67.9 billion/a).
The company manufactures and markets a wide range of products,
including computers, semiconductors, consumer products and power
and industrial equipment. For more information on Hitachi, Ltd.,
please visit Hitachi's Web site at http://global.hitachi.com.
About UMC
UMC (NYSE:UMC)(Taiwan Stock Exchange: 2303) is a world-leading
semiconductor foundry that manufactures advanced process ICs for
applications spanning every major sector of the semiconductor
industry. UMC delivers the cutting-edge foundry technologies
that enable sophisticated system-on-chip (SOC) designs,
including 0.13-micron copper/low k, embedded DRAM, and mixed
signal/RFCMOS. In addition, UMC is a leader in 300mm
manufacturing with two strategically located 300mm fabs to serve
our global customer base: Fab 12A in Taiwan, and UMCi in
Singapore (completion in 2002). UMC employs over 8,500 people
worldwide and has offices in Taiwan, Japan, Singapore, Europe,
and the United States. UMC can be found on the web at
http://www.umc.com.
CONTACT:
Hitachi, Ltd.
Masanao Sato, (81)-3-3258-2055 (Japan)
masanao_sato@hdq.hitachi.co.jp
or
Hitachi America, Ltd.
Matt Takahashi, 650/244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com
or
Hitachi Europe Ltd.
Kantaro Tanii, (44)-1628-585379 (U.K.)
kantaro.tanii@hitachi-eu.com
or
Hitachi Asia Ltd.
Yuji Hoshino, (65)-231-2522 (Singapore)
yhoshino@has.hitachi.com.sg
or
UMC
Alex Hinnawi, (886) -2-2700-6999 ext. 6958 (Taiwan)
alex_hinnawi@umc.com
or
KJ Communications
Eileen Elam, 650/917-1488 (U.S.)
kjcome@cs.com
Hitachi Ltd will cut 4,000 more employees in the group companies
by the end of June with the introduction of a new early
retirement program next month, TCR-AP reported last month. The
restructuring scheme disclosed last year aims to cut 16,350 jobs
at home and abroad. The firm will cut a total of 20,350 jobs
with the introduction of the new retirement system.
MATSUSHITA COMMUNICATIONS: Posts Y19.8B Group Net Loss
------------------------------------------------------
Cell phone maker, Matsushita Communication Industrial Co, posted
Y19.87 billion group net loss for the October to December
period, due to delays in new models and the maturing market,
Reuters reported Tuesday. The company cut its forecast for the
year that ends on March 31, expecting a group net loss of Y44
billion, exceeding the range of Y35-40.3 billion analysts had
forecast.
Bloomberg reported Wednesday that Matsushita Communication cited
falling mobile handset sales and the cost of job cuts for its
losses.
Matsushita Communication Industrial Co., Ltd. is a principal
subsidiary of Matsushita Electric Industrial Co., Ltd., and
specializes in four business areas: mobile communications,
automotive multimedia, AV & security, and system solutions. One
of the world's first 3G handset manufacturers for commercial
services in Japan, the company recorded consolidated sales of
Y1,060 billion (US$8.56 billion) for the fiscal year ended March
31, 2001. For more information, visit
http://www.mci.panasonic.co.jp/english/
NAKAMICHI CORP: Files for Court Protection
------------------------------------------
Audio equipment maker, Nakamichi Corp, has filed for court
protection from its creditors with total debts of Y20 billion,
due to sluggish Japanese economy, Reuters reported on Tuesday.
Shares in the company will be delisted from the Tokyo Stock
Exchange on May 20, 2002.
Nakamichi Corporation manufactures home audio and car audio
equipment and computer peripheral equipment such as CD-ROM
changers/drives and speakers. The Company has twelve
consolidated subsidiaries, one in Japan, three in Hong Kong and
eight in the United States.
NIKKO CORDIAL: Moody's Lowers Long-Term Debt Rating to Baa3
-----------------------------------------------------------
Moody's Investors Service has cut ratings of Japan's third-
ranked brokerage Nikko Cordial to only a notch above junk
status. Moody's said the long-term debt ratings of Nikko
Cordial Corp, the parent holding company was cut to Baa3 from
Baa2.
Nikko, owned 20% by US financial giant Citigroup, reported a
group net loss of more than US$220M. Moody's said the operating
earnings of Nikko Cordial, widely viewed by analysts as the
weakest of Japan's Big Three brokerages, remained under great
pressure because of the deteriorating environment for securities
houses in general and its relatively weak domestic retail
franchise.
Also casting a long shadow over Nikko's retail business was the
collapse of US energy trader Enron, which triggered hectic
cancellations in a domestic fund managed by a Nikko Cordial unit
that contained Enron bonds. Nikko Asset Management saw a flight
from its money management fund of Y3.76 trillion, or 95 percent
of the fund, in the two months to December. Moody's said Nikko
Cordial incurred substantial liquidity pressure as it bought
Y100 billion in Japanese banks' subordinated debts from the unit
to help it cope with the withdrawals.
SUMITOMO METAL: Sees Y6B Group Net Loss
---------------------------------------
Nonferrous metal maker, Sumitomo Metal Mining Co, expects to
incur a group net loss of Y6 billion for the year to March 31,
down sharply from group net profits of Y3 billion estimated in
November, related to restructuring costs, Kyodo News reported
Wednesday. The firm's restructuring plan will design to
reorganize its electronics business and step up cost-cutting
efforts.
According to Wright Investors' Service, as of March 2001, the
Company's long-term debt was Y83.84 billion and total
liabilities were Y284.12 billion.
=========
K O R E A
=========
DAEWOO MOTOR: Expects GM to Sign Takeover Deal by April End
-----------------------------------------------------------
General Motor's (GM) Asia Pacific President Frederick A.
Henderson hopes GM to sign a contract to acquire the major
plants of Daewoo Motor (DM) by the end of April, Digital Chosun
said on Tuesday.
According to Henderson the obstacles to the agreement include
issues on Daewoo labor union's approval for the deal,
contingency debt and taxes. He stressed that both companies
might soon settle the unresolved issues.
In September 2000, GM and the creditors of Daewoo Motor signed a
non-binding agreement for GM's acquisition of Daewoo's several
production plants worth US$400 million, or US$1.2 billion when
Daewoo Motor's debts are included.
HYNIX SEMICONDUCTOR: Creditors Normalize Management Before Sale
---------------------------------------------------------------
Commerce, Industry and Energy Minister shin Kook-hwan said
creditors of Hynix Semiconductor Inc are considering normalizing
the management of Hynix Semiconductor Inc before seeking to sell
it to Micron Technology Inc and that failure in the talks to
sell Hynix to Micron would not result in Hynix' collapse, the
AFX-Asia News said in a report Monday.
The Minister reiterated that creditor banks are leading the
talks with Micron, while the government is adopting a "no-
intervention" stance. (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 37, February 21, 2002)
HYNIX SEMICONDUCTOR: Creditors Reject Some of Micron Terms
----------------------------------------------------------
Creditors of Hynix Semiconductor rejected some of the terms and
conditions set out in a draft memorandum of understanding (MOU)
submitted by Micron Technology, Digital Chosun and Arirang TV
reported on Tuesday. Eleven creditors will prepare a
counterproposal and continue negotiations, according to an
unnamed official of the meeting.
Creditors stressed that there was no need to stick to the sales
price of US$4 billion as the amount may vary from US$2 to US$8
billion, depending on the stock market performance.
HYNIX SEMICONDUCTOR: Union Opposes Deal With Micron
---------------------------------------------------
Union workers of Hynix Semiconductor have opposed selling to
Micron, supporting alternative efforts to remain independent,
Korea Times reported Wednesday. The trade union emphasized that
it's a threat to members job security should the assets be sold
and the implications that it has for the Korean semiconductor
industry.
Micron's proposed payment of $4 billion is lessened to $2.8
billion when the investment in the non-memory division was taken
into consideration. A union statement said 2,500 vendor firms
could face collapse should the deal take place, and there is no
guarantee that the non-memory business will be able to survive.
HYUNDAI GROUP: Prudential Joins Ailing Financial Units Bidding
--------------------------------------------------------------
Prudential Financial Incorporated is ready for negotiations in a
bid to buy three Hyundai financial units including Hyundai
Securities, according to Digital Chosun on Monday.
Prudential recently completed reviewing the materials sent by
the government. An unnamed high-level government official said
that Prudential was looking not just to invest, but to set up
strategic plans for its business operations in Asia, possibly
basing itself in Seoul.
Prudential has become the most likely candidate in the bid for
the Hyundai affiliates as Wilbur Ross has yet to find a
replacement for their former consortium partner AIG since it
pulled out last month.
HYUNDAI HEAVY: Likely to Transfer Unit Stake for Free
-----------------------------------------------------
To be able to meet the requirements for disaffiliation from the
Hyundai Group, Hyundai Heavy Industries Co Ltd is likely to
transfer its 24.84 percent stake in Hyundai Asan Corp to that
company or another affiliate for free, the AFX-Asia News said in
a report Monday.
According to a Hyundai Heavy official the company will file an
application for the disaffiliation with the Fair Trade
Commission immediately after the disposal of the Hyundai Asan
stake. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 37,
February 21, 2002)
TCR-AP reported last month that Hyundai Heavy Industries wanted
to complete the process of freeing itself from affiliates by the
end of 2001, but has been delayed by problems in reducing its
stake in Hyundai Asan, the Hyundai Group's vehicle for
investments in North Korea. HHI must reduce its stake in the
loss-making unit from 25 percent to 15 percent to enable it to
separate from the Hyundai Group.
HYUNDAI MOTOR: Issues US$100M FRN's to Refinance Debt
-----------------------------------------------------
Hyundai Motor's U.S. unit Hyundai-Translead plans to issue $100
million worth of floating rate notes (FRNs) in the United States
to refinance maturing debts, Korea Herald said on Wednesday.
The 3-year FRNs will carry a coupon rate of Libor plus 1.3
percentage points, and Hyundai Motor guaranteed the issue. The
debt issue will be engineered by HSBC.
Hyundai Translead is a subsidiary of Hyundai Motor Company
Korea. The plant produces van trailers, both refrigerated and
dry freight, container chassis, and refrigerated and dry freight
domestic containers for the North American transportation
industry.
===============
M A L A Y S I A
===============
ABRAR CORP.: Special Administrators Review Workout Proposal
-----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company), in reference to its announcement on 29 January 2002 in
which the Company announced that the Exchange had granted the
Company with an extension from 23 December 2001 to 28 February
2002 to enable the Company to make its announcement on the
Company's plans to regularize its financial condition (the
Requisite Announcement), now announced that it had by its letter
dated 7 February 2002 sought the approval of the KLSE for a
further extension of ten (10) months to 31 December 2002 to make
the Requisite Announcement.
The Special Administrators of the Company are currently
reviewing the offers / proposals submitted to them by the
interested parties in respect of the Company's debt
restructuring exercise (the Workout Proposal). Thereafter, the
Special Administrators will formulate a Workout Proposal for the
Company pursuant to Section 44 of the Pengurusan Danaharta
Nasional Berhad Act, 1998 (the Danaharta Act).
The further extension of time until 31 December 2002 will allow
the Special Administrators of the Company to announce the full
details of the Company's Workout Proposal in the Requisite
Announcement.
CONSTRUCTION AND SUPPLIES: KLSE Approves RA Time Extension
----------------------------------------------------------
On behalf of the Board of Directors of Construction and Supplies
House Berhad (CASH or the Company), Alliance Merchant Bank
Berhad (Alliance), in reference to the application sought from
the KLSE for an extension of time of up to two (2) months to 25
March 2002 for CASH to make the "requisite announcement"
pursuant to Practice Note No. 4/2001, announced that the KLSE
has, vide its letter dated 18 February 2002, approved an
extension of time up to 28 February 2002 for the Company to make
the requisite announcement.
Profile
Currently, the Company is in the midst of identifying new assets
to be injected into the Group in order to create sustainable
income and to enter into negotiation with various creditors
including financial institutions with a view to implementing a
debt restructuring exercise through a corporate advisory firm.
The MOU with the vendors of Kurnia Padu Sdn Bhd (KPSB) to
acquire KPSB which is a shareholder of HVD Holdings Sdn Bhd, was
terminated on 15 December 2000.
The Company originally owned oil palm and rubber plantations,
which were sold in May 1971. It diversified into property
development in 1982, supply and distribution of petroleum and
petroleum-based products and services in 1985, hotel business
and the financial services sector also in 1985, and the
garment/textile business in 1989/1990.
In 1993, the Company embarked upon a rationalization and
restructuring programmed beginning with cessation of the
petroleum-based and garments/textile business. The property
development and construction businesses were disposed of in
1999.
DEWINA BERHAD: Proposals Awaits Shareholders' Approval at EGM
-------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Dewina Berhad (Dewina or Company), in reference to the
announcement made on 14 January 2002 with regards to the
Proposals, announced that the Ministry of International Trade
and Industry (MITI), via its letter dated 15 February 2002, has
no objections to the Proposed Rights Issue with Warrants,
Proposed Subscription, Proposed Acquisition, Proposed Waiver and
Proposed Transfer.
Arab-Malaysian also announced that the Foreign Investment
Committee (FIC), via its letter dated 22 January 2002 (which was
received by Arab-Malaysian via fax on 18 February 2002), also
has no objections to the Proposed Rights Issue with Warrants,
Proposed Subscription, Proposed Acquisition and Proposed Waiver.
The above Proposals are still subject to the approvals of the
shareholders of Dewina and MTD at their respective Extraordinary
General Meetings (EGM) to be convened in due course.
The "Proposals" refers to:
* Proposed Rights Issue With Warrants;
* Proposed Subscription of approximately 99.99% of the
enlarged issued and paid-up share capital of DHSB by
Haji Ibrahim Bin Haji Ahmad, subsequent to an internal
reorganization by Dewina (Proposed Subscription);
* Proposed Acquisition of MTD Prime Sdn Bhd (Proposed
Acquisition);
* Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver);
* Proposed Increase in the Authorized Share Capital; and
* Proposed Transfer from Second Board to the Main
Board of the Kuala Lumpur Stock Exchange (Proposed Transfer)
HOTLINE FURNITURE: Shares Trading Suspended
-------------------------------------------
Hotline Furniture Berhad advised that trading in Company shares
has been suspended with effect from 9.00 a.m., Wednesday, 20
February 2002 until further notice.
TCR-AP reported early this month that the corporate exercise
approved by the Securities Commission on 1 August 2000 involving
the Proposed Acquisition of Macro System Consultancy Sdn Bhd
group of companies was terminated on 31 January 2002 and the
Proposed Rights Issue has been aborted.
KELANAMAS INDUSTRIES: Modifies Proposed Workout Scheme Terms
------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of Kelanamas Industries Berhad (KIB Or Company)
announced that KIB made an application to the KLSE on 8 February
2002 for an extension of time for another month from 13 February
2002 to make the Requisite Announcement.
The Board of Directors is currently in the midst of fine-tuning
the terms and conditions of the agreements pertaining to the
Proposed Scheme, while awaiting the completion of the statutory
audit of the financial statements of the companies involved. The
Requisite Announcement will be made to KLSE upon signing of the
said agreements.
L&M CORPORATION: KLSE OKs Proposed Financial Regularization
-----------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that the Kuala Lumpur Stock Exchange (KLSE) has approved the
application for extension of time for obtaining all the relevant
authorities approvals for the proposed regularization of its
financial conditions from 30 January 2002 to 30 March 2002.
Profile
On 29 May 2000, the High Court granted the Company a restraining
and stay order pursuant to Section 176 of the Companies Act,
1965 which has been extended to 29 March 2002.
Meanwhile, L&M is presently undergoing a restructuring scheme
which involves : transfer of its listing status to Eastern Atlas
Bhd (EAB), a newly incorporated company. The scheme also
involves disposal of L&M Geotechnic Sdn Bhd (LMG) and LMI
Engineering Sdn Bhd (formerly known as L&M Instrumentation Sdn
Bhd) (LMI) to EAB, rights issue, composite scheme of arrangement
with financial institutions and trade and other creditors
acquisition by EAB of Satujaya Sdn Bhd, Kayman Integrated Sdn
Bhd and Vistashine Sdn Bhd, liquidation of the remaining
subsidiaries of L&M, excluding LMG and LMI, and listing of EAB
on KLSE. The restructuring process is expected to be completed
by either end of 2001 or IQ2002.
L&M and its companies had mainly provided specialized
engineering and construction services. Currently, other than the
Pelabuhan Tanjung Pelepas Project undertaken by L&M Geotechnic
Sdn Bhd, there are neither any on-going projects nor new
projects secured by other subsidiary companies.
Subsidiaries L&M Piling Sdn Bhd, L&M Prestressing Specialist Sdn
Bhd, L & M East Malaysia Sdn Bhd and L & M Structures Sdn Bhd
were wound up by creditors on 1 June 2000, 5 July 2000, 20 April
2001 and 15 March 2001 respectively.
PANGLOBAL BERHAD: Company Secretary Resigns
-------------------------------------------
PANGLOBAL BERHAD posted this notice:
Date of change : 19/02/2002
Type of change : Resignation
Designation : Secretary
License no. : MAICSA 0794455
Name : Chow Poh Jin
Working experience and occupation during past 5 years :
Group Company Secretary of PanGlobal Berhad
Remarks : Mr. Chow Poh Jin has also resigned as Company
Secretary for these PanGlobal Berhad subsidiaries with effect
from 19 February 2002:
a) PanGlobal Management Services Sdn Bhd
b) PanGlobal Properties Sdn Bhd
c) PanGlobal Trading Sdn Bhd
d) PanGlobal Property Management Services Sdn Bhd
e) PanGlobal Corporate Services Sdn Bhd
f) PanGlobal Services Sdn Bhd
(formerly known as PanGlobal Plantation Sdn Bhd)
g) Menara PanGlobal Sdn Bhd
h) Global Minerals (Sarawak) Sdn Bhd
Profile
The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.
On 2 February 2000, the High Court granted a holding over
injunction to a shareholder to preserve the status quo of the
proposed Econstates disposal, the shares of which had been
pledged to an offshore bank for a loan facility granted to the
Company. On 21 March 2000, the offshore bank gave notice that it
would force sell the shares following the expiry of the
restraining order on 20 March 2000. On 23 March 2000, the
Company was notified that the shares had been forced sold on 22
March 2000 at RM2.00 per share. Subsequently, on 27 March 2000,
the Company was served a notice by a shareholder that an ex
parte injunction had been obtained to restrain RBH and the
offshore bank from completing the force sale. The injunction
does not involve the Company as the Econstates shares were
forced sold by the offshore bank. In view of the action taken by
the offshore bank, the SPA dated 23.9.99 between RBH and the
Company was terminated.
ZAITUN BERHAD: Requisite Announcement Release Extended
------------------------------------------------------
Zaitun Berhad announced that the Kuala Lumpur Stock Exchange
(KLSE) has approved an extension of 1 month from 26 January 2002
to 28 February 2002 to enable the Company to announce its
Requisite Announcement to the KLSE for public release.
Profile
The Group's core business consists of the manufacturing and
marketing of toiletries, cosmetics and food products under its
own brand name of "Zaitun". The Group is the pioneer producer
and the market leader for toiletries and cosmetic products in
the Muslim market segment. The Group's products mainly cater to
Muslim men and women with household incomes of RM500 and above.
The products are also exported to countries such as Brunei,
Singapore, Indonesia and China.
In January 2001, the Company had announced its proposal to
undertake a comprehensive fund raising exercise, including a
rights issue, aimed at restoring the financial health of the
Group. The Company subsequently had to abort the exercise owing
to the prevailing market conditions. Nevertheless, the Board
continues in its effort to devise another workable financial
plan to strengthen the Group's financial position.
=====================
P H I L I P P I N E S
=====================
BAYAN TEL: Creditors Examine Break-Up to Recover Debt
-----------------------------------------------------
Creditors of Bayan Telecommunications Inc are studying an option
for a company break, allowing longer repayment for its US$277
million debt, Business World and AFX News reported on Wednesday,
citing unnamed sources.
The source said under the "fragmentation" option creditors are
studying, BayanTel could separate operations in Mindanao and the
Visayas islands and spin off its data business.
The banks will consider an eight-year repayment period for
secured creditors and a 10-year payment for unsecured creditors.
DebtTraders reports that Bayan Telecommunications Inc's 13.500%
bond due in 2006 (BAYA06PHS1) trades between 18 and 23. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHS1
BELLE CORP: Sy Examining Units' Business Opportunities
------------------------------------------------------
Sy's group SM Prime Holdings Inc. is examining the potential
business with Belle majority owner Willy Ocier, to help recover
the operations of debt-saddled property developer, Belle Corp,
and its units APC Group Inc (APC) and Sinophil Corp, Business
World and AFX News reported Tuesday, citing Belle Chief
Financial Officer Manolo Gana. Sy also holds 25 percent of
Belle.
Business World reported last month that German-based Deutsche
Bank is going after some assets of Belle Corp. to serve as
collateral for some $17 million in debts. Belle has sold off a
number of non-core assets including Internet firm Maginet Corp.,
its 51 percent stake in Lucky Star, and non-prime lands in
various areas. The Company sought a 90-day moratorium on the
payment of its debts to local and foreign creditors.
DebtTraders reports that Belle Corporation's 5.830% floating
rate note due in 2002 (BELC02PHN1) trades between 26 and 30. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1
METRO PACIFIC: Names FBDC Presidential Candidates
-------------------------------------------------
Metro Pacific Corp (MPC) has revealed the candidates to head the
Fort Bonifacio Development Corp (FBDC) after its President
Ricardo Pascua resigned from his post, Business World and AFX
News reported Tuesday. The candidates include Bases Conversion
and Development Authority Chairman, Rogelio Singson, and Landco
Pacific Corp President, Alfred Xerez-Burgos.
TCR-AP reported last week that 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.
TOBACCO FLUE: Clarifies Newspaper Reports
-----------------------------------------
Philippine Tobacco Flue-Curing & Redrying Corporation (the
Corporation), in reference to various newspaper reports, which
have been published since February 6, 2002, clarified that the
Corporation has been losing money from its tobacco business in
the past three years and does not expect to recover in the
foreseeable future. The Corporation must get out of its
traditional business to cut its losses. The Corporation's
tobacco sales in the past three years were not enough to cover
expenses.
In 1999, cost of sales exceeded tobacco sales by roughly P2
million. During 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. Last year, volume dropped so low, that
revenue were just a third of 2000's.
The situation is expected to worsen this year, prompting a
decision to phase out the Corporation's tobacco operations. The
Corporation has earmarked P9 M to cover the separation of its
348 employees, 320 of which are seasonal workers. The
Corporation's equipment for its tobacco operations shall be
maintained on "mothballed" status, i.e., the same will be
maintained in such a condition as will enable the Corporation to
immediately resume its tobacco operations as soon as its
business prospects improve.
REYNOLDS PHILIPPINES: Metrobank Approves Restructuring Plan
-----------------------------------------------------------
The Philippine Stock Exchange disclosed on February 14 that its
financial advisor, PentaCapital Investment Corporation, recently
advised Reynolds Philippines Corporation that the Board of
Directors of Metropolitan Bank and Trust Company (Metrobank) has
approved the Company's proposed financial restructuring plan.
Metrobank is the Company's second largest secured creditor.
Its approval of the Company's proposed restructuring plan,
together with the previously secured approvals from Land Bank of
the Philippines and Asiatrust Bank, established a 67 percent
approval amongst the Company's bank creditors of the plan. With
this recent development, the Company and PentaCapital are
optimistic that the execution of the re-structuring agreement
shall be concluded within the next 60 days. The financial
restructuring plan approved by the aforesaid creditors provides
for the restructuring of presently secured loans into 7-year
loans with 2-year grace period, or zero notes.
It also provides for the conversion of unsecured bank loans into
preferred shares that may be changed into common shares at the
option of the creditor. These schemes aim to transform the
Company into a new entity with its majority ownership held by
banks and with a drastically reduced debt load. Based on
projections, the Company will enjoy strong cash flows and earn
steady profits. These will be given back to the creditor-banks
by way of any earnings recapture clause. In addition, common
stocks may be sold anytime when the market prices become
favorable for liquidation.
The Company's creditor banks can, therefore, look forward to an
early exit instead of waiting for the entire restructuring
program to run its full course. Moreover, as part of the
restructuring plan, the Company is expected to secure around
P400 million of Last-In-First-Out loan to be arranged by
PentaCapital to finance importation of raw materials and other
working capital requirements. These LIFO credits will jumpstart
the company's operations which in time can get back to the pre-
crisis production volumes paving the way for its long-term
recovery as a viable and profitable company.
URBAN BANK: Provides Additional Info On URB-EIB Merger
------------------------------------------------------
Urban Bank Inc., in reference to the approval by Securities and
Exchange Commission (SEC) dated February 4 of the merger among
Urban Bank, Inc. (URB or the Bank), Urbancorp Investments, Inc.
and Export and Industry Bank, Inc (EIB), through SEC Form 17-C,
provided this additional information:
The merger will also entail the decrease in par value of the
Corporation's shares from Php 100 to Php 1, an increase n the
authorized capital stock of the Corporation to Php 7.5 B,
divided into 6 B common shares and 1.5 B preferred shares, the
change of name of the Corporation to Export and Industry Bank,
and the corresponding amendments to the Articles of
Incorporation.
As part of the merging process, the entire assets and
liabilities of Urbancorp Investments, Inc. and Export and
Industry Bank, Inc. will be transferred to and absorbed by Urban
Bank, now Export and Industry Bank. The merger is part of the
Rehabilitation Plan for the Corporation, which was approved by
the Philippine Deposit Insurance Corporation, as Receiver of the
Corporation, on July 9, 2001, and by the Monetary Board of the
Bangko Sentral ng Pilipinas on July 12, 2001."The Exchange shall
inform the member-brokers and the investing public on further
developments with regard to the aforementioned matter.
=================
S I N G A P O R E
=================
JADE TECHNOLOGIES: Posts Notice Of Shareholder's Interest
---------------------------------------------------------
Jade Technologies Singapore Ltd posted a notice of changes in
substantial shareholder Govett Singapore Growth Fund's interest:
Date of notice to company: 18 Feb 2002
Date of change of interest: 15 Feb 2002
Name of registered holder: HSBC (Singapore) Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 10,000
% of issued share capital: 0.03
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.53
No. of shares held before change: 1,701,000
% of issued share capital: 5.21
No. of shares held after change: 1,691,000
% of issued share capital: 5.18
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 0 1,701,000
% of issued share capital: 0 5.21
No. of shares held after change: 0 1,691,000
% of issued share capital: 0 5.18
Total shares: 0 1,691,000
SEMBCORP LOGISTICS: Posts Director's Interest Notice
----------------------------------------------------
Sembcorp Logistics Limited posted a notice of changes in
Director Wee Chow Hou's interest in a related Company Singapore
Telecommunications Ltd:
Date of notice to company: 18 Feb 2002
Date of change of interest: 15 Feb 2002
Name of registered holder: Wee Chow Hou
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 10,000
% of issued share capital:
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.64
No. of shares held before change: 43,200
% of issued share capital:
No. of shares held after change: 53,200
% of issued share capital:
Holdings of Director including direct and deemed interest
Deemed Direct
No. of shares held before change: 43,200
% of issued share capital:
No. of shares held after change: 53,200
% of issued share capital:
Total shares: 53,200
Note:
The above number of shares excludes 840 ST A shares and 910 ST B
shares held by the Director and 840 ST A shares and 650 ST B
shares held by the Directors' spouse through the CPF Board.
===============
T H A I L A N D
===============
EMC PUBLIC: Issues Share Sale Results
-------------------------------------
EMC Public Company Limited posted the result of the share
offering:
1. Information relating to the share offering
Category of shares offered : Ordinary Shares
Number of shares offered : 23,614,777 shares
Offered to : 2 Creditors
Price per share : Baht 10
Subscription and payment period : February 18, 2002
2. Result of the sale of shares
[ ] totally sold out
[ X ] partly sold out, with 14,044,170 shares remaining.
The Company will deal with the remaining shares as follows: The
plan Administrator is unable to convert some debt to ordinary
shares because the official Receiver won't issue the orders of
the claim for payment yet. The plan Administrator has to
receive all the orders then will convert the debt to
ordinary shares again and then will consider for the remaining
shares.
3. Details of the sale
Thai investors Foreign investors Total
Juristic Natural Juristic Natural
Persons persons persons persons
Number of persons
2 - - - 2
Number of shares
9,570,607 - - - 9,570,607
Subscribed
Percentage of total
40.52 - - - 40.52
Shares offered for sale
4. Amount of money received from the sale of shares
Total amount : Baht 95,706,070
Less expenses (specify) : -
Net amount received : Baht 95,706,070
NEP REALTY: Discloses Additional Asset Acquisition Info
-------------------------------------------------------
NEP Realty & Industry Public Co., Ltd. (NEP) disclosed
additional information on the acquisition or disposal of the
assets of a listed company, the case of Navanakorn Co., Ltd., a
subsidiary of NEP Realty & Industry Public Co., Ltd., purchasing
a land from PKS Development Co., Ltd.:
* Of its total issued shares and P.K.S. Development Co., Ltd.'s
8,910,000 shares or 19.92% of its total issued shares. In
addition NEP and its management, major shareholders, and related
person do not have any shareholding and management relationships
with P.K.S. Development Co., Ltd.
* Therefore, the sale and purchase of land between Navanakorn
Co., Ltd. and P.K.S. Development Co., Ltd. is not a connected
transaction in accordance with Notification of the Stock
Exchange of Thailand re. Rules and Procedures and Disclosure of
Connected Transactions of Listed Companies, but Navanakorn's
acquisition of assets.
* As a result, Navanakorn's land purchase necessitates NEP's
disclosure of the acquisition or disposal of assets in
accordance with the SET Notification.
PROPERTY PERFECT: Clarifies 2001 Operation Results
--------------------------------------------------
Asian International Planners Co., Ltd., Plan Administrator of
Property Perfect Public Company Limited, clarifies the results
of its financial performance for the period ended December 31,
2001. The Company reported net gain of Bt4,351 million or 280%
over the net loss reported in the corresponding period of last
year for the amount of Bt6,768 million. The increase
in net gain was a result of:
1. Sales (from transferring) decreased in the amount of Bt212
million, while cost of goods sold also decreased for the amount
of 207 million. This was because the company was in the process
of restructuring business almost the whole years of 2001. Sales
and transferring were affected by the situation.
2. Gains from exchange rate increased in the amount of Baht 616
million.
3. Company recorded reversal of provision for loss on
diminution in value of assets in the amount of Bt496 million. In
2000, the company transferred assets to the creditors for debt
restructuring and the project development costs were lower than
its net book value in last year.
4. Interest paid decreased in the amount of Bt1,136 million due
to calculating as of February 19, 2001 according to the
Rehabilitation Plan.
5. Selling and administrative expenses together with doubtful
debt decreased in the amount of Bt10 million.
6. Loss from equity method reduced in the amount of Bt835
million due to in the year 2000 the company has recorded
provision for loss equal to the aggregate amounts of its
guarantees which it is expected will be charged to the company.
7. Loss on diminution in value of project development cost and
land held for development for the amount of Bt200 million
according to asset valuation as of February 19, 2001.
8. The Company recorded more loss from additional Liability
according to the Rehabilitation Plan in the amount of Bt38
million. The Company reversed the provision for liabilities
arising from claims for settlement of debts in the amount of
Baht 220 million as income of the current period due to the
Company has set aside a Bt240 million provision.
9. Gain on debt restructuring in the amount of Bt4,544 million.
These resulted from the creditors waiving part of the
indebtedness and the Comptroller in Bankruptcy announced part of
the balance of the Company's indebtedness to its creditors in
the amount of Bt46 million. Decreasing provision for convertible
debentures redemption in the amount of Bt410 million. Decreasing
provision for loss on investment in associated company in the
amount of Bt613 million. Decreasing total accrued interest in
the amount of Bt3,978 million, and recording more deferred
accrued interest in the amount of Bt503 million. While the
company had gain on debt restructuring in the amount of Baht 664
million and loss on assets transferred on debt restructuring in
the amount of Bt588 million for the year 2000.
The operation result for the year 2001 changed for the amount of
Bt4,351 million. Recording the accrued interest of unsecured
debt awaiting conversion to equity for the amount of Bt17
million Transferring premium together with appropriated retained
earning to offset with deficit for the amount of Bt3,277
million. These factors have reduced the accumulative loss to
Bt7,214 million in 2001 compared with Bt14,825 million in 2000.
Moreover, conversion of unsecured debt awaiting conversion
to equity for the amount of Bt6,912 million compared with
capital deficit for the amount of Bt10,770 million in 2000.
Total shareholders equity shown in balance sheet for the year
2001 is Bt476 million.
TANAWIWAT ASSOCIATE: Files Petition for Business Reorganization
---------------------------------------------------------------
Real estate seller Tanawiwat Associate Company Limited (DEBTOR)
filed its Petition for Business Reorganization in the Central
Bankruptcy Court:
Black Case Number 579/2544
Red Case Number 595/2544
Petitioner: LAGUNA PARK VILLE COMPANY LIMITED BY MR. TRERAPHRUT
PETCHSUWAN, ATTORNEY OF THE CREDITOR
Planner: S. K. ACCOUNTANT SERVICES COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt338,114,467.38
Date of Court Acceptance of the Petition: June 29, 2001
Date of Examining the Petition: July 30, 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 30, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 16, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 6,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 6, 2001
Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 6, 2002
Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 6, 2002
Contact: Mr. Attawut Tel, 6792525 ext. 127
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
------ ------ --------- --------- -------------
Asia Pulp & Paper FRN due 2001 7 - 9 +1
Asia Pulp & Paper 11.75% due 2005 23 - 25 +2
APP China 14.0% due 2010 17 - 19 +1
Asia Global Crossing 13.375% due 2006 23 - 26 -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 62 - 65 +3
Indah Kiat 11.875% due 2002 25 - 27 0
Indah Kiat 10.0% due 2007 19 - 21 +3
Paiton Energy 9.34% due 2014 53 - 56 0
Tjiwi Kimia 10.0% due 2004 17 - 19 +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 private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at http://www.debttraders.com/
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 ***