/raid1/www/Hosts/bankrupt/TCRAP_Public/020424.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 24, 2002, Vol. 5, No. 80
Headlines
A U S T R A L I A
ARTHUR ANDERSEN: ASIC Advises News Corp to Change Auditor
ASHANTI GOLDFIELDS: Updates Margin Free Arrangements Status
CAPRAL ALUMINIUM: Posts AGM Resolutions
CAPRAL ALUMINIUM: Sells Granville Site to ING
CHROME GLOBAL: Presents Share Offer to Raise Working Capital
CTI COMMUNICATIONS: Re-Convened AGM Adjourned to May 3
HORIZON ENERGY: Unit 4 Replacement Generator Synchronized
MAXIS CORPORATION: IQ Advance Sale Discontinued
POWERTEL LIMITED: Not Affected by Shareholder's Debt Workout
UECOMM LIMITED: Achieves Q102 EBITDA Target
WESTERN METALS: Provides Debt Restructuring Update
* ASIC, ITSA Sign Memorandum of Understanding
C H I N A & H O N G K O N G
ASIA GLOBAL: Hutchison Invites Singaporean Buyer
ASIA LOGISTICS: Operations Loss Swells to HK$22,083
ESUN HOLDINGS: Narrows Operations Loss to HK$165,408
GUANGDONG KELON: Awaits Auditors' Opinion; Adjourns Meeting
WAH LEE: Clarifies Placing Agreement Figures
I N D O N E S I A
ASTRA INTERNATIONAL: Telkom Signs SPA With Unit Pramindo
CITRA MARGA: Incurs Loss Due to Massive Dollar Debt Repayment
J A P A N
MATSUSHITA ELECTRIC: Buys Back 5.586M Shares for Y9.4B
MATSUSHITA ELECTRIC: NEC, KDDI, Japan Telecom Consider Tie-up
MATSUSHITA ELECTRIC: TCL Household Appliance Venture Likely
MATSUSHITA ELECTRIC: To Create Firms for Panasonic, National
MATSUSHITA ELECTRIC: Will Hire 200 Experienced Engineers
MITSUBISHI HEAVY: Set to Produce Airbus Jumbo With Fuji Heavy
SOFTBANK CORP: Cell Phone Users May Avail of BB Phone
K O R E A
HYNIX SEMICON: Creditors to Hold Micron Shares Four Months
HYNIX SEMICONDUCTOR: Micron Signs Non-Binding Accord
HYNIX SEMICON: Union May Strike Over Micron Deal
HYUNDAI OIL: President Chung Mong-hyuck Resigns Over Losses
SEOUL BANK: Chohung Bank May Bid for Troubled Seoulbank
SEOUL GUARANTEE: Posts US$190.76M Net Loss
M A L A Y S I A
ANTAH HOLDING: Proposes Disposal Proceeds Utilization Revision
CAMERLIN GROUP: Singaporean Unit Dissolved
JOHAN HOLDINGS: Implementation of Replacement Warrants Unlikely
MOL.COM BERHAD: Undertakes Regrouping to Streamline Business
MBF HOLDINGS: Unit Obtains Restraining Order Extension
METROPLEX BERHAD: Debt Restructuring Talks With Lenders Ongoing
RENONG BERHAD: Heads of Agreement Terms Further Extended
RHB CAPITAL: Posts Recurrent Related Party Transactions
WEMBLEY INDUSTRIES: Obtains Debt Workout RA Time Extension
ZAITUN BERHAD: KLSE Grants Requisite Announcement Extension
P H I L I P P I N E S
HOME GUARANTY: Urged to Pay P7B Debt
MAYNILAD WATER: Can't Pay MWSS Fees until November
S I N G A P O R E
CAPITALAND LTD: Sells New Apartments for S$592
WEE POH: Post S$12.8M Loss
T H A I L A N D
AMARIN PLAZA: Registered Capital Reduction Approved
SINO-THAI RESOURCES: Discloses AGM No. 24/2002 Resolutions
- - - - - - - -
=================
A U S T R A L I A
=================
ARTHUR ANDERSEN: ASIC Advises News Corp to Change Auditor
---------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission, advised on Friday that ASIC has provided
relief under the Corporations Act to enable the Board of The
News Corporation Limited to replace its current auditor, Arthur
Andersen.
The News Corporation application was made in response to the
increasing unlikelihood that Andersen can continue to provide
effective global audit services to the News Corporation group.
ASIC made a policy announcement on 12 April 2002 indicating that
it would, in appropriate circumstances, facilitate the
resignation of Andersen and the appointment of substitute
auditors conditional upon being satisfied by the relevant
company that the new auditors would have the capacity to
complete the current financial year audit in a timely fashion,
and that the arrangements would not create unacceptable
conflicts of interest.
The conditions stipulated by ASIC last week have been met in the
current instance.
"ASIC's decision to assist the Board of News Corporation to
terminate the appointment of its current auditors reflects the
urgent and unusual circumstances confronting this global company
as a result of Andersen's current difficulties, particularly the
uncertain future of Andersen's international structure", Mr
Knott said.
"Prior to consenting to the required relief from certain
provisions of the Corporations Act, ASIC was advised by Andersen
that it had no objection to the proposal and that it would, if
requested by News Corporation, tender its resignation as
auditor.
"In those circumstances, ASIC has agreed to assist News
Corporation in its preference to implement the change by way of
Board resolution, which is consistent with the measures being
adopted by that company internationally", Mr Knott said.
ASHANTI GOLDFIELDS: Updates Margin Free Arrangements Status
-----------------------------------------------------------
On 18 March 2002, Ashanti Goldfields Company Limited announced
that it had executed interim margin free arrangements (Interim
Margin Free Agreements) with all its active hedge counterparties
(Active Counterparties) other than Credit Suisse First Boston
International. Ashanti announced that CSFB has now novated all
of its existing hedging trades with Ashanti (Novated Trades) to
Barclays Bank PLC and is consequently no longer an Active
Counterparty of Ashanti. The Interim Margin Free Agreements have
now been signed by all of Ashanti's Active Counterparties.
The Interim Margin Free Agreements remain conditional on the
matters set out in the press announcement dated 18 March 2002,
including the Proposed Restructuring (or such other
restructuring as is approved by an appropriate majority of hedge
counterparties) being completed. Once all of the conditions of
the Interim Margin Free Agreements have been satisfied, Ashanti
will be able to require each of the Active Counterparties to
enter a new margin free trading letter (New MFTL). The New MFTL
will amend and restate the existing margin free trading letter
with its hedge counterparties dated October 2000 (Existing MFTL)
and will provide for margin free trading on an ongoing basis,
subject only to certain limited termination rights. At that time
both the Existing MFTL and the Interim Margin Free Agreements
will terminate.
Following the novation of the Novated Trades to Barclays,
Ashanti Group entered into a restructuring of the Novated
Trades. The restructuring, which had no impact, as at the date
it was effected, on the overall mark-to market value of the
hedge position or on the committed ounces, has:
* eliminated the convertible nature of the Novated Trades
resulting in a simpler hedge structure of that portfolio; and
* resulted in a moderate increase in protected ounces,
The Board of Ashanti considers that this is an important step
towards eliminating the risk of margin calls in relation to its
hedging arrangements.
GENERAL
Ashanti currently expects that the public documentation relating
to the Proposed Restructuring will be posted to Ashanti security
holders and holders of the Existing Notes during the second part
of May 2002.
It should be noted, however, that there can be no assurance that
the Proposed Restructuring will be implemented. Security holders
should, given the uncertainties surrounding the Proposed
Restructuring, exercise caution in relation to dealings in
Ashanti's securities at the present time.
CAPRAL ALUMINIUM: Posts AGM Resolutions
---------------------------------------
The directors of Capral Aluminium Limited reported on business
conducted at the annual general meeting held on April 16:
1. ACCOUNTS AND REPORTS
The shareholders received and adopted the reports and accounts
for 2001 as contained in the company's 2001 annual report.
2. RE-ELECTION OF DIRECTORS: RESOLUTION 1
Mr Graeme Cureton, Mr Ron Pitcher, Mr John Crabb and Mr Phillip
Arnall, who retired in accordance with the Constitution of the
company, were re-elected directors by the shareholders.
Professor J G Davis announced his retirement from the Board.
The resolutions were decided on a show of hands.
RESOLUTION FOR AGAINST OPEN ABSTAIN
NUMBER INCLUDING NO
INSTRUCTION
1 (a) Cureton 30,624,518 63,037 2,809,150 115,112
1 (b) Pitcher 30,650,702 53,897 2,809,150 98,068
1 (c) Crabb 30,630,952 69,897 2,809,150 101,818
1 (d) Arnall 30,559,089 96,297 2,809,150 147,821
The Company's Board of Directors is as under:
Directors:
Mr Graeme Cureton, Chairman
G P L'Estrange, Managing Director
Mr Ron Pitcher
Mr John Crabb
Mr Phillip Arnall
3. ISSUE OF SHARES FOR SENIOR EXECUTIVES: RESOLUTION 2
The shareholders, by ordinary resolution, approved the issue
under the Capral Aluminium Limited Incentive Share Plan of up to
1,100,000 ordinary shares to four senior executives of the
Company at any time prior to the next annual general meeting.
4. ISSUE OF SHARES FOR MANAGING DIRECTOR: RESOLUTION 3
The shareholders, by ordinary resolution, approved the issue
under the Capral Aluminium Limited Incentive Share Plan of up to
1,200,000 ordinary shares to the Managing Director of the
Company, Gregory L'Estrange, at any time prior to the next
annual general meeting.
Resolutions 2 and 3 were passed after a poll was ordered.
The proxies received in relation to the Resolutions 2 and 3
were:
Resolution For Against Open Abstain
number Including no
instruction
2 26,121,511 4,583,789 2,771,201 135,316
3 25,204,909 4,571,426 2,771,201 1,064,281
The votes cast in relation to the Resolutions 2 and 3 were:
Resolution For Against Abstain
number
2 27,277,050 4,728,282 135,316
3 26,361,156 4,715,211 1,064,281
CAPRAL ALUMINIUM: Sells Granville Site to ING
---------------------------------------------
Capral Aluminium Limited announced on Friday the sale to ING
Industrial Fund of the 21 hectare site located on the corner of
Unwin and Shirley Streets at Granville in Sydney.
The site is being sold for $24 million (less disposal costs),
which will be utilized to partially fund plant, and equipment
upgrades in Capral's manufacturing facilities. It is anticipated
that proceeds after disposal costs will equate to the net book
value of the property.
The site housed warehouse and manufacturing facilities for
rolling mill and remelt operations, which were closed during
2000 and 2001.
Settlement will be delayed until 31 December 2002 to enable pre-
sale remediation works to be completed. On settlement Capral
will lease back the office building and training center located
at the front of the site for a 5 year term with subsequent
renewal options.
ING intends to refurbish and redevelop the site to create an
industrial estate of approximately 90,000 square meters.
CHROME GLOBAL: Presents Share Offer to Raise Working Capital
------------------------------------------------------------
Chrome Global Limited is offering for subscription a total of
29,000,000 Shares, payable in full on application, to raise
$145,000. All the Shares offered under this Prospectus will
rank equally with the Shares currently on issue as at the date
of this Prospectus.
Shares under the Offer are to be placed to clients of Montagu
Stockbrokers Pty Ltd only.
PURPOSE OF THE OFFER
The primary purpose of this Offer is to obtain short term
working capital for the activities of Chrome. This funding is
required to enable the Directors the time necessary to pursue
longer term funding for Chrome. The Directors anticipate having
the longer term position addressed within three months of the
date of this Prospectus.
ENQUIRIES
Questions relating to this Prospectus should be directed to Mr
Paul Niardone, Executive Director on (08) 9325 3000.
DETAILS OF THE OFFER
When deciding whether to apply for any Shares pursuant to the
Offer, you should read this Prospectus in full.
THE OFFER
A total of up to 29,000,000 Shares are offered by the Company
pursuant to the Offer at a price of $0.005 per Share, payable in
full on application, to raise approximately $145,000.
EXPENDITURE PROGRAM
Funds raised from this Offer are to be applied to repayment of
debt (of up to $50,000), meet costs associated with the capital
raising and to provide working capital. The intention of the
Directors is to apply the working capital funds to general
trading activities including supporting the operation of the web
development division and to meeting the immediate costs of
consultants attending to Chrome's corporate compliance issues
and future capital raising compliance and disclosure issues.
On completion of the Offer, the Company will have sufficient
working capital to carry out its stated objective. That
objective being to fund its operations until the larger scale
funding programmed can be completed. A secondary funding
program is targeted to be implemented prior to 31 May 2002.
THE OFFER PERIOD
The opening date for applications in respect of the Offer is 17
April 2002. The closing date for the Offer is anticipated to be
1 May 2002. The Directors may vary these dates.
Below is a text of Chairman E L Bolto's letter:
"On behalf of the Directors of Chrome Global Limited, I would
like to invite you to consider this Share Offer. Subscriptions
under this Offer may be made by selected clients of Montagu
Stockbrokers with the Funds raised by the issue intended to
provide the Company with sufficient working capital to enable
the Company time to pursue a larger capital raising.
"Chrome has recently emerged from a period of official
administration that had been forced upon the Company due to a
deteriorating financial position, as a result of a number of
adverse events and failure in management strategy. With the
assistance of Tian Li Holdings Pte Ltd a deed of company
arrangement was secured with the administrator providing funds
to enable the Company to exit from administration with the
agreement of the Company's creditors. Members of the Company
considered, at a meeting held on 9 April 2002, a number of
resolutions that facilitated the conversation of debt to equity,
authorized certain business acquisitions, appointed directors
and authorized the directors to pursue a substantial capital
raising.
"However, while the trading position of the Company is
significantly improved from the position pre administration, the
Company continues to experience small monthly cash flow
deficiencies in its operations. The trading situation, while
showing strong improvement over the past month, is not expected
to improve the extent necessary until the Company secures full
confidence of all its trading partners. Funding moving forward
is considered a cornerstone in providing Chrome's trading
partners with the confidence a number of them require in
Chrome to commit to commercial agreements.
"This Offer is an interim step in the process of securing proper
funding for the Company. Its purpose is to enable the Company's
Directors the time to put in place a strategy to address the
longer term cash requirements of Chrome. Accordingly, the
Directors have requested the assistance of Montagu Stockbrokers
in placing this Offer to persons who may readily appreciate the
level of risk associated with investing in Chrome at this stage
of the Company's business development.
"We are confident that we will be able to turn around the
fortunes of this Company but will only be able to achieve this
with the support of new and existing investors.
"While this Offer is not underwritten it is being managed by the
Company's Corporate Adviser, Montagu Corporate. Montagu
Stockbrokers will seek to place the shares, the subject of this
Offer.
"We thank you for your support."
CTI COMMUNICATIONS: Re-Convened AGM Adjourned to May 3
------------------------------------------------------
CTI Communications Limited's Annual General Meeting was re-
convened on 12 April 2002 and then adjourned to enable
Resolution 5 to be considered after the tabling of the financial
report had been completed and audited and to enable the tabling
of the 2001 Annual Report. The meeting will be re-convened on
Friday, 3 May 2002 to enable the Company's existing auditors to
complete the audit for the year ended 30 June 2001.
Should you have any questions in relation to the above matter,
please contact (08) 9226 2393.
HORIZON ENERGY: Unit 4 Replacement Generator Synchronized
---------------------------------------------------------
Horizon Energy Investment Management Limited advised that the
replacement generator for Unit 4 at Loy Yang Power was
successfully synchronized at around 2:30am on April 12.
Unit 4 reached full load at approximately 8:00am on April 12 and
early indications are that commissioning has been successful,
some 10 days ahead of schedule.
This is an outstanding result and is testimony to the efforts of
many LYP and contractor employees, and to the preliminary design
work undertaken by Siemens engineering personnel in Germany.
LYP is still in discussion with insurers on details of the Unit
4 outage claim, including the amount and timing of insurance
proceeds and the repair options for the damaged generator.
The market will be kept informed of further developments, as
they become known.
Horizon's Net Loss from Operating Activities after Tax for the
period was $0.05 million. It's available cash, after allowance
for creditors, at December 31, 2001 was $1.94 million. There
were no distributions paid to investors during the period. On
December 22, 2001, one of LYP's four units (Unit 4) failed as a
result of an internal electrical fault, which caused
considerable damage to the generator. As the incident occurred
towards the end of the period, it did not have a material impact
on LYP's financial results for the six months ended 31 December
2001.
MAXIS CORPORATION: IQ Advance Sale Discontinued
-----------------------------------------------
On 9 April 2002, Tele2000 advised that the process for the sale
of a 25% in IQ Advanced Technologies to Maxis Corporation Ltd
had been discontinued until further notice.
To eliminate any uncertainty, Tele2000 wishes to advise that the
original transaction, which involved an equity swap between
Maxis and IQ, as advised on 11 March 2002, will not be
proceeding. However, IQ may continue to seek cooperation and
technical input from Maxis, in the development of its fully
integrated hotel entertainment system, on an arms length basis.
TCR-AP reported on April 12 that the final payment of $650,000
due under the Deed of Company Arrangement (DOCA) and payable by
7 April 2002, was paid on 4 April 2002.
POWERTEL LIMITED: Not Affected by Shareholder's Debt Workout
------------------------------------------------------------
Business broadband specialist, PowerTel Limited, does not expect
to be affected by the announcement of its 45 percent
shareholder, Williams Communications Group, Inc that it has
reached agreement with its creditors to go through a negotiated
debt restructuring process.
Williams foreshadowed the announcement in a statement regarding
Communications Group in February 2002, stating that it was
considering restructuring its debt.
"PowerTel is not financially or operationally affected by the
Williams Communications Group restructure. PowerTel is an
Australian Stock Exchange listed company with a separately
constituted board and operates independently of Williams
Communications Group," PowerTel CEO, Mr Stephen Butler, said
Tuesday.
PowerTel's other founding 30 percent shareholder, DownTown
Utilities, recently announced it is a "substantial and committed
shareholder and looks forward to working with the management of
PowerTel as the business evolves".
"We completed our bank facility restructuring in March 2002, and
gained an additional $16 million in funding. We are achieving
continued growth of our Australian corporate, government and
wholesale customer base and have increased our market share,
lifting revenue quarter-by-quarter, while our costs continue to
diminish.
"We recently reported a 40.5 percent increase in total revenue
above the December quarter earnings, adding to continued growth
during the past six quarters. Our EBITDA loss has reduced to
around $1 million per month, less than half the monthly average
of the preceding quarter," Mr W Butler said.
In its April 22 statement, Williams Communications Group
announced it had entered agreements with its principal creditor
groups to reduce its debt by approximately US$6 billion through
a negotiated Chapter 11 filing. Over 90 percent of the Williams
Communications Group a committee of bondholders in reaching
these agreements joined bank lenders.
"The company's operating subsidiary, Williams Communications,
LLC, is not expected to be involved in the Chapter 11
reorganization process. Accordingly, the filing is not
anticipated to affect domestic or international business
operations of Williams Communications Group, which the company
intends to continue uninterrupted," the statement said, adding
that, with a strengthened balance sheet, Williams Communications
will be better positioned to succeed over the long term.
UECOMM LIMITED: Achieves Q102 EBITDA Target
-------------------------------------------
Uecomm Limited reported that it had achieved a positive EBITDA
of $515,000 (unaudited) for the first quarter 2002 on revenues
of $8.1 million. This is in line with guidance provided during
the 2001 year end results release. This EBITDA was achieved from
continued sales growth and tight cost management.
Uecomm's CEO, Peter McGrath, said "The revamped sales and
marketing activities, with a clear focus on delivering quality
broadband solutions for business, government and service
provider customers are proving successful. Our flagship Gigabit
Ethernet product is particularly well suited to meeting their
needs. We are exploiting our extensive metropolitan coverage to
deliver these services and we have also recruited new sales and
marketing staff with experience servicing the data
communications needs of these discerning customers."
This new sales and marketing strategy has resulted in Uecomm
securing a number of blue-chip customers in the first quarter of
2002; including services sold to two Top 20 Australian listed
industrial companies, a global Top 10 manufacturing company, a
Federal government organization and two State government
organizations.
Mr McGrath also commented "It is also very encouraging to note
that we have a healthy sales prospect list. Negotiations are
well advanced with a number of other blue-chip corporate and
government organizations. This positions the Company well for
the future."
TCR-AP reported in early February that Uecomm has reviewed its
operational structure. During 2001 Uecomm reduced staff numbers
and in doing so significantly cut overheads. It has also
renegotiated supplier costs and this has seen additional savings
for the Company. As a result, Uecomm moves into 2002 with a much
lower operating cost base.
WESTERN METALS: Provides Debt Restructuring Update
--------------------------------------------------
Western Metals Limited announces that its debt restructure
arrangements with its major financiers continues to progress
positively, and that an extension from 19 April 2002 to 1 May
2002 has now been agreed by all parties for completion and
execution of formal documentation arising from the Common Terms
Sheet signed on 15 March 2002.
* ASIC, ITSA Sign Memorandum of Understanding
---------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), and Mr Terry Gallagher, the
Inspector-General in Bankruptcy who heads Insolvency and Trustee
Service Australia (ITSA), have signed a Memorandum of
Understanding.
The Memorandum of Understanding will facilitate joint ASIC-ITSA
investigations where a director of an insolvent company is also
a bankrupt, and where Corporations Act and Bankruptcy Act
offences are suspected.
ASIC and ITSA will also take a cooperative approach to
overseeing the conduct of liquidators and bankruptcy trustees.
ASIC regulates corporate insolvencies in Australia while the
Insolvency and Trustee Services Australia (ITSA) regulates
personal bankruptcies.
================================
C H I N A & H O N G K O N G
================================
ASIA GLOBAL: Hutchison Invites Singaporean Buyer
------------------------------------------------
Hutchison Whampoa Limited has invited the Singapore Technologies
Telemedia to jointly purchase the Asia Global Crossing, AsiaPort
reported Monday. Hutchison Whampoa and Singapore Technologies
jointly purchased the Global Crossing, the parent company of
Asia Global Crossing by US$.75 billion.
Hutchison Whampoa would be having a hard time assessing Asia
Global Crossing because the bondholders of the company were
bargaining on how to adjust the high interest rate bond issued
by the company, the newspaper added.
Hutchison Whampoa is a Hong Kong-based multinational
conglomerate with origins dating back to the 1800s. Hutchison is
also part of the Li Ka-shing group of companies, which together
represent about 15% of the total market capitalization of the
Hong Kong stock market.
Singapore Technologies Telemedia is a leading info-
communications group that provides voice, data and video
services. It focuses on three core businesses: data & voice,
broadband, & multimedia.
ASIA LOGISTICS: Operations Loss Swells to HK$22,083
---------------------------------------------------
Asia Logistics Technologies Limited announced on 22/April/2002:
(stock code: 862)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 62,809 10,019
Profit/(Loss) from Operations : (22,083) (16,996)
Finance cost : (326) (509)
Share of Profit/(Loss) of Associates: (70) -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (24,352)
(19,550)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (0.84 cent) (0.84 cent)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (24,352)
(19,550)
Final Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 22/5/2002-28/5/2002 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1) Turnover 2001 2000
HK$'000 HK$,000
Continuing operations 61,920 -
Discontinued operations 889 10,019
62,809 10,019
2) Profit/ (loss )from operating activities
2001 2000
HK$'000 HK$,000
Continuing operations (21,417) (11,475)
Discontinued operations ( 666) ( 5,521)
(22,083) (16,996)
3) Earnings/(loss) per share
The calculation of the basic earning/(loss) per share for the
year is based on the following data:
Earning/(loss)
2001 2000
HK$,000 HK$,000
Net profit/(loss) from ordinary
activities
Attributable to shareholders: (24,352) (19,550)
Number of shares
Weighted average number of ordinary
share for the purpose of basic
earning/(loss) per share 2,885,446,921 2,328,372,542
Earning/(loss) per share HK($0.84)cents HK($0.84)cents
2001 2000
Diluted Earning/(loss) per share : N/A N/A
The diluted loss per share amount for the years ended 31
December 2001 and 31 December 2000 have not been shown, as the
share options outstanding during these years and the convertible
bond outstanding during the current year had anti-dilutive
effects on the basic loss per share for these years.
4) Certain comparative amounts have been reclassified to conform
with the current year's presentation.
ESUN HOLDINGS: Narrows Operations Loss to HK$165,408
----------------------------------------------------
eSun Holdings Limited announced on 19 April 2002:
(stock code: 571)
Year end date: 31/12/2001
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 84,376 206,948
Profit/(Loss) from Operations : (165,408) (1,091,320)
Finance cost : (4,141) (15,819)
Share of Profit/(Loss) of Associates: (7,216) (7,153)
Share of Profit/(Loss) of
Jointly Controlled Entities : (2,658) -
Profit/(Loss) after Tax & MI : (181,688) (1,128,705)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (32.36 cents) (304.73 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (181,688) (1,128,705)
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. TURNOVER
2001 2000
HK$'000 HK$'000
Continuing operations:
Advertising income 79,421 45,852
*
Hotel management fee income 4,955 4,160
-------- ---------
84,376 50,012
Discontinued operations:
Hotel and restaurant operations - 156,936
-------- ---------
84,376 206,948
======== =========
* During the year, the directors have reviewed the operations of
the Group's advertising agency services and consider that it is
more appropriate to record the income earned from such services
on a gross basis instead of on a net commission income basis.
Accordingly, the amount of the Group's advertising income for
the year ended 31st December, 2000 has been reclassified to
conform with the current year's presentation.
2. DISCONTINUED OPERATIONS
On 1st June, 2000, the Company and Lai Sun Development Company
Limited (LSD) entered into a reorganization agreement to effect
an overall group reorganization of the Lai Sun group of
companies. As a result of the group reorganization, among other
things, the Group transferred to LSD certain of its
subsidiaries, associates and a long term investment, the
principal activities of which were the investment in and the
operation of hotels and restaurants, and property investment
(the "Discontinued Operations").
The results of the Discontinued Operations were accounted for
until their effective dates of disposal, and the related assets
and liabilities were included in the calculation of the net gain
arising on the disposal of the Discontinued Operations, which
amounted to HK$8,562,000 for the year ended 31st December, 2000.
The Discontinued Operations disposed of generated turnover of
HK$156,936,000 and other revenue of HK$42,840,000 and
contributed a net profit of HK$54,826,000 to the Group's loss
from operating activities for the year ended 31st December,
2000.
3. LOSS PER SHARES
The calculation of basic loss per share is based on net loss
attributable to shareholders for the year of HK$181,688,000
(2000 - restated:
HK$1,128,705,000), and the weighted average of 561,493,823
(2000: 370,393,088) ordinary shares in issue during the year,
after taking into account the effect of the rights issue during
the year.
The diluted loss per share for the years ended 31st December,
2001 and 2000 has not been shown because the options outstanding
during these years had no dilutive effect on the basic loss per
share for these years.
4. PRIOR YEAR ADJUSTMENT
Due to the adoption of SSAP 30 and Interpretation 13, the Group
has adopted a policy to assess goodwill eliminated against
reserves for impairment. As a result, the Group has performed
an assessment of the fair value of the goodwill previously
eliminated against reserves and has recognized an impairment of
such goodwill of HK$823,055,000 as at 31st December, 2000. This
change of accounting policy has been accounted for
retrospectively as a prior year adjustment in accordance with
the transitional provisions of SSAP 30.
The prior year adjustment has resulted in impairment of goodwill
in the amounts of HK$595,610,000 and HK$227,445,000 arising on
acquisition of associates and subsidiaries, respectively, being
charged to the consolidated profit and loss account for the year
ended 31st December, 2000; a consequential increase in the
amount of accumulated loss of HK$823,055,000 and a consequential
increase in the amount of contributed surplus of HK$823,055,000,
previously reported in reserves as at 31st December, 2000. This
prior year adjustment has had no effect on the current year.
5. COMPARATIVE AMOUNTS
Due to the adoption of certain new and revised SSAPs during the
current year, the accounting treatment and presentation of
certain items and balances in the financial statements have been
revised to comply with the new requirements. Accordingly, a
prior year adjustment has been made (remark 4) and certain
comparative amounts have been reclassified to conform with the
current year's presentation.
GUANGDONG KELON: Awaits Auditors' Opinion; Adjourns Meeting
-----------------------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced that a meeting of the Board continued
to be held on 22 April 2002 to discuss the results announcement,
financial reports and profit distribution proposal of the
Company for the year 2001 and other matters. As the preparation
of the relevant financial information has not been completed and
the Board is still awaiting the auditors' opinion from the
Company's auditors, the Board will adjourn its meeting to 24
April 2002 whereupon it will consider the results announcement
of the Company and related matters.
The Company will release the relevant announcement in accordance
with the requirements of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited after the
conclusion of such meeting, on 25 April 2002.
WAH LEE: Clarifies Placing Agreement Figures
--------------------------------------------
The Directors of Wah Lee Resources Holdings Limited, in respect
of the placing agreement entered into by Sourcebase with
Interchina Securities and Kingston Securities on 19 April 2002
to place up to an aggregate of 3,500,000,000 Shares held by
Sourcebase, clarified that:
(1) after the completion of the Placing, the
shareholding of Sourcebase and parties acting in concert with it
in the Company will decrease from approximately 60.02% (instead
of 61.73%) to 44.01% (instead of 45.72%); and
(2) if all the Warrants are exercised in full,
5,000,000,000 Shares will be issued which will, together with
the 9,620,360,000 Shares (instead of 9,994,940,000 Shares) held
by Sourcebase after the completion of the Placing, represent
approximately 54.43% (instead of 55.82%) of the enlarged issued
share capital of the Company upon exercise of all Warrants..
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Telkom Signs SPA With Unit Pramindo
--------------------------------------------------------
PT Telkom Tbk, following the MoU made on February 20, 2002, has
signed a sale and purchase agreement Tuesday to acquire 100% of
PT Astra International's telecom unit, PT Pramindo Ikat
Nusantara, Bisnis Indonesia reports, citing Head of Investor-
Telkom Relations Unit Setiawan Sulistyono.
"Telkom signed SPA to acquire 100% of PT Pramindo, a Telkom
partner in joint operating KSO of regional I (Sumatera)," Mr
Sulistyono said in a press conference on April 23.
According to DebtTraders, Astra Overseas Finance's
4.809% floating rate note due on 2005 (ASII05IDS1) trades
between 81.25 and 83.75. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1
CITRA MARGA: Incurs Loss Due to Massive Dollar Debt Repayment
-------------------------------------------------------------
DebtTraders analyst, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported that the toll road operator,
Citra Marga Nusaphala Persada suffered a loss this year because
of large dollar debt repayment. Citra did not specify the amount
of loss.
The Company reported a profit of Rp14 billion (US$1.5 million)
despite a loss of Rp78.2 billion ($8.2 million) on foreign
exchange in year 2000. It defaulted the CMNP 7.25% Bond due '02
last month.
PT Citra Marga Finance 7.250% bonds due on 2002 (CMNP02IDN1) are
trading between 67.5 and 71.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1
=========
J A P A N
=========
MATSUSHITA ELECTRIC: Buys Back 5.586M Shares for Y9.4B
------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic and National brand products, said Monday it has
purchased a portion of its own shares in conformity with
provisions of Clause 4 of Article 3 of supplementary rules to
the amended Japanese Commercial Code.
This completes all share repurchases associated with the
resolutions that were adopted by Matsushita's Board of Directors
on January 10, 2002.
Details of the share repurchase are:
1. Class of shares: Common stock
2. Period of purchase: Between April 1, 2002 and April 19, 2002
3. Aggregate purchase amount: Y9,401,026,000
4. Aggregate number of shares purchased: 5,586,000 shares
5. Method of purchase: Shares were purchased on the Tokyo Stock
Exchange
(Reference)
1) The following are the resolutions that were adopted by
Matsushita's Board of Directors on January 10, 2002:
- Class of shares: Common stock
- Aggregate purchase amount: Up to Y100 billion
- Aggregate number of shares to be purchased: Up to 60 million
shares
- Period to purchase: Between January 11, 2002 and late April
2002
2) Cumulative total of share repurchases between January 11 and
April 19, 2002:
- Aggregate purchase amount: Y99,998,961,000
- Aggregate number of shares purchased: 59,586,000 shares
3) Share repurchase as provided in the Articles of
Incorporation:
- Maximum number of repurchaseable shares as provided in the
Articles of Incorporation: 200 million shares
- Total number of shares repurchased until now from the date
when the provision was adopted in the Articles of Incorporation:
59,586 thousand shares
Matsushita Electric Industrial Co., Ltd. -
http://www.panasonic.co.jp/global/- is one of the world's
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," "National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf,
Frankfurt, New York, Pacific and Paris stock exchanges.
MATSUSHITA ELECTRIC: NEC, KDDI, Japan Telecom Consider Tie-up
-------------------------------------------------------------
Matsushita Electric Industrial Co, NEC Corp, KDDI Corp and Japan
Telecom Co may form a joint venture firm in June to provide
Internet access services, AFX Asia reports.
"We haven't really decided at this time, but we are considering
it," NEC spokesman Chris Shimizu said.
The Internet service provider (ISP) alliance would be aimed at
joint purchasing, developing content and sharing telecom
infrastructures, the report added.
MATSUSHITA ELECTRIC: TCL Household Appliance Venture Likely
-----------------------------------------------------------
Matsushita Electric is negotiating a deal with South China's
home appliance maker TCL Group to cooperate with it in home
appliance sales and technical development, Xinhua News Agency
reports, citing an official with Beijing-based Matsushita
Electric (China) Co., Ltd.
According to the agreement, both parties will work together in
the purchase of key spare parts, including cathode ray tubes
(CRT) and compressors, share the TLC Group's domestic sales
networks and jointly develop a cutting-edge AV technology.
By April 6, 2002, Matsushita Electric had invested 5.8 billion
yuan (US$698.8 million) in 49 enterprises in China, 41 of which
is in the production sector.
MATSUSHITA ELECTRIC: To Create Firms for Panasonic, National
------------------------------------------------------------
Matsushita Electric Industrial Co. plans to establish two new
companies as part of a major group restructuring to focus on its
Panasonic and National brands, Daily Yomiuri reports.
According to the sources, the development, manufacturing and
distribution of Matsushita Electric's audiovisual communication
products under the Panasonic brand name will be transferred to
the tentatively named AVC Networks Co. The new company will be
established next spring.
Panasonic products such as mobile phones and car navigation
systems produced by Matsushita Communication Industrial Co. and
video cameras manufactured by Matsushita-Kotobuki Electronics
Industries, Ltd. will also be transferred to AVC Networks.
Daily Yomiuri added that National refrigerators, washing
machines, air conditioners and other household electrical goods
would be transferred to the provisionally named Appliance Co.
Health products and fuel cells developed by Kyushu Matsushita
Electric Co. also will fall under the umbrella of Appliance Co.
Group strategy, appraisal and personnel will remain under
Matsushita Electric Industrial's supervision.
MATSUSHITA ELECTRIC: Will Hire 200 Experienced Engineers
--------------------------------------------------------
Matsushita Electric Industrial Co., in an effort to reinvigorate
the Company, plans to hire 200 mid-career engineers it believes
have the potential to become high-ranking executives.
Japan Times reported that Matsushita would also hire more
department heads and headquarter chiefs via headhunting
activities.
In addition to engineers, the Osaka-based maker of Panasonic and
National brand electronics is seeking law, accounting and
foreign-languages specialists.
Matsushita Electric earlier said that it would close about half
of its 41 factories in China to improve efficiency.
MITSUBISHI HEAVY: Set to Produce Airbus Jumbo With Fuji Heavy
-------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. and Fuji Heavy Industries Ltd.
are planning, as early as May, to take part in production of the
A380 supersize passenger aircraft under development at Europe's
Airbus Industries, Asia Pulse reports.
The European aircraft manufacturer is in final talks with the
Japanese firms on the project and expects to reach an agreement
with them in four to six weeks.
The A380 will be the world's largest airplane, with up to 840
seats, and is expected to begin flying in 2006.
Due to aggressive cost-cutting measures, debt-strapped
Mitsubishi Heavy in November reduced its group net losses to
Y8.26 billion in the first half of fiscal year 2001, compared to
the Y23.47 billion in losses during the same period a year
earlier.
MIZUHO HOLDINGS: Computer Glitch Forces TEPCO to Mail Receipts
--------------------------------------------------------------
Delays in payment settlements from computer problems at Mizuho
banks have forced Tokyo Electric Power Co. (TEPCO) to mail about
540,000 receipts to its customers, Japan Today reported.
The utility is likely to demand that Mizuho financial group pay
the more than Y20 million cost.
Mizuho Bank's computer glitches affected about 2.5 million
transactions, preventing customers from withdrawing or
performing other operations at its 7,000 automatic teller
machines and causing tens of thousands of double withdrawals
from accounts.
MYCAL CORP: Creditors Apply Corporate Rehab Law to Kyushu Unit
--------------------------------------------------------------
A group of 11 creditor companies filed Monday with the Fukuoka
District Court to apply the Corporate Rehabilitation Law to
Mycal Kyushu, a unit of failed retailer Mycal Corp., Kyodo News
reported.
Earlier, the Tokyo District Court has informed Mycal Kyushu of
its decision to call off proceedings for the Company under the
Civil Corporate Revival Law.
Mycal Corp last week requested the Court to order its Mycal
Kyushu unit to change its rehabilitation plan based on the Civil
Corporate Revival Law.
Mycal Kyushu owes Y31.8 billion to its parent, Mycal, which owns
99 percent of Mycal Kyushu.
On September 14, 2001, debt-saddled retailer Mycal Corp filed
for court protection from creditors under the Civil
Rehabilitation Law. Six of its group firms, such as DacVivre
Co., based in Sendai (Miyagi Prefecture), and Mycal Kyushu Co.,
based in Fukuoka, also filed for bankruptcy protection under the
same law.
SOFTBANK CORP: Cell Phone Users May Avail of BB Phone
-----------------------------------------------------
Softbank Corp. said it would offer its discount Internet
telephone service to mobile phone owners, Kyodo News reported,
citing Softbank president Masayoshi Son.
The move is in addition to the group's earlier statement that BB
Phone will this month begin Internet protocol telephone services
in Japan, enabling subscribers to talk to nonsubscribers within
Japan for Y7.5 for three minutes.
The Softbank group, which has been hurt by investment losses on
its global share holdings since the downturn in the technology
sector in 2001, will begin on April 25 an Internet-based
telephone service offering three-minute calls to the United
States for Y7.5.
=========
K O R E A
=========
HYNIX SEMICON: Creditors to Hold Micron Shares Four Months
----------------------------------------------------------
Creditors aiming to sell the assets of South Korea's Hynix
Semiconductor Inc in exchange for shares in U.S. rival Micron
Technology Inc will be required to hold the equity for four
months, Reuters reports.
Hanvit Bank Chief Executive, Lee Duk-hoon told reporters if
lenders accept the non-binding memorandum of understanding (MOU)
signed on Monday, they would have to hold the Micron equity for
a minimum of four months.
Korea Exchange Bank official Lee Youn-soo said creditors planned
to meet on April 27 to discuss the deal.
HYNIX SEMICONDUCTOR: Micron Signs Non-Binding Accord
----------------------------------------------------
Micron Technology Inc announced the signing of a non-binding
memorandum of understanding for the purchase of Hynix's memory
business in exchange for approximately 108.6 million shares of
Micron common stock.
Micron will also invest US$200 million in Hynix in return for a
15% equity stake in Hynix's continuing non-memory businesses. As
part of the transaction, Korean lenders will provide US$1.5
billion of long-term debt financing for use by Micron in its
Korea-based operations.
The memorandum of understanding is subject to approval by the
Hynix Creditors Council and the Boards of Directors of Hynix and
Micron by April 30, 2002. Assuming approval, the transactions
will also be subject to successful negotiation of definitive
agreements and approvals from a number of additional parties,
including U.S. and European antitrust authorities and the Hynix
shareholders.
Mr. Steve Appleton, President and CEO of Micron, stated, "We
appreciate the dedication and commitment by all parties in
completing this MOU. Although there remain additional details to
be negotiated before a definitive agreement can be achieved,
we're confident the outstanding resources of Hynix combined with
Micron's operations will create a leading semiconductor company
that will benefit its employees, shareholders, affiliates and
worldwide customers."
About Micron Technology, Inc.
Micron Technology, Inc, and its subsidiaries manufacture and
market DRAMs, very fast SRAMs, Flash Memory, other semiconductor
components, and memory modules. Micron's common stock is traded
on the New York Stock Exchange (NYSE) under the MU symbol. To
learn more about Micron Technology, Inc., visit its web site at
www.micron.com.
HYNIX SEMICON: Union May Strike Over Micron Deal
------------------------------------------------
The union at Hynix Semiconductor Inc may protest against a
tentative $3.4 billion agreement to sell the bulk of the Company
to U.S. rival Micron Technology Inc., Reuters reports.
Under a memorandum of understanding (MOU) signed on Monday,
Micron would buy Hynix's computer memory chip business.
"We are still against the sale of Hynix. We will stage a strike
if needed," union leader Chong Sang-yong told Reuters. He did
not elaborate.
A creditor official said Micron would retain at least 85 percent
of the workforce at the six Hynix memory chip plants it aims to
buy.
HYUNDAI OIL: President Chung Mong-hyuck Resigns Over Losses
-----------------------------------------------------------
South Korea's Hyundai Oil Refining Co said on Monday its
president Chung Mong-hyuck had resigned to take the blow for
huge losses in recent years.
According to a Reuters report, Hyundai shareholders promoted
Vice-President Seo Young-tae as new group head, which will be
renamed Hyundai Oilbank. The moves aim to help put fresh steam
into the group's restructuring efforts.
Earlier this year, Hyundai said it planned to raise W600 billion
in 2002 by issuing debt, selling assets and laying off workers.
Hyundai had a combined W500 billion ($384 million) of net losses
in the last two years.
SEOUL BANK: Chohung Bank May Bid for Troubled Seoulbank
-------------------------------------------------------
South Korea's state-owned Chohung Bank will acquire ailing
commercial lender Seoulbank after the government issues its plan
approval, the Maeil Business Newspaper said, quoting a high-
ranking bank official.
The government will name a lead manager in May for the deal, the
report added.
According to an earlier report from the Troubled Company
Reporter Asia Pacific, more than five bidders, including
consortiums and financial institutions, are likely to
participate in a takeover bid for Seoul Bank, which is looking
for a buyer after failed deals with Deutsche Bank AG and
HSBC Holdings.
Three provisional investors, a European investment group HPI, as
well as Dongwon Group and Dongbu Group-led consortium, have
submitted letters of intent (LOIs) to the government.
The state-run Korea Deposit Insurance Corp. (KDIC), which has
injected public funds into Seoul Bank, plans to put in an
international bid after selecting a few potential buyers for the
bank next month.
More than W5 trillion has been injected into the bank since late
1997 in order to keep the bank from collapsing due to a large
number of bad loans.
SEOUL GUARANTEE: Posts US$190.76M Net Loss
------------------------------------------
Seoul Guarantee Insurance Co has reported a net loss of W249.9
billion (US$190.76 million) for fiscal 2001, Asia Pulse
reported, citing the Financial Supervisory Commission (FSC).
The FSC also said the insurer's solvency margin ratio, which is
used to assess the financial health of insurance companies, has
stood at 113.2 percent.
The FSC said it would draft an operation plan for the insurance
firm to normalize its operation.
===============
M A L A Y S I A
===============
ANTAH HOLDING: Proposes Disposal Proceeds Utilization Revision
--------------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Antah Holdings Berhad, announced that the Company
proposes to revise the utilization of the proceeds of RM68.0
million raised from the Disposal of 100 percent equity interest
in Permanis Sdn Bhd (Proposed Revision). Details are found at
http://www.bankrupt.com/misc/TCRAP_Antah0424.gif
* Kaseh, a wholly-owned subsidiary of Antah, was awarded the
privatization of the Kajang Seremban Highway (Project) by the
Government on 10 July 1997. Kaseh has started construction on
Package 1 from Kajang to Pajam and is accelerating progress work
on the first two kilometers of the highway that will link to
Sistem Lingkaran Lebuhraya Kajang highway, which is targeted to
be completed within this year.
The total financing requirement for the Project is estimated at
RM1,392 million. Kaseh will adopt a funding structure with
approximately 55 percent debt and 45 percent equity. Land cost
will be initially financed by the Government through a soft loan
of RM300.0 million and will be excluded in the computation of
debt-to-equity ratio. Antah is currently in the midst of
finalizing the funding arrangement in respect of the Project.
Antah intends to advance RM50.0 million from these proceeds as
shareholders' loan to Kaseh.
The Proposed Revision is not expected to have any material
effect on the share capital, earnings, net tangible assets and
gearing ratio of Antah for the financial year ending 30 June
2002.
The Proposed Revision is not subject to any regulatory approval.
None of the Directors and/or substantial shareholders of Antah
and/or persons connected with them pursuant to Section 122A of
the Companies Act, 1965, have any interest, either direct or
indirect, in the Proposed Revision.
After considering all aspects of the Proposed Revision, the
Board is of the opinion that the Proposed Revision is in the
best interest of the Company.
A circular informing shareholders of Antah on the Disposal will
be issued in due course.
CAMERLIN GROUP: Singaporean Unit Dissolved
------------------------------------------
Camerlin Group Berhad informed that e-Camerlin (Singapore) Pte
Ltd, a company incorporated in Singapore, has been struck off
from the Register of Companies, Singapore and accordingly
dissolved.
e-Camerlin (S) is a wholly-owned subsidiary of e-Camerlin Sdn
Bhd, which in turn is a 80 percent subsidiary of Camerlin.
e-Camerlin (S) has ceased its business operations since 14
January 2001.
JOHAN HOLDINGS: Implementation of Replacement Warrants Unlikely
---------------------------------------------------------------
Aseambankers Malaysia Berhad, in reference to the announcements
dated 20 November 2000, 9 May 2001 and 19 November 2001 with
respect to the Proposals and on behalf of Johan Holdings Berhad,
announced that the Company does not intend to implement the
Proposed Replacement Warrants.
Aseambankers Malaysia also informed that the Company will apply
to the Securities Commission for a further extension of time to
implement the Proposed New ESOS concurrently with the proposed
debt restructuring, which was announced on 22 March 2002.
The Proposals refers to:
* Proposed Issuance Of Up To 92,073,299 Replacement Warrants
To Replace Up To 92,073,299 Existing Warrants Of The Company
(Proposed Replacement Warrants); and
* Proposed Establishment Of A New Employee Share Option
Scheme (Proposed New ESOS)
MOL.COM BERHAD: Undertakes Regrouping to Streamline Business
------------------------------------------------------------
The Board of Directors of MOL.com Berhad announced that the
Company, on 19 April 2002 acquired a total of 250,000 existing
ordinary shares of RM1.00 each representing 4.55 percent in
1800Assist.com Sdn Bhd (1800Assist) from Encik Arsam Bin Damis
for a nominal amount of RM1.00 pursuant to his resignation as a
Director of 1800Assist. Encik Arsam Bin Damis acquired the
250,000 shares in March 2000 as new shares subscription at an
issue price of RM1.00 per share.
The Acquisition price of a nominal amount of RM1.00 was arrived
at after taking into consideration the net tangible liabilities
position of 1800Assist Group. The shares were acquired free from
encumbrances, liens and with all rights attached thereto.
Consequently, the shareholding of the Company in 1800Assist has
increased to 100 percent from 95.45 percent.
Following the Acquisition, the Company has undertaken a re-
organization of the Group structure that involved the disposal
by 1800Assist of its entire equity interests in these
subsidiaries to MOL (Regrouping):
* 1,440,000 existing ordinary shares of RM1.00 each
representing 58.06 percent in MOL AccessPortal Sdn Bhd (MOLAP)
for a nominal amount of RM1.00; and
* 707,570 existing ordinary shares of RM1.00 each
representing 85 percent in Forum Digital Sdn Bhd for a nominal
amount of RM1.00.
The Regrouping is part of the rationalization plan of 1800Assist
to streamline its business so that it can remain focus as a data
center operator.
The transfer price of a nominal amount of RM1.00 is arrived at
after taking into consideration of the audited net tangible
liabilities of MOLAP and FDSB as at 30 June 2001 of RM138,978
and RM320,321 respectively.
(The Acquisition and Regrouping are hereinafter collectively
referred to as the "Proposal")
INFORMATION ON 1800ASSIST, MOLAP AND FDSB
1800Assist was incorporated on 28 January 2000 with its
principal activity as the operator of mol.com portal and data
center management. As at 15 April 2002, it has an authorized
share capital of RM10,000,000 divided into 10,000,0000 ordinary
shares of RM1.00 each of which RM5,500,000 comprising 5,500,000
ordinary shares of RM1.00 each has been issued and fully paid
up.
MOLAP was incorporated on 9 February 2000 with its principal
activity in Internet media and e-commerce utilizing Internet-
connected physical outlets as e-distribution and e-payment
centers as well as a total solutions provider. As at 15 April
2002, it has an authorized share capital of RM5,000,000 divided
into 5,000,0000 ordinary shares of RM1.00 each of which
RM2,480,000 comprising 2,480,000 ordinary shares of RM1.00 each
has been issued and fully paid up.
FDSB was incorporated on 16 February 2000 with its principal
activity in operation and maintenance of financial service
portal www.zoomfinance.com. As at 15 April 2002, it has an
authorized share capital of RM5,000,000 divided into 5,000,0000
ordinary shares of RM1.00 each of which RM832,436 comprising
832,436 ordinary shares of RM1.00 each has been issued and fully
paid up.
EFFECT OF THE PROPOSAL
The Proposal will neither have any effect on the issued and
paid-up share capital, substantial shareholders' shareholdings
in MOL nor any material impact on the consolidated net tangible
assets and earnings of MOL for the financial year ending 30 June
2002.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
Encik Arsam Bin Damis is a substantial shareholder of MOL and
was a Director of 1800Assist.
Save as disclosed, none of the other Directors, substantial
shareholders and person connected to the Directors or
substantial shareholders of MOL has any interest, direct or
indirect, in the Proposal.
DIRECTORS' RECOMMENDATION
The Board of Directors of MOL is of the opinion that the
Proposal is in the best interest of MOL Group.
According to Wrights Investors' Service (WIS), at the end of
2001, Mol.com Berhad had negative working capital, as current
liabilities were Rp119.71 million while total current
assets were only Rp98.34 million, The Company has paid no
dividends during the last 12 months and it has reported losses
during the previous 12 months, WIS added.
MBF HOLDINGS: Unit Obtains Restraining Order Extension
------------------------------------------------------
MBf Holdings Berhad, further to the announcement dated 22
January 2002, announced that MBf Hotels (M) Sdn Bhd obtained a
restraining order extension under Section 176 of the Companies
Act, 1965 from the High Court of Malaya at Kuala Lumpur for a
further period of 90 days from 19 April 2002.
MBf Hotels also obtained leave from the Court to convene
separate creditors' meetings for 3 classes scheme creditors to
be held on 27 May 2002 or earlier, to consider a proposed Scheme
of Arrangement to compromise the debts due to its creditors.
METROPLEX BERHAD: Debt Restructuring Talks With Lenders Ongoing
---------------------------------------------------------------
Metroplex Berhad, in relation to the Proposed Debt Restructuring
of the Group with the assistance of the Corporate Debt
Restructuring Committee, informed that the negotiation between
MB and its lenders to restructure its debt under the ambit of
the CDRC is still ongoing.
MB will make a further announcement to the Kuala Lumpur Stock
Exchange once a workout proposal is finalized and a debt
restructuring agreement is entered into between MB and its
lenders.
RENONG BERHAD: Heads of Agreement Terms Further Extended
--------------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad, in regards to the Proposals, announced that
Renong, Park May Berhad and Kumpulan Kenderaan Malaysia Berhad
have, via a Letter of Agreement, decided to further extend the
period for the signing of the Share Sale Agreement to 17 May
2002 or such other extended date as the parties may mutually
agree in writing, in accordance with Clause 4 of the Heads of
Agreement that was executed on 18 February 2002.
The "Proposals":
* Proposed Acquisitions of Nine (9) Companies From Kumpulan
Kenderaan Malaysia Berhad (KKMB) for an Indicative Purchase
Consideration of Rm128.0 Million to be Satisfied by an Issuance
of 128.0 Million New Ordinary Shares of Rm1.00 Each in Park May
at Par (Proposed Acquisitions);
* Proposed Application for Exemption by KKMB From the
Obligation to Make a Mandatory General Offer for the Remaining
Park May Shares Not Held by KKMB After The Proposed Acquisitions
(Proposed Exemption);
* Proposed Restricted Offer For Sale (ROS) / Placement of
27,437,800 Ordinary Shares of Rm1.00 Each in Park May at Par by
Renong Berhad to the Minority Shareholders of Park May and
Identified Placees (Proposed Ros / Placement); and
* Proposed Public Issue / Private Placement of 10,000,000 New
Ordinary Shares of Rm1.00 Each in Park May at Par (Proposed
Public Issue / Private Placement).
RHB CAPITAL: Posts Recurrent Related Party Transactions
-------------------------------------------------------
The Board of Directors of RHB Capital revealed the following
recurrent related party transactions of a revenue nature which
are necessary for day-to-day operations (Recurrent Related Party
Transactions) entered into by the subsidiaries of RHB Capital
with the subsidiaries of G.K. Goh Holdings Limited, which by way
of aggregation have exceeded the prescribed limit of RM1.0
million in respect of the period from 1 June 2001 to 18 April
2002.
GKG Holdings is a major shareholder, holding 37 percent equity
interest in Straits Asset Holdings Sdn Bhd, which is an unlisted
indirect subsidiary of RHB Capital. RHB Marketing Services Sdn
Bhd, a wholly owned subsidiary of RHB Capital, holds the
remaining 63 percent equity interest in SAHSB.
DESCRIPTION OF PARTIES
Subsidiaries of RHB Capital and GKG Holdings as transacting
parties are set at the table 1 and 2, found at
http://www.bankrupt.com/misc/TCRAP_RHB0424.doc,respectively.
GKG Holdings was incorporated in Singapore on 12 January 1990
and its principal activity is investment holding. It was listed
on the Main Board of the Stock Exchange of Singapore (now known
as Mainboard, Singapore Exchange) on 14 June 1990.
RECURRENT RELATED PARTY TRANSACTIONS
The details of the Recurrent Related Party Transactions between
subsidiaries of RHB Capital and subsidiaries of GKG Holdings are
set at table 3 found at
http://www.bankrupt.com/misc/TCRAP_RHB0424.doc
DESCRIPTION OF TRANSACTIONS
The Recurrent Related Party Transactions listed in Table 3 below
are within the ordinary course of business of RHS, Straits
Securities and Straits Futures respectively.
The rate of commission charged by RHS to GKG Stockbrokers, by
Straits Securities to GKG Stockbrokers and GKG Securities (H.K.)
respectively and those charged by Straits Futures to GKG Futures
are not more favorable than the rates charged to other inter-
broker clients of the RHB Capital Group.
INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED
WITH THEM
None of the directors and major shareholders of neither RHB
CAPITAL GROUP nor parties connected with them have any interest,
direct or indirect in any of the above Recurrent Related Party
Transactions, which may be, regarded as a related party
interest, save as disclosed in Table 3 below.
RATIONALE FOR THE TRANSACTIONS
GKG Stockbrokers and GKG Futures are companies, which have a
substantial client base in Singapore. The inter-broking
arrangement between GKG Stockbrokers and GKG Futures with RHS,
Straits Securities and Straits Futures enables RHS, Straits
Securities and Straits Futures to increase their turnover by
tapping into the Singapore market.
The inter-broking arrangement between GKG Securities (H.K.) and
Straits Securities also enables Straits Securities to further
increase its turnover.
FINANCIAL EFFECTS
Earnings
The above Recurrent Related Party Transactions contribute
positively to the earnings of the RHB Capital Group.
Net Tangible Assets
The above Recurrent Related Party Transactions do not have any
material effect on the NTA of the RHB Capital Group.
Share Capital
The above Recurrent Related Party Transactions do not have any
effect on the issued and paid-up capital of RHB Capital.
Substantial Shareholders' Shareholding
The above Recurrent Related Party Transactions do not have any
effect on the substantial shareholders' shareholding in RHB
Capital.
APPROVALS REQUIRED
Based on the figures disclosed in Table 3 below, none of the
above Recurrent Related Party Transactions require the approval
of the shareholders of RHB Capital.
STATEMENT BY THE BOARD OF DIRECTORS OF RHB CAPITAL
The Board of Directors of RHB Capital is of the opinion that the
above Recurrent Related Party Transactions are in the best
interests of the RHB Capital Group.
WEMBLEY INDUSTRIES: Obtains Debt Workout RA Time Extension
----------------------------------------------------------
On behalf of Wembley Industries Holdings Berhad (WIHB or
Company), Alliance Merchant Bank Berhad, announced that the
Kuala Lumpur Stock Exchange had, via their letter dated 18 April
2002, given an approval for a further extension of time from 1
March 2002 to 30 April 2002 to enable WIHB to announce its
revised Requisite Announcement (RA) to the KLSE.
Thereafter, upon submission of the revised plan to the
regulatory authorities, the Company is also required to make a
separate application to the KLSE to seek additional time for the
Company to obtain all the necessary approvals from the
regulatory authorities.
ZAITUN BERHAD: KLSE Grants Requisite Announcement Extension
-----------------------------------------------------------
Zaitun Berhad, in reference to its announcement dated 5 March
2002, in relation to the application for extension of time
Pursuant To Paragraph 5.1 Of Practice Note No. 4/2001, announced
that the Kuala Lumpur Stock Exchange has approved an extension
of 2 months from 1 March 2002 to 30 April 2002 to enable the
Company to announce its Requisite Announcement to the Exchange
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
=====================
HOME GUARANTY: Urged to Pay P7B Debt
------------------------------------
Some banks are pressing state-run Home Guaranty Corp. to cough
up about P7 billion to pay maturing debts that the government
has incurred to finance several housing-related projects.
According to a Philippine Daily Inquirer report, most of the
certificates issued by the government to banks in previous years
are about to mature.
Among the banks that bought these certificates and are now
asking to be paid are Metropolitan Bank and Trust Co.,
Philippine National Bank and Union Bank of the Philippines.
The maturing debt papers are part of P10 billion to P12 billion
that Home Guaranty has guaranteed to support the government's
mass housing projects.
Since Home Guaranty is cash-strapped, the national government
may be forced to pay the P7 billion, PDI added.
MAYNILAD WATER: Can't Pay MWSS Fees until November
--------------------------------------------------
Maynilad Water Services Inc., of the Lopez group of companies,
will not be able to pay concession fees to the Metropolitan
Waterworks and Sewerage System (MWSS) until November.
According to the Philippine Daily Inquirer, the Company has been
encountering delays in securing $350 million dollars in fresh
loans from creditors that it plans to use to pay fees it owes
the state water agency.
Maynilad, which owes the MWSS some P3 billion in concession
fees, hopes to get a deal with its creditors by November.
Maynilad President Rafael Alunan III said that if the Company
gets 350 million dollars in loans by November, it will start
paying its arrears in December.
=================
S I N G A P O R E
=================
CAPITALAND LTD: Sells New Apartments for S$592
----------------------------------------------
CapitaLand Ltd. has sold more than half of the 171 units at its
newest condominium, The Waterina, at an average S$592 per square
foot.
According to a Dow Jones Newswires report, CapitaLand sold the
units under Phase 1 of the freehold development at a preview
last Sunday. The remaining units will be offered to the public
this Saturday.
The Waterina along Guillemard Road comprises 12 blocks, offering
six unit types of one- to four- bedroom apartments. Sizes of the
units range from 635 square feet to 2,142 square feet.
CapitaLand is offering a deferred payment program to attract
buyers in a prolonged real estate slump, exacerbated by a
recession-hit economy.
Southeast Asia's largest listed property company last year took
on provisions of S$588.2 million for lower valuation of its land
assets, leading to a full-year loss of S$275 million.
WEE POH: Post S$12.8M Loss
--------------------------
Wee Poh Holdings Limited reported Monday a loss for the six
months ended 31 December 2001 of S$12.8 million.
The Group's turnover for the half year decreased from $53.3
million to $32.2 million. The decline in turnover is a result of
continued contraction of the industry and the Group's
selectivity in obtaining new projects.
The Civil Engineering and Building Division registered a loss
before tax of $8.9 million as compared to $1.7 million for the
previous corresponding period. This was partly due to unforeseen
change of site conditions, resulting in cost overrun and the
incurrence of additional overheads.
The Group also conducted a detailed review from late January to
early March 2002 on major projects for the purpose of preparing
the half year results. The implementation of an improved cost
tracking system cast more light on the operational status of
major projects and concluded that a number were loss-making.
The other main contribution to the loss in this Division was the
provision made to write off claims arising out of two major
projects as its consultants recently advised the Group that
these are unlikely to be recovered from the clients.
The Piling Division has traditionally relied heavily on piling
work of building projects. Due to weak housing demand, turnover
of Piling Division reduced from $19.6 million to $6.3 million.
For a complete financial result, visit
http://www.bankrupt.com/misc/TCRAP_WeePoh0424.doc
===============
T H A I L A N D
===============
AMARIN PLAZA: Registered Capital Reduction Approved
---------------------------------------------------
Amarin Plaza Public Company Limited disclosed the resolutions
made at the Ordinary General Meeting of Shareholders No.1/2002
held on 22 April 2002:
1. Certified the minutes of the Ordinary General Meeting of
Shareholders No.1/2001 held on April 30, 2001.
2. Acknowledged the report of the Audit Committee for the
year of 2001.
3. Certified the balance sheets, profit and loss statements
and cash flow statements of the company and consolidated
financial statement as of 31 December, 2001 which were audited
by the auditor.
4. Approved to omit the dividend payment for the year 2000.
5. Acknowledged 4 directors retired by term being Mr. Vitoon
Wongkusolkit, Mr. Somboon Chaidejsuriya, Mr. Prakit Pradipasen
and Mr. Vincent Yeo Wee Eng and reappointed all of them to be
directors for the another term.
The Company presently has 10 directors:
1. Mr.Luen Krisnakri Chairman of the Board of Directors
2. Mr.Gregory Hartman V-Chairman of the Board of Directors
3. Mr.Vitoon Wongkusolkit Director
4. Mrs.Panida Thepkanjana Director
5. Mr.Suchad Chiaranussati Director
6. Mr.Paul Kazilionis Director
7. Mr.Vincent Yeo Wee Eng Director
8. Mr.Prakit Pradipasen Director and Chairman of the
Audit Committee
9. Mr.Somboon Chaidejsuriya Director and Member of the
Audit Committee
10. Mr.Chia Ngiang Hong Director and Member of the
Audit Committee
6. Appointed Ernst & Young Office Limited by, or Mr. Sophon
Permsirivallop Certified Public Accountant, Auditors No. 3182
and/or Mr.Ruth Chaowanagawi Certified Public Accountant,
Auditors No. 3247 and/or Mr.Narong Puntawong Certified Public
Accountant, Auditors No.3315 and/or Ms.Rungnapa Lertsuwankul
Certified Public Accountant, Auditors No. 3516 to be the auditor
of the company for the year 2002 and fixed the auditing fee at
Bt630,000.
7. Approved to offset the accumulated losses as of 31
December, 2002 of the company against the legal reserve and
share premium as at 31 December, 2001 respectively as follows:
Accumulated Losses as at 31 December, 2001
amount Bt2,077,603,298.89
Deduct legal reserve as at 31 December, 2001
amount Bt19,182,000.00
Loss remained after offsetting against legal reserve
amount Bt2,058,421,298.89
Deduct share premium as at 31 December, 2001
amount Bt1,040,567,203.34
Loss remained after offsetting against share premium
amount Bt1,017,854,095.55
8. Approved of the amendment to Clause 4 of the Articles
of Association by changing the par value of each ordinary share
and each preferred share from 10 Baht to 6 Baht as following
details:
Previous Article of Association:
"Clause 4. Shares of the Company shall be comprised of
ordinary shares and preferred shares convertible into ordinary
shares of equal par value of Bt10 each.
Unless otherwise referenced in these Articles of Association,
all shares of the Company shall have the same rights and
benefits under these Articles.
The Company may issue the following instruments upon approval
by resolution of a shareholders meeting:
4.1 debentures or debentures convertible into ordinary
shares;
4.2 all kinds of equity and debt securities in accordance
with the relevant laws; and
4.3 warrants representing the right to purchase ordinary
shares, convertible preferred shares, investment units
or securities as specified in sub-clauses 4.1 and 4.2
above."
New Article of Association:
"Clause 4. Shares of the Company shall be comprised of
ordinary shares and preferred shares convertible into ordinary
shares of equal par value of Bt6 each.
Unless otherwise referenced in these Articles of Association,
all shares of the Company shall have the same rights and
benefits under these Articles.
The Company may issue the following instruments upon approval
by resolution of a shareholders meeting:
4.1 debentures or debentures convertible into ordinary
shares;
4.2 all kinds of equity and debt securities in accordance
with the relevant laws; and
4.3 warrants representing the right to purchase ordinary
shares, convertible preferred shares, investment units
or securities as specified in sub-clauses 4.1 and 4.2
above."
9. Approved the reduction of the company's registered
capital from Bt2,621,746,680 to Bt1,573,048,008 and the
reduction of the company's paid up capital from Bt2,411,746,680
to Bt1,447,048,008 by reducing the par value of each ordinary
share and each preferred share of the company from Bt10 per
share to Bt6 per share. Then, the new registered capital and
paid up capital of the company are as follows:
Registered capital Bt1,573,048,008
Divided into 262,174,668 shares
Separated into:
Ordinary Shares 173,267,279 shares
Preferred Shares 88,907,389 shares
Paid up Capital Bt1,447,048,008
Divided into 241,174,668 shares
Separated into:
Ordinary Shares 152,267,279 shares
Preferred Shares 88,907,389 shares
However, the company has still preserved the ordinary shares,
which have not been completely sold as follows:
* 20,000,000 ordinary shares, which have been reserved for
the exercise of the right under the Share Purchase Warrant
Agreement, made with WREP Thailand Holdings and the Ordinary
General Meeting of Shareholders No.1/2000 , held on 28 April,
2000 , already approved.
* 1,000,000 ordinary shares which have been reserved for the
exercise of the right under the Employment Agreement made with
the CEO and the Ordinary General Meeting of Shareholders
No.1/2001, held on 30 April, 2001, already approved.
In addition, this capital reduction would not affect the
number of shares of each shareholder and the book value per
share of the company whatsoever.
10. Approved of the amendment to Clause 4 of the Memorandum
of Association to be in parallel to the Company's registered
capital decrease as follows:
"Clause 4. Registered capital is Bt1,573,048,008
divided into 262,174,668 shares par value Bt6 each
separated into ordinary shares 173,267,279 shares
preferred shares 88,907,389 shares
11. Approved to offset the remained accumulated losses
(after offsetting against the legal reserve and share premium
respectively) against the amount of reduction of the paid up
capital of the company, as follows:
Loss remained after offsetting against legal reserve and
share premium as of 31 December, 2001:
amount Bt1,017,854,095.55
Deduct amount of the paid up capital decrease
amount Bt964,698,672.00
Remained losses
amount Bt53,155,423.55
SINO-THAI RESOURCES: Discloses AGM No. 24/2002 Resolutions
----------------------------------------------------------
Sino-Thai Resources Development Public Company Limited posted
the resolutions adopted at the Annual General Meeting of
Shareholders No. 24/2002 on April 22, 2002 at 2:20pm.
1. Approval of the minutes of Annual General Meeting of
Shareholders No. 23/2001.
2. Approval of the Board of Directors' report on the
Company's Operating Results for the year ending December 31,
2001 and the Company's Annual Report for 2001.
3. Approval of the Balance Sheet and Profit and Loss
Statements for the fiscal period ended December 31, 2001.
4. Approval of the non-issue of dividend payment for 2001.
5. Reappointment of Mr. Anutin Charnvirakul, Mr. Vitoon
Somboon, Mr. Cholapan Vongsing, Mr. Woraphant Chontong as
directors of the Company for another term.
6. Appointment of Mr. Narong Puntawong C.P.A. License No.
3315 and/or Mr. Ruth Chaowanagawi C.P.A. License No. 3247 and/or
Mr. Sophon Permsirivallop C.P.A. License No. 3182, all of Ernst
& Young Office Limited as auditors of the Company for 2002 with
the auditor's remuneration of Bt330,000.
7. Approval of the Remuneration of Directors and Audit
Committee for 2002:
Board of Directors Remuneration
1. For the Chairman amounting to 10,000Bt/meeting
2. For each Director amounting to 5,000Bt/meeting
Audit Committee Remuneration
1. For the Chairman of Committee amounting to 20,000 Bt/meeting
2. For each Audit Committee amounting to 10,000 Bt/meeting
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.
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