/raid1/www/Hosts/bankrupt/TCRAP_Public/020426.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 26, 2002, Vol. 5, No. 82
Headlines
A U S T R A L I A
ANACONDA NICKEL: Issues Initial Director`s Interest Notice
ANSETT GROUP: Sells International Cargo to Patrick Corporation
ENVIRONMENTAL TECHNOLOGY: Enters Voluntary Administration
HORIZON ENERGY: May Record Date Set For Shares Distribution
MAYNE GROUP: S&P Affirms `BBB/A-2' Ratings; Outlook Negative
MILPORT PTY: Retirement Village Director Sentenced
UECOMM LIMITED: Discloses AGM Results
C H I N A & H O N G K O N G
CELESTIAL ASIA: Consolidates Shares
DAILYWIN GROUP: May 17 Special GM Scheduled
HAYWOOD INVESTMENTS: 2001 Operations Loss Ups to HK$40,621
OMNITECH GROUP: Operations Loss Narrows to HK$65,594
I N D O N E S I A
INDOMOBIL SUKSES: Trimegah Lawsuit is Misplaced, Says KPPU
SEMEN PADANG: Books Net Loss of Rp69.155B
J A P A N
AIWA CO.: FY01 Net Loss Widens to Y46B on Payouts
MARUBENI CORP: FTC Orders Closure of Chikusan Plant
MIZUHO HOLDINGS: Customers' Trust Lost, Survey Says
MIZUHO HOLDINGS: FSA Receives False Reports
MIZUHO HOLDINGS: Nippon Mitsubishi Shuns Mizuho Service
MIZUHO HOLDINGS: President Maeda Awaits Findings
NICHIMEN CORP: Moody's May Cut Ba3 Debt Rating
NISSAN CONSTRUCTION: Tokyo Court Approves Rehab Efforts
SEIYU LTD: Inviting Sumitomo Board Member
SOFTBANK CORP: Will Offer Schools Free Broadband Services
K O R E A
DAEWOO MOTOR: Begins Kalos Production
HYNIX SEMICON: MoU Faces Criticism From Suppliers
M A L A Y S I A
HOTLINE FURNITURE: Idaman Withdraws Unit's Winding Up Petition
IDRIS HYDRAULIC: Proposes Renewal of Shareholders' Mandate
MALTON BERHAD: Restructuring Scheme Completed
MEASUREX CORPORATION: Issues Corporate Guarantees Add'l Info
PAN MALAYSIA: Lawsuit Hearing Filed by LDSB Set on July 29
PSC INDUSTRIES: Interim Injunction Application Pending
SATERAS RESOURCES: Aborts Proposals Due to Low Market Price
SINMAH RESOURCES: SC Considers Comprehensive Scheme Submission
TAT SANG: Provides Defaulted Payment Status Update
TECHNO ASIA: Posts Change in Audit Committee Notice
TECHNOLOGY RESOURCES: Chairman Clarifies DT Acquisition Report
TIMBERMASTER INDUSTRIES: Audit Compliance Extension Granted
P H I L I P P I N E S
BAYAN TELECOM: No End in Sight Yet for Debt Troubles
METRO PACIFIC: May Sell 20-Hectare Property to SM Group
NATIONAL BANK: Government, Tan Set to Sign MoA
PHILIPPINE LONG: Falls 2% on Talk of Large Bond Spreads
PHILIPPINE LONG: Fitch Assigns Proposed Bond Issue BB- Rating
PHILIPPINE LONG: May Hike Size of Bond Offering
S I N G A P O R E
FLEXTECH HOLDINGS: Dow Jones Reports Inaccurate, Says Bloomberg
SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
WEE POH: Confident it can Continue Trading
T H A I L A N D
ROBINSON DEPARTMENT: Updates Plan Implementation Progress
SINO-THAI: Clarifies Revenues, SBIA Project Status
SINO-THAI: SET Lifts `H' Sign From Security
THAI ASSET: Widens 2001 Operations Loss to US$831,718
THAI TELEPHONE: SET Grants Listed Securities
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Issues Initial Director`s Interest Notice
----------------------------------------------------------
Anaconda Nickel Limited posted this notice:
INITIAL DIRECTOR'S INTEREST NOTICE
Name of entity: Anaconda Nickel Limited
ABN: 060 370 783
Name of director: Malcolm Macpherson
Date of appointment: 11/04/2002
PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER
Number and class of securities:
Nil
PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER
NAME OF HOLDER AND NATURE NUMBER & CLASS OF
OF INTEREST: SECURITIES:
N/A Nil
PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:
Detail of contact: Nil
Nature of interest: N/A
Name of registered holder: N/A
No and class of securities
to which interest relates: N/
ANSETT GROUP: Sells International Cargo to Patrick Corporation
--------------------------------------------------------------
Ansett Administrator, Mark Mentha, announced on Wednesday the
sale of the Ansett International Cargo Handling business to
Patrick Corporation Limited.
As part of the sale, employees of Ansett International Cargo
Handling will be offered jobs within the Patrick Group.
"The sale culminates seven months of hard work and commitment by
the Ansett employees and ongoing support of customers during a
particularly difficult period", Administrator Mr Mentha said.
"We are very pleased with the result and the sale will allow the
Ansett International Cargo Handling business to expand with the
additional expertise and opportunities Patrick will provide."
The sale is subject to certain conditions precedent and
contract, with completion set to occur in late May 2002.
ENVIRONMENTAL TECHNOLOGY: Enters Voluntary Administration
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Supreme Court of Western Australia
to wind up Australian Environmental Technology Limited (AET).
ASIC is taking this action as Australian Environmental
Technology has failed to lodge its outstanding annual accounts
for the financial year ended 30 June 2000 despite court orders
to do so.
ASIC obtained a court order in September 2001 requiring
Australian Environmental Technology to lodge its audited annual
financial report and a directors' report for the financial year
ended 30 June 2000, within 14 days of the order being served.
Australian Environmental Technology directors appointed Mr Chris
Williamson of Hall Chadwick as the Company's voluntary
administrator on 22 April 2002.
On Wednesday, Master Bredmeyer ordered the administrator to
provide a report to the Court on Australian Environmental
Technology's ability to comply with its statutory reporting
obligations, its solvency and whether it is in the interests of
creditors that the Company be wound up.
The winding up application has been adjourned to 12 June 2002 to
give the administrator the opportunity to investigate Australian
Environmental Technology's affairs.
Australian Environmental Technology claims to be developing
environmental products such as a `fertigation unit', a `worm
burner' and a `vermistabilisation unit'. ASIC alleges that
Australian Environmental Technology has raised at least $1.7
million from investors in the past two years.
Under the Corporations Act, public companies such as Australian
Environmental Technology are required to lodge an annual
financial report and a directors' report with ASIC within four
months after the end of the financial year.
The Corporations Act states that an annual financial report is
required to contain a declaration by the directors that the
financial statements give a `true and fair view', and that there
are reasonable grounds to believe that the Company will be able
to pay its debts as and when they become due.
"Directors' declarations about a company's solvency are an
important part of the financial reporting process. ASIC will not
hesitate to pursue companies that fail to lodge financial and
directors' reports as required by law", ASIC Director
Enforcement, Jamie Orchard said.
HORIZON ENERGY: May Record Date Set For Shares Distribution
-----------------------------------------------------------
Horizon Global Limited, further to the meeting of shareholders
held 30 November 2001, advised that the record date for
entitlement to the in specie distribution of shares in Jindalee
Resources Limited is 3 May 2002.
Horizon shareholders registered on the record date (Eligible
Shareholders) will receive 1 Jindalee share for every 4 Horizon
shares held with no payment to the Company. Furthermore Eligible
Shareholders will have a priority right to subscribe for
Jindalee shares to be offered pursuant to a Prospectus currently
being prepared.
Horizon's available cash, after allowance for creditors, at
December 31, 2001 was $1.94 million. It's net loss from
operating activities after tax for the period was $0.05
million. There were no distributions paid to investors during
the period.
MAYNE GROUP: S&P Affirms `BBB/A-2' Ratings; Outlook Negative
------------------------------------------------------------
Standard & Poor's on Wednesday has affirmed its `BBB/A-2'
corporate credit ratings, and rated debt issues on health care
and logistics company Mayne Group Ltd. (Mayne). The outlook is
revised to negative from stable following an announcement by
Mayne that its 2002 net profit would be as much as 18% below
market expectations.
"The negative outlook reflects concerns that unless cash flow
generation improves significantly during the next 12 months the
rating could be lowered by one notch," said Brenda Wardlaw,
director, Corporate & Infrastructure Finance Ratings. The profit
downgrade reflects weak earnings from Mayne's hospital network
at a time of strong market fundamentals for the health care
sector, despite the substantial increase in the company's asset
base following the F.H. Faulding & Co. Ltd. acquisition. Mayne's
gearing remains below the company's target range of 30%-40%
defined as net debt-to-net debt plus equity ratio.
MILPORT PTY: Retirement Village Director Sentenced
--------------------------------------------------
Mr James Robb, a former director of the Berwick Brae Retirement
Village in Berwick, has been sentenced to jail in the Melbourne
County Court after pleading guilty to four charges of making
improper use of his position as a Director of Milport Pty Ltd.
Mr Robb was sentenced to 16 months jail, to be released after
serving 4 months of a custodial sentence.
The four charges were laid after an investigation by the
Australian Securities and Investments Commission (ASIC). The
Commonwealth Director of Public Prosecutions prosecuted the
matter.
Mr Robb, 66, of Berwick failed to refund license fees totaling
$766,463 to a number of deceased estates between October 1995
and May 2000, as stipulated in the Retirement Village Agreement.
Mr Robb was a director of Milport Pty Ltd, the registered owner
and manager of the Berwick Brae Retirement Village. Mr Robb is
no longer involved with the village.
ASIC's investigations found that Mr Robb had gambled much of the
money at Crown Casino in Melbourne.
In sentencing, Judge Neesham noted that these offences are easy
to commit but very difficult to detect.
"ASIC will not hesitate to pursue directors who fail to act
honestly and abuse the trust of people acting in good faith",
said Mr Jamie Orchard, ASIC Director of Enforcement.
All the deceased estates have now been paid out as a result of
the liquidation of Milport Pty Ltd.
UECOMM LIMITED: Discloses AGM Results
-------------------------------------
Uecomm Limited, in accordance with Listing Rule 3.13.2 and
Section 251AA of the Corporations Act, advised of the outcome in
relation to each resolution put to the shareholders of the
Company at its Annual General Meeting held on Wednesday, 24
April, 2002.
(a) To re-elect Mr M John Craven who retires in accordance
with Rule 81 of the Constitution and, being eligible, offers
himself for re-election.
Voted on a show of hands. Motion carried.
Proxy details:
For: 339,304,170
Against: 5,256,490
Abstain: 1,145,668
Open: 1,272,971
(b) To re-elect Mr Robert W Holzwarth who retires in
accordance with Rule 68 of the Constitution and, being eligible,
offers himself for re-election.
Voted on a show of hands. Motion carried.
Proxy details:
For: 339,733,065
Against: 4,816,195
Abstain: 1,175,568
Open: 1,254,471
(c) To re-elect Mr Keith G Stamm who retires in accordance
with Rule 68 of the Constitution and, being eligible, offers
himself for re-election.
Voted on a show of hands. Motion carried.
Proxy details:
For: 339,804,342
Against: 4,745,418
Abstain: 1,161,568
Open: 1,267,971
================================
C H I N A & H O N G K O N G
================================
CELESTIAL ASIA: Consolidates Shares
-----------------------------------
Celestial Asia Securities Holdings Limited requested market
participants to note that the shares of HK$0.10 each (Old
Shares) in the capital of the Company were consolidated into
shares of HK$ 0.10 each (after capital reduction) (New Shares)
on the basis of 20 into 1 subject to its shareholders' approval
at the Special General Meeting held on 25 April 2002.
Upon the proposals becoming effective, a temporary counter
under stock code 2933 and stock short name "CELESTIAL ASIA" will
be established for trading in board lots of 100 New Shares each
to replace the present counter (stock code: 1049) for trading in
board lots of 2,000 Old Shares each effective today, 26 April
2002.
DAILYWIN GROUP: May 17 Special GM Scheduled
-------------------------------------------
Dailywin Group Limited advised that a special general meeting of
the Company) will be held at 10th Floor, Hutchison House, 10
Harcourt Road, Central, Hong Kong on Friday, 17 May 2002 at 9:30
a.m. for the purpose of considering and, if thought fit, passing
the following resolution.
SPECIAL RESOLUTION
"THAT, conditional upon the Listing Committee of The Stock
Exchange of Hong Kong Limited approving the listing of, and
granting the permission to deal in, shares of HK$0.01
each in the issued share capital of the Company upon the
Proposal (as defined below) becoming effective, with effect from
4:30 p.m. (Hong Kong time) on the date on which this
resolution is passed (the "Effective Date"):
(a) the issued share capital of the Company be reduced by
canceling paid up capital to the extent of HK$0.09 on each of
the shares of HK$0.10 in issue on the Effective Date (Share
Capital Reduction) so that each issued share in the capital of
the Company shall be treated as one fully-paid up ordinary share
of HK$0.01 each in the capital of the Company (Reduced Share)
and any liability of the holders of Reduced Shares to make any
further contribution to the capital of the Company on each such
Reduced Share shall be treated as satisfied;
(b) all of the authorized but unissued share capital of the
Company (which shall include the authorized but unissued share
capital resulting from the Share Capital Reduction) be cancelled
(Diminution) and forthwith upon such cancellation, the
authorized share capital of the Company be increased to
HK$80,000,000.00 by the creation of additional shares of HK$0.01
each (Increase) in the Company;
(c) the entire credit amount (Credit Amount) arising from the
Share Capital Reduction be applied to eliminate an amount equal
to the Credit Amount from the accumulated loss account of the
Company as at the Effective Date (Application of Credit); and
(d) the directors of the Company be and are hereby authorized
generally to do all such acts, deeds and things as they may
consider necessary or appropriate to effect and implement the
Share Capital Reduction, the Diminution and Increase and the
Application of Credit (Proposal)."
HAYWOOD INVESTMENTS: 2001 Operations Loss Ups to HK$40,621
----------------------------------------------------------
Haywood Investments Limited announced on 22 April 2002:
(stock code: 905)
Year end date: 31/12/2001
Currency: HKD
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 : 369 4,460
Profit/(Loss) from Operations : (40,621) (14,330)
Finance cost : NIL NIL
Share of Profit/(Loss) of Associates: NIL NIL
Share of Profit/(Loss) of
Jointly Controlled Entities : NIL NIL
Profit/(Loss) after Tax & MI : (40,621) (14,348)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (40.62 cents) (14.35 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : (40,621) (14,348)
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final Dividend : NIL
Payable Date : NIL
B/C Dates for (-) General Meeting : NIL
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : NIL
Remark:
BASIC LOSS PER SHARE
The calculation of the loss per share is based on the loss for
the year of HK$40,621,000 (2000: HK$14,348,000) and on the
weighted average number of 100,000,000 (2000: 100,000,000)
shares in issue during the year.
OMNITECH GROUP: Operations Loss Narrows to HK$65,594
----------------------------------------------------
Omnitech Group Limited announced on 22 April 2002:
(stock code: 94)
Year end date: 31/12/2001
Currency: HK$
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 : 78,697 1,774,546
Profit/(Loss) from Operations : (65,594) (271,357)
Finance cost : (65,204) (50,604)
Share of Profit/(Loss) of Associates: (1,747) (3,236)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (133,287) (324,943)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (3.55 cents) (9.43 cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (133,287) (324,943)
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.) Omnitech Group Limited (formerly, O2New Technology Limited)
Operating results
Year ended 31 December 2001
Operating
Turnover results
HK$'000 HK$'000
By activity
Continuing business
Electronic Components 77,244 4,088
Property Investments 1,453 863
-------- -------
78,697 4,951
=======
Interest income 2,124
Other revenue 594
Distribution costs (1,444)
Administrative expenses (22,603)
Amortization and impairment loss on goodwill of associates
(45,037)
Impairment of properties, plant & machinery and investment
properties
(2,962)
Profit on disposal of subsidiaries 2,362
Other operating expenses (3,579)
----------
-
Loss from operating activities (65,594)
=========
Operating
By geographical area Turnover results
HK$'000 HK$'000
Continuing business
Asia 67,057 4,304
Europe 2,643 150
United States of America 7,640 405
Others 1,357 92
-------- -------
78,697 4,951
=========
Interest income 2,124
Other revenue 594
Distribution costs (1,444)
Administrative expenses (22,603)
Amortization and impairment loss on goodwill of associates
(45,037)
Impairment of properties, plant & machinery and investment
properties
(2,962)
Profit on disposal of subsidiaries 2,362
Other operating expenses (3,579)
---------
-
Loss from operating activities (65,594)
=========
2. LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
attributable to shareholders of HK$133,287,000 (2000:
HK$324,943,000) and the weighted average of 3,753,950,795 (2000:
3,447,624,909) shares in issue during the year.
The diluted loss per share for the years ended 31 December 2001
and 2000 has not been shown as there were no outstanding
warrants and share options.
=================
I N D O N E S I A
=================
INDOMOBIL SUKSES: Trimegah Lawsuit is Misplaced, Says KPPU
----------------------------------------------------------
Business Competition Oversight Commission (KPPU) considers
lawsuit filed by PT Trimegah Securities, which acquired 72.63
percent equity shareholding of PT Indomobil Sukses Internasional
Tbk from The Indonesian Bank Restructuring Agency and PT Holdiko
Perkasa through an open bid tender process late last year,
against the commission in inspection of tender of Indomobil case
is misplaced since KPPU is not a governmental institution,
Bisnis Indonesia reports.
"KPPU is an independent institution, free from any influence
from either the government or other parties, while UU.No.5/1986
on State Administration Court (PTUN) only relates to government
administration," Chairman of KPPU Inspection Team for Indomobil
transaction Sutrisno Iwantono said.
"So a lawsuit against KPPU can not be filed [with the] PTUN. It
is not correct to take such an action. If there are any
objections, a lawsuit should be filed with the state court," he
added, noting that lawsuit can only be filed only after KPPU has
taken a decision while it hasn't made any yet.
Meanwhile, Trimegah Director Pieter Tanuri said KPPU should
actually keep confidentiality of the related document until the
process is completed.
"KPPU's statement saying 'it was difficult to prove Trimegah
legality as a consortium', reflects that it has publicly
announced the result of the inspection, which should still be
kept confidential," Tanuri said.
He added that reporting has discredited Trimegah whereas
inspection process still goes on and no final decision has been
made yet. "The company image has been damaged that it is
difficult for us now to get clients."
KPPU is prepared to face the suit without any representation
from lawyers.
SEMEN PADANG: Books Net Loss of Rp69.155B
-----------------------------------------
PT Semen Gresik's unit PT Semen Padang recorded a net loss of
Rp69.155 billion last year while PT Semen Tonasa, another
subsidiary of Semen Gresik, incurred a net profit of Rp43.106
billion, AFX reports. Semen Padang recorded sales of 1Rp.352
trillion and foreign exchange loss of Rp153.809 billion.
Semen Gresik said Semen Padang acknowledged a forex loss of only
Rp50.593 billion in its own accounts, while in the group
consolidated report the figure was restated as Rp153.809 billion
due to differences in accounting treatment for the two reports.
=========
J A P A N
=========
AIWA CO.: FY01 Net Loss Widens to Y46B on Payouts
-------------------------------------------------
Audio-equipment maker Aiwa Co. revealed Wednesday a group net
loss of Y46.58 billion (US$359.6 million) in fiscal 2001, up
from Y39.01 billion a year earlier, Japan Times reported.
Aiwa attributed the increased net loss to factors such as an
Y8.2 billion retirement benefit payout, a Y 5.6 billion capital
loss associated with the sale of its factory equipment and a
Y4.7 billion cost related to inventories.
The Tokyo-based company said its pretax loss in fiscal 2001
amounted to Y19.13 billion, down from the previous year's Y24.6
billion.
Sales also dropped 33 percent to 196.36 billion yen. Per-share
net loss came to 423.63 yen, down from 590.17 yen a year
earlier.
The Company blamed the plunge in sales on the protracted slump
in the audio-equipment market, particularly in developed
countries.
Aiwa will skip a dividend payment in the year, as it did in
fiscal 2000, Japan Times added.
MARUBENI CORP: FTC Orders Closure of Chikusan Plant
---------------------------------------------------
The Fair Trade Commission (FTC) said Wednesday it has ordered
Marubeni Chikusan Corp., a unit of major trading house Marubeni
Corp., to cease production over its intentional false labeling
of some 1,700 tons of chicken for sale since 1999, the Japan
Times reported.
The FTC said the mislabeling was conducted at the Company's nine
offices, including Sendai and Osaka, where Marubeni Chikusan
sold a total of 700 tons of Brazilian chicken labeled as
domestic chicken to 80 mass retailers nationwide between April
1999 and February this year.
During the same period, the Company sold some 1,000 tons of
ordinary chicken as special brand-name chicken.
The mislabeling case was revealed in March, when the FTC's
Tohoku office discovered that the Sendai office had been
mislabeling chicken products between 1999 and 2001.
MIZUHO HOLDINGS: Customers' Trust Lost, Survey Says
---------------------------------------------------
According to a survey released Tuesday by Web research agency
Macromill Inc, nearly 80 percent of people polled believe trust
in the Mizuho Financial Group has been eroded by the large-scale
computer-system malfunctions at the group's Mizuho Bank and
Mizuho Corporate Bank.
Japan Today reported that the Internet poll found that 78.1
percent of the 521 respondents chose the statement, "The degree
of confidence in Mizuho has gone down," from a range of
statements, as best describing their sentiment toward the
financial institution.
Earlier this week, Tokyo Gas Co. officials claimed that the
Mizuho financial group knew that there were problems with the
computer systems of its three component banks before the April 1
merger.
In late March, a test in which data from the utility's customers
were sent to Mizuho's integrated computer system ended in
failure.
A Mizuho spokesman, however, denied conducting such test.
MIZUHO HOLDINGS: FSA Receives False Reports
-------------------------------------------
Minister Hakuo Yanagisawa of the Financial Services Agency said
Wednesday financial authorities did not order a review of the
merger procedures for Mizuho financial group because it had
received false progress reports, Kyodo News reported.
Yanagisawa said at a meeting of the House of Representative
Fiscal Affairs Committee the FSA received false reports from the
Mizuho side, and believed them.
Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan
integrated their operations April 1 into Mizuho Bank and Mizuho
Corporate Bank under Mizuho Holdings Inc.
Japan's FSA will conduct a special inspection of Mizuho Holdings
in May to look into the truth and who is to blame for the
group's massive computer glitch.
MIZUHO HOLDINGS: Nippon Mitsubishi Shuns Mizuho Service
-------------------------------------------------------
Mizuho received a further blow when Nippon Mitsubishi Oil Corp.
said it would exclude the scandal-hit bank through which it
remits pay to its employees this month due to the widespread
computer problem, Kyodo News reported.
Japan's oil distributor usually remits pay to some 2,500
employees through Mizuho Bank, Sumitomo Mitsui Banking Corp. and
Bank of Tokyo.
Travel agency JTB Corp. also decided to make remittances of pay
to its 12,000 employees via banks other than Mizuho.
Other companies affected by Mizuho's computer fiasco are Nippon
Telegraph & Telephone Corp.'s units. NTT East Corp. and NTT West
Corp. have yet to receive a total of Y12.7 billion in payments.
Kansai Electric Power Co has yet to process Y6.1 billion worth
of electricity bills paid by customers.
MIZUHO HOLDINGS: President Maeda Awaits Findings
------------------------------------------------
Mizuho Holding Inc. President Terunobu Maeda will decide how to
take responsibility for the problems caused by a computer system
failure at Mizuho group banks after the Financial Services
Agency and the Bank of Japan examine the case in May, reports
Daily Yomiuri.
"After the FSA inspections and the Bank of Japan's
examinations, the causes of the troubles will be made clear. I
hope that the responsibility of management, including my own,
will then be clarified," Maeda said.
Maeda apologized at the House of Representatives Financial
Affairs Committee for the inconvenience caused by the computer
glitch. He said the Company was trying its best to prevent a
recurrence of such trouble this coming Tuesday when 12 million
bank transfers will be made, 3 million of which will be
salary payments.
Maeda added Mizuho is willing to hold talks with customers over
damages caused by the system crash.
NICHIMEN CORP: Moody's May Cut Ba3 Debt Rating
----------------------------------------------
Moody's Investors Service said Wednesday it has placed the Ba3
unsecured senior debt rating of trading house Nichimen Corp
under review for possible downgrade.
The downgrade review was prompted on concerns about Nichimen's
ability to maintain its franchise and improve its earnings and
capital standing.
Moody's said the company's net worth has been under downward
pressure due to impact from its weak earnings, relatively large
cross shareholdings and embedded losses arising from its
business alliance strategy.
The B1 long-term senior unsecured debt rating of Nichimen
Corporation subsidiary Nichimen America Inc, the B1 long-term
senior unsecured debt rating of Nichimen Europe PLC, and the B1
long-term senior unsecured debt rating of Nichimen Hong Kong
(Cayman) Ltd were also placed under review.
NISSAN CONSTRUCTION: Tokyo Court Approves Rehab Efforts
--------------------------------------------------------
Failed midsize general contractor Nissan Construction Co.
received Wednesday approval from the Tokyo District Court to
begin rehabilitation measures under the Corporate Rehabilitation
Law, Kyodo News reported.
Nissan Construction unveiled a plan early this month to commit
itself to the repayment of small liabilities of up to 2 million
yen.
The Company had difficulty in collecting the Y12 billion it is
owed by ailing retailer Mycal Co for work it has completed,
forcing the general contractor to file with the Tokyo Court for
protection from creditors under the Corporate Rehabilitation
Law.
Nissan Construction has also suffered a fall in orders since
Mycal went under in September 2001.
SEIYU LTD: Inviting Sumitomo Board Member
-----------------------------------------
Major supermarket chain operator, Seiyu Ltd. said Wednesday it
will accept an absentee board member to be sent from major
trading house Sumitomo Corp., Kyodo News reported.
Sumitomo is Seiyu's biggest shareholder.
Seiyu Ltd has been selling assets and closing money-losing
stores to help it halve its debt to Y600 billion. The Company
also obtained loan forgiveness for its struggling financing
subsidiary, Tokyo City Finance.
The Company recently revealed a group pretax profit of 13.53
billion yen in the year ender February 28, a 67.9 percent jump
from the previous year, from cost-cutting measures.
SOFTBANK CORP: Will Offer Schools Free Broadband Services
---------------------------------------------------------
The Softbank group will provide high-speed Internet access
services and equipment to schools, libraries and other public
facilities across Japan for free over six years, Kyodo News
reported citing Softbank President Masayoshi Son.
The move follows Softbank's earlier discount offer of Internet
telephone service to mobile phone owners wherein three-minute
calls to the United States will only cost Y7.5.
The Softbank group has been hurt by investment losses on its
global share holdings since the downturn in the technology
sector in 2001.
=========
K O R E A
=========
DAEWOO MOTOR: Begins Kalos Production
-------------------------------------
Daewoo Motor started Wednesday the commercial output of a
European-style compact car, named Kalos, Digital Chosun
reported. The Korean automaker plans to start marketing the
model on May 2.
The Company said the new compact model would be produced at
Daewoo's main Bupyeong plant, which GM has dropped from its
shopping list.
Daewoo Motor wrapped up a deal to sell most of its production
plants to General Motors (GM) last week. Formal sales contract
will be signed before the end of this month.
HYNIX SEMICON: MoU Faces Criticism From Suppliers
-------------------------------------------------
The proposed sales of Hynix Semiconductor's major assets to U.S.
rival Micron Technology has brought further opposition, Digital
Chosun reported.
Following shareholders' criticism to the signing of a memorandum
of understanding (MOU) between the two parties are 74 suppliers
and subcontractors of the Korean chipmaker.
Criticism surfaced that the creditors rashly signed the non-
binding documents as the government heavily influenced them.
Critics argued that the debt rescheduling terms agreed for
Hynix's non-memory operation is heavily in favor of Micron,
where the U.S. chipmaker demanded that the Korean creditors
write off W3.8 trillion of Hynix's outstanding debts out of W6.6
trillion in total.
===============
M A L A Y S I A
===============
HOTLINE FURNITURE: Idaman Withdraws Unit's Winding Up Petition
--------------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad said the
winding up petition regarding Hotline Wooden Furniture
Manufacturers Sdn Bhd was withdrawn by Idaman Semenanjung Sdn
Bhd on 23 April 2002.
Its wholly owned subsidiary, Hotline Wooden Furniture
Manufacturers Sdn Bhd, had on February 20, 2002 received a
sealed copy of a winding up petition dated 30 January 2002 filed
by Idaman Semenanjung Sdn Bhd (ISSB). The amount claimed by
ISSB is RM150,270.70 with no interest. The amount claimed is
for the supply of raw materials for HWF's manufacturing usage.
IDRIS HYDRAULIC: Proposes Renewal of Shareholders' Mandate
----------------------------------------------------------
The Board of Idris Hydraulic (Malaysia) Berhad announced that a
Circular is being prepared for approval by the KLSE seeking
renewal of shareholders' mandate to enter into Recurrent Related
Party Transactions of a Revenue or Trading Nature. The
shareholders' mandate, which was approved by the shareholders at
an Extraordinary General Meeting held earlier on 31 December
2001, and in accordance with the KLSE Listing Requirements,
shall lapse at the conclusion of the forthcoming Annual General
Meeting, unless renewal is obtained.
Hence, the purpose of this Circular is to provide shareholders
with details, financial effects and rationale pertaining to this
proposal, which is to be tabled as an ordinary resolution at the
forthcoming AGM.
MALTON BERHAD: Restructuring Scheme Completed
---------------------------------------------
Malton Berhad, formerly known as Gadek Capital Berhad, announced
that the Kuala Lumpur Stock Exchange had vide its letter dated
19 April 2002 acknowledged that Malton no longer fulfils the
criteria under Paragraph 2.1 of the PN10 and thus the Company is
no longer required to comply with the obligations under Level Of
Operations Pursuant To Practice Note No. 10/2001 PN10. This is
pursuant to the completion of the restructuring scheme and the
requotation of Malton on the Main Board of the KLSE on 22 April
2002.
MEASUREX CORPORATION: Issues Corporate Guarantees Add'l Info
------------------------------------------------------------
Measurex Corporation Berhad, further to the announcement of 28
March 2002 regarding the Petition by Judicial Managers of
Winding-Up by Court in relation to Measurex Holdings Pte Ltd
(MH), Measurex Engineering Pte Ltd (ME) and Measurex Precision
Pte Ltd (MP), announced that there has been a verbal query made
by the Kuala Lumpur Stock Exchange in respect of item (2) of the
said announcement. Consequently, the Company wished to furnish
certain details pertaining to the Corporate Guarantees mentioned
therein.
By way of clarification, the term "Corporate Guarantees" as set
out in the said announcement refers to
(i) the corporate guarantee executed on 6 June 1997 in
favor of United Oversea Bank Limited (UOB),
(ii) the corporate guarantee executed on 30 June 1997 in
favor of Malayan Banking Berhad (MBB),
(iii) the corporate guarantee executed on 9 July 1997 in
favor of Societe Generale (Societe) and
(iv) the two (2) corporate guarantees which were both
executed on 10 June 1998 in favor of Oversea-Chinese
Banking Corporation Limited (OCBC).
All the Corporate Guarantees were given by MCB in respect of
loan facilities granted to ME.
MBB has made a claim under Corporate Guarantee (ii) above and
has obtained judgment for the amounts of
(i) SGD1,609,688.51 (being principal) and SGD256,866.81
(being simple interest thereon),
(ii) USD2,935,250.24 (being principal) and USD115,518.31
(being simple interest thereon),
(iii) further simple interest on both the foregoing principal
amounts at 6% per annum from 1 December 2000 to the date
of judgment and
(iv) (SGD16,000 for cost).
In this regard, MCB has issued instructions to its Singapore
solicitors to lodge an appeal against the assessment of
principal and simple interest by the Registrar of the High Court
of Singapore.
OCBC has also made a claim under Corporate Guarantees (iv) above
for the amount of USD524,333.24. In connection therewith, MCB
has issued instructions to its Singapore solicitors to lodge an
appeal to set aside the judgment in default taken against it by
OCBC.
It should be further noted that any judgments taken in Singapore
have to be registered in Malaysia before they can be enforced
against MCB.
According to the judicial managers of ME, the amounts utilized
by ME as at 31 December 2001 under the relevant loan facilities
pertaining to Corporate Guarantee (i) above is USD2,319,220.61
and SGD500,000, while the amount utilized as at 31 December 2001
under the relevant loan facilities pertaining to Corporate
Guarantee (iii) above is USD3,000,000. As far as MCB is aware,
UOB and Societe have not to-date commenced any legal suits
pertaining to their respective Corporate Guarantees.
MCB also announced that it has engaged the services of Messrs
Ernst & Young (Singapore) (E&Y) to work out a settlement plan
with the banks in respect of any claims, which may subsequently
be established, by the banks. In such event, E&Y's scope of work
shall include the following:
(i) reviewing the cash flows of the MCB Group;
(ii) assisting MCB in formulating a restructuring scheme in
respect of the established claims by the banks;
(iii) assisting MCB in presenting the current and forecast
financial position and the business plan of the MCB
Group to the banks and to negotiate a mutually
acceptable arrangement in respect of the established
claims by the banks; and
(iv) implementing any scheme / arrangement as agreed upon
with the banks.
The maximum potential / contingent liabilities of MCB as at 31
December 2001 under the Corporate Guarantees is as set out in
this announcement. MCB hopes to resolve with the banks amicably
and with the assistance of E&Y, if necessary, in such manner
that the operationability of the MCB Group is not adversely
affected.
As announced earlier, the net tangible assets of the MCB Group
based on its unaudited consolidated results for the financial
period ended 30 September 2001 is RM79.8 million.
PAN MALAYSIA: Lawsuit Hearing Filed by LDSB Set on July 29
----------------------------------------------------------
Pan Malaysia Holdings Berhad, in reference to its announcements
on 23 January 2002, 26 February 2001 and 22 May 2001 concerning
the suit filed on 17 May 1996 in the High Court of Kuala Lumpur
by Loyal Design Sdn Bhd a wholly-owned subsidiary of Malayan
United Industries Berhad, against the Company and all its then
existing directors for breach of directors' duties in conducting
the affairs of the Company during the period involved with the
takeover offer by MUI through LDSB in respect of the Company,
informed that the case has now been fixed for mention on 29 July
2002 to enable the parties to finalize their documents before
trial.
The suit also seeks to declare, inter-alia, that various options
granted by the Company under the Company's Executive Share
Option Scheme are void.
PSC INDUSTRIES: Interim Injunction Application Pending
------------------------------------------------------
PSC Industries Berhad, further to its announcement dated 18
March 2002, informed that the court hearing on 22 April 2002
pertaining to the application for an interim injunction to
restrain the Receivers and Managers appointed by Affin Bank
Berhad on Perstim Industries Sdn Bhd is now fixed for mention on
6 May 2002, pending settlement.
SATERAS RESOURCES: Aborts Proposals Due to Low Market Price
-----------------------------------------------------------
Sateras Resources (Malaysia) Berhad announced that the Board of
Directors has, after much deliberation, reconsidered the
Proposed Settlement of Rm254,170,157 Debts owing to Identified
Creditors of the Sateras Group (Proposal) and has decided to
abort the Proposal after taking into consideration the current
low market price of the Company's shares, which does not enable
the Company to proceed with a successful completion of the
private placement exercise.
The Board of Directors is reconsidering other alternative
proposals to regularize the financial position of the Company.
These may include, inter-alia, restructuring of debts of the
Sateras Group and possible injection of viable assets and/or
businesses into the Company.
In this respect, the Company has appointed Arab-Malaysian
Merchant Bank Berhad as its adviser on 23 April 2002.
An announcement setting out the details of the new proposal will
be made upon finalization and acceptance of any proposal by the
Board of Directors to regularize the financial position of the
Company.
SINMAH RESOURCES: SC Considers Comprehensive Scheme Submission
--------------------------------------------------------------
The Board of Directors of Sinmah Resources Berhad announced that
further to the appeal by F.C.H. Holdings Sdn Bhd and its four
directors on 28 December 2001, Securities Commission had on 15
April 2002 informed that it will consider any submission only by
SINMAH under Section 32 of the Securities Commission Act 1993,
if the submission is a comprehensive scheme that is able to
restore the financial situation of SINMAH.
Securities Commission (SC) in its letter dated 11 December 2001
imposed a restriction on the holding company of SINMAH, F.C.H.
Holdings Sdn Bhd (FCH) and its four directors, that it will not
consider for a period of 3 years from the date of the above
mentioned letter, any submission under Section 32 of the
Securities Commission Act 1993 by any corporation and / or its
related corporation (as defined in the Companies Act 1965), in
which FCH and its four directors, either jointly or severally,
and / or their nominees and / or any persons connected with
them, are directors of, and / or have any substantial interest (
of not less than 5%) in the issued and paid up capital of the
company (hereinafter referred as the "3 years ban")
FCH and its four directors had on 28 December 2001 appealed to
SC to reconsider its decision to impose the 3 years ban.
Profile
The Company was activated when it implemented a restructuring
scheme involving the acquisition of 100 percent in Sinmah
Breeders, 100 percent of Sinmah Livestocks, 100 percent of
Sinmah Food Industries and 99.99 percent of Sinmah Multifeed.
Multifeed handles contract-farming operations while Sinmah
Breeders has about six breeder farms raising 380,000 parent
stocks and two hatcheries with a total capacity of 2.58m
hatching eggs annually. Due to higher demand, Sinmah Group has
to import 50,000 parent stock day old chicks (DOCs) from the US
and Canada and source locally another 250,000 parent stock DOCs
annually. The Group sells DOC and poultry feeds to contract and
independent broiler farmers. Live broilers are sold to local
wholesalers and Singapore poultry processing plants. The Group
exports some of its processed products like nuggets,
frankfurters and burgers to Brunei. In 1995, the Group ventured
into property development in Malacca. Primarily concentrating on
low- and medium-cost housing projects, the Company launched the
Taman Saujana Indah project in the first quarter of 2001. It is
also developing the Saujana Puri apartment project.
Currently, the Company is undertaking a restructuring exercise
involving acquisition of 51 percent interest in Linggi
Agriculture Sdn Bhd and of freehold land in Malacca. The rights
issue that was part of the restructuring was substantially
undersubscribed. As a result, the Company is considering other
alternatives to substitute for the rights issue.
TAT SANG: Provides Defaulted Payment Status Update
--------------------------------------------------
Tat Sang Holdings Berhad provided an update on the details of
banking facilities, which are currently in default as per
attached Table 1 found at
http://www.bankrupt.com/misc/TCRAP_TatSang0426.doc.
The Company further informed that the hearing date of the
following legal suits is fixed as follows: (to be amended as and
when receiving report from the lawyer)
1. Standard Chartered Bank (M) Berhad VS Mercuries & Muar
Wooden Furniture Mfg Sdn. Bhd (MMWF) at Kuala Lumpur High Court.
Suit No. : D5-23-1051-2001
Hearing date : 17 April 2002 adjourned to 21 May 2002
2. Malayan Banking Berhad VS MMWF at Muar High Court
Suit No. : 23-108-2001
Hearing date : 11 April 2002 adjourned to 23 May 2002
3. Bumiputra-Commerce Bank Berhad VS MMWF at High Court
Suit No. : 23-76-2001
Hearing date : 21 March 2002 adjourned to 20 June 2002
TECHNO ASIA: Posts Change in Audit Committee Notice
---------------------------------------------------
Techno Asia Holdings Berhad (Special Administrator Appointed)
posted this notice:
Date of change : 24/04/2002
Type of change : Appointment
Designation : Member of Audit Committee
Directorate : Independent & Non Executive
Name : Rohaida Binti Abdul Rahim
Age : 26
Nationality : Malaysian
Qualifications : Bachelor of Accountancy with Honors
Working experience and occupation : Number of years of working
experience in leading the operations of a private holding
company
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : None
Composition of Audit Committee (Name and Directorate of members
after change) : Wong Tunk Hing - Chairman
Chye Kit Choong - Member
Nowawi Bin Abdul Rahman - Member
Rohaida Binti Abdul Rahim - Member
TECHNOLOGY RESOURCES: Chairman Clarifies DT Acquisition Report
--------------------------------------------------------------
Technology Resources Industries Berhad in reply to the query
letter by KLSE reference ID : ZO-020423-54406 dated 23 April
2002 on the article appearing in Business Times on even date,
entitled "Telenor Buying Deutsche's Tri Stake?", announced that
Chairman, Tan Sri Dato' Tajudin Ramli confirmed that he has not
made any arrangement for Telenor to purchase Deutsche Telekom
AG's (DT) 16 percent stake in Technology Resources Industries
Berhad as reported in the article.
DT has declined to comment.
TIMBERMASTER INDUSTRIES: Audit Compliance Extension Granted
-----------------------------------------------------------
Timbermaster Industries Berhad announced that the Kuala Lumpur
Stock Exchange, by way of its letter dated 23 April 2002, has
granted the Company an extension of time until 13 December 2002
to comply with the Audit Committee Requirements under Paragraph
15.10 (1) (a) (b) & (c), 15.19 and 15.20 of the KLSE Listing
Requirements.
Profile
The Company (TIB) and four of its subsidiaries, are currently
under the management of Special Administrators (SA), Messrs
PricewaterhouseCoopers. Pengurusan Danaharta Nasional Bhd
appointed them to these companies on 14 December 1999 and 24
January 2000. The objective of the appointment is to formulate a
corporate and debt restructuring proposal which takes into
consideration the interest of all stakeholders.
TIB and these subsidiaries have a 12-month moratorium period,
which prohibits the creditors from taking any legal action
without Danaharta's prior consent.
On 3 April 2000, the SA made an invitation to the public to
tender for some of the Group's business and assets.
Subsequently, on 24 August 2000, on behalf of TIB, the SA
entered into a MOU with Foowood International Sdn Bhd (FISB),
the shareholders of FISB, Brilliant Vintage Sdn Bhd (BVSB) and
Capital Salute Sdn Bhd (CSSB), to regulate the basic
understanding of the key areas of agreement. However, on 22
February 2001, Foowood terminated the MOU on mutual terms.
In July 2001, the SA entered into two separate agreements to
dispose of two of its subsidiaries to FISB and Whehua Pte Ltd
respectively. The sale of another subsidiary is at an advanced
stage and upon completion of the assets' sale of these four
subsidiaries, the SA would develop separate debt restructuring
and workout proposals for them.
The SA had also in April and May 2001 conducted a second tender
exercise seeking proposals for TIB. On 14 August 2001, the SA
and the White Knight (WK) entered into a MOU to record the basic
understanding of the key areas of agreement. The success of the
workout proposal would depend on WK fulfilling certain
conditions precedent by 30 November 2001. The proposal broadly
entails a capital reconstruction, share exchange, acquisition of
WK by a newly incorporated company (Newco), debt restructuring
of TIB's creditors and transfer of listing status to TIB. In
view of this, KLSE has granted TIB a two-month extension to make
its requisite announcement of its restructuring plans.
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOM: No End in Sight Yet for Debt Troubles
----------------------------------------------------
There seems to be no end in sight for Bayan Telecommunications,
Inc. (BayanTel)'s financial troubles two years after the Benpres
Holdings Corp unit initiated steps to work out its debt
problems.
BayanTel Chief Financial Officer, Gary B. Olivar, told
BusinessWorld the Board is considering all options available to
save the ailing Company. The Company is reviewing the feedback
it received from banks and bondholders.
BayanTel has $477 million in obligations, of which $277 million
is owed to banks and $200 million to bondholders. About 5
percent, or $26 million of the bank loans and all the bonds are
unsecured.
The Company issued a revised restructuring plan last December.
It offered 10 percent of the company for $150 million to
unsecured creditors through a debt-to-equity conversion scheme.
Lopez group owns 66 percent of BayanTel. US-based Verizon
Communications has a 19 percent stake in the firm, while Asian
Infrastructure Fund has 8 percent. Various institutional
investors own the remaining 7 percent.
METRO PACIFIC: May Sell 20-Hectare Property to SM Group
-------------------------------------------------------
SM Prime Holdings Inc is in acquisition talks concerning a
future site for a shopping mall in Bonifacio Global City, a
commercial and residential complex of property company Metro
Pacific Corp, Dow Jones Newswires reports.
"We are looking at a 20-hectare property. The project will
likely offer leasable space of 100,000 square meters," SM Prime
Holdings senior vice president Hans Sy said.
Based on recent land sales in Bonifacio, the 20-hectare property
could fetch around P10 billion (US$196.69 million).
Earlier, Metro Pacific has offered the state-owned Social
Security System one of three prime lots in the Bonifacio Global
City as payment for its P1.5 billion maturing loan.
Metro Pacific has been negotiating for better terms with its
creditors as it fights to trim down its P8 billion debt.
NATIONAL BANK: Government, Tan Set to Sign MoA
----------------------------------------------
The Philippine government expects to sign today the memorandum
of agreement (MoA) with Philippine National Bank (PNB) majority
owner Lucio Tan giving it management control of the bank,
Business World reported, quoting Philippine Deposit Insurance
Corp (PDIC) President and Chief Executive Officer, Norberto
Nazareno.
This follows the Senate committee's investigation of the
government's recent P25-billion ($490.73 million) bailout of the
country's fifth largest bank said they would give the go signal
on the rehabilitation plan by Monday.
The five-year rehabilitation plan begins with the bank's
privatization, wherein the government would reacquire management
control of the bank until such time that it becomes profitable.
Under PNB's rehabilitation plan, P7.8 billion of the P23.9
billion balance of the loan would be converted into preferred
convertible notes to be held by the PDIC. This represents a
44.98 percent nonvoting stake in the bank. A proxy representing
these shares will then be given to the government.
The PDIC will also be paid P10 billion worth of PNB receivables
from the government, including loans extended to various
agencies such as the Bureau of Customs, Duty Free Phils.,
Philpost Leasing Corp., and several local government units.
The bank will pay the remaining P6.1 billion over a 10-year
period. The government and Tan's group will then jointly sell at
least 67 percent of the bank to a strategic private investor.
Once the agreement is signed, both the government and Tan will
each end up owning 45 percent of PNB.
Tan currently owns roughly 67 percent of PNB. The government
owns 16 percent, and the rest is publicly held.
The rehabilitation plan is urgently needed for PNB to raise up
to P10 billion in fresh capital to solve its bad-loan problem.
PNB incurred a net loss of P4.5 billion last year.
PHILIPPINE LONG: Falls 2% on Talk of Large Bond Spreads
-------------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co
was down P10 or 2.07 percent at P472.50 on talk the spread on
its US$350 million bonds may run as high as 620 basis points,
AFX Asia reported.
Speculation again raised concerns about costs associated with
the Company's debt reduction exercise.
PLDT is in discussions with potential investors for the planned
sale of a minority equity interest in wholly owned wireless
subsidiary Smart Communications Inc.
PHILIPPINE LONG: Fitch Assigns Proposed Bond Issue BB- Rating
-------------------------------------------------------------
Fitch Ratings has assigned a BB- rating to Philippine Long
Distance Telephone Co's forthcoming US$350 million issue of
unsecured notes due in 2007 and 2012.
The rating is on Negative Watch, as is the corporate Senior
Unsecured debt rating.
Fitch understands that country's telecom giant will apply the
proceeds of the proposed US$350 million note issuance for
partial prepayment of its debt, where US$570 million will mature
in 2003 and the US$400 million in 2004.
PHILIPPINE LONG: May Hike Size of Bond Offering
-----------------------------------------------
Philippine Long Distance Telephone Co (PLDT) may increase the
amount of its US$350 million bond offering due to expectations
of strong demand, the Philippine Star reported.
PLDT President, Manuel Pangilinan, his finance team and some
representatives from its wireless subsidiary Smart
Communications are now in the U.S. on a roadshow to market the
bond issue to investors.
Company officials say that the reception to the offer "is very
good and that there is big chance that the offer amount will be
increased."
PLDT earlier announced that it is offering $350 million worth of
10-year fixed rate notes due 2012 and five-year fixed rate notes
due 2007. Net proceeds will be used to repay the Company's
maturing loan obligations now until 2004.
The Company, however, got approval from government financial
agencies to offer up to $500 million worth of notes.
=================
S I N G A P O R E
=================
FLEXTECH HOLDINGS: Dow Jones Reports Inaccurate, Says Bloomberg
---------------------------------------------------------------
The Board of Directors of contract manufacturer Flextech
Holdings Limited would like to clarify that the news reports on
Bloomberg that appeared in the Straits Times on 25 April 2002
entitled "Flextech misses payment of $19.5m" and the Dow Jones
news report dated 24 April 2002 entitled "Singapore's Flextech
Faces Creditors, Misses Loan Payment" are factually inaccurate.
With regard to the news reports, the Board would like to refer
to the Company's announcement made on 24 April 2002 and wishes
to highlight that neither the Company nor the subsidiary
concerned has missed any loan repayment schedule.
The breach in the financial covenants relate to gearing ratios
and thresholds in respect of the Group's consolidated tangible
net worth and shareholders' funds which arose as a result of the
significant operating loss, and do not pertain to payment
deadlines.
The Company also wishes to clarify that only $19.5 million out
of the outstanding amount of $40.95 million is due for repayment
in October 2002 in connection with the Company's 2.25% Unsecured
Loan Stock due in October 2002.
The Company has informed Bloomberg and Dow Jones of the error in
each of the news reports, and has requested Bloomberg and Dow
Jones to correct their respective reports.
The Board is committed to meeting the Company's payment
obligations in connection with the Loan Stock that are due in
October 2002 and is optimistic that the Group has sufficient
resources to meet all of its loan obligations as and when they
fall due.
SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
-----------------------------------------------------------
Sembcorp Logistics posted a notice of change in the deemed
substantial shareholding of The Capital Group Companies, Inc.:
Date of notice to company: 25 Apr 2002
Date of change of deemed interest: 24 Apr 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion
Shares held in the name of registered holder
No. of shares of the change: 80,000
Percentage of issued share capital: 0.01%
Amount of consideration: S$2.20
No. of shares held before change: 55,382,400
Percentage of issued share capital: 6.51%
No. of shares held after change: 55,302,400
Percentage of issued share capital: 6.5%
Holdings of Substantial Shareholder including deemed interest
No. of shares held before change: 82,267,200 (Direct)
Percentage of issued share capital: 9.66
No. of shares held after change: 82,187,200
Percentage of issued share capital: 9.66
Total shares: 82,187,200
SembCorp Logistics Limited -- http://www.semblog.com/--
provides marine salvage, offshore supply base services,
passenger ferry services, tug services for berthing and docking
of ships, ocean towage, marine transportation and integrated
logistics services.
WEE POH: Confident it can Continue Trading
------------------------------------------
Ailing construction firm Wee Poh Holdings Limited, faced with
current liabilities of $50.9 million at the end of 2001, is
confident it can continue as a going concern, Business Times
reports.
"We are managing our cash flow tightly and are still in a
position to generate sufficient cash flow to maintain the
progress of on-going projects," the group said in a statement.
Business Times added that Wee Poh is actively exploring various
avenues to manage and improve the company's cash flow position
with the aid of their independent financial advisers
For the six months ended December, Wee Poh's net loss widened to
$13.2 million from $1.7 million previously. Turnover tumbled 40
percent to $32.2 million, as a result of continued contraction
of the industry and the Group's selectivity in obtaining new
projects. For a complete financial result, visit
http://www.bankrupt.com/misc/TCRAP_WeePoh0424.doc
===============
T H A I L A N D
===============
ROBINSON DEPARTMENT: Updates Plan Implementation Progress
---------------------------------------------------------
The Central Bankruptcy Court granted on 20 December 2000 the
approval on the Reorganization Plan of Robinson Department Store
Public Company Limited, and appointed Robinson Planner Company
Limited as a Plan Administrator of the Company. The Company
thereafter has reported the progress of the implementation of
the Plan from time to time. Accordingly, the Company herein
would like to report the additional progress of the Plan, as
follows:
1. Initial Repayment
In October 2001 the Company and the Plan Administrator made
payments of the Initial Repayment to the Unsecured Financial
Creditors totaling approximately Bt956 million. Most of which
were made directly to those Unsecured Financial Creditors who
received the orders from the Official Receiver on their entitled
debt claim amount and who did not have any pending issues and
already provided the requested documents and information. For
those Unsecured Financial Creditors who have not received the
orders from the Official Receiver on their entitled debt claim
amount and/or have pending issues and/or have not provided the
requested documents and information, the Company and the Plan
Administrator have appointed the Escrow Agent to hold the money
on behalf of these creditors. Upon the receipt of the orders
from the Official Receiver on their entitled debt claim amount
and the finalization of the pending issues and the receipt of
the requested documents and information, the Escrow Agent will
release the money to such creditors as instructed by the Company
and the Plan Administrator.
In January 2002 the Company through the Escrow Agent
distributed the Initial Repayment held under the escrow to some
of the Unsecured Financial Creditors whose the orders from the
Official Receiver on their entitled debt claim amount were
obtained and whose the pending issues were finalized and/or the
requested documents and information were provided.
2. Conversion of the Unsecured Financial Debt into Notes (the
Notes)
2.1. Terms and Conditions of the Notes
The Plan Administrator together with their legal
advisors prepared the Terms and Conditions of the Notes (T&C) as
approved by the Creditors' Committee and submitted to the
Securities and Exchange Commission (SEC) for their approval.
Subsequently the SEC issued a letter dated 25 July 2001
to the Company approving the issuance of the Notes. The Plan
Administrator then calculated the number of the Notes to be
allocated to each Unsecured Financial Creditors on a pro-rata
basis to the entitled debt claim amount, and cooperated with the
Note Registrar in the preparation of related documents and
information for the Notes issuance.
On 5 October 2001 the Company issued the Partially
Secured Amortizing Notes (Convertible upon Default) no. 1/2001,
Due 2005, in the amount of 36,145,000 units, denomination value
of THB 100 each with a total principal amount of
Bt3,614,500,000.
Similar to the Initial Repayment, these Notes were
allocated to those Unsecured Financial Creditors who received
the orders from the Official Receiver on their entitled debt
claim amount and who did not have any pending issues and already
provided the requested documents and information. For those
Unsecured Financial Creditors who have not received the orders
from the Official Receiver on their entitled debt claim amount
and/or have pending issues and/or have not provided the
requested documents and information, the Company and the Plan
Administrator have appointed the Escrow Agent to hold the Notes
on behalf of these creditors to be released upon the receipt of
the orders from the Official Receiver on their entitled debt
claim amount and the finalization of the pending issues and the
receipt of the requested documents and information.
Subsequently some of these creditors received the orders from
the Official Receiver on their entitled debt claim amount and
had no pending issues and provided the requested documents and
information. The Escrow Agent then transferred their entitled
Notes to the creditors in December 2001 and February 2002.
Presently the Company is in the process of transferring another
lot of the Notes to some of the creditors.
2.2. Listing of the Notes on the Thai Bond Dealing Center
In November 2001 the Company and the Plan Administrator
submitted the listing application of the Notes to the Thai Bond
Dealing Center (TBDC) as provided in the T&C that the Company as
the Issuer shall apply for the listing of the Notes on the TBDC
(or similar exchange) within 45 days after the Issue Date. On
17 December 2001 TBDC approved the listing of the Notes.
2.3. The Appointment of the Credit Rating Company,
Noteholders' Representative, Note Registrar and Paying Agent
In accordance with TBDC regulations, the Notes can be
traded to the third party other than the Unsecured Financial
Creditors of the Company only if the SEC provides the credit
rating approved rating agency. Accordingly, to facilitate the
liquidity of the Notes the Plan Administrator appointed Fitch
Ratings (Thailand) Company Limited as a credit rating agency of
the Notes. The rating on the Notes as well as report of the
credit rating has been done already.
In addition, pursuant to the SEC rules and regulations
the issuance of the secured notes requires the appointment of
the noteholders' representative to act on behalf of all
noteholders. The Company, as approved by the Plan
Administrator, accordingly appointed Bangkok First Investment &
Trust Public Company Limited as Noteholders' Representative, and
appointed BFIT Securities Company Limited as Note Registrar and
Paying Agent.
2.4. Repayment of the Notes
In October 2001 the Company distributed directly to
creditors the first mandatory redemption being principal and
interest payment of the Notes totaling approximately Bt155
million. The entitled payment portion of those Unsecured
Financial Creditors who have not received the orders from the
Official Receiver on their entitled debt claim amount and/or
have pending issues and/or have not provided the requested
documents and information was reserved in a separate
distribution account totaling approximately Bt56 million. This
amount has been gradually released to the creditors when they
receive the orders from the Official Receiver on their entitled
debt claim amount and have no pending issues and provide the
requested documents and information.
3. Security to the Noteholders
As the Noteholders will receive various types of the
securities, the Plan Administrator together with their legal
advisors had prepared related agreements as provided in the Plan
of the Company and pursuant to the SEC rules and regulations.
As such, the Company perfected the Security of the Notes as
provided under the Plan within 7 days after the Issue Date
pursuant to the T&C.
4. Capital Increase / Conversion of the Unsecured Financial Debt
to Equity / Share Issuance for the Support of CRC, CRC Option
Shares and MIOP Shares / Capital Reduction
Pursuant to the Plan, part of the Unsecured Financial Debts
will be converted to the ordinary shares of the Company with the
conditions that some of these shares will be reserved for the
CRC Options Shares. Moreover the Company will issue another
portion of the shares for Management Incentive Ownership Program
shares (MIOP Shares) and CRC Support Shares pursuant to the
Plan. The Plan Administrator and the Company as granted by the
Central Bankruptcy Court proceeded to increase the share capital
and amended the Company's Articles of Association accordingly to
facilitate the above requirement. All existing unpaid
registered shares were reduced, resulting in the reduction of
registered capital from approximately 187 million shares to 148
million shares. Then the registered capital was increased from
148 million shares to 1,484 million shares as indicated in the
Plan in order that the above mentioned share allocation can be
made. When the Plan Administrator has certain list of the names
and the entitled amounts of shares of each shareholder they will
proceed to issue new shares and apply for the increase in paid-
up capital with the Ministry of Commerce in due course.
Most of which are foreign financial creditors. After debt to
equity foreigners will hold conversion majority of the shares of
the Company. As a result the Company by the Plan Administrator
is in the process of finalizing the appropriate share structure
so that the Company can maintain the foreign shareholding within
a limit set forth in the Articles of Association and pursuant to
related laws and regulations while at the same time can meet the
obligations of the capital increase and debt to equity
conversion pursuant to the Plan. The Company will report
further progress in the future.
The interest rate and payment conditions of the Secured Debt
of the Company will be amended pursuant to the Plan. However,
presently the Official Receiver has not ordered any financial
creditors of the Company as a secured creditor and therefore
none of the actions is required for such amendment.
6. Non-Core Asset Disposal
Pursuant to the Plan the Company will sell the existing Non-
Core Assets available as at the date the Court approved the Plan
within 7 months after such date. The Company consequently sold
one of the Non-Core Assets in May 2001. Net proceeds from the
disposal were transferred to the Distribution Account and
further distributed to the Noteholders.
In addition to the above asset disposal, the Company and the
Plan Administrator appointed an agent to sell the lands defined
as Non-Core Assets according to the Plan. Presently such agent
is approaching and negotiating with a number of prospect buyers
in order that the lands can be sold at maximum possible prices.
The proceeds from these land sales will be distributed to the
creditors pursuant to the terms and conditions of the Plan.
SINO-THAI: Clarifies Revenues, SBIA Project Status
--------------------------------------------------
Sino-Thai Engineering & Construction Public Company, in
reference to the articles in website www.efinancethai.com on 23
April 2002 specifying that Mr. Anutin Charnvirakul, President of
STECON, has revealed information about the Company net profit
in Q1/2002 and the status in the Second Bangkok Airport project,
clarified:
1) Mr. Anutin Charnvirakul has never given any interview
regarding these matters.
2) During Company's Annual General Meeting of Shareholder,
which was held on April 23 at 10:00 a.m., Mr. Anutin was asked
by the shareholders regarding the Company operating performance
and then reported that with the Company's financial strength and
capabilities the company should perform better than the previous
years without mentioning any specific amount.
3) Regarding the airport project, Mr. Anutin informed that
ITO Joint Venture has contacted the Company for steel structure
work and we believe that there is a high possibility for the
company to be awarded the project since the Company is very
specializes in this type of work. However, Mr. Anutin has stated
that it is in the negotiation process and not yet finalize.
SINO-THAI: SET Lifts `H' Sign From Security
-------------------------------------------
The SET lifts `H' sign from Sino-Thai Engineering & Construction
Public Company's stock from morning trading session of April 24,
2002 onwards, as it had disclosed clarification concerning the
information about the Company's net profit in the first quarter
of 2002 and the status in the Second Bangkok Airport project.
Trading of the Company has been halted because it was unable to
render clarification on the unconfirmed news before the
afternoon trading session of April 23, 2002.
THAI ASSET: Widens 2001 Operations Loss to US$831,718
-----------------------------------------------------
The Thai Asset Fund Limited announced on 22/April/2002:
(stock code: 543)
Year end date: 31/12/2001
Currency: USD
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
Turnover : 155,722 75,721
Profit/(Loss) from Operations : (831,718) (731,141)
Finance cost : - -
Share of Profit/(Loss) of Associates: - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (859,247) (787,611)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (USD0.17) (USD0.16)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (859,247) (787,611)
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final Dividend : -
Payable Date : -
B/C Dates for (-) General Meeting : -
Other Distribution for Current Period: -
B/C Dates for Other Distribution : -
Remarks:
1. Turnover 2001 2000
US$ US$
Dividends income from listed investments 145,254 62,741
Interest income from:
- listed investments 1,321 -
- unlisted investments - 1,100
- bank deposits 9,147 11,880
------ --------
155,722 75,721
======= =======
2. 2001 2000
US$ US$
Turnover 155,722 75,721
------- ------
Expenses 228,486)(310,766)
------------------
Net loss before realized gain/ (loss) on disposal of investments
(72,764) (235,045)
Realized loss on disposal of investments (758,954)(583,384)
Realized gain on disposal of short term notes - 87,288
--------- -----------
Net loss before taxation (831,718) (731,141)
========= =========
3. Taxation 2001 2000
US$ US$
Withholding tax in Thailand on distributions from The Thai Asset
Fund (the "Fund"):
Attributable to retained earnings 27,529 56,470
======== =========
Withholding tax is payable in Thailand at the rate of 15% on
distributions made by the Fund to the Company. No provision for
Hong Kong profits tax has been made as interest, dividend and
realized gains on disposal of investments of the Company are
excluded from charge to profits tax under either section 14, 26
or 26A of the Hong Kong Inland Revenue Ordinance.
4. Deficit Per Share
The calculation of deficit per share is based on the Company's
net loss after tax of US$859,247 (2000: loss US$787,611) and
5,000,000 (2000: 5,000,000) shares outstanding during the year.
THAI TELEPHONE: SET Grants Listed Securities
--------------------------------------------
Starting from April 26, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Thai Telephone &
Telecommunication Public Company Limited (TT&T) to be traded on
the SET after finishing capital increase procedures.
Name : TT&T
Issued and Paid up Capital
Old : Bt28,123,272,090
New : Bt28,123,296,690
Allocate to : 2,460 warrants exercise to 2,460
common shares
Ratio : 1 : 1
Price Per Share : Bt4.85
Exercise/Payment Date : March 29, 2002
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
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