/raid1/www/Hosts/bankrupt/TCRAP_Public/020520.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
Monday, May 20, 2002, Vol. 5, No. 98
Headlines
A U S T R A L I A
ASHANTI GOLDFIELDS: Reaches Further Milestones
AUSTRALIAN PLANTATION: ITC Transaction Time Extended
CMG CH: May 10 NAV Stands A$0.70 Per Share
ECAT DEVELOPMENT: Discloses Chairman`s Address to Shareholders
TRANSURBAN GROUP: CBA Lowers Interests to 21.71%
C H I N A & H O N G K O N G
DAILYWIN GROUP: Requests Trading Suspension
MAN FA: Winding Up Petition Set for Hearing
PEARL ORIENTAL: Requests Change of Company Name
WINSAN (CHINA): Proposed Open Offer Circular Dispatch Extended
WIRELESS INTERNETWORKS: Shareholders OK Share Consolidation
I N D O N E S I A
SINAR MAS: Singaporean Unit Reschedules Add'l Debts
BANK INTERNASIONAL: Government Lends Support
DUTA PERTIWI: Defaults Principal Bond Payment
PERTAMINA TBK: Shows No Interest in Karaha Project Development
J A P A N
AOKI CORP.: Urged to End Overseas Operations to Secure Backing
ASAHI MUTUAL: Will Quit 401K Management Business
FUJITA CORP.: Creditors Promise JPY300B Aid in Three Years
HOKKAIDO INTERNATIONAL: Begins Tie-up Talks With ANA
KDDI CORP.: Profit Falls 40.1% on Restructuring Costs
KOBE STEEL: Will Develop Autoparts Materials With Lucchini
NEC CORPORATION: Form Auto Battery Venture With Fuji Heavy
NIPPON TELEGRAPH: President Miyazu to Assume Advisory Position
OJI PAPER: Will Cut Cardboard Output by 10% by Year-End
* Fitch Assigns Ratings to Eight Japanese Regional Banks
K O R E A
DAEWOO ENGINEERING: Sells 67.05% Stake in Bulgarian Hotel
DAEWOO MOTOR: Banks Ask for Deadline Delay
DAEWOO MOTOR: Sale of Bus Unit to YoungAn Likely
HYNIX SEMICON: Denies DRAM Alliance to Boost Prices
HYNIX SEMICON: Rumored Sale Negotiations With Mosel Untrue
HYNIX SEMICON: Shares Up 12% on Renewed Asset Sale Hopes
HYUNDAI CONSTRUCTION: Sees KRW85.9B in Q1 Profit
M A L A Y S I A
CSM CORPORATION: KLSE Further Extends RA Time Extension
L&M CORPORATION: Audit Committee Mohd Ramli Resigns
LION CORP.: Gets SC's Nod on Affin Shares Proposed Disposal
MEASUREX CORP.: Units' Judicial Management Orders Discharged
MOL.COM BERHAD: Given Two-Month Extension to Obtain Approvals
NCK CORPORATION: RA Time Extension Application Approved
PAN PACIFIC: KLSE Approves RA Extension Until June 30
PANGLOBAL BERHAD: Court Grants Six-Month Restraining Order
PILECON ENGINEERING: Posts Change in Boardroom Notice
PROMET BERHAD: Faces Writ of Summon Filed by MBfPS
TECHNO ASIA: SA Submits Report, Statutory Declaration to KLSE
P H I L I P P I N E S
NATIONAL POWER: Meralco Faces Penalties for Breaching Contract
PHILIPPINE LONG: Profits Dependent on Debt Reduction Attempts
REPUBLIC CEMENT: Posts First-Quarter Net Loss of PhP50.76M
S I N G A P O R E
ASIA PULP: Banks Disappointed as Key Issues Still Outstanding
BIL INTERNATIONAL: Clarifies Reports on Price, Trading Volume
BIL INTERNATIONAL: Continues to Sell F&N Shares
DATACRAFT ASIA: Shares Fall US$0.09 After Profit Warning
WEE POH: Agrees to Benxi Iron Takeover
T H A I L A N D
ASIA HOTEL: Submits, Clarifies Q102 Financial Results
EMC PUBLIC: Administrator Registers Paid-Up Capital
KRISDAMAHANAKORN PUBLIC: Restructuring Decreases Net Loss
L.P.N. DEVELOPMENT: Explains 20% Change in Performance
MEDIA OF MEDIAS: Rehabilitation Reduces Interest Expenses
PREECHA GROUP: Incurs Operations Net Loss of Bt45.147M
RAIMON LAND: Explains Q102 Operating Results
SAHAMITR PRESSURE: Submits Q102 Financial Statement
SAMART CORPORATION: Clarifies Q102 Financial Statement
THAI TELEPHONE: SET Grants Securities Listing
- - - - - - - -
=================
A U S T R A L I A
=================
ASHANTI GOLDFIELDS: Reaches Further Milestones
----------------------------------------------
Ashanti Goldfields Company Limited informed that the Grand Court
of the Cayman Islands has granted an order to commence the
Scheme of Arrangement process to effect the proposed
restructuring of the outstanding US$218.6 million 5(1/2) per
cent. Exchangeable Guaranteed Notes due 15 March 2003 issued by
the Ashanti Group. Below are other key points on its
restructuring update:
* Ashanti has published the documentation relating to the
Proposed Restructuring, comprising a Circular to
Securityholders, Scheme Document and Listing Particulars, ahead
of the deadline of 31 May 2002 agreed with an ad hoc committee
representing approximately 65.5 per cent of the Existing Notes
(Ad Hoc Committee);
* Requisite meetings of holders of the Existing Notes
(Noteholders) and Shareholders have been scheduled for 17 June
2002 and 28 June 2002 respectively, ahead of the deadline of 31
August 2002 agreed with the Ad Hoc Committee;
* Ashanti has obtained support for the Proposed Restructuring
from approximately 79.3 per cent. of the Existing Notes;
* Ashanti has signed a new US$100 million 5 year revolving
credit facility (New RCF) for the Ashanti Group;
* Until the Proposed Restructuring is implemented the Ashanti
Board will continue to review any other serious proposals, which
it considers to be in the interests of Ashanti.
Sam Jonah, Chief Executive commented: "We are pleased that the
Proposed Restructuring, which was announced in January, is on
track to be implemented ahead of the 31 August deadline. We
consider the new revolving credit facility to be a vote of
confidence in the future of a restructured Ashanti."
EXPECTED TIMETABLE
The following dates are indicative only and will depend, amongst
other things, on the date upon which the Grand Court sanctions
the Scheme and the satisfaction of various conditions as set out
in the Documentation.
Court Meeting of the Noteholders 17 June 2002
Extraordinary General Meeting of Shareholders 28 June 2002
Grand Court hearing of petition to sanction the Scheme2 Jul 2002
US Bankruptcy Court hearing for a Section 304 order 8 July 2002
Effective Date of Scheme 11 July 2002
Admission of the New Securities for trading 12 July 2002
SUPPORT OF THE PROPOSED RESTRUCTURING
At the date of publication of the Documentation, Ashanti had
obtained support for the Proposed Restructuring from
approximately 79.3 per cent of the Existing Notes. Ashanti has
received, in aggregate, irrevocable undertakings from holders
representing approximately 72.2 per cent of the Existing Notes
and letters indicating an intention to vote in favor of the
Proposed Restructuring representing 7.1 per cent of the Existing
Notes.
CONTINUING REVIEW OF OTHER OPTIONS AVAILABLE TO ASHANTI
Since the announcement of the Proposed Restructuring on 25
January 2002, Ashanti's share price has increased 43 per cent to
close at US$5.30 on 14 May 2002 (New York time). The increase in
the period to 8 March 2002 resulted in the exchange price for
the New Notes being set at US$5.75.
The Ashanti Board together with its restructuring advisers,
Close Brothers Corporate Finance Limited (Close Brothers) and
Houlihan Lokey Howard & Zukin Capital, Inc (Houlihan Lokey), has
reviewed the options available to Ashanti. The Ashanti Board has
also considered the potential of an underwritten issue of new
equity to securityholders. Since Ashanti's announcement on 25
January 2002 detailing the Proposed Restructuring and resulting
share price improvement, the Ashanti Board, together with Close
Brothers, continues to believe that the Proposed Restructuring
is fair and reasonable so far as Securityholders are concerned.
In providing advice to the Ashanti Board, Close Brothers has
taken into account, the commercial assessments of the directors
of Ashanti. The Ashanti Board also considers that the Proposed
Restructuring stands the best chance of being acceptable to all
stakeholders and of being delivered within the timeframe
available.
However, until the Proposed Restructuring is implemented the
Ashanti Board will continue to review any other serious
proposals, which it considers to be in the interests of Ashanti.
In considering any alternative proposals the Ashanti Board will
take into account the requirement to repay in full when due the
Existing RCF and Existing Notes and the deliverability of any
such proposal. If the Ashanti Board, after taking legal advice,
recommends an alternative third party proposal which it believes
is superior to the Proposed Restructuring, or determines not to
proceed with the Proposed Restructuring because it is no longer
in the interests of Ashanti, then the obligations in the form of
written undertakings from the Ad Hoc Committee and others to
vote in favor of the Proposed Restructuring would lapse.
NEW RCF
Ashanti has entered into a US$100 million 5 year revolving
credit facility for the Ashanti Group, which has been arranged
by Barclays Capital (the investment banking division of Barclays
Bank PLC), Bayerische Hypo-und Vereinsbank AG, NM Rothschild &
Sons Limited and Standard Bank London Limited.
The facility is conditional, amongst other things, on (i) there
being no material adverse effect on (a) the business or
financial condition of Ashanti, certain subsidiaries of Ashanti,
or the Ashanti Group taken as a whole, (b) the ability of
Ashanti and its relevant subsidiaries to perform its obligations
under the New RCF, or (c) the validity of the facility agreement
or security documents relating to the New RCF, and (ii) the
Proposed Restructuring being completed, and (iii) appropriate
regulatory approvals being obtained.
The terms and conditions of the New RCF provide for an interest
rate of US$LIBOR plus 175 basis points for the first two years
and 200 basis points for the remainder of the term. The facility
amount will be reduced by US$ 10 million every six months
(except the final payment) with effect from the first
anniversary of drawdown. The final payment will be a bullet
repayment of US$20 million. The final maturity date is 30 June
2007.
CURRENT TRADING AND PROSPECTS
On 8 May 2002, Ashanti published its unaudited consolidated
results for the Ashanti Group for the first quarter ended 31
March 2002. Ashanti's ability to sustain the first quarter's
operating performance during the second quarter will be
challenged by, amongst other things, instability and possible
shortage of power supply in Ghana, low grades mined at Obuasi
during the start of the second quarter, continued lower than
plan mill throughput at Iduapriem and the onset of rains at
Siguiri.
Once completed, the Proposed Restructuring will have a
considerable impact on the balance sheet of the Ashanti Group
and its future results. In addition, the future financial
results of the Ashanti Group will be affected by amongst other
things the reduction in debt as a result of the equalization of
part of the Existing Notes, the increase in the number of Shares
in issue, the changes in rate of the interest on the new notes
being issued in connection with the Proposed Restructuring (New
Notes) and on the New RCF, compared with the Existing Notes and
the Existing RCF, restructuring and refinancing costs and any
accounting charge that may be required to be amortized over the
first four years of the New Notes following an appraisal of the
fair value of the securities received by the Noteholders under
the Proposed Restructuring.
GENERAL
It should be noted that there can be no assurance that the
Proposed Restructuring will be implemented. Securityholders
should, given the uncertainties surrounding the Restructuring
Proposals, exercise caution in relation to dealings in Ashanti's
securities at the present time.
AUSTRALIAN PLANTATION: ITC Transaction Time Extended
-----------------------------------------------------
The administrator of Australian Plantation Timber Limited
(Subject to Deed of Company Arrangement) (APT) and other group
companies, Mr Mervyn Kitay, and Integrated Tree Cropping Limited
have agreed on Thursday to extend the time frame to complete the
transaction recently approved by APT shareholders that will see
ITC acquire a 50% interest in the relisted APT.
"A number of technical issues have prevented certain condition
precedents from being met at this point in time and in the
interests of shareholders, creditors and growers, ITC has agreed
to extend the deadline for these issues to be worked through,"
said Mr Kitay. "We currently believe the conditions can all be
met but the issues are complex and need time to be resolved to
everyone's satisfaction."
The transaction is now expected to be settled early in July.
Re-listing is expected shortly thereafter. In the mean time, APT
has entered into an interim plantation management contract with
ITC to enable the existing plantations to be properly managed
until settlement occurs.
"With the investment season now reaching its peak, we are happy
for the administrator to work through these issues in an orderly
fashion while ITC concentrates on satisfying investor demand for
our timber investment projects," said Mr Tony Jack, ITC's
Managing Director.
"After the doldrums last year, we are now seeing renewed
interest from investors who are returning to the sector, buoyed
by the settlement of taxation issues and the re-affirmation of
government support for the plantation forestry industry," Mr
Jack said.
CMG CH: May 10 NAV Stands A$0.70 Per Share
-------------------------------------------
CMG CH China Investments Limited advised that the unaudited net
asset value (NAV) per ordinary share was A$0.70 as at 10 May
2002 (A$0.70 as at 30 April 2002). The NAV calculation values
investments using current market values and exchange rates and
is also after provision for tax on both realized and unrealised
gains.
CMG CH invests primarily in the equity of companies whose assets
and businesses are located predominantly in China. Equity
investments accounted for 100% of 2001 revenues. Wrights
Investors' Service reports that the Company reported negative
earning as of December 31, 2001. It hasn't paid dividends during
the last 12 months.
ECAT DEVELOPMENT: Discloses Chairman`s Address to Shareholders
--------------------------------------------------------------
Ecat Development Capital Limited disclosed its Chairman's
address to shareholders:
"Over the last two years, the technology sector has experienced
a sustained period of under performance with valuations for
technology stocks remaining at historical lows.
"Directors and management have constantly reviewed the fund's
investment strategy in the light of these difficult market
conditions.
"ECAT's goal has been focused on adding value for its
shareholders through a unique equity market exposure in a tax
effective manner. ECAT provides shareholders with exposure to a
venture capitalist portfolio. ECAT's investment focus has
typically been early stage funding of companies that have
developed a sound business plan for an idea or product that has
the potential to penetrate global markets and therefore provide
strong investment returns over the medium term. Typically,
ECAT's investments have been unlisted and therefore market
valuations difficult to determine.
"The current management team and Board of Directors have
achieved some significant milestones over the last two and half
years. ECAT has successfully raised funds in excess of $14.5
million and has invested in excess of $10.5 million into
fourteen companies involved in various industries including
developing electronic commerce, technology related products and
services and the biotechnology sector. Unfortunately many of
these Company in which ECAT has invested have not achieved
commercial success.
"The performance of ECAT and in particular the appreciation of
the Company's share price relative to industry peers during the
year was pleasing. The percentage increase in ECAT's share price
over the twelve month period ended 31 December 2001, ranked ECAT
as the third best performing listed Company based in Western
Australia.
"The Board however, has been disappointed with the performance
of the Company's share price since the beginning of the year.
"ECAT's most recent investment has been in Clinical Cell Culture
which I will refer to as C3. The magnitude of ECAT's investment
in C3 reflects the confidence the Board of ECAT has that C3 is
well positioned to be a world leader in tissue engineered
products. The C3 products have initial applications in the
treatment of burns, but have potential to expand into broader
wound care and cosmetic surgery applications.
"ECAT has an agreement that would allow it to acquire all the
issued shares in C3 it does not own. ECAT can take a position of
100% ownership of C3 at any time within a six month period
between 23 May 2002 and 22 November 2002. The consideration for
this acquisition will be the issue of new shares in ECAT at a
price equal to the assessed net tangible asset backing per ECAT
share at the time of acquisition.
"If ECAT decides to acquire 100% of C3, it is possible that ECAT
may lose its status as a Pooled Development Fund. At the present
time, the restriction placed on pooled development funds whereby
30% of assets may be invested in any single venture would be
exceeded if ECAT acquires 100% of C3.
"In October last year, ECAT introduced an on-market share buy-
back. The purpose of the share buy-back was to manage ECAT's
capital. The intention was to acquire shares on market at around
the cash backing of each share. During the six month buy-back
period, no shares were acquired due to the market price being
well in excess of the proposed buy-back price.
"During the 2001 financial year, ECAT recorded a consolidated
operating loss of $2,197,524. The result included an unrealized
loss of $1,241,916 in relation to investments held at the end of
the financial year.
"ECAT had consolidated assets of $9.90 million at the end of the
financial year, comprising of approximately $6.5 million held in
cash investments and $3.30 million held in listed and unlisted
securities. As at 30 April 2002, ECAT had consolidated cash
reserves of $6.3 million. The carrying value of its investment
portfolio was $3.9 million. (Adam: Summary attached)
"The reported Net Tangible Asset Backing of the Company's issued
voting shares as at 30 April 2002 was 5.21 cents per share.
"The Company's investment portfolio as at 30 April 2002 includes
the following ASX listed companies:
* Nexus Energy Ltd (formerly eNTITy1)
* Hostworks Ltd
and unlisted companies include:
* Boron Molecular Pty Ltd
* C3 Pty Ltd
* Office Automation Pty Ltd
* SmartNews Group Ltd
* Matchnet Australia Ltd
"Before proceeding with the formal business of the Annual
General Meeting, I have great pleasure in introducing Fiona Wood
to provide shareholders with an update on C3. Fiona along with
Marie Stoner developed the technology that C3 is seeking to
commercialize. Fiona is a director of C3, chief executive
officer and is responsible for the clinical development of the
technology."
TRANSURBAN GROUP: CBA Lowers Interests to 21.71%
------------------------------------------------
Commonwealth Bank Australia decreased its relevant interest in
Transurban Group on 15 May 2002, from 115,944,166 ordinary
shares (22.73 percent) to 110,733,633 ordinary shares (21.71
percent).
According to Wrights Investors' Service, at the end of 2001,
Transurban Group had negative working capital, as current
liabilities were A$217.26 million while total current assets
were only A$126.40 million. The company has paid no dividends
during the last 12 months.
================================
C H I N A & H O N G K O N G
================================
DAILYWIN GROUP: Requests Trading Suspension
-------------------------------------------
Dailywin Group Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Thursday (16 May 2002),
pending the release of an announcement in relation to a proposed
major and connected transaction.
MAN FA: Winding Up Petition Set for Hearing
-------------------------------------------
The petition to wind up Man Fa Hung Seafood Restaurant Company
Limited is set for hearing before the High Court of Hong Kong on
July 3, 2002 at 9:30 am. The petition was filed with the court
on March 12, 2002 by Choy Chung Kwan of 5th Floor, 24 Wing Kwong
Street, Tokwawan, Kowloon, Hong Kong.
PEARL ORIENTAL: Requests Change of Company Name
-----------------------------------------------
Pearl Oriental Holdings Limited requested market participants to
note that the Company name has been changed to "The Sun's Group
Limited". Accordingly, the stock short name of its ordinary
shares (stock code: 988) will also be changed to "THE SUN'S
GROUP" with effect from Friday, 17/May/2002.
WINSAN (CHINA): Proposed Open Offer Circular Dispatch Extended
--------------------------------------------------------------
Winsan (China) Investment Group Company Limited on 24th April,
2002, issued an announcement stating that, inter alia, it
proposed to make the Open Offer and that the Company would send
the EGM Circular to Shareholders on or about 15th May, 2002.
The Company does not expect to receive confirmations from
various banks, including one located in the PRC, in relation to
the preparation of a statement of indebtedness for inclusion in
the EGM Circular, before 15th May, 2002.
Application has been made for an extension to dispatch the EGM
Circular on no later than 28th May, 2002 under Rule 8.2 of the
Code.
REVISED TIMETABLE
As a result of the extension of time in dispatch of the EGM
Circular, the expected timetable for the Open Offer is revised
as follows:
2002
EGM Circular to be dispatched no later than Tuesday, 28th May
Shares become ex-entitlement
to participate in the Open Offer Monday, 17th June
Latest time for lodging transfers
of Shares in order to qualify for
the Open Offer 4:00 p.m. Tuesday, 18th June
Forms of proxy in respect
of the EGM to be returned by 10:30 a.m Tuesday, 18th June
Register of members to be closed
(both dates inclusive) Wednesday and
Thursday, 19th and
20th June
EGM 10:30 a.m. Thursday, 20th June
Record Date Thursday, 20th June
Open Offer Documents to be dispatched Monday, 24th June
Latest time for application and
payment for Offer Shares 4:00 p.m. on Monday, 8th July
Latest time for the Controlling Shareholder
to terminate the Underwriting
Agreement 4:00 p.m. Wednesday, 10th July
Announcement of results of the Open Offer
published in newspapers Wednesday, 10th July
Refund cheques in respect of wholly or
partly unsuccessful applications
posted on or before Thursday, 11th July
Certificates for Offer Shares
posted on or before Thursday, 11th July
Dealings in Offer Shares commence Monday, 15th July
WIRELESS INTERNETWORKS: Shareholders OK Share Consolidation
-----------------------------------------------------------
Wireless InterNetworks Limited requested market participants to
note that the shareholders have approved the consolidation of
shares on the basis of 10 then existing ordinary shares (Old
Shares) of WIN into 1 new ordinary shares (New Shares).
Effective from Tuesday, 21 May 2002, a temporary counter under
stock code 2936 and stock short name "WIN" will be established
for trading in board lots of 200 New Shares each to replace the
previous counter (stock code: 261) for trading in board lots of
2,000 Old Shares each.
=================
I N D O N E S I A
=================
SINAR MAS: Singaporean Unit Reschedules Add'l Debts
---------------------------------------------------
Indonesia's debt-ridden Sinar Mas group said that its unit, Asia
Food and Properties Co. Ltd, has rescheduled an additional S$60
million worth of debts, IndoExchange reports.
The outstanding debt of AFP and its subsidiary Golden Agri-
Resources amounts to S$443 million.
Golden Agri has two joint venture companies in Indonesia.
However, auditor Arthur Andersen said that the value of those
joint venture projects may not be realized due to Indonesia's
prevailing economic, political and social uncertainties.
Golden Agri's current liabilities exceed its current assets by
S$766 million.
BANK INTERNASIONAL: Government Lends Support
--------------------------------------------
The Government has decided to reinforce PT Bank Internasional
Indonesia Tbk (BII) through rights issue, in which the
Government acts as a standby buyer, Indonesia Bank Restructuring
Agency (IBRA) reports citing IBRA Chairman Syafruddin A.
Temenggung. The reinforcement cost of BII is estimated to reach
about Rp4.3 trillion.
Furthermore, the steps to take with regard to the reinforcement
of BII, include management reorganization, and a reverse stock
split followed with a rights issue.
The rights issue is intended to solve the problem, which has so
far hampered BII in running the intermediary function. "After
the rights issue, BII performance will improve significantly",
said Syafruddin A. Temenggung.
The decision to reinforce BII has been made because the bank is
considered to have sustainable banking products, banking
facilities and reliable customer base. Presently, BII serves
approximately 2 million customers and 425 thousands of credit
card holders. The banking product and facility network is
operated through 253 branch offices at home and 4 overseas
branch offices with backup of 590 ATM units.
DUTA PERTIWI: Defaults Principal Bond Payment
---------------------------------------------
PT Duta Pertiwi has failed to meet the principal payment of Duta
Pertiwi II bonds, AsiaPulse reports, referring to Bank Bali's
letter to the Surabaya Stock Exchange.
Duta Pertiwi II, which was issued in 1997 and carries fixed and
floating interest rates, reached its maturity on April 17.
Bank Bali, the bond holders' representative, will take necessary
steps to protect the interest of the bond holders.
Pefindo downgraded its bond and corporate credit ratings of PT
Duta Pertiwi Tbk. (DUTI) to `idCCC' from `idBB-', the TCR - Asia
Pacific reported April 23. This action reflects the Company's
high probability of not being able to make payment of its
maturing bonds of Rp447.65 billion on April 17, 2002 and Rp345.5
billion on August 4, 2001.
PERTAMINA TBK: Shows No Interest in Karaha Project Development
--------------------------------------------------------------
Pertamina Tbk is not yet interested in developing or joining
other companies to continue the Karaha Bodas geothermal power
project in West Java, AFX reports, citing Company President
Baihaki Hakim.
"We are in a position to continue the construction of the
project," he said, adding that the Company is serious in
responding to Karaha Bodas Company's claim of US$261 million by
appealing to a higher court in New York.
"We will do this because we feel that the recent decision of the
international arbitrators requiring us to pay US$261 million in
damages to KBC is not fair and legally invalid because it has
not considered Indonesian laws," he said.
Karaha entered into contracts with Pertamina and another
Indonesian entities to develop the Karaha Bodas Geothermal Power
Project. Due to the Indonesian government's suspension of the
geothermal power project and its inability to continue its
realization, Karaha filed a lawsuit to an arbitration court
in Switzerland pursuant to the Arbitral Rules of the United
Nations Commission on International Trade Regulations.
After prolonged hearings, the independent arbitrators ruled
against Pertamina, awarding Karaha approximately $261 million in
damages. Pertamina refused to pay and as a consequence, Karaha
had begun seizing the Indonesian oil company's assets around the
world in order to collect the damages.
=========
J A P A N
=========
AOKI CORP.: Urged to End Overseas Operations to Secure Backing
--------------------------------------------------------------
Failed midsize builder Aoki Corp is facing pressure to cut ties
with overseas operations to gain support from midsize
construction firm Takamatsu Corp., Kyodo News reports.
On March 6, the Kita-ku, Osaka-based Company has submitted a
rehabilitation plan to the Tokyo District Court. The plan
apparently set the recovery ratio for the bonds rated at Rating
and Information Investment, Inc. (R&I) at an extremely low
level. R&I downgrade the ratings of the Long-term bonds from CC
to C due to bankruptcy risk and low recovery ratio.
ASAHI MUTUAL: Will Quit 401K Management Business
------------------------------------------------
Tokyo's Asahi Mutual Life Insurance Co. has notified the
Financial Services Agency that it will stop managing 410(k)-
style pension plans on behalf of companies and decided to
concentrate its resources on individual insurance products, Dow
Jones Newswires reported, citing the Nihon Keizai Shimbun.
"The decision is part of our management rehabilitation plan
released in February," a company official said. The plan calls
for focusing on businesses promising high profitability and
streamlining or pulling out of corporate insurance products.
On October 1, the financial authorities have certified Asahi
Mutual to perform fund-management services for corporate clients
under the Defined-Contribution Pension Law. It has not served
any customers.
Last week, Asahi Mutual divested from a real estate investment
trust (REIT) firm after it decided REIT's are not essential to
its key operations. The Company had a 20 percent stake in the
Y350 million Tokyo Realty Investment Management Inc. Tokyo
Tatemono Co., Yasuda Mutual Life Insurance Co., Taisei Corp. and
Yasuda Real Estate Co. each had held 20 percent.
Early this year, Asahi Mutual said it was seeking a capital
injection from its major creditor banks, such as Dai-Ichi Kangyo
Bank, in order to improve its financial status.
FUJITA CORP.: Creditors Promise JPY300B Aid in Three Years
----------------------------------------------------------
Ailing mid-size construction firm Fujita Corp. is hopeful it can
split its businesses after Sumitomo Mitsui Banking Corp. and
other major creditors agreed to provide some 300 billion yen in
debt waivers within three years, the Asahi Shimbun reports.
The split-up of Fujita's businesses, which includes the division
into a construction firm and a real-estate management firm on
October 1, is the prelude to its merger with Sumitomo
Construction Co. and Mitsui Construction Co.
Fujita will ask for debt waivers from creditors, including UFJ
Bank, to offset losses that the real-estate management firm will
suffer when the assets are sold.
As of March 2001, the Shibuya-ku, Tokyo-based company has total
current assets of US$6.97 billion against total current
liabilities of US$8.74 billion. Its short-term debt stood at
US$6.12 billion.
HOKKAIDO INTERNATIONAL: Begins Tie-up Talks With ANA
----------------------------------------------------
Hokkaido International Airlines Co., the struggling domestic
airline known as Air Do, has begun talks with All Nippon Airways
Co. on a full-scale alliance, including a capital tie-up, the
Asahi Shimbun reported.
Under ANA's conditions, Air Do has to lower its 7.2 billion yen
capital base. It also wants creditors, including Hokkaido's
prefectural government, to forgive Air Do's loans.
Sources say Air Do may agree to a debt-for-equity swap to ensure
the alliance goes ahead.
Air Do is likely to admit that its liabilities for the year
ended in March exceeded its assets when it announces its
financial results in June.
Hokkaido's prefectural government, which has given 3.8 billion
yen in aid to the airline, has been acting as a middle man to
close the deal as early as the end of this month.
Air Do has already received a total of 4.7 billion yen from
Hokkaido municipalities and the local business community since
its financial trouble surfaced in late 2000.
KDDI CORP.: Profit Falls 40.1% on Restructuring Costs
-----------------------------------------------------
KDDI Corp has suffered a 40.1 percent year-on-year drop in its
group net profit for the year to March 31 to 12.98 billion yen
due to hefty restructuring costs for its "au" mobile phone
services, Japan Today reported. The au services accounted for
155 billion yen of the restructuring costs.
The Tokyo-based telecom company said the sharp fall in the net
balance stemmed from a one-time loss of 202.65 billion yen
including 185.41 billion yen in restructuring costs.
Last year, KDDI had current assets of JPY854.4 billion against
current liabilities of JPY1.1 trillion.
The Company said earlier it would cut its annual capital
spending to 310 billion yen by March 2005.
KOBE STEEL: Will Develop Autoparts Materials With Lucchini
----------------------------------------------------------
Kobe Steel Ltd. has agreed to with major Italian specialist
steelmaker Lucchini Group jointly develop special steel wire and
rods for use in autoparts, Dow Jones Newswires reported, citing
the Nihon Keizai Shimbun.
The project will start in the latter half of the current fiscal
year with development of steel wire for use in suspension parts
and steel rods used in transmissions. The partners hope to
commercialize the new products within two to three years.
Kobe Steel and Lucchini will also work to develop simulation
technology to replace existing stress tests carried out on the
materials, the report said.
Earlier, Kobe Steel Ltd. and Kawasaki Steel Corp. have
considered a joint venture in the welding business.
As of March 2001, the Shinagawa-ku, Tokyo-based Kobe Steel had
total current assets of US$6.3 billion against total current
liabilities of US$6.8 billion.
NEC CORPORATION: Form Auto Battery Venture With Fuji Heavy
----------------------------------------------------------
Electronics giant NEC Corp has agreed to form a joint-venture
company with Fuji Heavy Industries Ltd to develop manganese
lithium-ion rechargeable batteries for use in automobiles, Japan
Today reported.
The new venture, named NEC Lamilion Energy Ltd, will be
capitalized at 490 million yen, and will be held 51 percent by
NEC and 49 percent by Fuji.
NEC in April posted a record loss of 312 billion yen, or 172.9
yen a share, in the year ended March 31, compared with 57
billion yen net income, or 34.6 yen, a year earlier. The loss
was hurt by costs to revamp its operations and cut jobs.
NIPPON TELEGRAPH: President Miyazu to Assume Advisory Position
--------------------------------------------------------------
Outgoing NTT President, Junichiro Miyazu, and several other top
executives of Nippon Telegraph and Telephone Corp. will remain
actively involved in the management of the Tokyo-based
telecommunications group after a leadership reshuffle next
month.
The Asahi Shimbun reported that Miyazu and his colleagues could
continue to wield considerable influence over the group because
they will assume advisory positions on NTT's board of directors.
Observers speculate the arrangement could enable Miyazu to
function as the de facto leader of the NTT group.
NTT was badly burned when info-technology boom came to a halt,
forcing the Company to take a one-time charge of 1.4 trillion
yen in the year ended March 31. Miyazu's goal of making NTT a
leader in fiber optics remains unfulfilled.
OJI PAPER: Will Cut Cardboard Output by 10% by Year-End
-------------------------------------------------------
Oji Paper Co. plans to reduce its annual production capacity of
corrugated cardboard by about 10 percent, or 310,000 metric
tons, by the end of this year due to economic slowdown, Dow
Jones Newswires reported, citing the Nihon Keizai Shimbun.
The cut in cardboard output is part of a drive to revamp the
low-profit division. In contrast to the challenges faced by the
cardboard division, demand for paper used for printing remains
brisk from producers of manuals and catalogues in line with the
spread of personal computers and mobile phones.
Oji Paper expects to lift the factory utilization rate from the
current 80 percent to 85 percent, to about 95 percent, with the
move. This would result in cost reductions of 1.5 billion yen a
year.
As of March 2001, the Chuo-Ku, Tokyo-based company has total
current assets of US$4.5 billion against total current
liabilities of US$5.9 billion.
* Fitch Assigns Ratings to Eight Japanese Regional Banks
--------------------------------------------------------
Fitch Ratings, the international rating agency, on May 16,
assigned long-term and other ratings to these eight Japanese
regional banks, while affirming existing ratings:
* Chiba Bank: Long-term rating of 'BBB' with a Stable Outlook
is assigned. Affirmed are the Short-term rating of 'F2', Support
of '2' and Individual of 'D/E'.
* Joyo Bank: Long-term rating of 'BBB+' with a Stable Outlook
is assigned. Affirmed are the Short-term rating of 'F2', Support
of '2' and Individual of 'C/D'.
* Bank of Fukuoka: Long-term rating of 'BBB' with a Stable
Outlook, Short-term of 'F2', and Individual of 'D' are assigned.
The Support rating of '2' is affirmed.
* Hokuriku Bank: Long-term rating of 'BBB-' with a Negative
Outlook is assigned. Affirmed are the Short-term rating of 'F3',
Support of '2' and Individual of 'E'.
* Hachijuni Bank: Long-term rating of 'A' with a Stable
Outlook, Short-term of 'F1' and Individual of 'C' are assigned.
The Support rating of '2' is affirmed.
* Gunma Bank: Long-term rating of 'A-' with a Stable Outlook
is assigned. Affirmed are the Short-term rating of 'F1', Support
of '2' and Individual of 'C'.
* Ashikaga Bank: Long-term rating of 'BBB-' with a Negative
Outlook is assigned. Affirmed are the Short-term rating of 'F3',
Support of '2' and Individual of 'E'.
* Hiroshima Bank: Long-term rating of 'BBB' with a Negative
Outlook, Short-term of 'F3', and Individual of 'D/E' are
assigned. The Support rating of '2' is affirmed.
The financial performance and strength of the large regional
banks vary greatly and, for the better performing among them,
overall performance and strength indicators are superior to any
of Japan's major banks. In contrast, the weaker regionals are
plagued by poor asset quality, large losses and weak capital.
Even so, Fitch regards all of these banks to be of systemic
importance to the regional economies in which they operate due
to large shares of deposits, lending and clearing. The agency
therefore believes they would be supported in the event of need
by the government, as reflected by the '2' Support rating
assigned to each.
=========
K O R E A
=========
DAEWOO ENGINEERING: Sells 67.05% Stake in Bulgarian Hotel
---------------------------------------------------------
Daewoo Engineering and Construction Co. Ltd., Korea's first and
largest construction company, has sold its 67.05 percent stake
in Bulgaria's Sheraton Sofia Balkan JSC to Greece-based
companies EFG Eurobank Ergasias S.A and Sunstores S.A, for a
total consideration of $23.5 million, the Korea Herald reported.
Daewoo E&C bought the Sheraton stakes in November 1999 following
the Bulgarian government's privatization policy.
The Company has W1.25 trillion in outstanding debt.
DAEWOO MOTOR: Banks Ask for Deadline Delay
------------------------------------------
Creditor banks of ailing auto manufacturer, Daewoo-FSO, have
asked for the postponement of the negotiations' deadline as
decisions regarding the future of the Polish plant of Daewoo
Motor have not yet been made, Poland A.M. reported Friday.
Deputy Economy Minister Maciej Lesny expects the Finance and
Economy Ministries and South Korean Daewoo Motor to reach an
agreement by May 27.
"If we do not reach a consensus, the plant will be closed on
June 7," warned Lesny.
If a compromise is reached, a new investor would be introduced
and Daewoo car production would resume for another two years,
while a new production line for the investor's cars would also
be built.
In total, Daewoo-FSO owes 1.2 billion zloty to Polish and Korean
banks, and 3 billion zloty to Daewoo's Korean headquarters.
DAEWOO MOTOR: Sale of Bus Unit to YoungAn Likely
------------------------------------------------
YoungAn Hat Co. may reach an initial agreement with creditors to
buy Daewoo Motor Co.'s bus business as early as this month,
Bloomberg reports.
According to Korea Development Bank, Daewoo's main creditor,
YoungAn and creditors have been in talks about the sale of the
Company's bus plant in Busan, Seoul, and a stake in a Chinese
bus venture to the world's largest hat maker.
Seoul Economic Daily earlier said that the sale would be worth
about 150 billion won ($118 million).
Daewoo Motor of Inchon, South Korea has been trying to sell its
truck and bus businesses because they were excluded from the
assets General Motors Corp. agreed to buy. The bus plant has an
annual production capacity of 6,000 large buses.
YoungAn, which controls about 40 percent of the world's hat
market, also owns a bus and specialty vehicle assembly plant in
Costa Rica and exports them to Central and South American
countries.
GM and its partners agreed last month to take a 67 percent stake
in Daewoo, along with its global strategic partners.
Daewoo Motor Co.'s total liabilities stood at 24 trillion won
versus 7.9 trillion won in assets as of the end of 2001.
HYNIX SEMICON: Denies DRAM Alliance to Boost Prices
---------------------------------------------------
South Korean chipmaker Hynix Semiconductor Inc denied Wednesday
that it is seeking an alliance to boost spot prices of dynamic
random access memory (DRAM) chips by reducing supply on the spot
market, Dow Jones Newswires reported.
The Economic Daily News of Taiwan said Tuesday that Hynix
officials visited Taiwanese DRAM producers to seek a consensus
to not dump DRAM chips on the spot market.
DRAM prices have fallen significantly since Hynix's planned sale
of core assets to U.S. competitor Micron collapsed late April.
The Ichon, Kyonggi-based computer memory chipmaker is under
pressure to divide and sell operations, as lenders are owed more
than $5 billion.
Earlier this week, Hynix said that the 70 percent of the 128-
megabit dynamic random-access memory chips sold on the China
spot market under its brand are counterfeit.
HYNIX SEMICON: Rumored Sale Negotiations With Mosel Untrue
-----------------------------------------------------------
Hynix Semiconductor Inc said it has not engaged in any specific
talks with Taiwan's memory-chip maker Mosel Vitelic Inc on the
sale of its obsolete fab lines to the Taiwan firm, AFX Asia
reported.
"Officials from Mosel have once looked into some of our obsolete
fab lines. But we are not engaged in any specific talks with
Mosel on the sale of some lines," Hynix spokesperson Kang In-
young said.
The statement came following a report from Internet news
provider MoneyToday that Hynix has been in talks with Mosel
Vitelic on the sale of some of Hynix's outdated memory and non-
memory production lines and equipment.
Earlier, Bloomberg reported that Mosel Vitelic is in talks with
Hynix to acquire some of the assets of the debt-laden South
Korean chipmaker.
HYNIX SEMICON: Shares Up 12% on Renewed Asset Sale Hopes
--------------------------------------------------------
Shares of South Korea's Hynix Semiconductor Inc. were up 12
percent to 830 won on Thursday's trading at the Korean stock
exchange after creditors hired Deutsche Bank AG and Morgan
Stanley Dean Witter & Co as new advisers to sell the Company's
assets, Dow Jones Newswires reported.
The news agency added that a Taiwanese competitor has expressed
interest in buying them.
Analysts say new advisors would enhance the market's
receptiveness for Hynix's fresh attempts to sell its assets.
Investment bank Salomon Smith Barney, which has helped the
financially struggling Hynix land some key bailout funds and
loans from creditors, as well as striking a deal to sell Hynix's
memory chip operation to Micron Technology Inc, was criticized
by many of Hynix's foreign investors and creditors for its
overly bullish projections on the Company's outlook and the
memory chip industry.
The Korean government and creditors were eager to sell Hynix's
memory chip operations to recover creditors' loans and funds as
state-run banks led two multi-billion dollar bailout packages
last year.
Analysts and industry insiders say Hynix, burdened by debts of
$5 billion, will struggle to stay afloat unless creditors
provide much-needed fresh loans.
HYUNDAI CONSTRUCTION: Sees KRW85.9B in Q1 Profit
------------------------------------------------
Hyundai Engineering and Construction (HEC) is now looking
forward to turning operations around this year with a profit of
85.9 billion won in the first quarter this year, the Digital
Chosun reports.
The Company said that the turnaround in the first quarter could
be attributed to the country's real estate boom, where HEC had
been involved in apartment construction projects in several
sites in Seoul.
The country's first and largest construction company, having a
total workforce of 4,500, has suffered from a total of 3.8
trillion won in losses in 2000 and 2001.
HEC had been on the verge of collapse under heavy debts in 2000,
but creditors came to its rescue with about a bailout fund of
2.8 trillion won.
===============
M A L A Y S I A
===============
CSM CORPORATION: KLSE Further Extends RA Time Extension
-------------------------------------------------------
CSM Corporation Berhad, as previously announced, on 29 April
2002, applied to the KLSE for a further extension of time of one
(1) month until 31 May 2002 to make the Requisite Announcement.
On behalf of the Board of Directors of CSM, Arab-Malaysian
Merchant Bank Berhad wishes to announce that the Company had
received the approval from the KLSE, via its letter dated 14 May
2002, for a further extension of time from 1 May 2002 to 3 May
2002 as the Requisite Announcement had been made on 3 May 2002.
Profile
The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE.
Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection.
The Group has appointed an independent financial advisor and
merchant banker to advise on the restructuring proposals. The
Group together with its advisors are currently formulating a
restructuring scheme to regularize its financial conditions and
address its debt obligations. The KLSE has granted the Company a
three-month extension until 25 October 2001 to make an
announcement on its plan to regularize its financial condition.
L&M CORPORATION: Audit Committee Mohd Ramli Resigns
---------------------------------------------------
L&M Corporation (M) Bhd posted this notice:
Date of change : 15/05/2002
Type of change : Resignation
Designation : Member of Audit Committee
Directorate : Executive
Name : MOHAMED JAMAL BIN MOHD RAMLI
Age : 48
Nationality : MALAYSIAN
Qualifications :
Fellow Member of The Chartered Association of Certified
Accountants, United Kingdom;
Registered Member of The Malaysian Institute of Accountants;
Mba From Cranfield University, United Kingdom.
Working Experience And Occupation:
20 Years Experience And Exposure In A Wide Range Of Industries,
Such As Stockbroking, Manufacturing, Investment Holdings, Unit
Trust, Property Development, Hotel Management And Agriculture.
Directorship Of Public Companies (if Any): Johore Tenggara Oil
Palm Bhd, Kramat Tin Dredging Bhd, Berjuntai Tin Dredging Bhd.
Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL
Composition of Audit Committee (Name and Directorate of members
after change):
Tan Sri Dato' Haji Mohd Ramli Bin Kushairi
- (Chairman - Independent Non-Executive Director)
Dato' Seri Dr. Abdul Shukor Bin Abdullah
- (Independent Non-Executive Director)
Profile
L&M is presently undergoing a restructuring scheme, which
involves: transfer of its listing status to Eastern Atlas Bhd
(EAB), a newly incorporated company. The scheme also involves
disposal of L&M Geotechnic Sdn Bhd (LMG) and LMI Engineering Sdn
Bhd (formerly known as L&M Instrumentation Sdn Bhd) (LMI) to
EAB, rights issue, composite scheme of arrangement with
financial institutions and trade and other creditors acquisition
by EAB of Satujaya Sdn Bhd, Kayman Integrated Sdn Bhd and
Vistashine Sdn Bhd, liquidation of the remaining subsidiaries of
L&M, excluding LMG and LMI, and listing of EAB on KLSE. The
restructuring process is expected to be completed by either end
of 2001 or IQ2002.
L&M and its companies had mainly provided specialized
engineering and construction services. Currently, other than the
Pelabuhan Tanjung Pelepas Project undertaken by L&M Geotechnic
Sdn Bhd, there are neither any on-going projects nor new
projects secured by other subsidiary companies.
Subsidiaries L&M Piling Sdn Bhd, L&M Prestressing Specialist Sdn
Bhd, L & M East Malaysia Sdn Bhd and L & M Structures Sdn Bhd
were wound up by creditors on 1 June 2000, 5 July 2000, 20 April
2001 and 15 March 2001 respectively.
LION CORP.: Gets SC's Nod on Affin Shares Proposed Disposal
-----------------------------------------------------------
Lion Corporation Berhad announced that the Securities Commission
via its letter dated 10 May 2002, approved LCB's proposal to
dispose 2.304 million ordinary shares of RM1.00 each in Affin
(Affin Shares) at a discount of not more than 10% from the
closing market price or 5 days weighted average market price of
the Affin Shares prior to such sale and for the net disposal
proceeds to be applied towards payment of the principal and
coupon on the RM350 million 3% Redeemable Bank Guaranteed Bonds
1997/2002 (Bonds) issued by LCB or payment of the amounts due to
the bank guarantors of the Bonds (Bond Guarantors). The SC's
aforesaid approval is subject to LCB providing an undertaking to
the SC that LCB shall endeavor to dispose of the Affin Shares at
the highest possible price.
Under the guarantee facility agreement executed between LCB and
the Bond Guarantors dated 15 December 1997, LCB had agreed that
all proceeds from the disposal of such Affin Shares shall be
deposited into a depository account to be used for, inter-alia,
the repayment of the principal and coupon on the Bonds, or in
the event the Bond Guarantors are required to pay on LCB's
behalf the principal and one coupon on the Bonds, for payment of
the amount due to the Bond Guarantors. LCB had also agreed that
in the event the Bond Guarantors are required to pay on LCB's
behalf the principal and one coupon on the Bonds, the agent for
the Bond Guarantors (Agent) shall be entitled without further
concurrence from LCB to dispose of the Affin Shares in such
manner and at such prices as the Agent deems fit, and to apply
the proceeds for payment of the amount due to the Bond
Guarantors.
MEASUREX CORP.: Units' Judicial Management Orders Discharged
------------------------------------------------------------
Measurex Corporation Berhad announced that the Judicial
Management Orders in relation to the Company's subsidiaries have
been discharged. As a result, the Company no longer fulfils any
of the criteria under paragraph 2.0 of PN4.
In this connection, the Company will be reclassified from the
PN4 Condition sector to the Technology sector with effect from
9:00 a.m. Friday, 17 May 2002. The company, which is currently
under trading suspension will have its securities re-quoted on a
"Ready" basis at the same time.
MOL.COM BERHAD: Given Two-Month Extension to Obtain Approvals
-------------------------------------------------------------
The Board of Directors of MOL.com Berhad informed that the Kuala
Lumpur Stock Exchange has approved a 2-month extension from 1
May 2002 to 30 June 2002 for the Company to obtain all the
necessary approvals from the regulatory authorities and to
announce the Requisite Announcement pursuant to Practice Note
4/2001 detailing its plan to regularize its financial
conditions.
Profile
During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.
Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation
are in deficit by RM31.7M. The Company on 18.4.2001 announced,
inter-alia, a rights issue of two for one at par, which will
result in an issue of approx. 150,674,600 shares, raising
RM150,674,000. The application is pending approval from the
relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31.12.2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the major
controlling shareholder of the Company, has advanced principal
amount of RM125.05m to the Group. TSVT has indicated that the
whole of these advances will be applied towards the subscription
of his entitlement of the rights issue and has further stated
his intention to subscribe for any remaining rights shares that
are not taken up by other shareholders.
NCK CORPORATION: RA Time Extension Application Approved
-------------------------------------------------------
The Special Administrators announced on behalf of NCK
Corporation Berhad that the Company had on 22 April 2002 applied
for an extension of two (2) months to release the Requisite
Announcement (RA) to the Kuala Lumpur Stock Exchange (KLSE). The
KLSE had on 14 May 2002 approved an extension of two (2) months
from 26 April 2002 to 25 June 2002 for the Company to announce
its RA to the Exchange for public release.
PAN PACIFIC: KLSE Approves RA Extension Until June 30
-----------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of Pan Pacific Asia
Berhad, announced that the Kuala Lumpur Stock Exchange on 14 May
2002 approved an extension of time of two (2) months from 30
April 2002 to 30 June 2002, which will enable PPAB to make its
announcement to the KLSE regarding its plan to regularize its
financial condition.
Visit http://www.bankrupt.com/misc/TCRAP_PanPacific0410.xlsto
see details of the Company and its subsidiaries' defaulted
payment as at 31 March 2002.
PANGLOBAL BERHAD: Court Grants Six-Month Restraining Order
----------------------------------------------------------
Panglobal Berhad informed that the Restraining Order under
Section 176 of the Companies Act, 1965 dated 21 September 1998
granted to PGB and four (4) of its subsidiaries, namely
PanGlobal Properties Sdn. Bhd., Limbang Trading (Limbang) Sdn.
Bhd., Global Minerals (Sarawak) Sdn. Bhd. and Menara PanGlobal
Sdn. Bhd, which expired on 15 May 2002, has been extended by the
High Court of Malaya for a further period of six (6) months to
15 November 2002.
The Company further announced that KLSE has granted the request
of the Company to further extend time until 25 July 2002 to
obtain the relevant approvals pursuant to PN4.
PILECON ENGINEERING: Posts Change in Boardroom Notice
-----------------------------------------------------
Pilecon Engineering Berhad posted this notice:
Date of change : 16/05/2002
Type of change : Appointment Boardroom
Designation : Director
Directorate : Independent & Non Executive
Name : DATO' HAJI AHMAD BIN ABDULLAH
Age : 67
Nationality : Malaysian
Qualifications : Senior Cambridge
Working experience and occupation : Dato' Haji Ahmad bin
Abdullah joined the Selangor Secretariat Office as a temporary
clerk in 1955 before starting his career in sales in 1958 with
Oxford University Press (Far Eastern branch in Kuala Lumpur),
Straits Times Press and Jackson (M) Ltd. From 1962 to 1966,
Dato' Haji Ahmad had been appointed Area Sales Manager and then
promoted as The Far East Regional Sales Manager of Grolier's
Society Incorporation. Dato' Haji Ahmad set up his own public
relation, advertising and real estate company in 1967 prior to
being appointed the Executive Chairman of Lipland Group of
Companies, Pengurusan Parking Kereta Ampang Sdn Bhd and PPKA Sdn
Bhd. Dato' Haji Ahmad is also a Director of KP Synergies Bhd, a
company dealing in electrical works, presently in the process of
applying for listing with the Kuala Lumpur Stock Exchange.
PROMET BERHAD: Faces Writ of Summon Filed by MBfPS
--------------------------------------------------
Promet Berhad (PB or the Company) and Pertama Emas Tourist
Corporation Sdn. Bhd. (PETC), a wholly owned subsidiary of PB
have respectively been served with a sealed writ of summon and a
letter of demand as first and second defendant by MBf Property
Services Sdn. Bhd. (MBfPS).
MBfPS is claiming from PETC and PB for a joint and several
repayment of RM2,169,560.25 together with interest.
PETC and MBfPS had mutually entered into a termination agreement
on 19 December 1997 (Termination Agreement) to terminate a sale
and purchase agreement dated 23 June 1997 (SPA) where PETC had
agreed to sell and MBfPS had agreed to purchase pieces of land
totaling RM21,695,602.50. The Termination Agreement encompasses,
inter alia, the following terms and conditions:
(a) the termination of the SPA with effect from 1 December
1997;
(b) the refund of deposit amounting to RM2,169,560.25
(Deposit) to MBfPS within 3 months from the date of the
Termination Agreement. As security for this obligation of PETC,
PETC shall procure its holding company, PB, to issue a letter of
undertaking to pay the Deposit to MBfPS in the event of PETC's
default to do so within the time stipulated.
There is no material financial impact on the Group arising from
the legal suit.
The Company has sought legal advice from its solicitors to
defend against the claim.
TECHNO ASIA: SA Submits Report, Statutory Declaration to KLSE
-------------------------------------------------------------
Techno Asia Holdings Berhad, being an affected listed issuer,
announced that in compliance with the obligation imposed under
the PN 4/2001 in relation to paragraph 8.14 of the Revamped
Listing Requirements of the Kuala Lumpur Stock Exchange,
announced that the monthly report for the month of April 2002
accompanied by the statutory declaration duly executed by the
Special Administrators had been submitted to the KLSE on 15th
May, 2002.
UNIPHOENIX CORP.: Obtains RA Scheme Time Extension Approval
-----------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad, Southern Investment Bank Berhad, in reference to the
announcement made on 30 April 2002 relating to the application
made to the KLSE for an extension of time until 30 June 2002 for
the Company to obtain approvals from the Securities Commission
on the proposed restructuring scheme, announced that the Company
has on 14 May 2002 received the approval from the KLSE for the
above extension of time.
=====================
P H I L I P P I N E S
=====================
NATIONAL POWER: Meralco Faces Penalties for Breaching Contract
--------------------------------------------------------------
The Manila Electric Co may face penalties if it refuses to
adhere to a 10-year power supply contract with state-owned
National Power Corp (Napocor), BusinessWorld reported.
Meralco is questioning the validity of the contract, which
expires 2004, citing continued breaches since 1994. According to
newspaper reports, Napocor is imposing a fine of 1.2 billion
pesos on Meralco for failing to buy 3,600 megawatts of
electricity in January as specified in the contract.
Meralco earlier said it is negotiating for a "transition supply
agreement" with Napocor that will replace the existing contract.
Separately, Meralco Treasurer, Rafael Andrada, said the Company
had sent a termination letter for the contract with Napocor in
January.
Napocor President Roland Quilala said while Napocor agreed to
Meralco's request for a negotiation for the transition supply
agreement, it still maintains that the power purchase contract
is valid.
"If NAPOCOR and MERALCO cannot resolve this issue soon, I may
have to intervene. I feel that I have to come in. I don't know
how soon they can settle this before the department intervenes.
As far as we are concerned, the penalties will be carried out,"
Energy Secretary Vincent Perez said.
PHILIPPINE LONG: Profits Dependent on Debt Reduction Attempts
-------------------------------------------------------------
Philippine Long Distance Telephone Co's prospects going forward
are highly dependent on the ability of the Philippines' largest
phone company to solve its debt problems, reports AFX Asia,
citing Mark Securities Corp chief strategist Manny Cruz.
PLDT President, Manuel Pangilinan, said last week he sees better
prospects going forward as the company improves its risk
profile. The phone company reported a net profit of 1.3 billion
pesos in the first quarter, up from the year-ago 629 million.
Cruz said PLDT might have to sell some assets, including a
portion of its 100 percent stake in mobile unit Smart
Communications, which contributed 1.1 billion pesos to PLDT's
net profit in the first quarter, to be able to generate funds to
pay maturing obligations.
PLDT, owned by Hong Kong's First Pacific Co. and Japan's Nippon
Telegraph & Telephone Corp., has some US$1.3 billion in maturing
obligations between 2002 and 2004.
PLDT has obtained a 9-year refinancing facility of US$148
million facility from German development bank Kreditanstalt fuer
Wiederaufbau.
REPUBLIC CEMENT: Posts First-Quarter Net Loss of PhP50.76M
----------------------------------------------------------
Makati-based cement trader and manufacturer Republic Cement Corp
posted a net loss of 50.76 million pesos for the three months to
March, against a profit of 33.474 million pesos in the same
period a year earlier, AFX Asia reported.
Net sales in the first quarter stood at 1.418 billion pesos from
1.268 billion pesos last year.
For the 2001 fiscal year, Republic Cement revealed a net loss of
1.810 billion pesos, compared with a loss of P245.9 million a
year earlier, due to provisioning for doubtful accounts totaling
1.565 billion pesos.
The Company has decided to take provisions due to expectations
that some assets will not be operational for some years given
the decline in cement demand.
=================
S I N G A P O R E
=================
ASIA PULP: Banks Disappointed as Key Issues Still Outstanding
-------------------------------------------------------------
Major creditors of Asia Pulp & Paper Co, including ABN Amro
Bank, Deutsche Bank, Fuji Bank and HypoVereinsbank, were
"disappointed" that key issues related to resolving the
company's US$13 billion debt "remain outstanding."
According to a report from the Business Times, the creditors
have asked for, and not received, a commitment from APP
shareholders on "certain fundamental principles" including
contributing to the debt restructuring and converting some debt
to equity.
APP and some creditors met in Singapore last Thursday. The
creditors proposed the four principles in a plan submitted to
the company on May 2.
APP, based in the World Trade Center in Singapore, said it
accepted the creditors' four conditions: the categorization of
its debt, restrictions on new borrowing, debt monitoring and the
option of a debt buyback. The creditors, however, said that more
work lies ahead.
Asia Pulp & Paper - http://www.asiapulppaper.comwas once the
flagship of the Indonesian giant Sinar Mas group, founded by
tycoon Eka Tjipta Widjaja.
The Company called a moratorium in March 2001 as operations
tottered under the weight of a liquidity crunch, falling pulp
and paper prices and ratings downgrades.
The New York Stock Exchange delisted APP last July. The
Company's Indonesian subsidiaries, Indah Kiat and Tjiwa Kimia,
were also suspended from the Jakarta Stock Exchange for failing
to submit their latest financial statements.
Asia Pulp's financial adviser is Credit Suisse First Boston Inc.
BIL INTERNATIONAL: Clarifies Reports on Price, Trading Volume
-------------------------------------------------------------
In response to a query on Thursday by the Singapore Exchange
regarding the increase in price and trading volume, BIL
International Limited has advised that it is not aware of any
material information which might have contributed to the
increase in price and trading volume of its securities.
Also, in response to media reports released last week, BIL would
like to clarify that it has not mandated any financial
institutions in relation to any placement of its Fraser & Neave
shares.
BIL INTERNATIONAL: Continues to Sell F&N Shares
-----------------------------------------------
BIL International, which has been steadily offloading shares
from beverage giant Fraser & Neave in recent months, is believed
to have placed out another 26.4 million shares, Business Times
reported.
Brokers reported that DBS Vickers had been appointed to sell the
shares at $7.60. BIL stands to make about $40 million from the
sale.
The Company has sold over three million F&N shares this year in
the open market, lowering its stake from about 11 percent to 9.9
percent. BIL currently owns 29.4 million F&N shares.
"BIL bought into F&N because of its food and beverage business.
They are probably not interested in these businesses," Rachel
Miu of Daiwa Institute of Research said.
BIL International has been on CreditWatch since September 2001
pending the refinancing of US$300 million in debt due on July
23, 2002. Standard & Poor's on March 22 has cut BIL's rating to
BB from BB+.
DATACRAFT ASIA: Shares Fall US$0.09 After Profit Warning
--------------------------------------------------------
Shares of System integrator Datacraft Asia Ltd fell US$0. 09 to
a new low of 1.58 after the Company warned Thursday it would
continue to make losses in the second half of its financial year
as it makes further provisions for doubtful receivables in
China, AFX Asia reported.
Datacraft Asia, located at DBS Building Tower Two, said it is
likely to make additional provisions of US$19 million to US$23
million this financial year due to difficulties in collecting
accounts receivables owing to a unit in China.
The Company said the bad debts are from its subsidiary Datacraft
Networks Inc., which conducts business through Chinese import-
export firms that bill in local currency and remit U.S. dollars
to Datacraft.
The Company is restructuring operations in China, it said in a
statement to the Singapore Stock Exchange.
In November, the Company trimmed 230 workers, or 12 percent of
staff, because of lower-than-expected orders.
WEE POH: Agrees to Benxi Iron Takeover
--------------------------------------
SESDAQ-Listed construction firm, Wee Poh Holdings, has agreed to
be taken over by China's Benxi Iron and Steel Group Construction
Co Ltd., Business Times reported.
The ailing company will issue 125 million new shares at 8 cents
each to give Benxi a 51 percent stake for $10 million.
Wee Poh Executive Chairman, Chew Yin What, said the new funds
would be used to finance new and existing projects. He said that
due to the slump in the local construction industry, he had been
looking for a partner to provide both financial backing and new
business opportunities.
The Company has suffered annual losses of more than $7 million
for the last two years and faced with current liabilities of
S$50.9 million at the end of 2001. In February, its 51 percent
subsidiary, W&P Piling Pte Ltd, received trade creditors'
approval to pay back 40 cents for every dollar owed, on debts of
about $16 million.
Wee Poh, which now has $7.4 million worth of tangible assets, is
also seeking to reduce the value of its $24 million paid-up
capital, from 120 million shares worth 20 cents each, to allow
for the 8 cents-a-share price it is offering Benxi.
For the deal to be completed, most of Wee Poh's approximately
2,000 shareholders must agree to waive their rights to receive a
general offer, and agree to the capital reduction, by the
September 30 deadline.
In addition, Wee Poh's bankers, including United Overseas Bank,
Oversea-Chinese Banking Corp, and Malayan Banking Berhad, must
agree that the $10 million proceeds will not be used to repay
loans.
===============
T H A I L A N D
===============
ASIA HOTEL: Submits, Clarifies Q102 Financial Results
-----------------------------------------------------
Asia Hotel Public Company Limited explained its Q1/2002 result
for loss of Bt8.17 million as per consolidated financial
statements and for loss of Bt19.45 million as per company's
financial statements. The differences in net losses between the
consolidated statements and the Company's financial statements
incurred due to the provision for doubtful debts of the lending
between the parent and subsidiary companies, and between the
subsidiary companies.
According to Company's financial statements, there was an
increase in operation revenues of Bt9.44 million resulting from
expansion of customer base and a decrease in expenses of Bt17.94
million caused by a decrease in selling and administrative
expense and interest expense. Moreover, there was a lower
realized net loss in subsidiaries totaling Bt58.68 million due
to an improvement of performance. Accordingly, overall
performance showed an improvement (a lower loss) of Bt88.26
million or equivalent to 81.94% compared to the same period of
last year.
EMC PUBLIC: Administrator Registers Paid-Up Capital
---------------------------------------------------
Pursuant to the approval of the Rehabilitation Plan of EMC
Public Company Limited and the appointment of EMC Power Co.,
Ltd. as Company Rehabilitation Plan Administrator the Central
Bankruptcy Court on May 15, 2001, the plan administrator would
like to report some progress in implementation of the
rehabilitation plan from February 16, 2002 to May 15, 2002 as
follows:
On May 10, 2002, the plan administrator registered the paid-up
capital up from Bt537,512,610 to Bt590,278,160 by issuing the
additional ordinary shares to the creditor; Bank of Asia Pcl. in
the number of 5,276,555 shares.
KRISDAMAHANAKORN PUBLIC: Restructuring Decreases Net Loss
---------------------------------------------------------
Krisdamahanakorn Public Co., Ltd. clarified its operations for
the period ended March 31, 2002 and 2001, presenting a net loss
amounting to Bt118 million and Bt296 million. The decreased net
loss amount of more than 20 % resulted from decreasing interest
due to debt restructuring.
L.P.N. DEVELOPMENT: Explains 20% Change in Performance
------------------------------------------------------
L.P.N. Development Public Co., Ltd., its subsidiaries and
related company (Company) had consolidated income amounting
Bt82.50 million, a decrease from the same period of 2001 at
64.30%, and had a profit in the first quarter of 2002 amounting
Bt50.63 million, an increase from Bt40.22 million of the same
period of the previous year amounting Bt10.41 million or at
25.88%. The profit came from the operations and debt
restructuring with other creditors.
Explanations on operating results can be concluded as:
1. Decrease of consolidated income
The balance of units to be transferred the ownership right
of Lumpini Center Happyland Project (Phase 2) was done in the
1stquarter of 2002 which was a continuation of 2001. This
created revenue even though not much. All revenue of Lumpini
Place Sathorn and part of revenue of Lumpini Center Happyland
(phase 3) would be recognized in this 2nd quarter, which would
create a rather big jump in revenue.
2. Profit before interest payment and tax
Company had profit before interest payment and tax in 1st
quarter of 2002 from development new projects which could sell
units at profitable price which previously in 2001 company had
gross profit from sales, rents and service only 9.9% but
increased to 24.99% or going up 15.98% in 2002 which for future
new projects company would keep the rate of gross profit as the
same level or higher.
3. Profit from debt restructuring
This came from negotiations to settle loan with other creditors
from Bt138.27 million to only Bt10.0 million, resulting in
profit amounting Bt128.27 million.
4. Impairment of assets
This came from evaluation of market value by way of Discount
Future Income of the vacant land left of Lumpini Place Sathorn
Project which would develop into Serviced Apartment in order
that the land value would be reasonable to make profit from
rent. From checking the price of rental business at present
company deemed that it was appropriate to make the impairment of
land amounting Bt80.0 million.
Further, there were important incidents after the date in
financial statements as follows:
1. Resolutions of the ordinary general meeting of shareholders
of 2002 on 30 April 2002:
1) Transferred regal reserve and premium on shares to offset
the retained loss.
2) Approved the increase of registered capital from Bt460.0
million to Bt1,210 million.
2. Company was able to make all payment of loans to financial
institutions according to Agreement No.1 Remarks 25 amounting
Bt376.70 million appeared in the current portion 1 year period,
and receive new loan facility from another financial
institution amounting Bt180.0 million resulting in company would
have less current liabilities than current assets in future.
3. Company made down payment for land at Sukhumvit 24 amounting
Bt20.0 million to develop residential condominium units totaling
440 units. Project value was approx. Bt600.0 million.
MEDIA OF MEDIAS: Rehabilitation Reduces Interest Expenses
---------------------------------------------------------
Media of Medias Public Company Limited and its subsidiaries has
better operation results for the first quarter compared to the
same quarter of last year with net loss of Bt4.96 million,
lower B17.9 million or 78.3 percent. The changes in results of
operation for this quarter are mainly due to the rising of
advertising income 32.6 percent, percentage of advertising cost
to income decreased 2.8 percent resulted in the improvement of
gross margin.
In addition, the approval of The Business Rehabilitation Plan
by the Bankruptcy Court on January 15, 2002, resulted in the
reduction of interest expenses by B12.56 million compared to
last year. Share of loss in subsidiaries and associates also
decreased by Bt3.88 million.
PREECHA GROUP: Incurs Operations Net Loss of Bt45.147M
------------------------------------------------------
Preecha Group Public Company Limited, in reference to its
reviewed financial statement for the 1st quarter, 2002, stated
that the company and its subsidiaries have a net loss from the
operation at Bt45.147 million.
In comparison, the company had net loss from the operation at
Bt75.180 million at the end of the 1st quarter of last year. In
fact, the reduction of the net loss was the result of debt
restructuring in 2002.
RAIMON LAND: Explains Q102 Operating Results
--------------------------------------------
Raimon Land Planer Co., Ltd. as the Plan Administrator of Raimon
Land Public Company Limited explained 2002 the first quarter
operating result, comparing it to the same period last year. The
difference of more than 25% was caused by:
* The Company has followed its rehabilitation operating plan
and earned Bt85 million in profits.
* The Company didn't have to pay interest in the first
quarter of 2002. According to its rehabilitation plan, its
creditors could calculate interest up to November 8, 2000
only.
First quarter 2002 financial statements and the Company's
financial statements differed because the Company set aside a
reserve for loss on loans made to affiliates and subsidiaries
which the Company is able to control. However, affiliates and
subsidiaries which were consolidated didn't book their reserves
as their parent company's income.
SAHAMITR PRESSURE: Submits Q102 Financial Statement
---------------------------------------------------
Sahamitr Pressure Container Public Company Limited, in reference
to the Company's Rehabilitation Plan submission, and according
to the regulations of the SET regarding rules, conditions and
procedures of listing and delisting (No. 7) notified on 15
January 1997, submitted the first quarter performance comparing
to the financial projection as follows:
Projection Actual Difference from
projection
Baht % Baht % Baht
Total Sales 261,792,000 99.65 317,327,418 99.32 55,535,418
Other Revenue 929,452 0.35 2,163,058 0.68 1,233,606
Total Revenue 262,721,452 100.00 319,490,476 100.00 56,769,024
Cost of Goods
Sold 188,352,094 71.69 265,949,904 83.24 77,597,810
Selling and
Admin. Exp. 57,158,562 21.76 53,014,200 16.59 (4,144,362)
Int. Expenses 280,938 0.11 234,107 0.08 (37,831)
Director Fee 30,000 0.01 30,000 0.01 0
Net Profit 16,899,858 6.43 253,265 0.08 (16,646,593)
Revenue
In Q1/2002, the Company's domestic sales were 126.88% higher
than the projection, whereas export sales were 14.95% lower than
the projection, resulting in the Company's actual total revenues
of Bt319.49 million, higher by 21.61%, compared with the
projection of Bt262.72 million under the Rehabilitation Plan due
to:
* Actual total number of units sold domestically was 261,425
units higher than the projection or accounted for 201.72%. This
was due to the government's measurement of illegal cylinder
destruction from LPG market, which government would subsidize
some cost of replaced illegal cylinders to LPG traders,
effective in early 2002. While actual units sold in foreign
market for this period is close to the projection.
* But the selling price per unit was Bt156.27 lower than the
projection resulting from the lower than projected of both
domestic and export selling price at Bt135.08 and Bt101.59
respectively. These were mainly due to the difference of sale-
size and an intense competition in international market.
Cost of Sales
In Q1/2002 the actual cost of sales at Bt265.95 million was
higher than the projection of Bt188.35 million by approximately
Bt77.60 million or accounted for 41.20% due to the following:
- The increasing number of units sold making cost of goods
sold was Bt102.54 million higher than projection, whereas
- The average selling price per unit was 13.24% lower than
the projection resulting from the difference of sale-size.
Then, the gross margin was 16.19% lower than the projected gross
margin of 28.05%.
Selling and Administration Expenses
The actual selling and administration expenses at Bt53.01
million was Bt4.14 million or 7.25% lower than projection. The
net favorable variance reflects the following:
- Lower than the projection of commission and
transportation at the amount of Bt7.33 million due to the
reduction of commission rate and higher domestic sales.
- Wage and salaries expenses and others expenses was higher
than the projection by Bt3.19 million.
SAMART CORPORATION: Clarifies Q102 Financial Statement
------------------------------------------------------
Samart Corporation Public Company Limited submitted the
Company's Q1/2002 consolidated financial statement as of March
31, 2002 with clarification on better operating result compared
to same period last year of more than 20 percent as follows:
1. Total revenue of the Company and the subsidiaries was up 61%
due to the increased revenue contributed from sales of mobile
phones, premium phone service, 1-900 via TOT service, and the
Air Traffic Control Services business in Cambodia started early
operation. There were also some businesses, which had the
lower revenue due to market declination such as revenue from
paging business, VSAT, and turnkey project from government
sector, which the revenue will be deferred to next quarter;
2. Cost of sales and services increased due to expansion of the
above mentioned businesses, while Selling & Administrative
expenses was increase only 6%;
3. The Company's debt restructuring in October 25, 2001
reflected to the decreased interest payment of Bt80 million or
equivalent to 54%.
THAI TELEPHONE: SET Grants Securities Listing
---------------------------------------------
Starting from May 17, 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 : 28,123,296,690 Baht
New : 28,123,446,690 Baht
Allocate to : 15,000 warrants exercise to
15,000 common shares
Ratio : 1 : 1
Price Per Share : 4.85 Baht
Exercise/Payment Date : April 30, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***