/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/020530.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, May 30, 2002, Vol. 5, No. 106 Headlines A U S T R A L I A CTI COMMUNICATIONS: Releases Info on Top 50 Optionholders GOODMAN FIELDER: Discloses Daily Share Buy-Back Notice LEYSHON RESOURCES: Enters Carpentaria JV With MIM PASMINCO LIMITED: Broken Hill Mine Sale to Finalize This week PMP LIMITED: PTCL, PTAL Become Substantial Holders REINSURANCE AUSTRALIA: Posts AGM Results VOICENET (AUST): Amends Relisting Code C H I N A & H O N G K O N G 401 HOLDINGS: Requests Trading Suspension ALPHA BEST: Hearing of Winding Up Petition Set DAILYWIN GROUP: Price, Turnover Movements Inexplicable FREMAN HOLDINGS: Winding Up Petition Set for Hearing PANDA PREMIUMS: Winding Up Petition Slated for Hearing STAR CRUISES: Seeks Suspension of Trading WAH NAM: Appoints Kim Eng as Independent Financial Adviser WAI CHUN: Winding Up Sought by Grandeur Fiber I N D O N E S I A CITRA MARGA: Sale of Unibank's US$28M Outstanding NCDs Likely INDOFOOD SUKSES: Moody's Rates Unit's Guaranteed Notes `B3' J A P A N FUJITSU LTD: Teaming Up With IBM Japan on Corporate Software HASEKO CORP.: In Debt Due to Latent, Unrealized Losses JAPAN TELECOM: Posts Net Losses of $530M JAPAN TELECOM: Selling DSL Assets to eAccess for JPY5.5B KOBE STEEL: Will Jointly Sell Plants With Argentine Co NEC CORPORATION: Provides ESS With Compression-chip Technology NIPPON TELEGRAPH: Unit to Wholesale IP Phone Service This Fall NISSAN FIRE: Hit Hard With JPY44B Loss SEGA CORPORATION: Faces Suit for Breach of China Contract SEIYU LTD: Ties Up With AM/PM on Online Sales Ops TAISEI FIRE: Plans Merger With Nissan Fire, Yasuda Fire TAKUSHOKU BANK: Court Rejects JPY1.5B Claim K O R E A DAEWOO MOTOR: GM Daewoo to Buy 11% Stake in Sales Arm as Agreed DAEWOO MOTOR: Youngan May Buy Bus Ops for US$114.2M DIGITEL CO.: Faces Kosdaq Suspension After Default KYUNGGI CHEMICAL: Mitsubishi Consortium Offers KRW86B Take-Over M A L A Y S I A AYER HITAM: Unit Restructures RM22.8M Syndicated Term Loan EPE POWER: Thirtieth AGM to be Held June 20 GLOBAL CARRIERS: SoA Approved at Creditors' Meeting MEASUREX CORPORATION: Proposes Change of Company Name PAN MALAYSIA: Posts EGM, 19th AGM Notices PAN MALAYSIA: Unit Enters Recurrent Related Party Transactions PILECON ENG'G: Accounts Submission Extension Request Rejected TALAM CORPORATION: Sells Lebbey's Paid-Up Share Capital TIME DOTCOM: Capital Reduction Exercise Effectuated P H I L I P P I N E S MAYNILAD WATER: MWSS Borrowing $100M to Pay Maynilad Debts NATIONAL POWER: First Quarter Sales Falls on Reduced Purchase NATIONAL POWER: Government Seeking Bids for Bonds, Loans NATIONAL POWER: Meralco Refuses to Pay PhP5.7B Penalty PHILIPPINE AIRLINES: Will Reopen RP-Guam Service on June 21 S I N G A P O R E ASIA FOOD: Explains Rationale for Share Purchase Mandate PENTON INTERNATIONAL: Secures US$12M Lifeline From U.S. Firm T H A I L A N D CENTRAL PAPER: Issues Exercise of Warrant Info L. P. C.: Files Business Reorg Petition in Bankruptcy Court RAIMON LAND: Registers Shares Split of Par Value * DebtTraders Real-Time Bond Pricing - - - - - - - - ================= A U S T R A L I A ================= CTI COMMUNICATIONS: Releases Info on Top 50 Optionholders --------------------------------------------------------- CTI Communications Limited posted its Distribution of Optionholders and Top Fifty Optionholders as at 22 May 2002: DISTRIBUTION OF OPTIONHOLDERS AS AT 22/05/2002 RANGE OF HOLDINGS NO OF OPTIONHOLDERS 1 - 1,000 - 1,001 - 5,000 15 5,001 - 10,000 7 10,001 - 100,000 113 100,001 and over 19 TOTAL 154 TOP FIFTY OPTIONHOLDERS AS AT 22/05/2002 NAME NO OF % OPTIONS HELD Montt Fiduciary Pty Ltd 1,000,000 10.05 Advanced Capital Management Pty Ltd 655,000 6.58 Harris Richard & Beckett Geoff & Gearon Gareth 600,000 6.03 Dunkeld John & Greg 500,000 5.03 Terpie Pty Ltd 475,000 4.77 Keian Holdings Pty Ltd 425,000 4.27 Anderson Russell & Barbara 250,000 2.51 Joyce Dennis & Diana 250,000 2.51 Drage Kim & Tracey 250,000 2.51 Black Plant Thoroughbred 250,000 2.51 Startrend Investments PL 250,000 2.51 Zegna Corporation Global 250,000 2.51 Caudo Joe 250,000 2.51 Singh Sardul 200,000 2.01 Kei Ah Wah 200,000 2.01 Docking Keith & Peach L 150,000 1.51 Jaybold Pty Ltd 125,000 1.26 Jaybold Pty Ltd 125,000 1.26 Harris Richard & Susan 120,000 1.21 Woolcock Les 100,000 1.01 Sumich Mark 100,000 1.01 Hardie Paul Andrew 100,000 1.01 Hardware Support Pty Ltd 100,000 1.01 Collins Haydn 100,000 1.01 Harris Susan Elizabeth 80,000 0.80 Lehmann Shane & Sarah 80,000 0.80 Tower Trust Limited 60,000 0.60 Chong Kwong-Ki Kim 60,000 0.60 Joyce Dennis & Diana 60,000 0.60 Hersey Steve & Saunier Florence 60,000 0.60 Finance Associates PL 50,000 0.50 Daccsar Pty Ltd 47,500 0.48 Falconer David & Leanne 40,000 0.40 Beckett John & Barbara 40,000 0.40 Gearon Gareth & Diane 40,000 0.40 Arpege Pty Ltd 40,000 0.40 Tower Trust Ltd 40,000 0.40 Tower Trust Ltd 40,000 0.40 Fogarty Kath 40,000 0.40 Yeldep Well Pty Ltd 40,000 0.40 Hosking Raymond Stanley 40,000 0.40 Bird Graham Amos 40,000 0.40 Anderson Russell & Barbara 40,000 0.40 Janhill Holdings Pty Ltd 40,000 0.40 Haynes Alan & Colleen 40,000 0.40 No Sleep Pty Ltd 40,000 0.40 Blond Bruce Michael 40,000 0.40 Lehmann Dalvene Kaye 40,000 0.40 Drage Kim & Tracey 40,000 0.40 Ewen Scott Donald 40,000 0.40 TOTAL 8,042,500 80.79 TCR-AP reported October last year that the Company appointed John Sheahan and Ian Lock, of Sheahan Coope Lock, an insolvency practice, (telephone 02 9253 9975), as Joint and Several Administrators in a Voluntary Administration with a view to restructuring the operations of the company. GOODMAN FIELDER: Discloses Daily Share Buy-Back Notice ------------------------------------------------------ Goodman Fielder Limited posted this notice: DAILY SHARE BUY-BACK NOTICE (EXCEPT MINIMUM HOLDING BUY-BACK AND SELECTIVE BUY-BACK) Name of Entity Goodman Fielder Limited ABN 44 000 006 958 We (the entity) give ASX the following information. INFORMATION ABOUT BUY-BACK 1. Type of buy-back On Market 2. Date Appendix 3C was given to 13/11/2001 to ASX TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY BEFORE PREVIOUS PREVIOUS DAY DAY 3. Number of shares bought 55,233,728 656,142 back or if buy-back is an equal access scheme, in relation to which acceptances have been received $ $ 4. Total consideration paid 81,663,017 1,016,430 or payable for the shares 5. If buy-back is an on-market buy-back Highest price paid Highest price paid $1.59 $1.56 Date: 13/05/2002 Lowest price paid Lowest price paid $1.30 $1.54 Date: 13/12/2001 Highest price allowed under rule 7.33: $1.6527 PARTICIPATION BY DIRECTORS 6. If buy-back is an on-market Nil buy-back - name of each director and related party of a director from whom the company bought back shares on the previous day, the number of shares which the company bought back from each named director or related party, and the consideration payable for those shares. HOW MANY SHARES MAY STILL BE BOUGHT BACK. 7. If the company has disclosed 17,110,130 an intention to buy back a maximum number of shares - the remaining number of shares to be bought back COMPLIANCE STATEMENT 1. The Company is in compliance with all Corporations Law requirements relevant to this buy-back. 2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form. Wrights Investors' Service reports that during the 12 months ending 12 December 2001, the Company experienced losses totaling A$0.01 per share. Its long-term debt was A$762.60 million and total liabilities were A$1.40 billion. The long term debt to equity ratio of the company is 0.67. LEYSHON RESOURCES: Enters Carpentaria JV With MIM ------------------------------------------------- The Directors of Leyshon Resources Limited announced that they have signed the Carpentaria joint venture agreement with Mount Isa Mines Limited. The JV covers tenement interests of approximately 7500 square kilometres in the highly prospective Mount Isa region. MIM has agreed to expend up to $6,000,000 over eight years on the properties to earn a 70% interest with the terms of the JV requiring a minimum expenditure of $600,000 over two years before withdrawal. The Directors consider that this is a significant development for Leyshon as it will allow it to rapidly progress exploration in the Mount Isa region utilizing the expertise of a major Australian mining house. Leyshon have already defined nine principal target areas for consideration in the exploration program. The JV provides Leyshon with an immediate opportunity to increase shareholder value through exploration for iron- oxide, copper-gold, and gold deposits in this highly prospective region. Leyshon recently acquired fifty-six granted tenements and applications covering 8959 square kilometres in the Mount Isa region. Of this tenement package nine granted Exploration Permits (EPM's) and thirty-five Exploration Permit Applications (EPMA'S) covering 1006 and 6532 square kilometres respectively are included in the JV with MIM. The region is recognized as one of the world's most significant mineralized provinces for base metal occurrences that include stratabound lead-zinc-silver deposits (Mount Isa, Century) and intrusion related iron oxide copper gold (IOCG) deposits (eg, Ernest Henry). Other operating mines in the region include Cannington, Selwyn and Osborne. Data compilation, target ranking and program planning have already been completed. Field exploration has commenced and includes mapping, sampling and an extensive IP survey over the Turf Club Shear zone on the Mount Avarice and Mount Marathon EPMs, located thirty-five kilometres to the southwest of the Ernest Henry Mine. The terms of the JV require a minimum expenditure by MIM of $600,000 over two years before withdrawal, and the option to spend an additional $2,400,000 for a total of $3,000,000 over five years to earn 51% of the properties. MIM can then earn a further 19% by expending $3,000,000 over three years to advance to 70% of the properties. Seven of the nine principal target areas defined by Leyshon are focused on locating IOCG deposits and include the Base and Magazine anomaly on the Mount Avarice EPM forty kilometres to the southwest of the Ernest Henry Mine. This anomaly includes drill intercepts of up to 0.4% copper and 0.26 g/t gold over 22m, significant magnetite, biotite and red-rock alteration and prospective structural geological setting. Additional targets presented by Leyshon focus on multi-element anomalism and similarities to Mount Isa and Century type lead-zinc-silver liberalization and Tick Hill gold liberalization. It is anticipated that drill testing of suitable, geophysical anomalies will commence in the September quarter. The Directors are pleased that the Agreement was completed on terms favorable to all parties and the progress that MIM has already made in its assessment and testing of targets within the JV tenements. TCR-AP reported early this May the Company's first quarter report and noted that Rehabilitation and Mine Closure activities for the quarter continued in line with the Mine Closure Plan and schedule. These Rehabilitation activities occurred during the quarter: * Topsoil placement and application of seed and fertilizer application on the North West Rock Dump was completed. * Contaminated Sites assessment, in compliance with legislation, was carried out on the Eastern Waste Rock Dump, Southern and Old North Tailings Facilities. * Seal placement on the Northern Tailings facility is approximately 90% complete. * The sealing layer on Roche Hill is complete. Topsoil placement has commenced with 60% complete. * Numerous minor clean up earthworks projects are underway around the site. The following Mine Closure activities occurred during the quarter: * On 1 March all Production and Maintenance roles were made redundant. * On 31 March all remaining employees were made redundant. * The career transition program has concluded. A report on the program is currently being drafted. PASMINCO LIMITED: Broken Hill Mine Sale to Finalize This week ------------------------------------------------------------- Pasminco Limited (Administrators Appointed) announced Tuesday that following the statement by Perilya Limited on 23 May 2002 that its financing was in place, completion can now occur. Pasminco and Perilya have agreed for sale completion to occur on Friday 31 May 2002. Perilya, on May 23, reached an agreement on the terms of a zinc sale and purchase agreement and associated funding arrangement with Korea Zinc Company Ltd and its associated company, Young Poong Corporation Limited (together, "The Korea Zinc Group"). The Korea Zinc Group has agreed to fund US$15 million towards meeting the acquisition costs related to Perilya's acquisition of the Broken Hill mine from Pasminco. On March 8, Pasminco has entered into an agreement with Perilya to sell its mining operations and tenements at Broken Hill in New South Wales for a cash consideration of A$90 million. A$35 million is payable in the first 6 months and A$55 million will be paid in the form of deferred volume and price linked payments which commence in 6 months and are payable for up to 7 years. PMP LIMITED: PTCL, PTAL Become Substantial Holders -------------------------------------------------- Permanent Trustee Company Limited (PTCL), Permanent Trustee Australia Limited (PTAL) became a substantial shareholder in PMP Limited on 22/April/2002 with a relevant interest in the issued share capital of 17,707,973 ordinary fully paid shares (6.10 percent). On March 7, TCR-AP reported that the Company's Moorabbin plant will close in June 2002 and will be offered for sale in the second half of 2002. Proceeds from the sale would be used to further pay down debt. REINSURANCE AUSTRALIA: Posts AGM Results ---------------------------------------- Reinsurance Australia Corporation Limited, in accordance with Listing Rule 3.13.2, advised that the outcome in respect of the matters put to the Company's Annual General Meeting on Tuesday, were: 1 To re-elect Maurice Williams Loomes as a Company director. The resolution was passed on a show of hands 2 To re-elect Carl Philipp Rene Thomas as a director of the Company. The resolution was passed on a show of hands 3 To amend the Company's Constitution. The resolution was passed as a special resolution on a show of hands Pursuant to Section 251AA(2) of the Corporations Act, I advise that the total number of votes in respect of which proxies were received for the above resolutions is as follows: RESOLUTION FOR AGAINST ABSTAIN OPEN 1 64,592,622 152,186 58,960 1,870,747 2 34,795,656 179,186 59,960 31,999,713 3 34,822,038 105,698 57,316 32,004,463 VOICENET (AUST): Amends Relisting Code -------------------------------------- Voicenet (Aust) Limited advised the trading symbol for its 76 percent subsidiary incorporated in the US, Voicenet Inc, which has been relisted on the over-the-counter "pink sheets", under the requisite requirements of the National Association of Security Dealers, has been amended to "VCNE". This is a change from "VTC.E" which was previously advised. ================================ C H I N A & H O N G K O N G ================================ 401 HOLDINGS: Requests Trading Suspension ----------------------------------------- 401 Holdings, Limited, requested trading in its shares to be suspended with effect from 9:30 a.m. Wednesday 29 May 2002, pending the issue of an announcement regarding a discloseable and share transaction entered into by the Company. TCR-AP reported on April 1 that the Company is in the course of discussions with remaining creditors relating to the settlement of outstanding obligations in consideration of the issue to some of these creditors of shares in the Company at HK$0.01 each as part of its overall capital restructuring plan. ALPHA BEST: Hearing of Winding Up Petition Set ---------------------------------------------- The petition to wind up Alpha Best Enterprises Limited is scheduled for hearing before the High Court of Hong Kong on July 3, 2002 at 10:30 am. The petition was filed with the court on March 20, 2002 by Mok Kim Foon of Flat A, 4th Floor, Sin Ching Building, 201-207 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong. DAILYWIN GROUP: Price, Turnover Movements Inexplicable ------------------------------------------------------ Dailywin Group Limited noted the recent increase in the trading volume and the decrease in the prices of the shares of the Company and stated that the Company is not aware of any reasons for such movements. Save as disclosed in the announcement of the Company dated 22 May 2002 relating to the proposed acquisition of an effective interest of approximately 99.79 percent in Wai Yuen Tong Medicine Company Limited, the Company confirmed that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price- sensitive nature. FREMAN HOLDINGS: Winding Up Petition Set for Hearing ---------------------------------------------------- The petition to wind up Freman Holdings Limited is scheduled to be heard before the High Court of Hong Kong on July 3, 2002 at 10:00 am. The petition was filed with the court on March 18, 2002 by Times-Ringier (HK) Limited whose registered office is situated at 11-13 Dai Kwai Street, Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong. PANDA PREMIUMS: Winding Up Petition Slated for Hearing ------------------------------------------------------ The petition to wind up Panda Premiums Limited is set for hearing before the High Court of Hong Kong on July 3, 2002 at 11:30 am. The petition was filed with the court on April 3, 2002 by Lam Lok Sze of Room 1102, Yee Yip House, Tsing Yi Estate, Tsing Yi, New Territories, Hong Kong. STAR CRUISES: Seeks Suspension of Trading ----------------------------------------- Star Cruises, Limited, sought suspension of shares trading with effect from 9:30 a.m. Wednesday 29 May 2002, pending an announcement in relation to the top up placing. On 20 February 2002, a Refinancing Facility Agreement was entered into between the Company as borrower and the Hongkong and Shanghai Banking Corporation Limited as agent, relating to the provision of a 7-year syndicated term loan of up to US$450,000,000 to the Company to refinance the Syndicated Loan Facility. The Company was in breach of two of the financial covenants under the Syndicated Loan Facility as of 31 December 2001. WAH NAM: Appoints Kim Eng as Independent Financial Adviser ---------------------------------------------------------- John Robert Lees and Desmond Chung Seng Chiong, Joint and Several Liquidators of Wah Nam Group Limited (In Compulsory Liquidation), in reference to its announcement dated 10 May 2002 in relation to the Restructuring Proposal, announced that Kim Eng Capital (Hong Kong) Limited has been appointed as the independent financial adviser to the Wah Nam Shareholders. Trading in the securities of the Company has been suspended since 20 July 2000 and will remain suspended pending the implementation of the Restructuring Proposal. WAI CHUN: Winding Up Sought by Grandeur Fiber --------------------------------------------- Grandeur Fiber Company Limited is seeking the winding up of Wai Chun Piecegood's Company Limited. The petition was filed on May 3, 2002, and will be heard before the High Court of Hong Kong on August 7, 2002 at 10:00 am. Grandeur Fiber holds its registered office at 20th Floor, 65/167 Chamnan Phenjati Business Centre, Rama 9 Road, Huaykwang, Bangkok 10320, Thailand. ================= I N D O N E S I A ================= CITRA MARGA: Sale of Unibank's US$28M Outstanding NCDs Likely ------------------------------------------------------------- PT Citra Marga Nusaphala Persada plans to sell the outstanding US$28 million worth of negotiable certificates of deposits (NCDs) issued by the now defunct PT Unibank, AFX Asia reports. The Company will sell the NCDs at a discount, a move that could result in a potential loss but from a longer-term perspective, the planned transaction will strengthen its financial structure. The Company will hold an EGM on June 27 to seek shareholders' approval for the transaction. Indonesia Bank Restructuring Agency is unable to clarify the status of the NCDs, which matured on May 9 and 10 but due to the closure of Unibank, the obligation has been transferred to the IBRA, pending an ongoing due diligence exercise. According to DebtTraders, Citra Marga's 7.250% bonds due on 2002 (CMNP02IDN1) are trading between 67.5 and 71.5. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1 INDOFOOD SUKSES: Moody's Rates Unit's Guaranteed Notes `B3' ------------------------------------------------------------ Moody's Investors Service on May 28 has assigned a B3 rating to Indofood International Finance Ltd's prospective US$200 million senior guaranteed notes (the Notes) due on 2007. The rating recognizes that PT Indofood Sukses Makmur Tbk (Indofood) and its four flour subsidiaries will guarantee the Notes. The outlook for the B3 rating is positive, which reflects the positive outlook on Indonesia's sovereign rating. At the same time, Moody's has assigned a B1 local currency issuer rating to Indofood. The outlook for the local currency rating is stable. This is the first time that Moody's has rated the debt of Indofood, the largest processed foods company in Indonesia. The rating agency says that the ratings reflect the risk associated with the large scale political, economic, and social uncertainties in Indonesia. The ratings also consider the risk of Indofood's ability to fund ongoing capital expenditure and working capital requirements given the limited availability of foreign credit to Indonesian corporates, and a weak domestic bank/bond market in the country. In addition, near term refinancing pressures are high with US$200 million debts to mature in the next two months. However, in Moody's opinion, this risk is addressed through the refinancing arrangements that have been put in place: a US$100 million 2-year bank facility, and the proposed US$200 million 5- year Notes issuance. ========= J A P A N ========= FUJITSU LTD: Teaming Up With IBM Japan on Corporate Software ------------------------------------------------------------ Fujitsu Ltd., Japan's biggest computer manufacturing company, will team up with IBM Japan Ltd., the Tokyo unit of International Business Machines Corp. of the U.S., in the field of corporate software package products in the Japanese market, the Wall Street Journal reported. The two companies agreed to start examining joint development and marketing of new software products combining Fujitsu's Enterprise Resource Planning software "GLOVIA-C" and IBM's database management software "IBM DB2 Universal Database". An ERP package includes modules for management of production, sales, procurement, inventory, personnel and salary. Fujitsu's "GLOVIA-C" holds a top market share in the domestic ERP market for midsized companies. In April, Tokyo-based Fujitsu projected it would break even on a group net basis this business year after hefty restructuring costs and the information technology slump pushed it into its worst loss ever last year. The Company reported a group net loss of 382.54 billion yen for the year that ended March 31 on heavy restructuring costs and money-losing semiconductor and telecommunications-related operations. HASEKO CORP.: In Debt Due to Latent, Unrealized Losses ------------------------------------------------------ Struggling condominium builder Haseko Corp. revealed Tuesday a net loss of 122.63 billion yen in the 2001 business year, compared with a turnaround from a profit of 95.31 billion yen the year before, Japan Times reported. Haseko attributed the net losses chiefly to a 90.29 billion yen latent loss on its real-estate holdings for sale and a 50.94 billion yen unrealized loss on its fixed real-estate assets. Haseko posted profits of 163.59 billion yen the previous year due to debt-waivers granted by creditor banks. The company said it would skip a dividend payment for 2001, as it did a year ago. This year, Haseko forecasts net profits of 4 billion yen, on projected operating revenues of 425 billion yen. JAPAN TELECOM: Posts Net Losses of $530M ---------------------------------------- Japan Telecom Co. Ltd, the nation's No. 3 telecommunications firm, reported Tuesday net losses of 66 billion yen ($530 million) for the business year that ended in March. For 2001, group sales increased 16.3 percent to 1.7 trillion yen. Operating profits, however, fell 20.3 percent to 89.1 billion yen as price-cutting competition intensified in the fixed-line business. The group's pretax profits stood at 74 billion yen, a 17.3 percent fall. In addition to the decline in profits, Japan Telecom posted 75 billion yen impairment on the carrying value of investments and 12 billion yen in special losses for debt refinancing. As a result, the company posted its first net losses since being listed on the Tokyo Stock Exchange in September 1994. The Chuo-ku, Tokyo-based company is 66.7 percent owned by British mobile phone service provider Vodafone Group PLC. JAPAN TELECOM: Selling DSL Assets to eAccess for JPY5.5B -------------------------------------------------------- Japan Telecom Co Ltd will sell its asymmetrical digital subscriber line assets to local operator eAccess Ltd., a major wholesaler of ADSL services to Internet service providers, for around 5.5 billion yen, the Japan Times reports. The assets' book value is expected to be Y5.3 billion. Japan Telecom will transfer its DSL facilities at 842 offices to eAccess and sign an exclusive wholesale contract with eAccess for its future DSL customers, the paper said. Customer numbers are expected to reach 215,000 at end-May. Japan Telecom also revealed a plan to transform itself into a holding company, to be named Japan Telecom Holdings Co., with three new wholly owned subsidiary units to be set up in summer. KOBE STEEL: Will Jointly Sell Plants With Argentine Co ------------------------------------------------------ Kobe Steel Ltd. will jointly market steel dust recycling plants overseas with large Argentina steelmaker, Techint, Dow Jones Newswires reported, citing the Nihon Keizai Shimbun. The plants will be used to recycle dust generated from steel- making processes, the report said. Kobe Steel and its U.S. subsidiary Midrex Technologies Inc. have agreed to market the plants with Techint Technologies of Italy. Techint will be responsible for selling the plants in Europe and South America. Kobe Steel jointly developed the recycling plant with Midrex Technologies. The plant recovers iron contained in the dust, which can be used to make steel for blast and electric furnaces. Steelmakers currently do not recycle the dust due to technological difficulties. Kobe Steel revealed last Thursday a group net loss of 28.52 billion yen in the fiscal year to March 31, from a profit of 6.50 billion yen the previous year. The Shinagawa-ku, Tokyo- based steelmaker attributed the poor earnings to a hefty extraordinary loss resulting from appraisal losses on securities holdings amid the stock market slump and charges to cover shortages in reserves for retirement benefits. NEC CORPORATION: Provides ESS With Compression-chip Technology -------------------------------------------------------------- NEC Corp recently provided U.S. chipmaker ESS Corp with technology to make system chips that compress the audio and visual data of DVDs, AFX Asia reported, citing the Nihon Keizai newspaper. ESS will combine NEC's technology that adheres to MPeg2 graphic data standards with its own data decompression technology, aiming to develop a single system chip that can control recording and replaying. NEC will be paid a technology usage fee based on ESS sales. The struggling Minato-ku, Tokyo-based electronics conglomerate, hit hard by last year's IT slump and aggressive foreign rivals, has unveiled a string of reforms over the past year. NEC is now trying to recover profits through group restructuring after posting a consolidated net loss of 312 billion yen ($2.50 billion) in the year ended March 31 largely due to the downturn in the semiconductor and IT markets. As part of the restructuring plan, NEC said it would shed jobs, close and sell plants, and split off divisions into separate companies as it struggles to regain profitability and restore its balance sheet to health. NIPPON TELEGRAPH: Unit to Wholesale IP Phone Service This Fall -------------------------------------------------------------- NTT-ME Corp will begin wholesaling its Internet Protocol telephone service to net access providers in September, AFX Asia reported, citing the Nihon Keizai newspaper. The Nippon Telegraph and Telephone Corp group unit will offer customers a package including an IP network, a fee-charging system and system maintenance, at prices up to 50 percent lower than rival net phone services, the report said. The Company will wholesale its IP phone service to customers at a rate of 10 yen per three minutes. Customers will set their own phone charges based on NTT-ME's wholesale fee. The firm will also offer an IP phone service through public lines linking both parties at 20 yen for three minutes, the same fee offered by Fusion Communications. 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. NISSAN FIRE: Hit Hard With JPY44B Loss --------------------------------------- Property and casualty insurer Nissan Fire & Marine Insurance Co. plunged into the red with a consolidated net loss of 43.76 billion yen in fiscal 2001 after taking heavy losses from reinsurance contracts linked to the September 11 terrorist attacks. That translates into a loss of 172.14 yen per share for the year to March 31, a steep turnaround from the 17.10 yen per share it made the previous year on group net profits of 4.40 billion yen. The Tokyo-based company said it would not pay a dividend for the reporting year. SEGA CORPORATION: Faces Suit for Breach of China Contract --------------------------------------------------------- Video game developer and distributor, Advent Telecommunications, Inc., which does business as Excite Interactive Media Development, has filed a lawsuit against SEGA Corporation for anticipatory breach of contract and declaratory relief in the United States District Court for the Central District of California. The lawsuit alleges that SEGA has denied the binding effect of an agreement with Excite concerning the grant of various exclusive and non-exclusive rights of distribution and development of SEGA products in Greater China (China, Hong Kong and Taiwan). SEGA's senior managing director signed this agreement in February 2001. Representing Excite in this case is attorney Jinshu "John" Zhang of the Los Angeles office of Greenberg Traurig, LLP, an 830- lawyer international law firm. John Zhang can be reached for comment at 310-586-7750. Sega returned to profitability for the first time in five in years, with an operating profit of 14.2 billion yen ($112 million) last year, compared with an operating loss of 51.7 billion yen previously. The Tokyo-based maker of video game software has been cutting costs and strengthening its balance sheet through disposals of assets, including offices and stock holdings. SEIYU LTD: Ties Up With AM/PM on Online Sales Ops ------------------------------------------------- Supermarket operator, Seiyu Ltd., and convenience store chain operator am/pm Japan Co. are set to join forces in online shopping sales and same-day deliveries, Dow Jones Newswires reported, citing the Nihon Keizai Shimbun. The two major retailers will link Web sites allowing each other's customers to order goods. The Companies hope the appeal of the new partnership will help them win a combined total of 1,000 to 1,500 new online customers by the end of July. The new venture is a boost to Kita-ku, Tokyo-based Seiyu Ltd, which has been selling assets and closing money-losing stores to help it halve its debt to 600 billion yen. Seiyu 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. TAISEI FIRE: Plans Merger With Nissan Fire, Yasuda Fire -------------------------------------------------------- Bankrupt non-life insurer Taisei Fire & Marine Insurance Co. will merge with the new insurer to be set up by Nissan Fire & Marine Insurance Co. and Yasuda Fire & Marine Insurance Co., the Asahi Shimbun reported, citing sources close to the Company's rehabilitation process. Prior to the merger, Taisei's troubled reinsurance operations will be hived off and transferred to a new company to be set up in Bermuda. Taisei will by this autumn become part of Sompo Japan, to be formed in July by the merger of Nissan Fire & Marine and Yasuda Fire & Marine. Taisei filed for bankruptcy protection in November after its reinsurance operations faltered under massive payout obligations following the September 11 terrorist attacks on the United States. Splitting off the reinsurance division is aimed at preventing the payouts from bringing down the rest of the Company. The Company will submit to the Tokyo District Court on June 28 its final rehabilitation plans, which includes the set-up of a reinsurer in Bermuda and the transfer the reinsurance business to the new entity. Initial assets will total 100 billion yen. TAKUSHOKU BANK: Court Rejects JPY1.5B Claim ------------------------------------------- The Sapporo District Court on Wednesday turned down a lawsuit demanding that collapsed Japanese commercial bank, Takushoku Bank (Takugin), should return some 1.5 billion yen in deposits paid by 55 members of a resort facility operated by a subsidiary of the bank. According to a Kyodo News report, the plaintiffs, including companies and individuals, had bought the memberships of 35 million yen each in 1990 and 1991, of which 28 million yen was considered a deposit to be returned at the time of cancellation. The deposits were guaranteed by another Takugin subsidiary. The plaintiffs claimed Takugin officials had urged them to buy the memberships, saying the bank would guarantee the refund. The bank claimed its officials had made no such promise. Takugin, based in Sapporo, Hokkaido, collapsed in November 1997 under a massive load of bad loans. ========= K O R E A ========= DAEWOO MOTOR: GM Daewoo to Buy 11% Stake in Sales Arm as Agreed --------------------------------------------------------------- GM Daewoo Automotive Technology Co., a new company formed by General Motors Corp., is sticking with its original plan to buy Daewoo Motor Co.'s entire 11 percent stake in the domestic marketing arm, Daewoo Motor Sales Co. According to a Dow Jones Newswires report, GM Daewoo Automotive's statement counters a Yonhap News Agency report Tuesday that said the company would not buy any of Daewoo Motor Sales shares. In the first-quarter, sales figure of Daewoo Motor Sales rose 10.9 percent from a year earlier to 843.7 billion won ($659.7 million), while net profit soared 273.1 percent to 25 billion won. Daewoo attributed the impressive performance to restructuring efforts that began last year and active support by dealerships. DAEWOO MOTOR: Youngan May Buy Bus Ops for US$114.2M --------------------------------------------------- Daewoo Motor Co.'s bus manufacturing operations will likely be sold to Youngan Hat Co. of South Korea for about 140 billion won (US$114.2 million), Dow Jones Newswires reports. "We are still narrowing differences, mostly in prices, but we hope to sign a preliminary agreement next week", an official at the automaker's key creditor Korea Development Bank. A spokesman at Youngan said talks were moving in a "positive" direction. He declined to elaborate how the hat company will finance the acquisition. According to KDB, YoungAn and creditors have been in talks about the sale of the Company's bus plant in Busan, Seoul, and a 60 percent stake in a Chinese bus venture to the world's largest hat maker. 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. Daewoo Motor Co.'s total liabilities stood at 24 trillion won versus 7.9 trillion won in assets as of the end of 2001. The Company filed for bankruptcy last November after amassing $17 billion in debt. DIGITEL CO.: Faces Kosdaq Suspension After Default -------------------------------------------------- Digitel Co. will remain suspended from trading until the Kosdaq steering committee decides whether to delist the South Korean maker of telecommunications equipment from the over-the-counter Kosdaq market, Bloomberg reported. Digitel on Tuesday defaulted on 2.5 billion won ($2 million) in debt. The stock last traded down 70 won, or 5.8 percent, to 1,140. KYUNGGI CHEMICAL: Mitsubishi Consortium Offers KRW86B Take-Over --------------------------------------------------------------- A consortium led by Mitsubishi Corp has proposed to take over fertilizer maker, Kyunggi Chemical Industrial, for W86 billion, AFX Asia reported. A Kyunggi official said the consortium includes two local firms, one of which is G&F CRC (Corporate Restructuring Company). An official from Korea Development Bank, Kyunggi's main creditor, also said creditors would talk with the consortium to determine the final sale price and plan to sign a final contract by the end of June. Kyunggi Chemical has been under court receivership after it became insolvent in March 1999. =============== M A L A Y S I A =============== AYER HITAM: Unit Restructures RM22.8M Syndicated Term Loan ---------------------------------------------------------- Ayer Hitam Tin Dredging Malaysia Berhad, further to its announcement on 29 April 2002, informed that the Company's 100% subsidiary company, Motif Harta Sdn Bhd has accepted the written offer by its lenders to restructure the RM22.8 million syndicated term loan. Central to the restructuring, repayment period has now been extended to June 2004. The restructuring is now pending only on completion of legal documentation. The Company will make the appropriate announcement to the Exchange as soon as the legal documentation is completed. EPE POWER: Thirtieth AGM to be Held June 20 ------------------------------------------- The Board of Directors of EPE Power Corporation Berhad announced that the Thirtieth Annual General Meeting of the Company will be held on Thursday, 20 June 2002 at Ballroom 1, Park Plaza International Kuala Lumpur, 138 Jalan Ampang, 50450 Kuala Lumpur at 11.00 a.m.: 1. To receive and adopt the Audited Accounts for the financial year ended 31 December 2001 and the Reports of the Directors and Auditors thereon. 2. To approve the Directors' fees for the financial year ended 31 December 2001. 3. To re-elect Encik Abdul Latif Mahamud, the Director retiring in accordance with Article 69 of the Company's Articles of Association. 4. To re-elect YBhg Datuk Sulaiman Daud, the Director retiring in accordance with Article 75 of the Company's Articles of Association. 5. To re-elect Encik Ahmad Pardas Senin, the Director retiring in accordance with Article 75 of the Company's Articles of Association. 6. To re-elect Tuan Hj Ir Abdullah Yusof, the Director retiring in accordance with Article 75 of the Company's Articles of Association. 7. To re-elect Puan Salmah Sharif, the Director retiring in accordance with Article 75 of the Company's Articles of Association. 8. To re-elect Encik Muhammad Adib Ariffin, the Director retiring in accordance with Article 75 of the Company's Articles of Association. 9. To re-appoint Messrs Deloitte KassimChan as Auditors and to authorize the Directors to fix their remuneration. 10. To transact any other ordinary business of the Company for which due notice has been given. GLOBAL CARRIERS: SoA Approved at Creditors' Meeting --------------------------------------------------- Global Carriers Berhad, further to its announcement on 24 May 2002 on the Revised Scenario to the Proposed Composite Scheme of Arrangement, the Proposed BSNC Leasing (M) Sdn Bhd Settlement Scheme, and the Proposed Non-Financial Creditors Settlement Scheme, advised that the scheme involving Global Carriers Property Sdn Bhd and its secured creditor has been approved during the adjourned court-convened creditors' meeting held on Tuesday. Only one other adjourned scheme creditors' meeting involving Marina Shipping Sdn Bhd remains outstanding. The Company shall make the relevant announcements once the date for the meeting has been fixed. LAND & GENERAL: June 12 EGM Scheduled ------------------------------------- An Extraordinary General Meeting of Land & General Berhad will be held at Sri Damansara Club Berhad, Saga Room, Lot 23304, Persiaran Perdana, Bandar Sri Damansara, 52200 Kuala Lumpur on Wednesday, 12 June 2002 at 10.00 a.m., or any adjournment thereof, for the purpose of considering and, if thought fit, passing the following resolutions: ORDINARY RESOLUTION 1 - PROPOSED ACQUISITIONS BY L&G OF 300,000 ORDINARY SHARES OF RM1.00 EACH IN CLARITY CREST SDN BHD (CC), KEY CENTURY SDN BHD (KC) AND LEMBAH BERINGIN SDN BHD (LB), ALL OF WHICH ARE 70% OWNED SUBSIDIARIES OF L&G, AND 6,600 REDEEMABLE PREFERENCE SHARES AT RM1.00 EACH IN LB, FROM KL-KEPONG PROPERTY HOLDINGS SDN BHD (KLKPH) (PROPOSED ACQUISITIONS) "THAT, subject to all the relevant approvals being obtained, approval be and is hereby given for L&G to acquire, in accordance with the terms and conditions of the Sale and Purchase Agreement dated 5 July 2001 entered into between L&G, KLKPH, CC and KC, 300,000 ordinary shares of RM1.00 each in CC, KC and LB respectively, representing 30% of the issued and paid- up share capital of CC, KC and LB respectively, and 6,600 redeemable preference shares of RM1.00 each, representing 30% of the issued and paid-up redeemable preference shares of LB, from KLKPH for a total cash consideration of RM13,821,300 AND THAT the Company hereby ratifies and approves the Sale and Purchase Agreement dated 5 July 2001 entered into between the Company, KLKPH, CC and KC AND FURTHER THAT the Board of Directors of the Company be and is hereby authorized to give effect to the Proposed Acquisitions with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities and to deal with all matters relating thereto and to enter into all such agreements, arrangements, undertakings, indemnities, transfers, assignments and guarantees with any party or parties and to take all steps and to do all acts and things in any manner as they may deem necessary or expedient to implement, finalize and give full effect to the Proposed Acquisitions PROVIDED ALWAYS THAT the Proposed Acquisitions shall not be carried out in the event Ordinary Resolution 2 below is not passed." ORDINARY RESOLUTION 2 - PROPOSED DISPOSAL BY CC OF 29 PIECES OF LAND TO KLKPH FOR A TOTAL CASH CONSIDERATION OF RM45,893,400 (PROPOSED DISPOSAL "THAT, subject to passing of Ordinary Resolution 1 herein and all the relevant approvals being obtained, approval be and is hereby given for the disposal of, in accordance with the terms and conditions of the Sale and Purchase Agreement dated 5 July 2001 entered into between L&G, KLKPH, CC and KC, 29 pieces of freehold land located at Mukim of Kerling and Mukim Sungai Gumut, District of Hulu Selangor, Selangor Darul Ehsan and measuring 1,529.78 acres in total, to KLKPH for a total cash consideration of RM45,893,400 AND FURTHER THAT the Board of Directors of the Company be and is hereby authorized to give effect to the Proposed Disposal with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities and to deal with all matters relating thereto and to enter into all such agreements, arrangements, undertakings, indemnities, transfers, assignments and guarantees with any party or parties and to take all steps and to do all acts and things in any manner as they may deem necessary or expedient to implement, finalize and give full effect to the Proposed Disposal." ORDINARY RESOLUTION 3 - PROPOSED SETTLEMENT BY L&G OF APPROXIMATELY RM207.4 MILLION OF AMOUNT OWING BY L&G GROUP VIA SWAPPING WITH 29,634,164 ORDINARY SHARES OF RM1.00 EACH OF BUMI ARMADA BERHAD (BAB), REPRESENTING 47% OF THE ISSUED AND PAID UP SHARE CAPITAL OF BAB (PROPOSED BAB SWAP) "THAT, subject to the relevant approvals being obtained, approval be and is hereby given for the Board of Directors of L&G to make available, offer for purchase or issue an invitation to purchase up to 29,634,164 BAB shares at a price of RM7.00 per share owned by L&G and Bestform Limited, a wholly owned subsidiary of L&G as settlement of approximately RM207.4 million amount owing to the financial institution lenders of L&G and certain financial institution lenders of Bandar Sungai Buaya Sdn Bhd, a wholly owned subsidiary of L&G, and Islands Helicopter Services Pty. Ltd., a 37.6% owned associated company of L&G, to whom corporate guarantees have been provided by L&G, and convertible bond holders of L&G via swapping with the said BAB shares AND FURTHER THAT the Board of Directors of the Company be and is hereby authorized to give effect to the Proposed BAB Swap with full power to assent to any conditions, modifications, variations and/or amendments in any manner as may be required by the relevant authorities and to deal with all matters relating thereto and to enter into all such trust deed, agreements, arrangements, undertakings, indemnities, transfers and assignments with any party or parties and to take all steps and to do all acts and things in any manner as they may deem necessary or expedient to implement, finalize and give full effect to the Proposed BAB Swap" MEASUREX CORPORATION: Proposes Change of Company Name ----------------------------------------------------- Measurex Corporation Berhad advised that an Extraordinary General Meeting of the Company will be held at THB Conference Room, THB Satu, West Wing, 2nd Floor, Jalan Damansara Endah, Damansara Heights, 50490 Kuala Lumpur on Thursday, 20 June 2002 at 10.00 a.m. for the purpose of considering and if thought fit, passing the following Special Resolution: SPECIAL RESOLUTION - PROPOSED CHANGE OF NAME OF THE COMPANY "THAT the name of the Company be changed from MEASUREX CORPORATION BERHAD to PAXELENT CORPORATION BERHAD with effect from the issuance of Certificate of Incorporation on Change of Name of Company by the Companies Commission of Malaysia AND THAT the Board of Directors be and is hereby authorized to effect the said change wherever the name of the Company appears including the consequential amendments to the Company's Memorandum and Articles of Association." PAN MALAYSIA: Posts EGM, 19th AGM Notices ----------------------------------------- Pan Malaysia Holdings Berhad informed that the following meetings of the Company will be held on Tuesday, 25 June 2002 at Crystal Ballroom, Corus hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur: a. Nineteenth Annual General Meeting 9.00 a.m. b. Extraordinary General Meeting immediately after the conclusion or adjournment (as the case may be) of the Nineteenth Annual General Meeting Visit http://www.bankrupt.com/misc/TCRAP_PanMalaysia0530.docto see full text of the notice of the Nineteenth Annual General Meeting and Extraordinary General Meeting. PAN MALAYSIA: Unit Enters Recurrent Related Party Transactions -------------------------------------------------------------- Reference is made to its announcements on 30 July 2001, 21 August 2001, 19 October 2001, 19 February 2002 and 28 March 2002 concerning the recurrent related party transactions of a revenue or trading nature entered into during the period from 1 June 2001 to 25 March 2002 by Pan Malaysia Travel & Tours Sdn Bhd (PMTT), a 80%-owned subsidiary of Pan Malaysia Holdings Berhad (PMH or the Company), with Morning Star Travel Service Limited (Morning Star), a related party of PMH. Pursuant to paragraph 10.08 of the Listing Requirements of Kuala Lumpur Stock Exchange, PMH informed that PMTT had further entered into arm's length transactions of a revenue nature with Morning Star, the MUI Group (comprising Malayan United Industries Berhad (MUI), its subsidiary and associated companies, MUI Properties Berhad (MUIP) and its subsidiary companies, Pan Malaysia Corporation Berhad (PMC) and its subsidiary companies, and Pan Malaysia Capital Berhad (PM Capital) and its subsidiary companies), and MJ Group (comprising Metrojaya Berhad (MJ) and its subsidiary companies) with value of sales transactions amounting to RM1,016,413.15. Together with the value of sales transactions accumulated since 1 June 2001, the aggregate value of sales transactions by PMTT with the aforesaid related parties amounted to RM6,879,063.09 (Recurrent Transactions) as at 24 May 2002. PMTT is principally engaged in travel and ticketing services. The Recurrent Transactions entered into were in the ordinary course of business of PMTT, made at arm's length and on normal commercial terms. MUI is a deemed major shareholder, and the ultimate holding company of PMH. Tan Sri Dato' Dr Khoo Kay Peng, a deemed major shareholder of PMH, is the Chairman and a deemed major shareholder of MUI and MUIP. He is also a deemed major shareholder of PMC and MJ. Mr Yong Ming Sang is a Director of PMH, MUI and MUIP and he has an interest (direct and indirect) in 2,531,440 shares representing 0.13% equity interest in MUI. Dato' Choong Kok Min, a Director of PMH and PM Capital, holds 1,150,000 shares representing 0.06% equity interest in MUI, 5,000 shares representing negligible per cent equity interest in MUIP and 3,196,500 shares representing 1.26% equity interest in PM Capital. Dato' Seri Dr Ting Chew Peh, a Director of PMH and PM Capital, has an indirect interest in 10,000 shares representing negligible per cent equity interest in MUI. Dato' Rastam Bin Abdul Hadi, a Director of PMH, has an interest (direct and indirect) in 1,099,000 shares representing 0.14% equity interest in PMC. He is a Group Adviser of MUI. Dato' Mohd Ibrahim Bin Mohd Zain, Chairman of PMH, is a Deputy Chairman, Director and major shareholder of MJ. Morning Star is principally engaged in travel and travel-related services and is one of the biggest tour operators in Hong Kong organizing outbound tours to countries in the ASEAN region, Japan, Korea, China, Australia, Europe and USA. PMH had on 27 February 2002 announced that its Directors propose to seek the approval of shareholders for a mandate which will permit the PMH Group to enter into recurrent related party transactions of a revenue or trading nature (inclusive the Recurrent Transactions), which are necessary for the day-to-day operations and are in the ordinary course of business of the Group. The Exchange had also on 31 January 2002 approved an extension of time until 30 June 2002 for PMH to procure shareholders' approval for the aforesaid mandate. PILECON ENG'G: Accounts Submission Extension Request Rejected ------------------------------------------------------------- Pilecon Engineering Berhad announced that the Kuala Lumpur Stock Exchange has via a letter dated 24 May 2002 rejected the Company's application for extension of time until 31 May 2002 to comply with paragraph 9.23(b) of the Listing Requirements. The Listing Requirements entails forwarding to the KLSE the annual audited accounts for the year ended 31 December 2001 with the reports of the directors and auditors thereon for public release within a period not exceeding 4 months from the close of the financial year due to unavailability of audited accounts of some overseas subsidiaries resulting in our Company not being able to consolidate our accounts. In view of the rejection, the Company will forward the annual audited accounts and make the necessary announcement as soon as possible. TALAM CORPORATION: Sells Lebbey's Paid-Up Share Capital -------------------------------------------------------- Talam Corporation Berhad announced that its subsidiary, Master Waves Sdn Bhd, on 24th May 2002 entered into an agreement with Daya Ketara Sdn Bhd. DKS' registered address is 2-3-11 3rd Floor, Menara KLH Business Centre, 2, Jalan Kasipillay, Off 2 1/2 Miles, Jalan Ipoh, 51200 Kuala Lumpur. The agreement entails the disposal of 250,000 ordinary shares of RM1.00 each, representing the entire issued and paid-up share capital of Lebbey Sdn Bhd (Lebbey) for a total cash consideration of Ringgit Malaysia One (RM1.00) only. The transaction was completed on 24th May 2002 and Lebbey ceased to be a Talam subsidiary. DETAILS OF THE DISPOSAL Master Waves Information Master Waves is a private limited company incorporated on 7th December 1991 and having its registered address at Level 23 Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala Lumpur. The authorized share capital of Master Waves is RM2,000,000 divided into 25,000 ordinary shares of RM1.00 each and 1,975,000 5% Cumulative Redeemable Preference Shares of RM1.00 each out of which RM837,106 divided into 106 Ordinary Shares of RM1.00 each and 837,000 Cumulative Redeemable Preference Shares of RM1.00 each has been issued and paid-up. Lebbey Information Lebbey is a private limited company incorporated on 9th February 1984 and having its registered address at Level 23 Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala Lumpur. The principal activity of Lebbey is property development. The authorized share capital of Lebbey is RM500,000 divided into 500,000 ordinary shares of RM1.00 each out of which 250,000 ordinary shares of RM1.00 each has been issued and paid- up. Lebbey is effectively 51%-owned subsidiary of Talam via Master Waves which is also a subsidiary of Talam. The original cost of investment is RM250,000.00 and the date of such investment is on 24th August 1995. Financial Effects The above transaction has no effect on the Company's share capital and no material effect on the net tangible assets and earnings per share of the Group for the financial year ending 31st January 2003. The expected gain at group level to Talam arising from the transaction is RM5.2 million. Directors' Statement The Board of Directors states that the disposal of shares in Lebbey is in the best interest of the Company. TIME DOTCOM: Capital Reduction Exercise Effectuated --------------------------------------------------- TIME dotCom Berhad announced that TIME Reach Sdn Bhd (11683-W), a wholly owned subsidiary of TIME dotCom Berhad, had on 20 May 2002 lodged a copy of the sealed Order of the High Court confirming the reduction of share capital with the Companies Commission of Malaysia. Upon the Order's filing, the resolution for reducing share capital from RM541,710,000, comprising of 541,710,000 ordinary shares of RM1.00 each, to RM487,539,000, comprising of 487,539,000 ordinary shares of RM1.00 each, took effect. ===================== P H I L I P P I N E S ===================== MAYNILAD WATER: MWSS Borrowing $100M to Pay Maynilad Debts ---------------------------------------------------------- The Metropolitan Waterworks and Sewerage System (MWSS) plans to borrow over $100 million from Deutsche Bank AG to pay for unpaid concession fees of Maynilad Water Services Inc. (MWSI), the Philippine Daily Inquirer reports. MWSS said in a statement that Maynilad, a Benpres Holdings Corp unit, would be unable to meet its June deadline to resume paying its concession fees, which had reached 2.78 billion pesos. The MWSS plan to borrow from Deutsche Bank was approved by the policy-making Monetary Board of the Central Bank last week, MWSS administrator Orlando Hondrade said. The government has agreed to act as guarantor for the loan, he said. Maynilad has agreed to resume paying its concession fees after it gets a deal with a group of foreign lenders on 300 million dollars in fresh loans. The TCR-AP earlier reported that MWSI is eyeing creditor ADB for a $350-million long-term loan, which it plans to secure before the end of the year. The loan will allow the water utility company to reduce its non-revenue water and improve services. NATIONAL POWER: First Quarter Sales Falls on Reduced Purchase ------------------------------------------------------------- National Power Corp., the government-owned electricity generator and distributor, revealed Tuesday that first-quarter sales dropped 18.6 percent from a year ago, the Philippine Daily Inquirer reported. The Company's business planning and development data showed that total sales dropped to 7,325 gigawatthours (GWh) in the first three months from 9,003 GWh in the same period last year. Sales from Luzon dropped 24.7 percent to 5,232 WGh from 6,947 GWh largely due to a 33 percent reduction in the purchases of its biggest customer, the Manila Electric Co. (Meralco). Napocor Officer-in-Charge, Roland Quilala, said that their strengthened effort to collect from delinquent customers did not help in improving the company's sales performance. Sales in the Visayas have slightly improved, totaling 773 GWh in the first quarter from 767 GWh in the same period last year. Sales in Mindanao, on the other hand, reached 1,319 GWh, up by a modest 2.3 percent on the back of higher purchases by utility customers. NATIONAL POWER: Government Seeking Bids for Bonds, Loans -------------------------------------------------------- The Department of Finance has invited offers for either bonds or loans in denominations of $500 million or $750 million to help fulfill National Power Corp.'s remaining financing requirement for the year, the Manila Bulletin reported. According to a government official, who wished to remain anonymous, the government has contacted 15 investment banks to request the proposal, including JP Morgan Chase, UBS Warburg, Salomon Smith Barney, Morgan Stanley and Deutsche Bank. The government source said the Asian Development Bank has agreed to guarantee part of the proposed debt issue. Napocor's targeted total financing for the year is $1.5 billion, of which $750 million has already been raised by the national government earlier this year. NATIONAL POWER: Meralco Refuses to Pay PhP5.7B Penalty ------------------------------------------------------ National Power Corp (Napocor) received a further blow yesterday after the Manila Electric Company (Meralco) said it would not pay the 5.7 billion-peso fine imposed by the government-owned power utility company, the Manila Bulletin reported. Meralco is required to buy power from Napocor at the minimum level per month under a 10-year supply contract, which it is now seeking to nullify. "As far as we are concerned, we have contested the penalties imposed and we are not going to pay that," Meralco vice president and treasurer Rafael Andrada said. He said the payment of fines that cover January to April this year would lead to a rise in Meralco rates by another 2.50 pesos per kilowatthour, "and we will not allow our customers" to be burdened by that. Meralco earlier announced its intention to terminate its 10-year power supply agreement with NPC, but the latter has sought for a new round of negotiations to settle their dispute at the negotiating table. PHILIPPINE AIRLINES: Will Reopen RP-Guam Service on June 21 ----------------------------------------------------------- Philippine Airlines (PAL) will reopen a regular service between Manila and the US Pacific territory of Guam on June 21, 2002, ABS-CBN News reports. The service, using an Airbus A320-200 aircraft, will operate three times a week, with departures from Manila every Monday, Wednesday and Friday at 10 p.m. Arrival at Guam's Antonio B. Won Pat International Airport is at 4:10 a.m. the following day. The return flight departs Guam every Tuesday, Thursday and Saturday at 6:40 a.m., arriving in Manila at 8:50 a.m. The new route may help boost the Company's financial figures, after posting a net loss of 1.5 billion pesos in the fiscal year ended March, as the September 11 terrorist attacks in the United States dampened people's appetite for travel. The country's flag carrier is entering its fourth year of a 10- year rehabilitation scheme after a labor strike crippled operations in 1998. PAL President Avelino Zapanta said some 2.11 billion pesos in losses in September, October and November wiped out about 600 million pesos in profits made in the first five months of the fiscal year from April 2001. ================= S I N G A P O R E ================= ASIA FOOD: Explains Rationale for Share Purchase Mandate -------------------------------------------------------- On 15 May 2002, Asia Food & Properties Ltd issued a Notice convening the Annual General Meeting of the shareholders of the Company to be held on 31 May 2002. The proposed resolution number 6C in the Notice of AGM relates to the renewal of a general mandate to authorize the directors of the Company to make purchases of fully-paid ordinary shares of $1.00 each in the capital of the Company representing up to a maximum of 10 percent of the issued ordinary share capital of the Company as at the date on which the resolution authorizing the same is passed, at a price of up to but not exceeding the Maximum Price, as described in the Company's Circular to its shareholders dated 4 June 1999 when the Share Purchase Mandate was first put forward for approval by Shareholders. Shareholders originally approved the Share Purchase Mandate on 28 June 1999 and Shareholders had approved the renewal of the Share Purchase Mandate at the previous Extraordinary General Meeting and Annual General Meeting of the Company held on 30 June 2000 and 31 July 2001 respectively. The Share Purchase Mandate renewed on 31 July 2001 will expire on the date of the forthcoming AGM to be held on 31 May 2002. If the proposed resolution for the renewal of the Share Purchase Mandate is approved at the AGM, the mandate shall, unless revoked or varied by the Company in general meeting, continue in force until the date on which the next Annual General Meeting of the Company is or is required by law to be held, whichever is the earlier. The purpose of this company statement is to provide information relating to and to explain the rationale for the proposed renewal of the Share Purchase Mandate. Rationale The renewal of the Share Purchase Mandate will provide the Company with the ability to undertake purchases of its issued Shares, at any time and from time to time while the renewed authority is in force, if and when circumstances permit. Such flexibility will: (a) allow the Directors greater flexibility over the Company's share capital structure with a view to enhancing the earnings and/or net asset value per Share; and (b) provide the Company with a mechanism to facilitate the return of surplus cash over and above its ordinary capital requirements, in an expedient and cost-efficient manner. Share purchases will only be effected when the Directors are of the view that such Share purchases will benefit the Company, its Shareholders and creditors. Authority and Limits of Share Purchase Mandate Purchases of Shares may be made by way of: (a) market purchases effected on the SGX-ST through one or more duly licensed stockbrokers appointed by the Company for the purpose; and/or (b) off-market purchases effected in accordance with an equal access scheme. The Directors may impose such terms and conditions which are not inconsistent with the Share Purchase Mandate, The Companies Act, Chapter 50 and the listing rules of the SGX-ST as they consider fit in the interests of the Company in connection with or in relation to an equal access scheme or schemes. An equal access scheme must, however, satisfy all the following conditions: (1) offers for the purchase or acquisition of issued Shares shall be made to every person who holds issued Shares to purchase or acquire the same percentage of their issued Shares; (2) all those persons shall be given a reasonable opportunity to accept the offers made; and (3) the terms of all the offers are the same, except that there shall be disregarded: (i) differences in consideration attributable to the fact that offers may relate to Shares with different accrued dividend entitlements; (ii) (if applicable) differences in consideration attributable to the fact that offers relate to Shares with different amounts remaining unpaid; and (iii) differences in the offers introduced solely to ensure that each person is left with a whole number of Shares. The listing rules of the SGX-ST provides that in addition to furnishing at least the information as stipulated in (cc) to (ff) below as well as the information stated in the relevant provisions pertaining to share buy-back in the Companies Act when obtaining shareholders' approval, when making an Off-Market Purchase, the Company must issue an offer document to all Shareholders which must contain at least the following information: (aa) the terms and conditions of the offer; (bb) the period and procedures for acceptances; (cc) the reasons for the proposed share buy-back; (dd) the consequences, if any, of share purchases by the Company that will arise under the Singapore Code on Takeovers and Mergers or other applicable takeover rules; (ee) whether the share buy-back, if made, would have any effect on the listing of the Shares on the SGX-ST; and (ff) details of any share buy-back made by the Company in the previous 12 months (whether Market Purchases or Off-Market Purchases), giving the total number of Shares purchased, the purchase price per Share or the highest and lowest prices paid for the purchases, where relevant, and the total consideration paid for the purchases. Maximum purchase price The purchase price (excluding brokerage, stamp duties, applicable goods and services tax and other related expenses) to be paid for the Shares will be determined by the Directors. However, the purchase price must not exceed: (a) in the case of a Market Purchase, 105% of the Average Closing Price; and (b) in the case of an Off-Market Purchase pursuant to an equal access scheme, 120% of the Highest Last Dealt Price, in either case, excluding related expenses of the purchase. For the above purposes: "Average Closing Price" means the average of the closing market prices of a Share over the last 5 market days on which transactions in the Shares were recorded, preceding the day of the Market Purchase; "Highest Last Dealt Price" means the highest price transacted for a Share as recorded on the market day on which there were trades in the Shares immediately preceding the day of the making of the offer pursuant to the Off-Market Purchase; and "day of the making of the offer" means the day on which the Company announces its intention to make an offer for the purchase of Shares from Shareholders, stating the purchase price (which shall not be more than the Maximum Price calculated on the foregoing basis) for each Share and the relevant terms of the equal access scheme for effecting the Off-Market Purchase. No Shares Purchased in the Previous 12 Months The Company did not buy back any Shares between 16 May 2001 and 15 May 2002, the latter date being the latest practicable date prior to the issue of this letter (Latest Practicable Date). Sources of Funds and Financial Impact In purchasing Shares, the Company may only apply funds legally available for such purchase in accordance with its Memorandum and Articles, and the applicable laws in Singapore. The Company may not purchase its Shares for a consideration other than cash, or in the case of Market Purchases, for settlement otherwise than in accordance with the trading rules of the SGX-ST. Any purchases by the Company may be made out of profits that are available for distribution as dividends, but not from amounts standing in the Company's share premium account and capital redemption reserve. The Company will use internal sources of funds to finance purchases of its Shares. Shares purchased by the Company will be cancelled. The purchase of Shares would therefore reduce the issued share capital of the Company by the nominal value of the Shares purchased. The nominal amount of the Company's issued share capital, which is diminished, on cancellation of the Shares purchased shall be transferred to the Company's capital redemption reserve. The purchase of Shares will also reduce the Company's retained earnings by the aggregate sum of the purchase price. Based on the existing issued and paid-up ordinary share capital of the Company of 2,902,981,583 Shares as at the Latest Practicable Date, the exercise in full of the Share Purchase Mandate would result in the purchase of up to 290,298,158 Shares. However, based on the audited accounts of the Group and the Company for the financial year ended 31 December 2001, and having regard to (a) the amount of the Company's distributable reserves of approximately $156,847,000 as at the date and (b) the last transacted price for a Share on the SGX-ST of $0.065 at the Latest Practicable Date, it is unlikely, given the Company's current financial position as well as its obligations to creditors, that the Company would purchase, and the Company does not currently intend to purchase, Shares representing, in aggregate, more than 1 percent of its total issued ordinary share capital as at the Latest Practicable Date. In view of the foregoing, any purchases of Shares as aforesaid is not expected to have any significant impact on the net tangible assets and earnings per Share. Notwithstanding the foregoing, the Directors do not propose to exercise the proposed Share Purchase Mandate to such an extent as would have a material adverse effect on the working capital requirements of the Company or the gearing levels which, in the opinion of the Directors, are from time to time appropriate for the Company. It is not possible for the Company to realistically calculate or quantify the impact of purchases that may be made pursuant to the proposed Share Purchase Mandate on the net asset value and earnings per Share as the resultant effect would depend on factors such as the aggregate numbers of Shares purchased, the purchase prices paid at the relevant time, and the amount (if any) borrowed by the Company to fund the purchases. Purely for illustration purposes, based on the audited accounts of the Group and the Company for the financial year ended 31 December 2001, and having regard to the amount of the Company's distributable reserves available for dividends of approximately $156.8 million as at that date; and the last transacted price for a Share of $0.065 as at the Latest Practicable Date, the total amount of funds required to purchase 29,029,816 Shares representing 1% of its total issued ordinary share capital by way of Market Purchases at the maximum purchase price of $0.066 for each Share (being the price equivalent to 105 percent of the Average Closing Price preceding the Latest Practicable Date), would be $1,915,968, and the total amount of funds required to purchase 29,029,816 Shares representing 1 percent of its total issued ordinary share capital by way of an Off-Market Purchase at the maximum purchase price of $0.078 for each Share (being the price equivalent to 120 percent of the Highest Last Dealt Price preceding the Latest Practicable Date), would be $2,264,326. Assuming that Share purchases are made to the extent aforesaid and that such Share purchases are financed solely by internal sources of funds, the impact of such purchases on the financial positions of the Group and the Company is illustrated below. Listing Status on SGX-ST The Directors will use their best endeavors to ensure that the Company does not effect a purchase of Shares which would result in the number of Shares remaining in the hands of the public falling to such a level as to cause market illiquidity or adversely affect the listing status of the Company. The Listing Rules provide that a listed company shall ensure that at least 10% of a class of its listed securities is at all times held by the public. As there is a public float of approximately 36 percent in the issued Shares, the Company is of the view that there is, at the present, a sufficient number of the Shares in public hands that would permit the Company to potentially undertake purchases of its Shares through Market Purchases up to the full 10% limit pursuant to the Share Purchase Mandate without affecting adversely the listing status of the Shares on the SGX-ST. Additionally, the Company will consider investor interests when maintaining a liquid market in its securities, and will ensure that there is a sufficient float for an orderly market in its securities when purchasing its issued Shares. Directors' Recommendation The Directors are of the opinion that the renewal of the Share Purchase Mandate is in the interests of the Company and accordingly recommend that Shareholders vote in favor of the ordinary resolution relating to the renewal of the Share Purchase Mandate to be proposed at the AGM as set out in the Notice of AGM dated 15 May 2002. Interests of Directors and Substantial Shareholders The Directors' interests in the Shares as recorded in the Register of Directors' Shareholdings pursuant to Section 164 of the Companies Act, as at the Latest Practicable Date, were as follows: ABOUT ASIA FOOD & PROPERTIES Listed on the Singapore Exchange Securities Trading Limited (SGX-ST), Asia Food & Properties Limited (AFP) is involved in three core businesses: Agri-business, Food and Property, through its investments in Indonesia, China, Malaysia and Singapore. Headquartered in Singapore, the AFP Group employs about 45,000 people. The Group turnover for the year 2001 was S$1.5 billion. For further information, please contact: CORPORATE AFFAIRS - MEE-WAH TAN Tel: +65 6329 5707 / 6220 7720 Fax: +65 6329 5709 E-mail: corpaff@afp.com.sg PENTON INTERNATIONAL: Secures US$12M Lifeline From U.S. Firm ------------------------------------------------------------ The Board of Directors of Penton International Ltd said Tuesday the Company has been offered and has accepted an engagement letter with GEM Investment Advisors Inc (GEMIA) to arrange the US$12 million equity line from GEM Global Yield Fund (GEMGYF), which will grant the Company the option to require GEMGYF to subscribe, on the terms and conditions set out in the definitive agreements to be entered into between inter alia the Company and GEMGYF (the Definitive Agreements), up to an aggregate of US$12,000,000 (Equity Credit Line) in value of ordinary shares in the Company. The principal terms and conditions of the Equity Credit Line as set out in the engagement letter between GEMIA and the Company envisaged that, subject to certain restrictions, the Company will control the timing and amount of any draw down on the Equity Credit Line over a three years period commencing from the date of signing of the Definitive Agreements and is under no obligation to use the full amount. GEMGYF will honor draw down requests from the Company based by subscribing for shares in the Company upon a per share issue price equal to 90 percent of the average closing trade price of 15 consecutive trading days preceding a draw down notice issued by the Company under the Equity Credit Line (Subscription Price). The Company will be making an additional listing application to the Singapore Exchange Securities Trading Limited for in- principle approval to list the shares to be issued pursuant to draw down of such Equity Credit Line. Under the terms of the engagement letter with GEMIA, the Company has agreed not to enter into an equity line agreement with any investors other than GEMIA or GEMGYF (the Investor) until the conclusion of the Equity Credit Line, but this is expressed not to limit the Company from raising funds from other means, including but not limited to share placings, convertible bonds, rights issues etc. An equity line is defined as a sale of common stock to financial investors structured over time with each tranche or draw down made at the discretion of the Company similar to the principal terms and conditions of the Equity Credit Line attached to the engagement letter with GEMIA. PURPOSE OF THE EQUITY CREDIT LINE In April 2002, the Company highlighted that it expected to raise funds to restructure the banking facilities it had obtained in United Kingdom. The Board considers it to be in the best interest of the Company to refinance the banking facilities from equity capital and to strengthen the capital base of the Company. Due to the uncertainty of success in a major placement exercise and the costs and expenses involved in making such an attempt, the Board decided to explore more innovative ways to raise capital for the Company while maintaining the flexibility to call on funds. The funds when called are expected to be used for general working capital. The Board will convene an Extraordinary General Meeting to seek shareholder's approval before setting aside shares for the Equity Credit Line. MECHANISM OF EQUITY LINE OF CREDIT 1. The Company is expected to arrange for existing shareholders of the Company (Share Lenders) to lend to the Investor such number of Shares to cover all draw downs until the Company can complete its listing procedures for the new shares to be issued. 2. The Company may issue a draw down notice for up to 500 percent of the average daily trading volume for the 15 trading days prior to the draw down notice. The Investor will not be obliged to subscribe for more than 50 percent of the amount of ordinary shares stipulated in a draw down notice. 3. The Company may indicate the lowest price at which the Company will issue new shares under a draw down notice (the Threshold Price). 4. The Investor will subscribe for shares pursuant to the draw down notice at a price equal to 90 percent of the average closing trade price of 15 consecutive trading days preceding a draw down notice (the Purchase Price). 5. If the closing trade price on a given trading day multiplied by 90 percent is than the Threshold Price, then the Investor's obligation to subscribe for shares under the draw down notice will be reduced by 1/15th and the corresponding closing trade price will be excluded from the calculation of the Purchase Price. 6. Unless otherwise agreed between the Company and the Investor, the Threshold Price shall not be set below S$0.10. ABOUT GEM GLOBAL YIELD FUND Founded in 1993, the GEM group is a private US-based equity group with offices in New York, London and Beijing. GEM has completed over 120 transactions in 12 different countries. As a private investment group GEM specializes in control, minority and public market investments. The scope of the Group's activities is both US domestic and international and spans a diverse array of industries and transactional structures. ABOUT REGIONAL CAPITAL PTE LTD Founded in 2001, its Managing Director- Mr AKM Ismail who was previously the Head of Restructuring and Recapitalization Department in Citibank, Singapore runs it. It has offices in Singapore, Jakarta and USA. =============== T H A I L A N D =============== CENTRAL PAPER: Issues Exercise of Warrant Info ---------------------------------------------- Central Paper Industry Public Co., Ltd (CPICO) provided information regarding the process of exercising the CPICO-W1 warrant, details are as follows: Submission: Warrant holders must submit the subscription form between 8:30 am. to 3:30 pm, within 14 days prior to the exercise date (The exception is the final exercise that warrant transfer register will be closed for the right to exercise, for which warrant holders must submit their from 21 days prior to the exercise date.). For the month of June, the submission period is from June 1, 2002 to June 14, 2002. Exercise Date: Warrant holders can exercise their warrants on 15th date of every 3 months, during the hours of 8:30 am - 3:30 pm. The first exercise period start from September 15th, 2000 and will end on June 15th, 2010. For this period, the exercise date is June 17th, 2002. Exercise Price: Bt10 per share. Exercise Ratio: 1 warrant for 1 ordinary share. Documents to be submitted: 1) The completed subscription form. 2) Warrant certificate or temporary warrant certificate for the last exercise amounted as the subscription form. 3) Certified copy of identification card for individual holders or copy of corporate certification from Department of Commerce for corporate holders. 4) Cheque Draft or Bank Order collectable within Bangkok Metropolis. Payment in account "Central Paper Industry Public Co., Ltd." Contact Person: Mrs. Thippawan Angsumalin Securities Registrar officer Central Paper Industry Public Co., Ltd. 5th floor 162 Nimit Building Silom Road soi 12, Suriwong Bangrak, Bangkok 10500. Tel: 237-9150-69 Ext. 4205,4206 Fax: 237-9150-69 Ext. 4202 Conditions: 1) The subscription form is complete when all documents are duly completed and the payment proceeds to be duly received by Central Paper Industry Public Co., Ltd. 2) Minimum lot sized for each exercise is 100 warrants, in case warrant holders with fewer than 100 warrants must exercise all at one time. L. P. C.: Files Business Reorg Petition in Bankruptcy Court ----------------------------------------------------------- Real estate developer L. P. C. A. Company Limited (DEBTOR)'s Petition for Business Reorganization was filed at the Central Bankruptcy Court: Black Case Number 236/2545 Red Case Number 352/2545 Petitioner: L. P. C. A. COMPANY LIMITED Planner: SERI PREMIER COMPANY LIMITED Debts Owed to the Petitioning Creditor: Bt265,174,022.57 Date of Court Acceptance of the Petition: February 14, 2002 Date of Examining the Petition: March 11, 2002 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: March 11, 2002 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: March, 2002 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: April 2, 2002 Deadline for the Planner to submit the Reorganization Plan to the Official Receiver: July 2, 2002 Contact: Ms. Umaporn Tel, 6792525 ext. 142 RAIMON LAND: Registers Shares Split of Par Value ------------------------------------------------ Raimon Land Public Company Limited notified that the Plan Administrator has completed the registration of the split of the par value of the ordinary shares under the Rehabilitation Plan of the Company from the par value of Bt10 to Bt5. The move resulted in a 100 percent increase of the number of the ordinary shares from the existing 24,992,000 ordinary shares to 49,984,000 ordinary shares, including registration of the amendment of Clause 4 of the Memorandum of Association and Articles of Association in line with the split of the value of ordinary shares. * DebtTraders Real-Time Bond Pricing ------------------------------------ Issuer Coupon Maturity Bid - Ask Weekly change ------ ------ -------- --------- ------------- Asia Pulp & Paper FRN due 2001 10.5 - 12.5 0 Asia Pulp & Paper 11.75% due 2005 29 - 30 +1.5 APP China 14.0% due 2010 24 - 26 0 Asia Global Crossing 13.375% due 2006 25.5 - 28.5 -2.5 Bayan Telecom 13.5% due 2006 20 - 22 0 Daya Guna Sumudera 10.0% due 2007 2.5 - 4.5 +1 Hyundai Semiconductor 8.625% due 2007 60 - 70 0 Indah Kiat 11.875% due 2002 29 - 30 +1 Indah Kiat 10.0% due 2007 25 - 27 +1 Paiton Energy 9.34% due 2014 65 - 68 0 Tjiwi Kimia 10.0% due 2004 23 - 25 0 Zhuahi Highway 11.5% due 2008 28 - 33 0 Bond pricing, appearing in each Thursday's edition of the TCR-AP, is provided by DebtTraders in New York. DebtTraders is a specialist in global high yield securities, providing clients unparalleled services in the identification, assessment, and sourcing of attractive high yield debt investments. For more information on institutional services, contact Scott Johnson at 1-212-247-5300. To view our research and find out about private client accounts, contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing available at www.debttraders.com S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick, Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors. Copyright 2002. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***