/raid1/www/Hosts/bankrupt/TCRAP_Public/020731.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 31, 2002, Vol. 5, No. 150
Headlines
A U S T R A L I A
AUSDOC GROUP: ABN AMRO Ups Shares to 4.64%
AUSTRALIAN GAS: Launches A$150M Domestic Bond
CENTRAL NORTH: Says Price Sensible, Not Negotiable
GOODMAN FIELDER: Announces Shares Cancellation
POWERTEL LIMITED: Shareholder Secures US$150M Investment
SOUTHERN WINE: Resolves Voluntary Administrators Appointment
TRANSURBAN GROUP: Merrill Lynch Cuts Substantial Holding
WORLDWIDE TECHNOLOGY: Issues Commitments Test Entity Q4 Report
C H I N A & H O N G K O N G
CHIEF FINE: Winding Up Petition Slated for Hearing
DIAMOND MARKETING: Winding Up Petition Hearing Set
GOLDWIZ HOLDINGS: Narrows Operations Loss to HK$26,690,064
HK PHARMA: Widens Operations Loss to HK$17,224M
OSK ASIA: Posts Results Announcement Summary
POWER SOURCE: Faces Winding Up Petition
SUN UNION: Winding Up Sought by Guangzhou Finance
I N D O N E S I A
BANK INTERNASIONAL: Moody's Confirms Ratings, Positive Outlook
CITRA MARGA: Incurs Q102 Profit of Rp108.01B
J A P A N
DAIWA SECURITIES: Enters JV With Shanghai International Group
FUJITSU LTD: Unit Names George Chase New Group President, CEO
FURUKAWA ELECTRIC: Revises FY03 Earnings, Dividend Forecast
KOBAYASHI DAIYAKUBO: Pharmaceutical Firm Goes Bankrupt
MITSUBISHI ELECTRIC: French Unions Agree to 644-Job Cut
NIPPON TELEGRPAH: Amends FY03 Projected Financial Results
NTT DOCOMO: Unveils Result of Share Repurchase
SOFTBANK CORP: JCR Downgrades Rating to BBB-
SOFTBANK CORP: Selling Holding in E*TRADE Group, Inc.
*Fitch Rates Five Largest Japanese Steel Manufacturers
K O R E A
DAEWOO MOTOR: Closes Factory in France
HYNIX SEMICONDUCTOR: Develops "BlueWaveTM I" to Regain Status
HYNIX SEMICONDUCTOR: Deutsche Bank Works on Restructuring Plan
HYNIX SEMICONDUCTOR: Reaches Settlement With U.S. Recruiter
TONGKOOK CORP: Creditors Conduct W778.8B Debt-to Equity Swap
M A L A Y S I A
ABRAR CORPORATION: Administrators Finalize Workout Proposal
AUSTRAL AMALGAMATED: KLSE Grants Partial Proposals Approval
CONSTRUCTION AND SUPPLIES: Seeks Submission Time Extension
CONSTRUCTION AND SUPPLIES: Fu Min Resigns From Boardroom
GADANG HOLDINGS: PED's Winding Up Petition Dismissed
HOTLINE FURNITURE: Executes MOU as Workout Scheme Compliance
LAND & GENERAL: Unit's Winding Up Petition Hearing Set
MALAYSIAN AIRLINE: Requests Trading Suspension
MALAYSIAN RESOURCES: TNB Obtains Proposed Waiver Approval
OMEGA HOLDINGS: Unit Undergoes Provisional Liquidation
RASHID HUSSAIN: Revises Proposed Group Restructuring Scheme
RNC CORPORATION: Danaharta Extends SA Moratorium Period
TECHNOLOGY RESOURCES: August 9 EGM Scheduled
UNIPHOENIX CORP: Courts Allows Restraining Order Extension
P H I L I P P I N E S
BENPRES HOLDINGS: Unit Unveils Revised Business Plan
METRO PACIFIC: Clarifies Business World Report
NATIONAL BANK: Additional Info Re Quasi-Reorganization
PHILIPPINE LONG: Recommends Five Point Transaction Plan
PHILIPPINE LONG: Gokongwei Asked to Explain JG Reference in MoA
S I N G A P O R E
INTRACO LIMITED: Winding Up Unit
DATACRAFT ASIA: Secures New Contract With Telkomsel
ST ASSEMBLY: Q2 FY02 Conference Call Set on July 31
WEE POH: Discloses First Payment Scheme
T H A I L A N D
SIKARIN PUBLIC: Appoints New Committee, Managing Director
THAIMELON POLYESTER: Files Business Reorganization Petition
- - - - - - - -
=================
A U S T R A L I A
=================
AUSDOC GROUP: ABN AMRO Ups Shares to 4.64%
------------------------------------------
ABN AMRO Capital Australia Pty Ltd increased its relevant
interest in Ausdoc Group Limited on 29 July 2002, from Nil fully
paid ordinary shares (Nil%) to 4,052,339 fully paid ordinary
shares (4.64%).
Wrights Investors Service reported that at the end of 2001,
Ausdoc Group Limited had negative working capital, as current
liabilities were A$77.50 million while total current assets were
only A$75.46 million. The Company has paid no dividends during
the last 12 months and has reported losses during the
previous 12 months.
AUSTRALIAN GAS: Launches A$150M Domestic Bond
---------------------------------------------
The Australian Gas Light Company Limited (AGL), announced
Tuesday that it has issued A$150 million of domestic Medium Term
Notes through the Commonwealth Bank of Australia.
AGL wants to extend its domestic yield curve with this issue,
which matures on 15 September 2009.
The Bonds were issued on an underwritten basis at a re-offer
rate of +79 over swap (excluding fees).
AGL is rated A by Standard & Poors and A2 (negative outlook) by
Moody's Investor Services.
Settlement is expected on Thursday 1 August 2002.
According to Wrights Investors' Service, at the end of 2001, The
Australian Gas Light Co had negative working capital, as current
liabilities were A$1.88 billion while total current assets were
only A$1.05 billion.
For further information contact:
AGL Commonwealth Bank
John Rutherford Geoff Martin
612 9922 8588 612 9312 0758
CENTRAL NORTH: Says Price Sensible, Not Negotiable
--------------------------------------------------
Fletcher Challenge Forests Limited responded on Tuesday to
comments from former director Mr Stephen Hurley of Xylem,
proposing that the Company should renegotiate the purchase price
of the Central North Island Forest Partnership (CNIFP) assets.
Chief Executive, Terry McFadgen said, "After 12 months of
negotiation we are absolutely sure that the agreed price of
approximately US$650 million is the Receiver's bottom line. We
know he has previously received at least two competing offers
around this level including an offer involving a major
international forestry fund. Why would the Receiver sell for
less when product prices are continuing to improve, markets are
looking good and the senior lenders are getting all their
interest paid?"
"In addition, the price is below our base valuation, even before
taking into account the export marketing and strategic benefits
of the acquisition," he added. The price is also within the fair
value range assessed by the Independent Expert, Grant Samuel &
Associates Limited.
Mr McFadgen noted that the recent appreciation of the New
Zealand dollar and recently negotiated price increases for
August export log sales had further increased the attractiveness
of the transaction. "Our markets in Korea, China, Australasia
and the USA are all strong, and Japan is now showing signs of
improvement with May housing starts up nearly 6%," he said.
He emphasized that the base case financial forecasts used in the
Company's Explanatory Memorandum were conservative. "We have
taken a conservative case to demonstrate the robustness of the
financing solution," he said, "and have assumed a 7% decline in
average NZ dollar log prices for 2003. In fact, prices are
stable or rising at the moment in all our major markets."
The independent Directors remain entirely comfortable with both
the US$650 million purchase price and the proposed financing
solution.
GOODMAN FIELDER: Announces Shares Cancellation
----------------------------------------------
Goodman Fielder Limited posted this notice:
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
FORM 284
NOTIFICATION OF SHARE CANCELLATION
Company Name Goodman Fielder Limited
A.C.N. 000 003 958
TYPE OF SHARE BUY-BACK
Tick the appropriate box
S.254J Redeemable Preference Shares
Redeemed out of Profits
Redeemed out of fresh issue of shares
S.256A-S.256F Capital Reduction
X S.257H(3) Shares Company has bought back
S.258D Forfeited Shares
ss.1024E(7) Shares returned to a Company
Other
DETAILS OF SHARES CANCELLED
Number of Shares Class of Shares
Consideration
(Total)
8,613,516 Ordinary fully paid 14,220,636
Period of Cancellation from 01/07/2002 TO 26/07/2002
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
POWERTEL LIMITED: Shareholder Secures US$150M Investment
--------------------------------------------------------
The Chairman of PowerTel, Miller Williams, announced Monday that
Williams Communications, a 45% shareholder of PowerTel, has
successfully completed a major milestone required in its US
Chapter 11 debt restructure process announced on April 22, 2002.
Williams Communications has secured a commitment for a US$150
million equity investment from Leucadia National Corporation as
required in the restructuring agreement with its creditors and
lenders.
In addition, Leucadia has also reached an agreement with The
Williams Companies to acquire the equity it will receive, as
part of Williams Communications' reorganization. The resulting
shareholdings in Williams Communications will be 55% held by
Williams Communications' bondholders and 45% held by Leucadia
National Corporation.
Commenting on the announcement, Williams Communications Chief
Executive Officer Howard Janzen said, "Leucadia's investment in
Williams Communications is an important step forward for the
Company and we are pleased that all parties were able to work
together to formalize, the Settlement Agreement. We hope to
successfully emerge from Chapter 11 (during the 3rd quarter
2002) and remain focused on providing the world-class network
and superior level of service our customers have come to
expect."
Locally, PowerTel's business operations and funding were not
impacted by the debt restructure of Williams Communications.
PowerTel reported strong first quarter 2002 results in April,
which have continued through the first half of 2002. This
announcement by Williams Communications is important to address
shareholder and customer perceptions as to possible impacts to
PowerTel's future business operations.
Commenting on the announcement, PowerTel Chief Executive Officer
Stephen Butler said "some of our shareholders and customers have
expressed interest in Williams Communications' status as a
shareholder throughout this process and this announcement
confirms that Williams Communications is on track to emerge from
Chapter 11."
A copy of the Williams Communications announcement is available
from at
http://www.williamscommunications.com/newsroom/newreleases/2002/
2002-07-26.html
SOUTHERN WINE: Resolves Voluntary Administrators Appointment
------------------------------------------------------------
An application by the Australian Securities and Investments
Commission (ASIC) to have a provisional liquidator appointed to
Southern Wine Corporation Ltd (Southern Wine) was adjourned on
Tuesday, after Southern Wine resolved to appoint voluntary
administrators Messrs Mark David Reilly and Glenn Robert
Featherby, of Featherby Reilly, to the company.
ASIC had applied to the WA Supreme Court for orders winding up
Southern Wine, and the appointment of a provisional liquidator
in the interim to protect the interests of creditors.
ASIC alleges that Southern Wine is insolvent and has been unable
to return to solvency.
ASIC will now consider whether the company's dealer license
should be revoked or suspended. ASIC is empowered to revoke or
suspend the license of a body corporate when it is put into
external administration.
Southern Wine is the responsible entity for the SWC Managed
Investment Scheme and the Fernvale Unit Trust Managed Investment
Scheme. Southern Wine managed those schemes on a day-to-day
basis by collectively operating the Preston Vale Vineyard.
Anyone who believes they are a shareholder or creditor of
Southern Wine should contact Featherby Reilly on 08 9381 4711 or
at 2 Centro Ave, Subiaco WA 6008
TRANSURBAN GROUP: Merrill Lynch Cuts Substantial Holding
--------------------------------------------------------
Merrill Lynch Investment Managers Ltd decreased its relevant
interest in Transurban Group on 25/July/2002, from 47,435,615
NPV shares (9.30%) to 42,228,451 NPV shares (8.28%).
TCR-AP reported that the completion of Transurban Group's debt
refinancing occurred on 28 June 2002 with the execution of
documentation for these facilities:
* $170 million three year bank debt facility;
* $510 million five year bank debt facility;
* $1,020 million capital markets facility;
* $1,020 million 180 day bridge facility (see below);
* $30 million 364 day working capital facility;
* $50 million three year senior standby facility;
* $150 million 364 day subordinated standby facility; and
* $20 million letter of credit facility.
WORLDWIDE TECHNOLOGY: Issues Commitments Test Entity Q4 Report
--------------------------------------------------------------
Worldwide Technology Group Limited issued this notice:
QUARTERLY REPORT FOR ENTITIES
ON BASIS OF COMMITMENTS
Name of entity
Worldwide Technology Group Limited
ACN or ARBN Quarter ended ("current quarter")
66 009 144 503 30/06/2002
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (12 months)
AUD'000 AUD'000
1.1 Receipts from customers 759 33,689
1.2 Payments for
(a) staff costs (195) (1,352)
(b) advertising & marketing - (25)
(c) research & development - -
(d) leased assets (2) (22)
(e) other working capital (647) (7,422)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received - 35
1.5 Interest and other costs of
finance paid (137) (1,100)
1.6 Income taxes paid - (22)
1.7 Other (provide details if material) 127 508
1.8 Net Operating Cash Flows (95) 24,288
Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - -
(b) equity investments - (97)
(c) intellectual property - -
(d) physical non-current assets - (7)
(e) Mobile fleet development and
telecommunications infrastructure - -
1.10 Proceeds from disposal of:
(a) businesses - -
(b) equity investments - 9
(c) intellectual property - -
(d) physical non-current assets 47 47
(e) other non-current assets - -
1.11 Loans to other entities (3) (72)
1.12 Loans repaid by other entities - 36
1.13 Other (provide details if material) - -
Net investing cash flows 44 (84)
1.14 Total operating and
investing cash flows (51) 24,204
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - -
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings 502 3,385
1.18 Repayment of borrowings (98) (28,568)
1.19 Dividends paid - -
1.20 Other (provide details if material) - 2
Net financing cash flows 404 (25,181)
Net increase (decrease) in cash held 353 (977)
1.21 Cash at beginning of quarter/
year to date (1,405) (123)
1.22 Exchange rate adjustments to item 1.20 19 67
1.23 Cash at end of quarter (1,033) (1,033)
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS AYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
Current Quarter
AUD'000
1.24 Aggregate amount of payments to
the parties included in item 1.2 -
1.25 Aggregate amount of loans to the
parties included in item 1.11 3
1.26 Explanation necessary for an understanding
of the transactions -
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest
N/A
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
Amount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities 7,116 7,191
3.2 Credit standby arrangements 9,281 9,281
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
4.1 Cash on hand and at bank 98 197
4.2 Deposits at call 10 10
4.3 Bank overdraft (1,141) (1,612)
4.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) (1,033) (1,405)
CQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals
(item 1.9(a)) (Item
1.10(a))
5.1 Name of entity - -
5.2 Place of incorporation
or registration - -
5.3 Consideration for
acquisition or disposal - -
5.4 Total net assets - -
5.5 Nature of business - -
COMPLIANCE STATEMENT
1. This statement has been prepared under accounting policies,
which comply with accounting standards as defined in the
Corporations Law or other standards acceptable to ASX.
2. This statement does give a true and fair view of the matters
disclosed.
TCR-AP reported on April 10, that in line with the capital
raising, the Company is undergoing a restructuring exercise to
streamline its regional operations.
================================
C H I N A & H O N G K O N G
================================
CHIEF FINE: Winding Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up Chief Fine Investments Limited is
scheduled to be heard before the High Court of Hong Kong on
September 18, 2002 at 10:00 am.
The petition was filed with the court on June 28, 2002 by
Guangzhou Finance Company Limited whose registered office is
situated at 17A, Yue Xiu Building, 160-174 Lockhart Road,
Wanchai, Hong Kong.
DIAMOND MARKETING: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up Diamond Marketing Limited will be heard
on August 7, 2002 before the High Court of Hong Kong at 10:00
am. The petition was filed with the court on May 2, 2002 by Tang
Lai Ying Angel of Room 1103, Tin Yee House, Tin Ping Estate,
Sheung Shui, New Territories, Hong Kong.
GOLDWIZ HOLDINGS: Narrows Operations Loss to HK$26,690,064
----------------------------------------------------------
Goldwiz Holdings Limited announced on 24 July 2002:
(stock code: 586)
Year end date: 31/3/2002
Currency: HK$
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
Turnover : - 37,757,524
Profit/(Loss) from Operations : (26,690,064)(142,842,815)
Finance cost : (4,249,901) (6,373,643)
Share of Profit/(Loss) of Associates : - 9,599,000
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (26,356,094)(151,556,575)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (3.08 cents)(29.67 cents)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (26,356,094)(151,556,575)
Final Dividend per Share : NIL NIl
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
for the year of HK$26,356,094 (2001 : loss HK$151,556,575) and
the weighted average of 855,361,039 (2001 : 510,820,345)
ordinary shares in issue during the year.
HK PHARMA: Widens Operations Loss to HK$17,224M
-----------------------------------------------
Hong Kong Pharmaceutical posted its March 31, 2002 year ending
auditors' interim Report:
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 71,063 39,006
Profit/(Loss) from Operations : (17,224) (11,067)
Finance cost : (6,385) (5,869)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (19,559) (15,296)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.42 cents) (1.37
cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (19,559) (15,296)
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final Dividend : -
Payable Date : -
B/C Dates for (-) General Meeting : -
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
1. Certain comparative figures have been reclassified to
conform to the current year's presentation.
2. LOSS PER SHARE
The calculation of basic loss per share is based on the
net loss from ordinary activities attributable to shareholders
for the year of approximately HK$19,559,000 (2001: approximately
HK$15,296,000), and the weighted average number of 1,374,136,424
(2001: 1,119,928,205) ordinary shares in issue during the year.
Diluted loss per share amounts for the years ended 31
March 2002 and 2001 have not been presented because the effects
of the assumed conversion of the share options and convertible
notes of the Company during these years were anti-dilutive.
OSK ASIA: Posts Results Announcement Summary
--------------------------------------------
OSK Asia Corporation Limited posted this financial announcement:
(stock code: 555)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2001
to 30/6/2002 to 30/6/2001
('000) ('000)
Turnover : 24,447 33,837
Profit/(Loss) from Operations : (11,797) (6,403)
Finance cost : (56) (1,137)
Share of Profit/(Loss) of Associates: - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : (11,840) (7,540)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.97 cents) (1.26
cents)
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (11,840) (7,540)
Interim Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
POWER SOURCE: Faces Winding Up Petition
---------------------------------------
The petition to wind up Power Source Company Limited is set for
hearing before the High Court of Hong Kong on August 7, 2002 at
11:00 am. The petition was filed with the court on May 9, 2002
by Tse Hon Chuen of Room 516, Mei Ho House, Block 41, Shek Kip
Mei Estate, Kowloon, Hong Kong.
SUN UNION: Winding Up Sought by Guangzhou Finance
-------------------------------------------------
Guangzhou Finance Company Limited is seeking the winding up of
Sun Union Group Limited. The petition was filed on June 28,
2002, and will be heard before the High Court of Hong Kong on
September 18, 2002.
Guangzhou Finance holds its registered office at 17A, Yue Xiu
Building, 160-174 Lockhart Road, Wanchai, Hong Kong.
=================
I N D O N E S I A
=================
BANK INTERNASIONAL: Moody's Confirms Ratings, Positive Outlook
--------------------------------------------------------------
Moody's Investors Service confirmed Monday the ratings of Bank
Internasional Indonesia, concluding a review initiated on
February 2, 2001. The confirmed ratings are Caa1/Not prime for
long-term/short term deposits and E+ for bank financial
strength. The outlook for the ratings is positive.
The confirmation reflects the improving prospects for Bank
Internasional Indonesia with the planned recapitalization from
the government, via a rights issue. The recapitalization will
raise the bank's reported capital adequacy ratio to 25 percent
from negative 47 percent. The bank remains financially weak,
particularly with regard to asset quality, even with the
government recapitalization.
However, the expanded capital base will provide a platform for
the bank to rebuild its eroded franchise stemming from the
negative publicity during the economic crisis. The bank
continues to enjoy some franchise value - it is the largest
local issuer of credit cards. Moreover, the resolution of the
capital issue will likely result in the appointment of a new and
more permanent management team to strategically guide the bank.
Finally, strong government support for the bank is expected to
be maintained given its government ownership.
Bank Internasional Indonesia, previously the largest private
bank pre-crisis, is the now the fifth largest bank in Indonesia.
The founding Sinar Mas group (Widjaja family) lost control of
the bank during the crisis when related party, Asia Pulp &
Paper, defaulted on its loans to the bank.
CITRA MARGA: Incurs Q102 Profit of Rp108.01B
--------------------------------------------
PT Citra Marga Nusaphala Persada Tbk reported Rp108.01 billion
net profit in the first semester of 2002, recovering from a
Rp69.06 billion net loss incurred in the same period the
previous year, IndoExchange reported Tuesday.
In a report to the Jakarta Stock Exchange, CMNP's President
Director Dadi Haryadi said the company booked Rp90.70 billion
currency gains in the first semester of this year, a rebound
from the Rp144.98bn forex losses recorded in the same period a
year earlier. Revenue from tollroad fees in the first six
months of this year reached Rp174.55 billion, reflecting a 3.93
percent increase from Rp167.94 billion last a year ago.
CMNP will hold an extra-ordinary meeting of shareholders on July
31, 2002, which is expected to name a new executive board.
Days ago, TCR-AP reported that Citra Marga Nusaphala hopes to
reschedule the repayment of its debt in floating rate notes
(FRN) and eurobonds until 2007. The company debts amount to
US$27.13 million in FRN and US$26.43 million in eurobonds.
According to DebtTraders, Citra Marga's 7.250% bonds due on 2002
(CMNP02IDN1) are trading between 68 and 73. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1
for real-time bond pricing information.
=========
J A P A N
=========
DAIWA SECURITIES: Enters JV With Shanghai International Group
-------------------------------------------------------------
In relation to a memorandum of understanding (MoU) entered into
by Daiwa Securities Group Inc. and Shanghai International Group
Corporation Limited (SIG) on March 7, 2002, the parties have
elaborated on the details of business collaboration, and reached
an agreement on Monday to establish a new consulting corporation
by a joint investment through Daiwa Securities SMBC Co. Ltd.
(Daiwa Securities SMBC), Daiwa Institute of Research Ltd. (DIR)
and SIG.
The Chinese joint venture will fully capitalize on the strength
of each constituent and work with both Japanese and Chinese
corporate clients on their needs in extending business in the
respective countries and financing their operation.
Summary Information on the Joint Venture Company
Name: Shanghai Daiwa SMBC-SIG Investment Consulting Company
Limited
Location: Pudong New District, Shanghai, the People's Republic
of China
Registered Capital: US$ 5 million
Capital Allocation: Daiwa Securities SMBC Asia Holding B.V. (40
percent)*, DIR (10 percent), SIG (50 percent)
Representative: Chairman nominated by SIG
President: Nominated by Daiwa Securities SMBC
Business: Consultation on business set-up and expansion
(including various forms of alignment) in the People's Republic
of China and Japan and on financing, both primarily aimed at
Japanese and Chinese corporations.
Number of Employees: Approx. 15 (increase expected as business
demand arises)
Start of Business: September, 2002
* Daiwa Securities SMBC Asia Holding B.V. is a wholly owned
subsidiary of Daiwa Securities SMBC.
About Daiwa Securities Group Inc.
The Daiwa Securities Group Inc. (TSE: 8601)(UK: DAI) engages in
Japanese domestic and international securities-related
businesses including brokerage, investment banking, asset
management and research/systems development. The Group presently
employs approximately 12,000 employees in 16 countries. For
further information, please visit the Daiwa Securities Group
Inc. home page at: http://www.ir.daiwa.co.jp/
Contact:
Daiwa Securities Group Inc.
Toshihiko Onishi
toshihiko.onishi@daiwa.co.jp
81 3 3243 3847
TCR-AP said Daiwa reported a loss of 130.5 billion yen in the
business year that ended on March 31, hit by a downturn in its
core equities business and a one-off asset evaluation loss.
Daiwa Securities earlier posted a loss of 130.5 billion yen for
the year to March 31 as it wrote off 127 billion yen on property
sales in the fiscal second quarter.
FUJITSU LTD: Unit Names George Chase New Group President, CEO
-------------------------------------------------------------
Fujitsu Network Communications, Inc., a unit of Fujitsu Limited,
recently announced the appointment of George Chase to the
position of Group President and COO. George Chase, a seasoned,
30-year veteran of the telecommunications industry, has held a
number of senior operating positions in major communications
companies and brings a wealth of experience to this newly
created, strategically important position. In this role, Mr.
Chase will be responsible for the Company's Operations,
Engineering and Development, Product Planning, Marketing and
Sales. Mr. Chase begins his new assignment immediately.
Mr. Chase began his communications career with sixteen years at
AT&T Network Systems (later known as Lucent Technologies). He
then joined Rockwell Network Systems (prior to its acquisition
by Alcatel) where he held a number of positions in Product
Management, Product Development and Sales, culminating in the
position of Vice President of Sales. After Rockwell, Mr. Chase
joined Fujitsu Network Communications where he rose to the level
of executive Vice President of Sales and Marketing. He
subsequently left Fujitsu and joined Dallas-based venture
capital firm, Hook Partners, Inc., where he led many investments
in the telecom technology sector.
"I am delighted that George has returned to the Fujitsu fold,"
said Tokanobu Yoden, President and CEO of Fujitsu Network
Communications. "During his tenure at Fujitsu, the Company
grew its sales revenue from $200 million to over $2 billion in
SONET (Synchronous Optical Network) equipment. With his
guidance and strong contacts throughout the telecommunications
industry, I am confident that we will further grow our market
share and cement our leadership in North America."
FURUKAWA ELECTRIC: Revises FY03 Earnings, Dividend Forecast
-----------------------------------------------------------
Furukawa Electric decided Monday to revise its earnings
forecasts, made on May 20, 2002 at the end of the previous
fiscal year:
(1) Revisions to Non-Consolidated Earnings Forecasts
1. Earnings Revisions for Interim Period of Fiscal Year Ending
March 2003 (April 1, 2002 - September 30, 2002)
(Units: Millions of yen, percent)
Net Sales Ordinary Income Net Income
Previous forecast (A) 212,000 0 0
Revised forecast (B) 202,000 (5,100) (4,800)
Change (B - A (10,000) (5,100) (4,800)
Percentage change (4.7) - -
Previous year figure 235,983 6,844 (67)
2. Earnings Revisions for Fiscal Year Ending March 2003 (April
1, 2002 - March 31, 2002)
(Units: Millions of yen, percent)
Net Sales Ordinary Income Net
Income
Previous forecast (A) 456,000 7,000 4,100
Revised forecast (B) 426,000 0 0
Change (B - A) (30,000) (7,000)
(4,100)
Percentage change (6.6) - -
Previous year figure 465,032 5,787 (5,792)
3. Reasons for the Revisions
Stagnation in demand in the U.S.-centered telecommunications
business failed to improve, and demand for Furukawa Electric's
optical products also fell further than was originally expected.
As a result, the current interim period looks set to see net
sales, ordinary income and net income all fail to match previous
forecasts.
In response, Furukawa Electric will commit itself to exhaustive
cost reduction activities. Fixed costs, including personnel
costs, will provide a particular focus here. Furthermore,
earnings are expected to stage a recovery in the second half of
the current fiscal year, as growth in domestic demand and other
factors tie into higher sales of optical products. In spite of
these factors, however, results are not expected to reach the
levels of previous forecasts, hence the revisions outlined
above.
(2) Revisions to Consolidated Earnings Forecasts
1. Earnings Revisions for Interim Period of Fiscal Year Ending
March 2003 (April 1, 2002 - September 30, 2002)
(Units: Millions of yen, percent)
Net Sales Ordinary Income Net Income
Previous forecast (A) 364,000 (20,000) (19,000)
Revised forecast (B) 340,000 (41,000) (102,000)
Change (B - A) (24,000) (21,000) (83,000)
Percentage change (6.6) 105.0 436.8
Previous year figure 384,186 16,043 22,456
2. Earnings Revisions for Fiscal Year Ending March 2003 (April
1, 2002 - March 31, 2002)
(Units: Millions of yen, percent)
Net Sales Ordinary Income Net Income
Previous forecast (A) 810,000 (19,000) (49,000)
Revised forecast (B) 720,000 (50,000) (115,000)
Change (B - A) (90,000) (31,000) (66,000)
Percentage change (11.1) 163.2 134.7
Previous year figure 771,411 7,642 (3,384)
3. Reasons for the Revisions
In addition to the reasons outlined in the non-consolidated
section, the slump in demand in the telecommunications business
mentioned above adversely affected the results of consolidated
subsidiaries both domestically and overseas. Consequently, net
sales, ordinary income and net income are all predicted to fail
to meet up to original expectations.
Compounding these factors is the goodwill incurred in the
previous fiscal year when Furukawa Electric purchased the
optical fiber cable division of U.S. Company Lucent
Technologies. In accordance with U.S. Accounting Standards, No.
142, Furukawa Electric was obliged to adopt loss accounting with
regards to this goodwill. Management expects this to result in
the recording of a valuation loss of 46.2 billion yen for the
current year. Hence the size of the downward revision for
consolidated results.
(3) Dividend Forecasts for the Fiscal Year Ending March 2003
Interim dividends have been postponed for the current year as a
consequence of the revisions outlined in this document. Year-end
dividends have yet to be set, due to the difficulties Furukawa
Electric's operating environment currently presents the Company
with. We would like to take this opportunity to apologize to our
shareholders for this situation.
Annual dividends per share, including both interim and year-end
dividends, are to be revised as outlined below.
1. Dividend Forecast Revisions
Interim Year-End Annual
Previous forecast 3.00 yen 3.00 yen 6.00 yen
Revision forecast - Undecided
Undecided
2. Previous Year Dividends
Interim Year-End Annual
Dividends per share 3.00 yen 3.00 yen 6.00 yen
Note:
Sales and earnings forecasts included in this document are based
on the information available to management at the time they were
made. Actual results can differ from these forecasts for a wide
variety of reasons, including, but not limited to, relevant
industry and economic trends domestically and overseas, and
exchange rate fluctuations.
Contact:
Furukawa Electric Co.Ltd.
Suzuki Osamu
osuzuki@ho.furukawa.co.jp
03-3286-3050
TCR-AP reports that Furukawa Electric Co expects an operating
loss of 10 billion yen in the year to March due to a poor
performance of the optical fiber business that the firm bought
from Lucent Technologies Inc of the US in November. The Company
suffers from a decline in demand for optical fiber and cables as
US telecommunications firm curb capital spending.
KOBAYASHI DAIYAKUBO: Pharmaceutical Firm Goes Bankrupt
------------------------------------------------------
Pharmaceutical wholesaler Kobayashi Daiyakubo filed for
bankruptcy on Monday, with estimated liabilities of 10.8 billion
yen, Kyodo News said Tuesday.
The Company is a major drug wholesaler in the Tokai region,
serving about 5,500 hospitals and drug stores.
Company Profile:
Address: 4-3-6 Doshomachi, Chuo-ku, Osaka, 541-0045, Japan
Tel +81 (6) 6222-0897
Fax +81 (6) 6222-0643
URL http://www.kobayashi.co.jp/
Date established: August 22, 1919
Capital: \3,450 million (As of March 31,2002)
Employees: 953(As of March 2002)
Contact: Masaaki Tanaka, Director and Senior General Manager,
Headquarters' Operations
TEL: 06-6222-0210
Line of business: Manufacture and sales of pharmaceuticals,
nonpharmaceuticals, deodorizers and sanitary supplies.
Pharmaceutical wholesale for manufacturers across Japan.
Medical equipment import and distribution to university and
public hospitals across Japan.
For a copy of the Company's consolidated results for Fiscal 2002
(Apr. 1, 2001 - Mar. 31, 2002), go to
http://www.kobayashi.co.jp/english/
The Company's History is located at
http://www.kobayashi.co.jp/english/history/history.html
MITSUBISHI ELECTRIC: French Unions Agree to 644-Job Cut
--------------------------------------------------------
Mitsubishi Electric Corp has come to an understanding with
French unions for the closure terms pertaining to its Etrelles
mobile phone plant. The closure will result in the loss of 644
jobs, AFX reported Monday. The report did not mention the terms
for the closure and job cuts. Another 305 jobs will be saved
through transfers to elsewhere in the group.
NIPPON TELEGRPAH: Amends FY03 Projected Financial Results
---------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) has amended its
projected financial results for fiscal year 2003 (April 1, 2002
through March 31, 2003):
Projected Consolidated Financial Results for fiscal year 2003
No amendment has been made.
Projected Non-Consolidated Financial Results for fiscal year
2003
* Extraordinary profit has been amended to 148,000million yen
from 0 million yen.
2. Reasons for the Above Amendments
With the stock buy-back by our subsidiary NTT DoCoMo, NTT sold a
portion of the DoCoMo shares it owned. For this reason,
extraordinary profits will appear on NTT's non-consolidated
financial results.
Because this sale was within the NTT Group, it will not affect
NTT's consolidated financial results.
Using the shares acquired in the recent buy-back, DoCoMo plans
to exchange shares with regional DoCoMo companies. Any effect of
this exchange on NTT's consolidated financial results shall be
announced when necessary.
For more information, please contact:
Department I
Nippon Telegraph and Telephone Corporation
E-mail:jigyou@hco.ntt.co.jp
NTT DOCOMO: Unveils Result of Share Repurchase
----------------------------------------------
NTT DoCoMo, Inc. repurchased its shares as follows, as noted in
the notice of share repurchase announced Monday, July 29, 2002.
1. Reason for the share repurchase:
DoCoMo repurchased its shares in order to transfer treasury
shares to the shareholders of its regional subsidiaries (NTT
DoCoMo Hokkaido, Inc., NTT DoCoMo Tohoku, Inc., NTT DoCoMo
Tokai, Inc., NTT DoCoMo Hokuriku, Inc., NTT DoCoMo Kansai, Inc.,
NTT DoCoMo Chugoku, Inc., NTT DoCoMo Shikoku, Inc. and NTT
DoCoMo Kyushu, Inc.) in share exchanges through which the
regional subsidiaries shall become wholly-owned subsidiaries of
DoCoMo.
2. Type of shares repurchased: Shares of common stock of DoCoMo
3. Aggregate number of shares repurchased: 796,746 shares
4. Repurchase price: JPY 269,000
5. Date of repurchase: July 30, 2002
6. Method of repurchase: Purchase through ToSTNeT-2 (Tokyo Stock
Exchange Trading Network System) (closing price orders)
SOFTBANK CORP: JCR Downgrades Rating to BBB-
--------------------------------------------
Japan Credit Rating Agency on Friday downgraded Softbank
Corporation's ratings on the following bonds from BBB to BBB-,
affirming the J-2 rating on the CP program.
Issues:
Amount(bn) / Issue Date / Due Date / Coupon
bonds no.2
Y50 / Sept. 27, 1995 / Sept. 27, 2007 / 3.90 percent
bonds no.5
Y25 / Dec. 19, 1995 / Dec. 19, 2002 / 3.15 percent
bonds no.9
Y10 / Oct. 18, 1996 / Oct. 17, 2003 / 3.45 percent
bonds no.10
Y10 / Oct. 18, 1996 / Oct. 18, 2004 / 3.55 percent
bonds no.11
Y10 / Oct. 18, 1996 / Oct. 18, 2006 / 3.80 percent
bonds no.12
Y5 / Nov. 1, 1996 / Nov. 1, 2006 / 3.70 percent
bonds no.14
Y40 / July 22, 1999 / July 22, 2003 / 2.40 percent
bonds no.15
Y40 / Sept. 21, 2001 / Sept. 21, 2005 / 3.00 percent
bonds no.16
Y30 / Sept. 21, 2001 / Sept. 21, 2004 / 2.45 percent
bonds no.17
Y10 / Sept. 21, 2001 / Sept. 21, 2005 / 3.00 percent
CP:
Maximum: Y50 billion
Backup Line: 0 percent
Rationale
Softbank has been aggressively investing in IT related
businesses. The market value of the stocks held by the Company
exceeded 5 trillion yen at the peak time. The value dropped
sharply after collapse of IT bubble.
The Company places emphasis on the broadband business that is
characterized by the high cost competitiveness and wide-ranging
services. The growth of the number of subscribers, however, has
been below the forecast due to insufficient technical support
system as well as delay in the engineering works. With the
support system being improved, the Company has already started
soliciting subscribers through mass merchandisers for consumer
electronics and services to corporations. The number of
subscribers may increase rapidly in the future. Given the
possibility of intensification of competition with NTT and other
telecommunications companies in the broadband communication
business, however, JCR considers it necessary to assess whether
the Company can really change its earnings structure to the one
that produces stable cash flows continuously via growth of
broadband business.
Softbank incurred operating loss even without including loss
from the broadband business in fiscal 2001. It has been selling
off the stocks to repay the debt. The market value of the
securities has been decreasing due to the selling-off and
sluggishness of the stock market. The net interest-bearing debt
subtracting cash and cash equivalents from the interest-bearing
debt amount remained unchanged from a year earlier at end-March
2002. The Company plans to reduce the interest-bearing debt,
selling off the assets. JCR will watch the progress of the
reduction.
Softbank, which reported a consolidated net loss of 88.76
billion yen in the year ended March 31, has been looking to
reduce its debt and generate cash to finance its ADSL business,
Yahoo BB, TCR-AP reports.
SOFTBANK CORP: Selling Holding in E*TRADE Group, Inc.
-----------------------------------------------------
Softbank Corp announced on Monday that its 100 percent-owned
subsidiary, Softbank America Inc. (Headquarter: Delaware,
U.S.A.; Representative: Masayoshi Son; SBA) sold a part of its
holdings in E*TRADE Group, Inc. in a block trade and E*TRADE
agreed to buy back SBA's remaining stake in E*TRADE.
SBA will sell, pursuant to the above-mentioned sale, 15,401,688
shares of E*TRADE, all of its holdings in E*TRADE, for an
aggregate purchase price of approximately US$55,000,000
(translated amount in yen: approximately 6.4 billion yen;
exchange rate: $1=\116.5). Loss on sale of such shares is
expected to be approximately US$62,000,000 (translated amount in
yen: approximately 7.2 billion yen; exchange rate: $1=\116.5).
Sale proceeds will be allocated for the broadband business,
which SOFTBANK as a group is developing vigorously, and other
businesses.
Though SBA will not have an interest in E*TRADE after the sale,
the SOFTBANK group, through its 44.5 percent-owned subsidiary,
E*TRADE Japan K.K. (Headquarter: Minato-ku, Tokyo;
Representative: Taro Izuchi; Nasdaq Japan 8627), continuously
holds 3,380,879 shares (0.9 percent) of E*TRADE.
TCR-AP reported last month that Softbank, which reported a
consolidated net loss of 88.76 billion yen in the year ended
March 31, has been looking to reduce its debt and generate cash
to finance its ADSL business, Yahoo BB. Softbank President
Masayoshi Son said the Company had 365.6 billion yen in long-
term debts at the end of March, down from Y487.5 billion at the
end of last September.
*Fitch Rates Five Largest Japanese Steel Manufacturers
------------------------------------------------------
Fitch Ratings on Monday has assigned Senior Unsecured debt
ratings to Nippon Steel at "BB+", Sumitomo Metals at "B", Kobe
Steel at "B+", Kawasaki Steel at "BB", and NKK at "B+",
respectively. A Short-term rating of "B" is also assigned to
each of the companies.
In a report due to be published shortly, Fitch comments that the
Japanese steel industry is suffering from the severe economic
environment. Sluggish demand for steel is likely continue due to
a reduction in public works, an acceleration of overseas
production by automotive and electronics manufacturers, and a
continued slump in the shipbuilding industry. The global
consolidation in both raw material and user industries has
weakened the bargaining power of the Japanese steel
manufacturers and increasing protectionism by the US and China
are also adverse factors. The agency further notes that
overcapacity remains a feature of the industry in Japan and
there has been no drastic improvement in the price structure.
In these circumstances, the Japanese steel manufacturers are
proceeding with their consolidation plans: Kawasaki Steel and
NKK have decided to merge in April 2003, while Nippon Steel,
Sumitomo Metals, and Kobe Steel are forming alliance.
Among the points Fitch has considered in assigning ratings to
these five companies are the severe industrial environment, the
potential effect of consolidation on production capacity, the
enormous debt burden carried by the companies, and comparison
with European steel manufacturers, which have already
experienced sector consolidation. Individually, the agency also
notes the benefits to Nippon Steel of its tie-ups inside and
outside of Japan; the effect on Sumitomo Metals of recent strong
seamless pipe business; Kobe Steel's firm commitment to settle
its liabilities; and the benefits to Kawasaki Steel and NKK from
realized cost reductions in advance of their merger. The ratings
for these latter two entities will therefore be reassessed at
the time of the merger.
=========
K O R E A
=========
DAEWOO MOTOR: Closes Factory in France
--------------------------------------
Daewoo Motor French unit Villers-La-Montagne has been closed for
three weeks due to a drop in sales at the plant, Le Monde and
Financial Times reported Monday.
According to French union CFDT, around 230 workers will lose
their jobs, as microwave oven factory is saturated and has
reported a 60 percent drop in sales. Daewoo has closed four of
the Villers-La-Montagne plants and five production lines.
HYNIX SEMICONDUCTOR: Develops "BlueWaveTM I" to Regain Status
--------------------------------------------------------------
Hynix Semiconductor Inc. announced Monday the development of a
valuable new technology "BlueWaveTM I", as it plans to gain a
leadership position in the global Bluetooth market, Asia in
Focus reports. The "BlueWaveTM I" brings functions needed for
the operation of Bluetooth application equipment into one chip.
The Company expects its sales in the Bluetooth business to rise
to 100 billion won (US$84.01 million) by 2003 and to 500 billion
won by 2005.
HYNIX SEMICONDUCTOR: Deutsche Bank Works on Restructuring Plan
--------------------------------------------------------------
According to the Financial Supervisory Commission (FSC),
Deutsche Bank of Germany will work out the restructuring plan
for Hynix Semiconductor by the end of this month, Digital Chosun
reports.
Hynix' creditors and management will make a final decision on
the struggling chipmaker by the end of August.
FSC head Lee Keun-young said that the German bank has been
commissioned for Hynix's restructuring plan as it has served as
the Company's foreign financial advisor.
HYNIX SEMICONDUCTOR: Reaches Settlement With U.S. Recruiter
-----------------------------------------------------------
Hynix Semiconductor and Jeff Abraham, a California employment
recruiter, has settled a hiring discrimination dispute at Hynix'
computer-chip plant in West Eugene, California, ending five
years of litigation, Knight Rider Tribune reports.
The parties declined to disclose settlement details, citing
terms of an agreement they reached two weeks ago.
An Orange County jury in April 1999 awarded Abraham $14.7
million in damages after an 18-day trial in California Superior
Court. The jury found that Hynix's Eugene plant violated a
California anti-discrimination law by dropping Abraham's firm
because he continued to refer women for jobs at the plant after
a Company hiring manager told him to stop sending women. Hynix
appealed that judgment and the case was pending with the
California Court of Appeal at the time of the settlement.
Abraham's testimony at trial that Hynix's Korean owners didn't
want to hire women or blacks had appalled many local residents
and elected officials. The allegations also had threatened
Hynix's eligibility for lucrative property-tax waivers.
Both sides expressed relief Thursday in resolving the dispute.
Hynix has been losing money in a poor chip market and owes
creditors about $5 billion.
TONGKOOK CORP: Creditors Conduct W778.8B Debt-to Equity Swap
------------------------------------------------------------
Creditors of Tongkook Corporation are set to swap the Company's
debts of 778.8 billion won into equity in an effort to revive
the textile firm, Maeil Business Newspaper said Monday.
Main Creditor Korea First Bank will negotiate with other
creditors like Korea Development Bank and Korea Exchange Bank.
Creditors are also expected to conduct a write-off of stocks
held by big shareholders at a rate of 15:1. On the other hand,
shares held by minority shareholders will be written off at a
rate of 6.25:1.
About the Company:
Address:
Tongkook Corporation
http://www.tongkook.co.kr/
25-5 Chungmuro 1-Ga
Chung-gu Seoul 100-012
KOREA (SOUTH) +82 2 316 6300
+82 2 7535436
Tongkook Corporation (TKC) manufactures various woven goods and
textiles fabrics. PET CHIP accounted for 65 percent of 2000
revenues and Synthetic fabrics, 35 percent.
For more Company Information, go to
http://www.tongkook.co.kr/english/tongkook/index.htm
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Administrators Finalize Workout Proposal
-----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that there has been no changes to the status in
payment since the Company's previous announcement made on 19
June 2002.
The Company has been placed under the care of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (Danaharta Act).
With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.
On 16 May 2002, the Special Administrators of the Company, for
and on behalf of the Company, entered into a Memorandum of
Understanding (MoU) with several parties (the White Knight) to
regulate and record the basic understanding of the key areas of
agreement pending finalization and approval of the Company's
corporate restructuring proposal (the Workout Proposal).
On 11 July 2002, the Special Administrators of the Company
entered into a Facilitation of Listing Agreement inter alia to
transfer the listing status of the Company to OilCorp Berhad.
Accordingly, the Company had on 15 July 2002 made its Requisite
Announcement to the Exchange in respect of its regularization
plan pursuant to Practice Note 4/2001 of the Exchange.
The Special Administrators of the Company are currently
finalizing the Company's Workout Proposal pursuant to Section 44
of the Danaharta Act and the Workout Proposal will be submitted
to Danaharta for approval. The Workout Proposal will address the
Company's default in payments.
AUSTRAL AMALGAMATED: KLSE Grants Partial Proposals Approval
-----------------------------------------------------------
On behalf of Austral Amalgamated Berhad, Alliance Merchant Bank
Berhad announced that the Company sought from the Kuala Lumpur
Stock Exchange (KLSE) pursuant to the implementation of the
Proposed Rights Issue with Warrants and Proposed Capital
Reduction and Consolidation:
(a) The shortening of the notice period of Book Closure Date
(BCD) (a period between the announcement of BCD and BCD) (Notice
Period) in respect of the Proposed Rights Issue with Warrants
and Proposed Capital Reduction and Consolidation from the
prescribed twelve (12) market days to four (4) market days;
(b) Exemption for the Provisional Allotment Letter (PAL)
arising from the Proposed Rights Issue with Warrants to be
traded on the KLSE;
(c) The shortening of the period from the BCD to the closing
date for receipt of applications for and acceptance of the
rights shares from the prescribed twenty-two (22) clear market
days to fourteen (14) clear market days; and
(d) Listing of and quotation for the enlarged issued and
paid-up share capital of Furqan Business Organization Berhad
(FBO) of 412,026,304 ordinary shares of RM1.00 each in FBO (FBO
Shares) (prior to the conversion/ exercise of the Redeemable
Convertible Loan Stocks (RCLS)/ warrants), RM37,655,072 nominal
value of RCLS and 37,655,072 warrants to be issued arising from
the Proposals on the Main Board of the KLSE, upon the completion
of the entire Proposals, instead of one (1) market day after the
BCD for the Proposed Rights Issue.
In the letter from the KLSE dated 25 June 2002, the KLSE
approved the shortening of the Notice Period from twelve (12)
market days to four (4) market days whilst the applications for
(b) to (d) above were not approved.
On 8 July 2002, on behalf of the Company, Alliance appealed to
the KLSE to re-consider the applications for (b) to (d) above.
RATIONALE AND JUSTIFICATIONS
All the Proposals are inter-conditional of each other whereby
the primary objective of the Proposals is to restructure AAB
Group and put the Group on a stronger financial footing to
enable the Group to position itself to continue as a going
concern and return to profitability and enhance returns to
shareholders.
* The Proposed Capital Reduction and Consolidation is to
write-off a substantial amount of the accumulated losses of AAB
Group;
* The Proposed Share Exchange is to facilitate the transfer
of listing status from AAB to FBO. It will allow the continued
participation of the existing shareholders of the Company as
shareholders of FBO;
* The Proposed Rights Issue and Proposed Restricted Issue are
to provide FBO Group with funding for the development of core
assets and partial payment to the scheme creditors pursuant to
the Proposed Creditors Scheme; and
* The Proposed Injections involve the injections of
complementary businesses with AAB Group into FBO.
The Proposals will involve the emergence of FBO as the holding
company of AAB and the transfer of listing status from AAB to
FBO. AAB will be de-listed.
In view of the inter-conditionality of the Proposals, following
the BCD of the Proposed Rights Issue with Warrants, all the
terms of the Proposals would not have become unconditional,
including the proceeds arising from the Proposed Rights Issue
with Warrants. The proceeds of the Proposed Rights Issue with
Warrants are crucial for the completion of the Proposals as it
would be utilized for the repayment to the scheme creditors
pursuant to the Proposed Creditors Scheme, for the working
capital requirement of the FBO Group, the development of core
assets of AAB Group and the expansion of the business of Wilayah
Leasing Sdn Bhd.
The Company intends to list the enlarged issued and paid-up
share capital of FBO of 412,026,304 FBO Shares (prior to the
conversion/ exercise of the RCLS/ warrants), RM37,655,072
nominal value of RCLS, 37,655,072 warrants on the Main Board of
the KLSE simultaneously upon the completion of the entire
Proposals.
Accordingly, as all the new FBO Shares to be issued pursuant to
the Proposals will be listed simultaneously, there would be no
necessity for the PAL to be traded as the "mother share" i.e.
FBO Shares will not be listed and quoted on the Main Board of
the KLSE until after the completion of the Proposals. Hence, if
there is no trading of the PALs, the prescribed period for the
acceptance of the rights shares can be shortened from twenty-two
(22) clear market days to fourteen (14) clear market days.
Taking into consideration that all the Proposals' Terms are
inter-conditional and would not become unconditional until upon
the completion of the entire Proposals, KLSE, via its letter
dated 23 July 2002, approved the applications for (b) to (d).
The "Proposals" collectively refers to:
* Proposed Capital Reduction and Consolidation
* Proposed Share Exchange
* Proposed Rights Issue with Warrants
* Proposed Injections
* Proposed Restricted Issue
* Proposed Creditors Scheme
* Proposed Listing of Furqan Business Organization Berhad
(FBO)
* Proposed Placement
* Proposed Exemption from Mandatory General Offer
CONSTRUCTION AND SUPPLIES: Seeks Submission Time Extension
----------------------------------------------------------
On behalf of the Board of Directors of Construction And Supplies
House Berhad (CASH), Alliance Merchant Bank Berhad on 28
February 2002, had announced to the KLSE certain Proposals (as
defined therein) proposed to be undertaken by CASH (Requisite
Announcement).
Under the requirements of Paragraph 5.1 (b) of PN4, CASH, being
an affected listed issuer which has made the Requisite
Announcement, must submit its plan to regularize its financial
condition to the relevant authorities for approval (Submission),
including the Securities Commission (SC) (where applicable)
within two (2) months from the date of the Requisite
Announcement.
On 14 May 2002, the Company was granted an extension up to 26
July 2002 to make submissions of its regularization plan to the
relevant regulatory authorities for its approval (Submissions)
(Extension), in order to comply with the requirements of
Paragraph 5.1(b) of PN4.
On behalf of the Board of CASH, Alliance announced that CASH,
through Alliance, had made an application to the KLSE to grant a
further extension of time up to 26 August 2002 for CASH to make
the Submissions.
The above extension is being sought for by CASH in order to
finalize certain documentation to be included in the
Submissions, including a debt settlement agreement to be entered
into between CASH and one of its scheme creditors.
CONSTRUCTION AND SUPPLIES: Fu Min Resigns From Boardroom
--------------------------------------------------------
Construction And Supplies House Berhad posted this Change in
Boardroom Notice:
Date of change : 25/07/2002
Type of change : Resignation Boardroom
Designation : Director
Directorate : Independent & Non Executive
Name : Pius Lee Fu Min
Age : 46
Nationality : Malaysian
Qualifications : Higher School Certificate
Working experience and occupation : Company Director
Directorship of public companies (if any) : Not Applicable
Family relationship with any director and/or major shareholder
of the listed issuer : Not Applicable
Details of any interest in the securities of the listed issuer
or its subsidiaries : CASH - 1,000 Ordinary Shares of RM0.50
each Subsidiaries - Not Applicable
GADANG HOLDINGS: PED's Winding Up Petition Dismissed
----------------------------------------------------
The Board of Directors of Gadang Engineering (M) Sdn Bhd, in
respect of the separate suit in Kuala Lumpur High Court Civil
Suit No. D5-22-1136-2002 filed in by Pembinaan Era Dinamik Sdn
Bhd (formerly known as Seni Kembara Construction Sdn Bhd)(PED)
for an injunction restraining GESB by itself, through its
servants or agents from presenting a winding up petition against
them, announced that PED's said application was dismissed with
costs on 26 July 2002.
HOTLINE FURNITURE: Executes MOU as Workout Scheme Compliance
------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of Hotline Furniture
Berhad, announced that HFB had on 26 July 2002, entered into a
memorandum of understanding (MOU) with the shareholders of the
following companies:
(i) Medan Damai Sdn Bhd (MDSB);
(ii) Salak Park Property Sdn Bhd (SPPSB);
(iii) Jiwa Property Sdn Bhd (JPSB);
(iv) Spangate Sdn Bhd (SSB);
(v) Kejuruteraan Mahajaya Sdn Bhd (KMSB); and
(vi) Masa Unggul Sdn Bhd (MUSB).
(collectively known as "the Acquiree Companies"; and the
shareholders of the Acquiree Companies are known as "the
Vendors")
HFB proposes to acquire the Acquiree Companies as part of the
Proposed Restructuring Exercise, details of which are set out in
the ensuing paragraphs.
THE PROPOSED RESTRUCTURING EXERCISE
HFB is an affected listed issuer classified under Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (KLSE) Listing
Requirements and it intends to undertake a restructuring scheme
to regularize its financial position, which will involve inter-
alia the following:
(i) Proposed 90% capital reduction of the issued and paid-up
share capital of HFB to RM2,178,800 and subsequently
consolidating 10 ordinary shares of RM0.10 each into 1 ordinary
share of RM1.00 (Reduced Capital);
(ii) Proposed debt restructuring exercise by HFB Group
(Proposed Debt Restructuring);
(iii) Proposed acquisition of new viable assets/business,
which as at the date of the MOU have been identified to be the
entire issued and paid-up capital of the Acquiree Companies from
the Vendors (Proposed Acquisitions);
(iv) Proposed acquisition of the Reduced Capital of HFB by a
new public company to be incorporated under the Companies Act,
1965 (Newco) and the purchase consideration to be satisfied by
the issuance of 2,178,800 new ordinary shares of RM1.00 each in
Newco resulting in HFB becoming a wholly owned subsidiary of
Newco;
(v) the transfer of the listing status of HFB to Newco; and
(vi) the transfer of the listing of Newco from the Second
Board to the Main Board of the KLSE.
(Items (i) to (vi) above are collectively hereafter referred to
as the "Proposed Restructuring Scheme")
THE MOU
The MOU sets out the parameters of the Proposed Restructuring
Scheme, which should strictly be adhered to by HFB as follows:
(i) In its negotiations with the scheme creditors, unsecured
creditors of HFB and unsecured trade creditors of the HFB Group
with corporate guarantees issued by HFB in respect of the
Proposed Debt Restructuring for the debts as at 30 November
2001:
(a) the maximum number of shares to be issued by Newco to
the scheme creditors, unsecured creditors of HFB and unsecured
trade creditors of HFB Group with corporate guarantees issued by
HFB must not exceed 20,000,000 shares in Newco;
(b) that the issued and paid-up share capital of HFB must
be reduced by at least 90%; and
(c) that all the debentures and the corporate guarantees
given by HFB shall be discharged and HFB shall not have any
liability after the completion of the Proposed Restructuring
Scheme.
(ii) Approval to be obtained from, inter-alia, the
shareholders of HFB, the Securities Commission and the KLSE:
(a) for the transfer of the listing status of HFB to Newco;
and
(b) for the transfer of the listing of Newco from the
Second Board to the Main Board of the KLSE.
Other salient terms of the MOU are detailed below:
(i) The Vendors shall sell their entire shareholdings in the
Acquiree Companies to Newco and the purchase consideration shall
be satisfied by the issuance of new shares in Newco. The new
assets/businesses to be acquired by the Newco may further vary
in order to meet the qualitative requirement of the relevant
authorities;
(ii) All the existing assets of the HFB Group are to be sold
to satisfy the amounts owing to the scheme creditors;
(iii) The substantial shareholders of the Newco will enter
into a put and call option with the scheme creditors, unsecured
creditors of HFB and unsecured trade creditors of HFB Group with
corporate guarantees issued by HFB, for up to 20,000,000 new
ordinary shares in Newco, which will be issued to satisfy the
amount outstanding to the creditors;
(iv) Pending the completion of the Proposed Restructuring
Scheme, HFB shall procure undertakings from the scheme creditors
that they will not enforce the debentures and corporate
guarantees given by HFB and upon the successful implementation
of the Proposed Restructuring Scheme, the debentures and
corporate guarantees given by HFB to the scheme creditors shall
be unconditionally discharged;
(v) The relevant conditional sale and purchase agreements,
the conditional transfer listing agreement and such other
agreements as may be necessary to implement the Proposed
Restructuring Scheme shall be entered into between HFB and the
Vendors/Newco by 31 October 2002 or such extended period as may
be mutually agreed upon between HFB and the Vendors/Newco,
failing which the MOU shall be terminated and be null and void;
and
(vi) HFB agrees with the Vendors that the submissions of the
Proposed Restructuring Scheme to the relevant authorities shall
be made by 30 November 2002 or such extended period as may be
mutually agreed upon between HFB and the Vendors/Newco, failing
which the MOU shall be terminated and be null and void.
EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME
The effects of the Proposed Restructuring Exercise on the share
capital, net tangible assets, earnings and the shareholdings of
substantial shareholders of HFB can only be determined after the
finalization of the terms of the Proposed Restructuring Scheme.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the directors or substantial shareholders of HFB or
person connected with them has any interest, direct or indirect
in the MOU.
FULL ANNOUNCEMENT UPON THE FINALISATION OF THE PROPOSED
RESTRUCTURING EXERCISE
Further details on the Proposed Restructuring Scheme will be
announced upon the finalization of the Proposed Restructuring
Scheme.
APPOINTMENT OF ADVISER
HFB has appointed PMBB as its adviser for the Proposed
Restructuring Scheme.
APPLICATION TO THE SC
An application on the Proposed Restructuring Scheme will be made
to the SC by 30 November 2002.
INSPECTION OF DOCUMENT
The MOU will be available for inspection at the Company's
registered office at 12th Floor (Right Wing), Menara Kemayan,
160 Jalan Ampang, 50450 Kuala Lumpur, during office hours for a
period of 2 weeks from the date of this announcement.
LAND & GENERAL: Unit's Winding Up Petition Hearing Set
------------------------------------------------------
The Directors of Land & General Berhad informed that Lembah
Beringin Sdn Bhd (LBSB), a 70% owned subsidiary of L&G, was
served with a Winding-Up Petition on 23 July 2002 by a house
purchaser in respect of a claim of RM285,510.40 together with
interest thereon at the rate of 8% per annum. The hearing date
for the Winding-Up Petition has been fixed on 24 September 2002.
The house purchaser is seeking the refund of the portion of the
purchase price paid to LBSB amounting to RM285,510.40 together
with interest thereon at the rate of 8% per annum pursuant to an
Order dated 19 October 2001 in the High Court at Kuala Lumpur
obtained against LBSB.
On 11 June 2002, LBSB had filed an application for an injunction
to restrain the house purchaser from filing the Winding-Up
Petition. The application is fixed for hearing on 13 August
2002.
The total cost of investment in LBSB in the books of L&G is
RM16.1 million. The expected loss arising out of the winding up
proceedings is insignificant. The winding up proceedings would
not have any material financial and operational impact on the
L&G Group.
The Directors of L&G further wish to inform that in 1996, the
said house purchaser had entered into a Sale and Purchase
Agreement with LBSB to purchase one unit double storey
shopoffice to be constructed in Lembah Beringin. Currently, the
said shopoffice is approximately 90% completed. The delay in
completion of the shopoffice was mainly due to the adverse
impact on LBSB's financial position as a result of the 1997
economic downturn.
The Directors of L&G also wish to inform that LBSB had been
exploring ways as well as holding discussions with several
potentially interested parties on how to revive the development
in Lembah Beringin. L&G is pleased to inform that a third party
contractor has been engaged to rehabilitate the stalled projects
in Lembah Beringin. The rehabilitation works have commenced
recently.
MALAYSIAN AIRLINE: Requests Trading Suspension
----------------------------------------------
Malaysian Airline System Berhad announced that the Kuala Lumpur
Stock Exchange (KLSE) approved the Company's request for a
suspension in the trading of its shares for two (2) market days
from 30 July 2002 to 31 July 2002.
The request for suspension is made under Paragraph 3.1(a)(iii)
of Practice Note 2/2001 of the Listing Requirement of KLSE as
MAS is expected to make an announcement on 30 July 2002 of
material revisions to the major restructuring of MAS previously
announced on 28 January 2002.
MALAYSIAN RESOURCES: TNB Obtains Proposed Waiver Approval
---------------------------------------------------------
Public Merchant Bank Berhad, on behalf of Malaysian Resources
Corporation Berhad, with regards to the Proposed Disposal of 20%
Equity Interest in Fibrecomm Network (M) Sdn Bhd (FNSB) by MRCB
to Tenaga Nasional Berhad (TNB), announced that MRCB has been
informed by TNB on 24 July 2002 that it has obtained the
approval from the SC for the Proposed Waiver.
On June 20, the Company reported that the Proposed Disposal is
subject to inter-alia, the approval from the Securities
Commission (SC) for the waiver by TNB from the obligation of
making a mandatory general offer pursuant to Practice Note
2.9.6, under the Malaysian Code on Take-Overs and Mergers, 1998,
to acquire the remaining shares in FNSB that TNB, does not
already own upon completion of the Proposed Disposal (Proposed
Waiver).
OMEGA HOLDINGS: Unit Undergoes Provisional Liquidation
------------------------------------------------------
The Board of Directors of Omega Holdings Berhad announced that
the Company has just been informed by the directors of its
subsidiary, Omega Properties Sdn. Bhd. (OPSB) that OPSB has
appointed a Provisional Liquidator on 24th July 2002 in relation
to its Creditors' Voluntary Winding Up.
The winding up has no adverse financial impact on the Group.
Profile
The Company (OHB) was formed for the purpose of restructuring
Klang Valley-based Omega Securities Sdn Bhd (OS) and Pahang-
based WK Securities Sdn Bhd (WK), and subsequently seeking a
listing on the Main Board of KLSE. The restructuring of OS and
WK involved the acquisition by Omega, on 8 March 1991, of 100%
in each of the two companies.
On 17 February 1998, OS was placed under trading restriction due
to irregularities in its financial position. WK followed suit on
1 April 1998. Subsequently, on 4 May 1998, OS ceased trading
activities after it failed to meet the minimum liquid fund
requirement under KLSE Rules. OS's stockbroking license was
thereafter revoked by the SC on 5 June 1998.
Under the management of Special Administrators, the business of
WK was officially taken over by KL City Securities Sdn Bhd on 8
July 2000. WK will cease to be a stockbroker but will remain
dormant.
The restructuring agreement signed on 8 March 2000 between the
Company and the shareholders of Broadland Garment Industries Sdn
Bhd was terminated on 14 October 2001.
The Company had thereafter signed a MOU on 6 December 2001
between Selayang Budi Sdn Bhd (SBSB), and the shareholders of
SGGI Industries Sdn Bhd, SGG Furniture Marketing Sdn Bhd, Global
Chairs System Marketing Sdn Bhd, American Home Furnishing Sdn
Bhd and MP Metal Furnishing & Design Sdn Bhd. The MOU concerns
the proposed sale of the companies to SBSB and a proposed scheme
of arrangement and corporate reconstruction of OHB.
RASHID HUSSAIN: Revises Proposed Group Restructuring Scheme
-----------------------------------------------------------
On behalf of Rashid Hussain Berhad (RHB), RHB Capital Berhad
(RHB Capital) and RHB Sakura Merchant Bankers Berhad (RHB
Sakura) (collectively known as "RHB Group"), AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank), announced the following revisions and
developments in relation to the Proposed Group Restructuring
Scheme.
The "Proposed Group Restructuring Scheme" involves the
following:
* Proposed Acquisition of Bank Utama (Malaysia) Berhad
(Bank Utama) by RHB Bank Berhad (RHB Bank Berhad)
(Proposed Acquisition of Bank Utama);
* Proposed Transfer and Acquisition of RHB Leasing Sdn
Bhd and RHB Capital Properties Sdn Bhd;
* Proposed Scheme of Arrangement to Privatize RHB
Sakura;
* Proposed Acquisition and Transfer of Securities and
Securities Related Business Entities From RHB Capital to
RHB Sakura;
* Proposed Voluntary Partial Offer by RHB to Increase its
Equity Interest in Shares and Warrants of RHB Capital Up
to a Maximum of 75%; and
* Proposed Repayment of Borrowings by RHB and RHB
Capital.
PROPOSED ACQUISITION OF BANK UTAMA
As stated in the Announcement, RHB Bank is proposing to acquire
the entire equity interest of Bank Utama comprising 800,000,000
ordinary shares of RM1.00 each from Utama Banking Group Berhad
(UBG) for a purchase consideration based on 2.0 times the
adjusted Net Tangible Assets (NTA) value of Bank Utama as at the
last day of the calendar month preceding the fulfillment of all
the conditions precedent (Final Purchase Price).
Following a due diligence exercise carried out by KPMG on Bank
Utama, based on the audited NTA of Bank Utama as at 31 December
2001, RHB, RHB Bank and UBG have mutually arrived at the
adjusted NTA of Bank Utama as at 31 December 2001 (First NTA) of
approximately RM783.6 million. The indicative purchase price
based on the First NTA is RM1.567 billion. KPMG shall continue
to undertake due diligence review of Bank Utama until the date
of the completion accounts (i.e. when all conditions precedent
for the Proposed Acquisition of Bank Utama have been fulfilled)
for the purposes of determining the final NTA and in turn the
Final Purchase Price.
PROPOSED REVISION
Revision to the composition of the RHB Bank Sub-Debt
As stated in the Announcement, the RHB Bank Sub-Debt to be
issued to RHB will be equivalent in value to the Final Purchase
Price. Following the finalization of the funding requirements by
RHB Bank and also taking into account the prevailing market
conditions and interest rates, the RHB Bank Sub-Debt is now
proposed to comprise:
(a) RM800 million nominal value ten (10) year subordinated-
debt (RM Sub-Debt); and
(b) USD200 million nominal value ten (10) year bonds (RM760
million equivalent) with an option to increase the issue size to
USD250 million depending on demand and market conditions and the
amount of the Final Purchase Price (USD Sub-Debt).
The indicative terms of the USD Sub-Debt is set out in Appendix
I found at http://www.bankrupt.com/misc/TCRAP_RHB0731.doc
Revision to the mode of consideration for the Proposed SOA
As stated in the Announcement, the proposed privatization of RHB
Sakura will be effected via a scheme of arrangement pursuant to
Sections 176 and 178 of the Companies Act, 1965 whereby RHB
Capital will acquire the remaining 165,888,605 ordinary shares
of RM1.00 each (not held by RHB Capital) representing 49% equity
interest in RHB Sakura for a consideration of RM4.00 per RHB
Sakura share to be satisfied through RM2.00 in cash and the
proposed issuance of RM2.00 nominal amount of redeemable
unsecured bonds in RHB Capital (RHB Capital Bonds) for every one
(1) RHB Sakura share acquired (Proposed SOA).
The mode of consideration for the Proposed SOA has now been
revised from RM2.00 cash and RM2.00 RHB Capital Bonds for every
one (1) RHB Sakura share held to RM4.00 cash for every one (1)
RHB Sakura share held.
The additional cash consideration of RM331.8 million shall be
funded from the proceeds from the proposed issuance of the RHB
Capital Bonds.
The revision to the mode of satisfying the consideration for the
Proposed SOA was made after taking into consideration that the
minority shareholders of RHB Sakura may face difficulties in
liquidating the RHB Capital Bonds. The revised consideration of
RM4.00 cash is therefore expected to increase the attractiveness
of the Proposed SOA.
Variation to the issue size of the RHB Capital Bonds
RHB Capital is now proposing to increase the issue size of the
RHB Capital Bonds to RM500 million from approximately RM331.8
million as announced previously. The proceeds from the issuance
of the RHB Capital Bonds are proposed to be utilized as follows:
* RM331.8 million to satisfy part of the total cash
consideration for the Proposed SOA;
* RM150 million to redeem the existing RHB Capital RM150
million bonds which are due to mature on 31 May 2004 (Bonds
01/04); and
* The balance of RM18.2 million for working capital purposes.
The increase in amount of the RHB Capital Bonds from RM331.8
million to RM500 million will not have any material financial
effect on RHB Capital given that the additional amount of
RM162.2 million will be substantially utilized for the early
redemption of the existing Bonds 01/04 of RM150 million.
The indicative terms of the RHB Capital Bonds are set out in
Appendix II at http://www.bankrupt.com/misc/TCRAP_RHB0731.doc
PROPOSED EMPLOYEES' SHARE OPTION SCHEME (ESOS) BY RHB AND RHB
SAKURA
On 30 November 1998, RHB Capital and RHB Sakura had announced a
proposal to implement an ESOS for eligible employees and
directors of their respective group of companies. As stated in
the Announcement, RHB is proposing to implement an ESOS for the
employees of RHB and its subsidiaries. The respective Boards of
RHB Capital and RHB Sakura have therefore resolved on 22 July
2002 to abort the respective proposed ESOS of RHB Capital and
RHB Sakura.
RNC CORPORATION: Danaharta Extends SA Moratorium Period
-------------------------------------------------------
The Special Administrators (SA) of RNC Corporation Berhad,
namely Robert Teo Keng Tuan and Vincent Chew Chong Eu announced
that the moratorium period for the Special Administration of the
Company has been extended by Pengurusan Danaharta Nasional
Berhad for a further period of twelve (12) months from 28 July
2002 to 28 July 2003, to enable the completion and
implementation of the workout proposal in accordance with
Section 46 of the Pengurusan Danaharta Nasional Berhad Act,
1998.
TECHNOLOGY RESOURCES: August 9 EGM Scheduled
--------------------------------------------
Technology Resources Industries Berhad advised that its
Extraordinary General Meeting will be held at Sabah Room,
Basement II, Shangri-La Hotel Kuala Lumpur, 11 Jalan Sultan
Ismail, 50250 Kuala Lumpur on Friday, 9 August 2002 at 10.00
a.m, for the purpose of considering and, if thought fit, to pass
these resolutions:
ORDINARY RESOLUTION 1
- SHAREHOLDERS' MANDATE AND SHAREHOLDERS' RATIFICATION FOR
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE ENTERED INTO AND/OR TO BE ENTERED INTO WITH DETEASIA
HOLDING GMBH
"THAT, subject to the Companies Act, 1965 (Act), the Memorandum
and Articles of Association of the Company and the Listing
Requirements of the Kuala Lumpur Stock Exchange, approval be and
is hereby given to the Company and its subsidiaries (Group) to
enter into recurrent related party transactions of a revenue or
trading nature as specified in section 2.5 of the Circular to
Shareholders of the Company dated 25 July 2002 (Circular) with
DeTeAsia Holding GmbH and its related corporations as described
in section 2.2(a) thereof (DeTeAsia Group) which are necessary
for the Group's day-to-day operations subject further to the
following:
(a) the transactions are in the ordinary course of business
and are on normal commercial terms which are not more favorable
to the related parties than those available to the public and
are on terms not to the detriment of the minority shareholders;
and
(b) disclosure is made in the annual report of the aggregate
value of transactions conducted during the financial year
pursuant to the approval hereby given;
AND THAT, such approval shall continue to be in force until:
(a) the conclusion of the next Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM), at which time the approval hereby given will lapse,
unless a resolution for renewal is passed at the said AGM;
(b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Act (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Act); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,
whichever is earlier;
AND THAT, in making the disclosure of the aggregate value of the
recurrent related party transactions conducted pursuant to the
proposed shareholders' approval in the Company's annual reports,
the Company shall provide a breakdown of the aggregate value of
the recurrent related party transactions made with the DeTeAsia
Group during the financial year, amongst others, based on the
type of the recurrent related party transactions made;
AND THAT, for the avoidance of doubt, all such transactions
entered into by the Group for the period from 1 June 2001 to the
date of this resolution as specified in section 2.5 of the
Circular be and are hereby approved and ratified;
AND THAT the Directors and/or any of them be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this resolution".
ORDINARY RESOLUTION 2
- SHAREHOLDERS' MANDATE AND SHAREHOLDERS' RATIFICATION FOR
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE ENTERED INTO AND/OR TO BE ENTERED INTO WITH EDARAN
DIGITAL SYSTEMS BERHAD AND ITS SUBSIDIARY COMPANIES (EDARAN
GROUP)
"THAT, subject to the Companies Act, 1965 (Act), the Memorandum
and Articles of Association of the Company and the Listing
Requirements of the Kuala Lumpur Stock Exchange, approval be and
is hereby given to the Company and its subsidiaries (Group) to
enter into recurrent related party transactions of a revenue or
trading nature as specified in section 2.5 of the Circular to
Shareholders of the Company dated 25 July 2002 (Circular) with
the Edaran Group as described in section 2.2(b) thereof which
are necessary for the Group's day-to-day operations subject
further to the following:
(a) the transactions are in the ordinary course of business
and are on normal commercial terms which are not more favorable
to the related parties than those available to the public and
are on terms not to the detriment of the minority shareholders;
and
(b) disclosure is made in the annual report of the aggregate
value of transactions conducted during the financial year
pursuant to the approval hereby given;
AND THAT, such approval shall continue to be in force until:
(a) the conclusion of the next Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM), at which time the approval hereby given will lapse,
unless a resolution for renewal is passed at the said AGM;
(b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Act (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Act); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,
whichever is earlier;
AND THAT, in making the disclosure of the aggregate value of the
recurrent related party transactions conducted pursuant to the
proposed shareholders' approval in the Company's annual reports,
the Company shall provide a breakdown of the aggregate value of
the recurrent related party transactions made with the Edaran
Group during the financial year, amongst others, based on the
type of the recurrent related party transactions made;
AND THAT, for the avoidance of doubt, all such transactions
entered into by the Group for the period from 1 June 2001 to the
date of this resolution as specified in section 2.5 of the
Circular be and are hereby approved and ratified;
AND THAT the Directors and/or any of them be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this resolution."
ORDINARY RESOLUTION 3
- SHAREHOLDERS' MANDATE AND SHAREHOLDERS' RATIFICATION FOR
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE ENTERED INTO AND/OR TO BE ENTERED INTO WITH TELEKOM
MALAYSIA BERHAD
"THAT, subject to the Companies Act, 1965 (Act), the Memorandum
and Articles of Association of the Company and the Listing
Requirements of the Kuala Lumpur Stock Exchange, approval be and
is hereby given to the Company and its subsidiaries (Group) to
enter into recurrent related party transactions of a revenue or
trading nature as specified in section 2.5 of the Circular to
Shareholders of the Company dated 25 July 2002 (Circular) with
Telekom Malaysia Berhad as described in section 2.2(c) thereof
which are necessary for the Group's day-to-day operations
subject further to the following:
(a) the transactions are in the ordinary course of business
and are on normal commercial terms which are not more favorable
to the related parties than those available to the public and
are on terms not to the detriment of the minority shareholders;
and
(b) disclosure is made in the annual report of the aggregate
value of transactions conducted during the financial year
pursuant to the approval hereby given;
AND THAT, such approval shall continue to be in force until:
(a) the conclusion of the next Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM), at which time the approval hereby given will lapse,
unless a resolution for renewal is passed at the said AGM;
(b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Act (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Act); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,
whichever is earlier;
AND THAT, in making the disclosure of the aggregate value of the
recurrent related party transactions conducted pursuant to the
proposed shareholders' approval in the Company's annual reports,
the Company shall provide a breakdown of the aggregate value of
the recurrent related party transactions made with Telekom
Malaysia Berhad during the financial year, amongst others, based
on the type of the recurrent related party transaction made;
AND THAT, for the avoidance of doubt, all such transactions
entered into by the Group for the period from 29 April 2002 to
the date of this resolution as specified in section 2.5 of the
Circular be and are hereby approved and ratified;
AND THAT the Directors and/or any of them be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this resolution."
ORDINARY RESOLUTION 4
- SHAREHOLDERS' MANDATE AND SHAREHOLDERS' RATIFICATION FOR
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING
NATURE ENTERED INTO AND/OR TO BE ENTERED INTO WITH FIBERAIL SDN
BHD
"THAT, subject to the Companies Act, 1965 (Act), the Memorandum
of Articles of Association of the Company and the Listing
Requirements of the Kuala Lumpur Stock Exchange, approval be and
is hereby given to the Company and its subsidiaries (Group) to
enter into recurrent related party transactions of a revenue or
trading nature as specified in section 2.5 of the Circular to
Shareholders of the Company dated 25 July 2002 (Circular) with
Fiberail Sdn Bhd as described in section 2.2(d) thereof which
are necessary for the Group's day-to-day operations subject
further to the following:
(a) the transactions are in the ordinary course of business
and are on normal commercial terms which are not more favorable
to the related parties than those available to the public and
are on terms not to the detriment of the minority shareholders;
and
(b) disclosure is made in the annual report of the aggregate
value of transactions conducted during the financial year
pursuant to the approval hereby given;
AND THAT, such approval shall continue to be in force until:
(a) the conclusion of the next Annual General Meeting (AGM)
of the Company following this Extraordinary General Meeting
(EGM), at which time the approval hereby given will lapse,
unless a resolution for renewal is passed at the said AGM;
(b) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Act (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Act); or
(c) revoked or varied by resolution passed by the
shareholders in an AGM or EGM,
whichever is earlier;
AND THAT, in making the disclosure of the aggregate value of the
recurrent related party transactions conducted pursuant to the
proposed shareholders' approval in the Company's annual reports,
the Company shall provide a breakdown of the aggregate value of
the recurrent related party transactions made with Fiberail Sdn
Bhd during the financial year, amongst others, based on the type
of the recurrent related party transactions made;
AND THAT, for the avoidance of doubt, all such transactions
entered into by the Group for the period from 29 April 2002 to
the date of this resolution as specified in section 2.5 of the
Circular be and are thereby approved and ratified.
AND THAT the Directors and/or any of them be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this resolution."
UNIPHOENIX CORP: Courts Allows Restraining Order Extension
----------------------------------------------------------
Southern Investment Bank Berhad, on behalf of the Board of
Directors of Uniphoenix Corporation Berhad (UCB), in relation to
the granting of a restraining order by the High Court of Malaya
(Court) on 17 July 2001, to restrain all further proceedings in
any action or proceeding whatsoever and howsoever against UCB,
which had expired on 16 July 2002, announced that the Court had
on 26 July 2002 granted an order for the extension of the
restraining order for a further three (3) months from 17 July
2002 to 16 October 2002.
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Unit Unveils Revised Business Plan
----------------------------------------------------
Benpres Holdings Corp unit Maynilad Water Services Inc will
present to the Presidential palace on July 31 a revised business
plan, seeking a tariff hike lower than what it had earlier
applied for, Manila Bulletin and AFX Asia reported Tuesday,
quoting Metropolitan Waterworks and Sewerage System
administrator Orlando Honrade.
Maynilad and Ayala Corp's Manila Water Co Inc have sought tariff
increases under a rate rebasing adjustment scheme.
DebtTraders reports that Benpres Holdings' 7.875% bond due on
2002 (BENP02PHS1) trades between 53 and 58. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1
METRO PACIFIC: Clarifies Business World Report
----------------------------------------------
Metro Pacific Corporation responded to the news article entitled
"Metro Pacific offers club shares to Universal Leisure"
published in the July 24, 2002 issue of the Business World.
The article reported, "The real estate arm of conglomerate
Metro Pacific Corp. (MPC) has offered to compensate Universal
Leisure Club some P139 million worth of golf club shares for
allegedly selling a bank-mortgaged property in Batangas. The
board of directors of the cash-strapped club, BusinessWorld
learned, is studying the offer of Landco Pacific Corp. and MPC's
construction arm, Metro Tagaytay Land Co., Inc. (MTLCI), but at
least two independent directors are reportedly objecting to the
proposal.
"For another, DMCI Holdings, Inc. chairman Isidro A. Consunji,
who supposedly bought the encumbered land and made it appear
`clean,' is a shareholder of MTLCI. MPC, which is itself deep in
debt, reportedly wanted to settle with the club to avert any
criminal or civil suit."
Metro Pacific Corporation, in a letter dated July 25, 2002,
received by the Exchange on July 26, 2002, clarified that:
"We have checked with both our subsidiaries, Landco Pacific
Corporation and Metro Tagaytay Land Co., Inc. (MTLCI), and were
advised that neither of the firms has formally offered some P139
million worth of golf club shares to Universal Leisure Club
(ULC)."
"MTLCI is, indeed, in discussions with ULC for the resolution
of an incompleted land sale with various assets being considered
for possible settlement, however, nothing has been concluded.
We should also clarify that DMCI Holdings Inc. Chairman Isidro
A. Consunji, is not a shareholder of MTLCI. While DMCI Holdings
Inc. was a MTLCI shareholder in the past, it has since sold its
equity interest, so is no longer a shareholder in MTLCI."
For a copy of the press release, click on
http://bankrupt.com/misc/TCRAP_MPC0730.pdf
NATIONAL BANK: Additional Info Re Quasi-Reorganization
------------------------------------------------------
Philippine National Bank, with reference to Circular for Brokers
No. 1925-2002 dated July 25, 2002 in connection with the
approval by the Securities and Exchange Commission of Philippine
National Bank's (PNB) application for quasi -reorganization by
way of a reduction of its par value from P60.00 to P40.00,
resulting in a decrease of capital from P50,000,000,040.00 to
P33,333,333,360.00 and thereafter, its increase in capital from
P33,333,333,360.00 to P50,000,000,040.00 in support of which
195,175,444 preferred shares were to be issued to Philippine
Deposit Insurance Corporation in a debt-to-equity transaction.
In relation thereto, the Bank, in a letter dated July 26, 2002,
advised the Exchange of the following additional information
pertinent to the abovementioned matter:
1. Decrease in Authorized Capital Stock from P50 Billion to
P33.33 Billion and the reduction of the par value from P60.00 to
P40.00
a. Details of the quasi-reorganization plan
The following information:
i. amount of deficit eliminated (i.e., accounting entries
made to effect the elimination of deficit) and account(s)
adjusted with the corresponding amount(s); and
ii. period covered by deficit eliminated are not yet
available considering that the corresponding accounting entries,
which will be based on the Securities and Exchange Commission
(SEC) approval of the decrease in authorized capital stock, are
still being prepared by the Company's Accounting Group. PNB
shall accordingly provide this information as soon as the
appropriate accounting entries are made.
Further, PNB provided the Exchange a copy of its rehabilitation
Plan, which was forward to the Bangko Sentral ng Pilipinas. A
copy of the said document is available for reference at the PSE
Centre and PSe-Plaza Libraries.
In view thereof, the change in par value of PNB shares from P60
to P40 per share will be reflected in the Exchange's computer
system (electronic board and ticker) on Wednesday, July 31,
2002.
For more information, go to
http://bankrupt.com/misc/TCRAP_PNB0730.pdf
PHILIPPINE LONG: Recommends Five Point Transaction Plan
-------------------------------------------------------
On July 29, 2002, First Pacific sent a letter to each PLDT board
member to initiate constructive progress on First Pacific's
proposed transaction with the Gokongwei Group. This responds to
comments of institutional shareholders of both First Pacific and
PLDT, and to the question posed, in the Philippine press on 26th
July by PLDT's spokesman, of whether First Pacific is willing to
make a presentation to the PLDT board in relation to the
transaction.
First Pacific's letter outlines a Five Point Plan that addresses
transaction-related matters that concern PLDT and facilitates
the requested presentation to the PLDT board. In summary, the
Five Point Plan proposes that:
* The parties meet to jointly agree due diligence review
parameters, which will be designed to address PLDT management's
concerns relating to granting access to commercially sensitive
information.
* The Gokongwei Group conducts due diligence within the
agreed parameters, assesses its findings, and finalizes a
presentation to PLDT's board of directors.
* First Pacific and the Gokongwei Group negotiate and settle
detailed transaction documentation, containing all agreed terms
of the transaction.
* First Pacific and the Gokongwei Group meet with NTT to
review final documentation and address NTT's rights under its
existing shareholders' agreement with First Pacific.
* First Pacific and the Gokongwei Group make an appropriate
presentation to the PLDT board of directors, which would focus
on those aspects of the final agreed transaction that are of
legitimate concern for the PLDT board, including abiding by
PLDT's By-laws and related procedures for director nomination
and election.
* First Pacific's Five Point Plan encourages both First
Pacific's and PLDT's boards to reach a swift and practical
resolution of their respective differences. This will allow the
free enterprise system, of which each Company's listed shares
form a part, to function once again in the manner intended and,
indeed, expected by all shareholders.
For further information, please contact:
Rebecca Brown Tel: (852) 2842 4301
Executive Vice President, Group Corporate Communications
Sara Cheung Tel: (852) 2842 4336
Assistant Vice President, Group Corporate Communications
Further information, including past announcements, can be
accessed at www.firstpacco.com
Email: info@firstpac.com.hk
Extracts from First Pacific's letter of 29 July 2002 to the PLDT
board
"Both First Pacific and PLDT are public companies, whose shares
are listed for the precise purpose of raising funds by
encouraging the free alienation and transferability of such
shares by members of the trading public and whose boards have an
obligation to accommodate the constantly changing composition of
their shareholder constituencies. This is the very essence of
the free enterprise system and we, as directors of our
respective companies, should not act in any manner that impedes
the ability of our shareholders to exercise their inherent
rights to buy and sell our listed shares."
"We believe that this "Five Point Plan" will permit the boards
of our two companies to focus their attention and resources upon
achieving a mutually acceptable resolution of the current
impasse that has arisen between PLDT's board and its largest
shareholder."
"We trust that you will receive our proposed Five Point Plan in
the spirit in which it is offered by one board of directors to
another, in the fulfillment of each duty of care and fiduciary
obligation to act in the best interests of the Company and all
of its shareholders that the boards serve. That spirit is to
endeavor to initiate a constructive dialogue, in order to focus
on the substantive merits of First Pacific's proposed
transaction with the Gokongwei Group and to address our desire
and indeed free market right in PLDT, as a public listed
Company, to contribute part of our shareholding to a new joint
venture with the Gokongwei Group, while at the same time having
proper regard to any legitimate fiduciary concerns raised by the
PLDT board."
"We would appreciate your consideration of, and receiving your
early response to, our proposed Five Point Plan. Our
understanding is that you have a scheduled board of directors'
meeting on Tuesday, 6th August, 2002 and we trust that you will
discuss our letter at that time and revert to us as soon as
practicable, thereafter. If our understanding is incorrect, in
any event we believe that this is a reasonable timeframe for you
to consider our Five Point Plan and let us have your feedback,
which we hope will be consistent with the spirit in which First
Pacific has made this proposal."
DebtTraders reports that Philippine Long Distance Telephone's
11.375% bond due in 2012 (TELP12PHS1) trades between 91 and 94.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1
PHILIPPINE LONG: Gokongwei Asked to Explain JG Reference in MoA
---------------------------------------------------------------
In a letter sent to businessman John Gokongwei Jr, Securities
and Exchange Commission (SEC) Chairwoman, Lilia Bautista, asked
the businessman to explain the reference to his holding firm JG
Summit Holdings Inc in the joint venture agreement between
Gokongwei and First Pacific Co Ltd to take over Philippine Long
Distance Telephone Co (PLDT).
In the SEC's letter, Bautista noted that in the first page of
the copy of the memorandum of agreement submitted by Gokongwei,
"JG Summit Holdings Inc appears clearly to be one of the
parties, contrary to JG Summit's representation and your own."
Bautista also pointed out the reference to JG Summit in the
signature page, which was deleted and countersigned by
Gokongwei.
"You have erased JG Summit's name on the last page when you
presumably signed the agreement. Considering the news that there
are copies of the MoA without the erasure, crossing (out) the
words 'JG Summit Holdings Inc' may have been done after the
fact," she said.
"We likewise noted that you have always mentioned in your
letters that the purchasing party is the Gokongwei Group, while
in the MoA, it is the JG Group."
Ms. Bautista said JG Summit's 'indefinite and open option' to
participate in the takeover of PLDT 'may have created an
atmosphere of uncertainty in the minds of investors and the
suspicion that there is something aloof which has not been
disclosed,' and it has also cast doubts on the SEC's power to
mandate a full disclosure.
Ms. Bautista told Mr. Gokongwei he has five days from the
receipt of the letter dated July 25, to explain the concerns
raised by the SEC, after which the SEC will determine whether he
violated the Securities Regulation Code.
Gokongwei has maintained that he signed the memorandum of
agreement with First Pacific on June 4 in his personal capacity
and on behalf of the Gokongwei Group, excluding JG Summit.
The MoA will give the Gokongwei group control of PLDT via its
two-thirds share in the joint venture with First Pacific. (M&A
REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 149, July 30,
2002)
=================
S I N G A P O R E
=================
INTRACO LIMITED: Winding Up Unit
--------------------------------
Intraco Limited, with reference to its announcement dated 26
February 2001 relating to the appointment of Mr Yin Kum Choy of
K C Yin & Co as interim judicial manager of IntraPage Pte Ltd
(formerly known as Hutchison Intrapage Pte Ltd), announced
Friday that a petition dated 25 June 2002 of the judicial
manager had been presented to the High Court of Singapore for
the winding up of IntraPage.
On 19 July 2002, the High Court ordered that IntraPage be wound
up under the provisions of the Companies Act, Chapter 50 of
Singapore and that the Official Receiver be appointed as
liquidator of IntraPage.
The liquidation of IntraPage will not have any material effect
on the net tangible assets and earnings per share of the Intraco
Group.
DATACRAFT ASIA: Secures New Contract With Telkomsel
---------------------------------------------------
Datacraft Asia Ltd may be active on Tuesday following the
announcement that it has secured a US$1.7 million contract to
upgrade its nationwide data communications network
infrastructure with PT Telekomunikasi Selular (Telkomsel),
Kelive reports.
The US$1.7 million contract entails the design, implementation
and management of an advance multiprotocol label switching
(MPLS) data communications backbone across six major cities in
the Indonesia archipelago. Kelive added that Datacraft's share
price performance will be largely contingent on the spike up in
corporate and telco IT spending.
Coupled with Monday's announcement that Datacraft would
restructure four of its subsidiaries for the purpose of
integration, Tuesday's contract announcement with Telkomsel
ought to be moderately positive. Datacraft is expected to report
a loss of US$8 million in fiscal year 2002; maintain trading
buy.
For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp
ST ASSEMBLY: Q2 FY02 Conference Call Set on July 31
---------------------------------------------------
ST Assembly Test Services Ltd. (STATS), a leading independent
semiconductor test and advanced packaging service provider,
plans to issue its press release on the results of the second
quarter 2002 on Wednesday, July 31, 2002, Singapore, before
market opens on the Singapore Exchange.
A conference call has been scheduled for 8:00 a.m. in Singapore
on July 31, 2002. This will be 9:00 a.m. on July 31 in Tokyo,
5:00 p.m. on July 30 in San Francisco, 8:00 p.m. on July 30 in
New York, and 1:00 a.m. on July 31 in London. During the call, a
portion of time has been set-aside for analysts and interested
investors to ask questions of executive officers.
Calling 719/457-2617 and referencing confirmation code 332412
may access the call.
The playback will be available approximately three hours after
the conclusion of the conference call and is accessible by
dialing 719/457-0820 and referencing confirmation code 332412.
The Company will also webcast the conference call live through
CCBN at http://www.stts.com.
STATS Contacts
Drew Davies (STATS - United States)
Director, Investor Relations
Tel: (408) 586 0608
daviesd@statsus.com
Elaine Ang (STATS - Singapore)
Manager, Investor Relations and Corporate Communications
Tel: (65) 6824 1738
angelaine@stats.st.com.sg
WEE POH: Discloses First Payment Scheme
---------------------------------------
Wee Poh Holdings Limited announced Saturday its first payment
under the Scheme of Arrangement (the Scheme) under Section 210
of the Companies Act of W&P Piling Pte Ltd (a subsidiary of Wee
Poh Holdings Limited)
The announcement said Wee Poh Holdings Limited on 26 April 2002
relating to the sanction of the Scheme by the High Court, the
Board of Directors wish to announce that the first payment under
the Scheme was made on 26 July 2002 to all participating
Creditors whose claims have been admitted by the Scheme
Administrator.
===============
T H A I L A N D
===============
SIKARIN PUBLIC: Appoints New Committee, Managing Director
---------------------------------------------------------
The Board of Sikarin Public Company Limited announced that at
the 7th board meeting on July 29, 2002, Mr. Amnart Wongsuwan
resigned from the independent committee and audit committee.
The board advised that it has appointed Mr. Suchan Kosin to be
the new independent committee and audit committee, effective
July 29, 2002 and Mr. Veeranart Veravaidhaya to be the Managing
Director, effective July 30, 2002.
In June last year, the Company entered into a conditional debt
relieving agreement with a bank, which became a new Company
creditor through a debt transfer from a financial
institution, according to the declaration made by the Ministry
of Finance, in an auction settled by the Financial Sector
Restructuring Authority (FRA). The loan entails principal
and accrued interest amounting to Bt19.58 million,
THAIMELON POLYESTER: Files Business Reorganization Petition
-----------------------------------------------------------
Polyester producer Thaimelon Polyester Public Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Central Bankruptcy Court:
Black Case Number 384/2543
Red Case Number 451/2543
Petitioner: THAIMELON POLYESTER PUBLIC COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt14,134,254,000
Planner: Mr. Charnwut Pothirattanungkul and Mr. Bundit Huntrakul
Date of Court Acceptance of the Petition: May 24, 2000
Court Order for Business Reorganization and Appointment of
Planner: June 19, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 26, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: July 20, 2000
Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 20, 2000
Planner postponed the date for submitting the Plan #1st:
November 20, 2000
Planner postponed the date for submitting the Plan #2nd:
December 20, 2000
Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 30, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.
Meeting of Creditors had no special resolution accepting the
plan and the Court hearing has been set on February 6, 2001 at
10.00 am.
Court had issued an Order Canceling the Petition for
Reorganization since February 6, 2001
Announcement of Court Order for Canceling the Petition for
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: February 14, 2001
Announcement of Court Order for Canceling the Petition for
Reorganization in Government Gazette: March 15, 2001
Contact: Mr. Chat Tel 6792525 Ext. 124
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 ***