/raid1/www/Hosts/bankrupt/TCRAP_Public/021030.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, October 30, 2002, Vol. 5, No. 215
Headlines
A U S T R A L I A
EAST COAST: Camden Insurance Broker Handed One-year Jail Term
C H I N A & H O N G K O N G
ETERNAL HONEST: To Face Wind Up Petitioner on November 27
GOLDEN CITY: Petition Seeking Wind Up To Be Heard Nov. 27
GREATCORP INDUSTRIAL: Wind Up Petition Hearing Set for Nov. 13
INTERDESIGN INTERIORS: Wind Up Petition Set for Hearing Nov. 13
MASTER GOLD: Wind Up Petition To Be Heard December 11
TONHALE INDUSTRIAL: Hearing on Wind Up Petition Set for Nov. 13
TOP HOST: Hearing on Winding Up Petition Set for November 6
J A P A N
SKYNET ASIA: Two-month Operations Racking Up Debts
SOFTBANK CORP.: Rating Affirmed, Outlook Changed to Negative
K O R E A
CHOHUNG BANK: Qualified Buyers Down to Four; Choice by November
GM DAEWOO: Targets Chinese, Japanese Markets as Growth Engine
HYNIX SEMICONDUCTOR: Insider Says Recovery Plan Due this Week
HYUNDAI MERCHANT: Audit Report on 400B Loan Due This Week
SAEHAN INDUSTRIES: Lenders Willing to Swap 500B Won for Equity
M A L A Y S I A
FW INDUSTRIES: Petition in Shah Alam High Court Seeks Wind Up
FW INDUSTRIES: Trading in KLSE Suspended Indefinitely
PLANTATION & DEVELOPMENT: No Objection on Loan Stocks Deal
RAHMAN HYDRAULIC: Wants More Time to Stabilize Finances
P H I L I P P I N E S
MANILA ELECTRIC: Tariff Hike Delay Partly to Blame for Q3 Drop
PHILIPPINE LONG: Dismisses Legal Action Against First Pacific
PHILIPPINE LONG: Shrugs Off Talk of New 15% Shareholder
PHILIPPINE LONG: Rapped for Predatory Pricing on Net Service
S I N G A P O R E
HORIZON TECHNOLOGIES: Cuts Stake in Horizon Education
HORIZON TECHNOLOGIES: Reduces Stake in Horizon Education
NEPTUNE ORIENT: Calmer Seas Not Expected in Next Two Years
PANPAC MEDIA.COM: To Restructure Capital, Change Letterhead
SCOTTS INVESTMENTS: Fortune Down to $10M, Family Still Feuding
SEMBCORP INDUSTRIES: Warrantholders Book Closing Nov. 13-25
SEMBCORP INDUSTRIES: Nov. 13 EGM Called to Consider Stake Sale
VERTEX VENTURE: Accepts Ellensburg Holding's Takeover Offer
- - - - - - - -
=================
A U S T R A L I A
=================
EAST COAST: Camden Insurance Broker Handed One-year Jail Term
-------------------------------------------------------------
Graham Robert Apolony, a former insurance broker and director of East Coast
Insurance Brokers (NSW) Pty Ltd (ECIB), has been sentenced in the Downing
Centre Local Court to 300 hours of community service, after being convicted
on three charges laid following an investigation by the Australian
Securities and Investments Commission (ASIC).
Mr. Apolony was convicted on September 20, 2002 on two counts of making a
false statement to ASIC when he applied for a renewal of his broker
registration, and one count of managing ECIB within five years of a fraud
conviction.
ASIC alleged that Mr. Apolony falsely declared in Broker Renewal documents
lodged on August 13, 1998 and August 12, 1999 that he had never been
convicted of fraud-related offenses.
Contrary to his statement however, Mr. Apolony was convicted on February 12,
1997 at Campbelltown Local Court, in the name of Graham Adams, of two counts
of obtaining a benefit by deception. As a result of this fraud conviction,
Mr. Apolony was disqualified from being involved in the management of a
corporation for five years.
Previously, Mr. Apolony was convicted on March 7, 2002 following an
investigation by ASIC, on ten counts of failing to remit $11,905 in premiums
from various clients to the relevant insurance companies.
He was sentenced to 12 months jail on each charge, to be served
concurrently. This sentence was immediately suspended upon him entering
into a good behavior bond for five years.
Additionally, ASIC obtained orders in the Supreme Court of NSW, on August
14, 2000, winding up East Coast and banning its directors, Graham Robert
Apolony and Pamela Gay Apolony from managing a corporation for five years
without leave of the court.
All the above matters were prosecuted by the Commonwealth Director of Public
Prosecutions.
================================
C H I N A & H O N G K O N G
================================
ETERNAL HONEST: To Face Wind Up Petitioner on November 27
---------------------------------------------------------
A petition seeking the wind up of Eternal Honest Investment Limited is
scheduled for hearing before the High Court of Hong Kong on November 27,
2002 at 9:30 in the morning.
Lin Chih Chiang of Flat G, 18/Ff., Block 5, Beverly Garden Tseung Kwan O,
New Territories, Hong Kong brought the petition on September 25, 2002. Tam
Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties may appear during the hearing. They
only need to notify in writing Tam Lee Po Lin, Nina, which holds office at
the 27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
GOLDEN CITY: Petition Seeking Wind Up To Be Heard Nov. 27
---------------------------------------------------------
A petition seeking the wind up Golden City Information Limited is scheduled
for hearing before the High Court of Hong Kong on November 27, 2002 at 9:30
in the morning.
Leung Tak Yuen of Room 3004, 30/F., Yin Tai House, Fu Tai Estate, Tuen Mun,
New Territories, Hong Kong lodged the petition on September 25, 2002. Tam
Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties may attend the hearing. They only
need to notify in writing Tam Lee Po Lin, Nina, which holds offic at the
27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
GREATCORP INDUSTRIAL: Wind Up Petition Hearing Set for Nov. 13
--------------------------------------------------------------
The High Court of Hong Kong is scheduled to hear on November 13, 2002 at
11:00 in the morning the petition seeking the wind up of GreatCorp
Industrial Limited.
Zah Chung Leung of Room 13E, Lok Sin Building, 25 Ting On Street, Kwun Tong,
Kowloon, Hong Kong brought the petition on September 11, 2002. Tam Lee Po
Lin, Nina represents the petitioner.
Creditors and other interested parties may attend the hearing. They only
need to notify in writing Tam Lee Po Lin, Nina, which holds office at the
27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
INTERDESIGN INTERIORS: Wind Up Petition Set for Hearing Nov. 13
---------------------------------------------------------------
The High Court of Hong Kong will hear on November 13, 2002 at 11:00 in the
morning the wind up petition filed against Interdesign Interiors Limited.
Sun Lai Ming of B2, 23/F., 343 Des Voeux Road West, Hong Kong brought the
petition on September 12, 2002. Tam Lee Po Lin, Nina represents the
petitioner.
Creditors and other interested parties may attend the hearing. They only
need to notify in writing Tam Lee Po Lin, Nina, which holds office at the
27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
MASTER GOLD: Wind Up Petition To Be Heard December 11
-----------------------------------------------------
Master Gold Limited faces a wind up petition, which will be heard before the
High Court of Hong Kong on December 11, 2002 at 9:30 in the morning.
The Bank of China (Hong Kong) Limited whose registered office is situate at
14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong brought the
petition on October 9, 2002. Chow, Griffiths & Chan represents the
petitioner.
Creditors and other interested parties may appear during the hearing. They
only need to notify in writing Chow, Griffiths & Chan, which holds office at
Room 1001, 10th Floor Aon China Building, 29 Queen's Road, Central, Hong
Kong.
TONHALE INDUSTRIAL: Hearing on Wind Up Petition Set for Nov. 13
---------------------------------------------------------------
A petition seeking the wind up of Tonhale Industrial Limited is scheduled
for hearing before the High Court of Hong Kong on November 6, 2002 at 10:30
in the morning.
Wong Wai Yuk of Flat 3, 5/F., 179 Belcher's Street, Hong Kong lodged the
petition on August 19, 2002. Tam Lee Po Lin, Nina represents the
petitioner.
Creditors and other interested parties may attend the hearing. They only
need to notify in writing Tam Lee Po Lin, Nina, which holds office at the
27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
TOP HOST: Hearing on Winding Up Petition Set for November 6
-----------------------------------------------------------
The High Court of Hong Kong will hear on November 6, 2002 at 10:30 in the
morning the petition seeking the wind up Top Host International Limited.
Sin Hua Bank Limited to which the successor banking corporation being Bank
of China (Hong Kong) Limited pursuanat to bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) and whose registered office is located at
14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong lodged the
petition on August 16, 2002. Ford, Kwan & Company represents the
petitioner.
Creditors and other interested parties may attend the hearing. They only
need to notify in writing Ford, Kwan & Company, which holds office at Rooms
1202-1206, Wheelock House, 20 Pedder Street, Central, Hong Kong.
=========
J A P A N
=========
SKYNET ASIA: Two-month Operations Racking Up Debts
--------------------------------------------------
Upstart Japanese airline Skynet Asia Airways recently defaulted on payments
of about 70 million yen, representing landing fees and other costs as of
October 18, Kyodo New said Tuesday.
The arrears consist of costs for landing permits and fees for using aviation
facilities for July and August, airport officials in the City of Miyazaki
said.
The airline flies between Tokyo's Haneda airport and Miyazaki Prefecture.
It commenced operations in August after conducting test flights in July, the
report said.
SOFTBANK CORP.: Rating Affirmed, Outlook Changed to Negative
------------------------------------------------------------
Softbank Corp's "B1" long-term debt rating was affirmed, but Moody's
Investors Service changed its outlook for the ADSL provider to negative from
stable.
Citing Moody's press statement, AFX-Asia said the confirmation is based on
the expectation that Softbank is likely to be able to maintain, over the
next 1-2 years, an acceptable level of financial flexibility despite the
aggressive expansion of its ADSL service.
The rating outlook change to negative from stable, however, reflects
concerns that the company faces severe competition in the ADSL business
which could delay any recovery in earnings and operating cash flow
generation, the news agency said.
Moody's said it understands that until the company can generate positive
operating cash flow, Softbank intends to use the unrealized gains on its
securities holdings to finance its ADSL business. The rating agency
believes that it is critical for Softbank to be able to generate positive
profit and cash flow from its core ADSL businesses as soon as possible.
Moody's, meanwhile, notes that the company faces intensified competition,
which will further increase the business costs for maintaining and growing
the subscriber base, leading to pressure on earnings and a delay in any
recovery in investments.
=========
K O R E A
=========
CHOHUNG BANK: Qualified Buyers Down to Four; Choice by November
---------------------------------------------------------------
The list of buyers for state-run Chohung Bank has been trimmed down to four
companies, says The Korea Herald.
The four are J.P. Morgan Partners, a consortium led by Shinhan Financial
Group, a foreign investment company and a local financial company, a finance
ministry official told the paper in an interview recently.
The source said the four will start due diligence on Chohung Bank and submit
final proposals to the government, which will then select a buyer at the end
of November.
Shinhan Financial has formed a consortium with BNP Paribas SA and Warburg
Pincus LLC to acquire a stake in Chohung Bank. Its takeover of Chohung
would create Korea's second-largest lender after Kookmin Bank, the paper
said.
The government, which owns 80 percent of Chohung Bank, aims to sell about
10-20 percent of the bank in the latest block sale as part of its
privatization efforts, the paper added.
But if bidders offer favorable terms, the government could sell a greater
stake or hand over management control of the bank. The government had
originally aimed to sell a 15 percent government stake in Chohung via global
depositary receipts earlier this year but had to delay it due to
deterioration in market conditions.
Chohung Bank had earlier sought a merger with Seoul Bank, but failed to win
the Seoul Bank auction and has announced it wouldn't seek a merger for now.
Instead, it would focus on establishing a financial holding company by the
end of this year, the paper said.
Shinhan Financial Group, which has been in talks to merge unit Shinhan Bank
with KorAm Bank, is opting to merge its bank unit with Chohung Bank instead
as the talks with KorAm have not made much progress, the report said.
The identities of the two other bidders, who are part of the list of
qualified candidates, are not known.
The bank recently posted net losses of 42.7 billion won in the third quarter
largely due to a drop in value of shares held by the bank. The bank posted
a net profit of 136.2 billion won in the third quarter of last year.
GM DAEWOO: Targets Chinese, Japanese Markets as Growth Engine
-------------------------------------------------------------
The fast-growing Chinese and Japanese markets have not escaped the attention
of GM Daewoo Auto & Technology Co., which recently announced plans to target
exports there by the second half next year.
In an interview with The Korea Herald, Nick Reilly, president and CEO of GM
Daewoo, said the new joint venture between General Motors and Daewoo Motor
creditors intends to make inroads into China through cooperation with a GM
Daewoo shareholder and local GM partner, Shanghai Automotive Industry Corp.
In the longer term, GM Daewoo will also enter the Japanese auto market
through Suzuki Motor, a GM affiliate, though detailed marketing strategies
have yet to come out, Mr. Reilly said.
He stressed that GM Daewoo is expected to gradually restore Daewoo Motor's
previous domestic market share, turning a profit in two to three years.
"On the export front, GM Daewoo will strive to recover its overseas sales by
fully taking advantage of the GM family's vast global networks of sales,
brands and manufacturing facilities," said Mr. Reilly in his inaugural press
conference.
"In China, for instance, Shanghai Automotive plans to sell some of GM Daewoo
vehicles in China. Daewoo's high-performance and low-priced car models will
surely appeal to Chinese consumers," he said, refusing to identify specific
models to be sold in China.
But there will be little possibility of Suzuki and Shanghai Automotive
advancing into Korea's auto market, he asserted. "GM Daewoo and its parent
GM may consider platform sharing in the future. However, Daewoo is already
credited with its unique know-how in the low-cost auto development and
manufacturing. Thus, most GM Daewoo cars will be designed and built in
Korea."
GM Daewoo was launched Oct. 17 as a result of GM's takeover of the bankrupt
Daewoo Motor. The world's largest automaker acquired 42.1 percent of GM
Daewoo, while the state-run Korea Development Bank, Suzuki Motor and
Shanghai Automotive owned 33 percent, 14.9 percent and 10 percent,
respectively. Unlike the new company name, GM Daewoo vehicles will continue
to carry the Daewoo brand at home and abroad.
HYNIX SEMICONDUCTOR: Insider Says Recovery Plan Due this Week
-------------------------------------------------------------
The recovery plan for troubled chipmaker Hynix Semiconductor will be known
this week, an unidentified creditor told The Korea Herald Monday.
The plan, prepared by creditor financial adviser Deutsche Bank, is expected
to be announced any time this week and will be tackled at a creditors
meeting to be called by main lender Korea Exchange Bank.
Last week, local newspapers reported that creditor banks will likely focus
on putting the ailing chipmaker back on track rather than promoting its
sale. The Herald source confirmed this.'
"[W]e have decided to get the company's management back on track before
moving to take other detailed measures, including another attempt to offer
it on the global auction," the source told The Korea Herald.
Commissioned by creditors to advise on the restructuring of Hynix, the
German bank earlier notified creditors of its final review on how the
chipmaker could resolve its financial troubles and undergo structural
reforms. In its report, Deutsche Bank reportedly advised the creditor banks
to focus for the time being on normalizing the company's operations through
debt rescheduling and self-rescue efforts.
Given the slim prospects for an immediate sale of Hynix due to the
uncertainties prevailing the global chip business, creditors will seek to
preserve Hynix's corporate value first, and pursue its overseas sale later,
according to persons familiar with that matter.
The creditors' latest efforts to resolve the Hynix problem followed Hynix's
failure to seal a merger deal with its U.S.-based rival Micron Technology
Inc. in May.
HYUNDAI MERCHANT: Audit Report on 400B Loan Due This Week
---------------------------------------------------------
Questions posed regarding the alleged disappearance of some 400 billion won
lent to Hyundai Merchant Marine would be answered any time this week, says
the Financial Supervisory Service investigating the matter.
The agency said so many things are hampering its probe, leading it to delay
the release of its report. In addition, a legal technicality is also
preventing it from digging further.
"HMM was delayed in submitting the documents we requested due to the Board
of Audit and Inspection's audit also being carried out on the shipping
company," Hwang In-tae, an FSS official, told The Korea Herald recently.
Mr. Hwang also stressed that it remains impossible to trace HMM's bank
accounts to determine how the shipping firm used the 400 billion won the
state-run Korea Development Bank (KDB) lent it in June 2000.
The report says the agency's annual accounting inspection is usually based
on the previous year's accounting records of companies, but in the case of
HMM, its records for fiscal year 2000 will also be included due to
allegations that the shipping company intentionally omitted the 400 billion
won from KDB.
The government is suspected of having sent the 400 billion won to North
Korea through the KDB as a quid pro quo for the communist nation's
cooperation in holding the landmark summit between the two Koreas in 2000.
But Mr. Hwang says the lack of investigative powers of the agency is
actually behind its difficulty securing the necessary documents from HMM.
Critics continue to call for the government to trace HMM's bank accounts to
obtain conclusive evidence on how the loan was spent, but both the agency
and the Ministry of Finance and Economy maintain that current laws forbid
it.
SAEHAN INDUSTRIES: Lenders Willing to Swap 500B Won for Equity
--------------------------------------------------------------
Creditors heavily favor a debt-for-equity swap as the way out for troubled
firm Saehan Industries Co., an unidentified lender told The Korea Herald
Monday.
The source said creditors will convene this week to discuss business
normalization plans for the company and other debt rescheduling schemes,
which include adjustment in interest rates. The source said creditors are
willing to swap as much as 500 billion won.
"The company's self-rescue and restructuring should come first before the
debt for equity swap and other debt rescheduling," the creditor clarified.
The company, currently under debt-workout program, should sell off non-core
assets, he said. Regarding a capital reduction, the source said there is
only a slim chance of this.
===============
M A L A Y S I A
===============
FW INDUSTRIES: Petition in Shah Alam High Court Seeks Wind Up
-------------------------------------------------------------
FW Industries Berhad faces a winding up petition filed before the Shah Alam
High Court on October 25, 2002. Messrs Ann Joo Metal Sdn. Bhd. (Company
No:260316-P) lodged the petition, a company statement released yesterday
bared.
FW INDUSTRIES: Trading in KLSE Suspended Indefinitely
-----------------------------------------------------
The Kuala Lumpur Stock Exchange suspended Tuesday trading of the shares of
FW Industries Berhad effective 9:00 a.m., October 29, 2002 until further
notice.
PLANTATION & DEVELOPMENT: No Objection on Loan Stocks Deal
----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of Plantation & Development (Malaysia) Berhad, wishes to
announce to the Kuala Lumpur Stock Exchange that Labuan Offshore Financial
Services Authority has no objection to the proposed issuance of loan stocks
to a Labuan-incorporated company which forms part of the scheme creditors
pursuant to the Proposed Restructuring Scheme of P&D. The approval is
subject to the condition that P&D obtains the necessary approvals from other
relevant authorities.
There is no other material development in the Proposed Restructuring Scheme
of P&D subsequent to the announcements dated 1 October 2002 and 14 October
2002. This announcement is dated 29 October 2002.
RAHMAN HYDRAULIC: Wants More Time to Stabilize Finances
-------------------------------------------------------
On 29 April 2002, Public Merchant Bank Berhad (PMBB), on behalf of RHTB,
announced the signing of a Transfer of Listing Agreement between RHTB, IJM
Corporation Berhad (IJM) and IJM Plantations Sdn Bhd (IJMP), a wholly owned
subsidiary of IJM, for the proposed disposal of the listing status of RHTB.
On 28 June 2002, PMBB had, on behalf of RHTB and IJM, made a joint
announcement with regards to the proposed corporate exercise involving IJMP,
which is to be listed on the Main Board of the Kuala Lumpur Stock Exchange
in place of RHTB (Proposed Corporate Exercise). The said announcement is
deemed RHTB's requisite announcement with regards to RHTB's plan to
regularize its financial condition.
Subsequently, on 29 June 2002, PMBB had, on behalf of RHTB and IJM, made a
joint submission in relation to the Proposed Corporate Exercise to the
Securities Commission (SC) for its approval. In addition, IJM had also
submitted its application for the Proposed Corporate Exercise to the
Ministry of International Trade and Industry (MITI) and the Foreign
Investment Committee (FIC) on 9 July 2002.
STATUS OF THE PROPOSED CORPORATE EXERCISE
The MITI has, via its letter dated 19 September 2002, approved the Proposed
Corporate Exercise.
As at the date of this announcement, the approvals of the SC and the FIC for
the Proposed Corporate Exercise are still pending.
Pursuant to the requirement of Paragraph 5.1(c) of PN4, it is stated that
all necessary approvals must be obtained within four (4) months from the
date of submission (i.e. 29 October 2002).
Premised on the above, PMBB, had on behalf of RHTB made an application for
an extension of time on 24 October 2002 to the KLSE, seeking its approval
for an extension of up to two (2) months (i.e. until 29 December 2002) for
RHTB to comply with the requirements of Paragraph 5.1(c) of PN4.
As at the date of this announcement, the approval for the extension of time
from the KLSE is still pending. This announcement is dated 29 October 2002
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Tariff Hike Delay Partly to Blame for Q3 Drop
--------------------------------------------------------------
Manila Electric Co. (Meralco) blames the continued delay in government
approval of its tariff hike application for the 37% drop of its net income
for the third quarter.
Citing the company's official report, the Philippine Daily Inquirer said net
income only reached PHP281.93 million from PHP450.31 million in the same
period last year. The amount fell well below the PHP300-500 million
forecast by analysts polled by AFX-Asia.
In the nine months to September, Meralco profit dropped 46.7 percent to
PHP747.18 million from PHP1.40 billion pesos in the same period last year.
Third-quarter power sales were up by 1.9 percent year-on-year and its
January-September sales by 0.6 percent. Meralco said the modest increase
in third quarter sales was due to a growth in its customer base to 3,894,536
at the end of September from 3,873,436 at the end of June.
The report said residential sales in the third quarter were up 3.1 percent
year-on-year, while commercial sales were up 0.9 percent and industrial
sales were up 1.7 percent. Meralco said its operating margins were squeezed
by delays in its tariff adjustment.
The tariff hike application calls for a 30-centavo per kilowatt-hour
increase and also for an "unbundling" of its rate structure that would
effectively raise its rates by another PHP1.12 per kilowatt-hour, the report
said.
Meanwhile, Meralco said it cut certain losses with the fall in cost of
purchased power, which dropped 13.4 percent year-on-year to PHP23.281
billion in third quarter. The government had ordered the state-run National
Power Corp. to cease passing costs of unsold power to its customers, which
include Meralco.
Meralco said it also cut "systems losses" -- electricity lost in the
distribution system -- at 9.6 percent in the third quarter and 11.3 percent
in the nine months to September. In the first half, Meralco's systems loss
was 12.14 percent, the local paper said.
Meralco said its capital expenditures in the nine months to September
totaled PHP4.7 billion, 94 percent of which was spent for electric system
projects.
PHILIPPINE LONG: Dismisses Legal Action Against First Pacific
-------------------------------------------------------------
In a statement to the Philippine Stock Exchange (PSE), Philippine Long
Distance Telephone Co (PLDT) said it has filed notice to dismiss its legal
action against parent First Pacific Co Ltd in the United States, asking the
US Southern District Court of New York to dismiss the complaint after the
Gokongwei group abandoned its joint venture agreement with First Pacific
which would have resulted in a takeover of PLDT.
"In view of the development, which makes the issues raised in our complaint
moot and academic for the time being, the company filed a notice for
dismissal of the complaint, without prejudice," the statement said.
The legal action filed by PLDT alleged violations of US disclosure rules by
First Pacific regarding the participating companies of the Gokongwei group
and details of the deal. First Pacific rejected the allegations.
PLDT maintains the proposed deal violates its by-laws because it would allow
access to a competing company, Digital Telecommunications Philippines Inc,
which is owned by the Gokongweis.
PHILIPPINE LONG: Shrugs Off Talk of New 15% Shareholder
-------------------------------------------------------
Philippine Long Distance Telephone Co. denied yesterday rumors that it is
issuing 15% worth of common stock to a U.S.-based investment group.
Citing unidentified company officials, The Philippine Star said the company
does not have sufficient number of common shares left in its authorized
capital structure, which can be issued to a new investor at the level of 15
percent as rumored.
The officials explained that issuing new shares would require an increase in
the authorized capital stock of PLDT, which would need the approval of more
than two-thirds of the common and preferred shareholders of the total issued
and outstanding capital stock of PLDT.
"To make this happen, the PLDT board would have to call a shareholders
meeting to approve the request," they said.
PLDT vice-president and spokesperson Menardo Jimenez Jr., in an interview wi
th The Philippine Star said, "The PLDT management or Manuel Pangilinan as
president and chief executive officer of the company is not sponsoring,
endorsing, or even remotely contemplating the issuance of new PLDT shares to
anyone."
PHILIPPINE LONG: Rapped for Predatory Pricing on Net Service
------------------------------------------------------------
Philippine Internet Services Organization (PISO), a group of independent
Internet service providers, has lodged a complaint before the National
Telecommunications Commission charging the Philippine Long Distance
Telephone Co. of predatory pricing.
The initial hearing on the petition has been scheduled for November 19 at
9:30 in the morning, according to the Business World. PLDT has already been
ordered to answer the complaint, which was filed on October 24, 2002.
PISO wants the regulator to compel PLDT to open its books and lower rates
charged on ISPs for the lease of telephone lines. PISO president Julia
Theresa S. Yap claimed PLDT charges twice as much as other telcos, the
report says.
PISO board member Robert A. Deluria said Globe Telecom, Inc. and Bayan
Telecommunications, Inc. offer rates 40% to 50% cheaper than PLDT.
PISO vice-president Jayson Yu points out that ISPs lease telephone lines
from PLDT for PHP2,700 (US$50.88 at PhP53065=$1) per subscriber when PLDT
offers DSL service to its landline subscribers for PHP2,500. Also, he said
ISPs are charged 30% more than ordinary trunkline business customers, who
pay PHP1,890. PISO also accuses PLDT of denying ISPs access to its DSL and
Internet dial-up network despite requests by the ISPs.
PISO wants NTC to determine the "reasonable rates" PLDT should charge ISPs.
It also wants the telco to return additional charges including interests
found to be illegally collected by PLDT. In addition, the ISPs also want the
NTC to order PLDT to give them access to its network. Pending this, the
ISPs want the NTC to issue a cease and desist order to stop the PLDT's DSL
and domestic dial-up service.
In a disclosure to the Philippine Stock Exchange recently, PLDT maintained
it is not engaged in discriminatory and predatory pricing nor did it deny
ISPs access to its high-speed digital subscriber line (DSL) and domestic
dial-up Internet service or Vibe network.
PLDT said leased line services are provided by other telcos and ISPs are
free to go to its rivals if they so choose.
"We wish to state that PLDT conducts its business in faithful compliance
with applicable laws, rules and regulations," the telco said. "It should be
noted that leased line services are available from a number of
telecommunications companies and as such the public as well as the ISPs are
free to choose the service provider which could best satisfy their
requirements."
PLDT said its products and services are all licensed and authorized by the
NTC and the rates it charges its customers for services regulated by the NTC
are within the range allowed by the regulator.
"In fixing the rates for our deregulated services, we maintain a balance
between providing the public with the best possible service at the best
possible price, without any discrimination, on one hand, and fostering free
and fair competition, on the other," PLDT said.
=================
S I N G A P O R E
=================
HORIZON TECHNOLOGIES: Cuts Stake in Horizon Education
-----------------------------------------------------
NOTICE OF CESSATION OF SUBSTANTIAL SHAREHOLDING
Name of substantial shareholder: Horizon Technologies Holdings
Pte Ltd (In Members' Voluntary Liquidation)
Date of notice to company: October 24, 2002
Date of change of interest: October 25, 2002
Name of registered holder: Horizon Technologies Holdings Pte Ltd
(In Members' Voluntary Liquidation)
Circumstance(s) Giving Rise To The Interest: Others
Please specify details: Distribution of asset in specie
SHARES HELD IN THE NAME OF REGISTERED HOLDER
No. of shares of the change: 8,731,393
% of issued share capital: 3.68
Amount of consideration per share excluding brokerage, GST, stamp duties,
clearing fee: Distribution of asset in specie
No. of shares held before change: 14,007,260
% of issued share capital: 5.91
No. of shares held after change: 5,275,867
% of issued share capital: 2.23
HOLDINGS OF SUBSTANTIAL SHAREHOLDER INCLUDING DIRECT AND DEEMED INTEREST
Deemed Direct
No. of shares held before change: N/A 14,007,260
% of issued share capital: N/A 25.01
No. of shares held after change: N/A 5,275,867
% of issued share capital: N/A 2.23
Total shares: 5,275,867
Submitted by Lt-Gen (Ret) Ng Jui Ping, Group Chairman and Chief Executive
Officer of Horizon Education and Technologies Limited on October 28, 2002 to
the Singapore Stock Exchange.
HORIZON TECHNOLOGIES: Reduces Stake in Horizon Education
--------------------------------------------------------
NOTICE OF CHANGES IN SUBSTANTIAL SHAREHOLDER'S INTERESTS
Name of substantial shareholder: Horizon Technologies Holdings
Pte Ltd (In Members' Voluntary Liquidation)
Date of notice to company: October 24, 2002
Date of change of interest: October 25, 2002
Name of registered holder: Horizon Technologies Holdings Pte Ltd
(In Members' Voluntary Liquidation)
Circumstance(s) giving rise to the Interest: Others
Please specify details: Distribution of asset in specie
SHARES HELD IN THE NAME OF REGISTERED HOLDER
No. of shares of the change: 2,000,000
% of issued share capital: 0.84
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: Distribution of asset in specie
No. of shares held before change: 16,007,260
% of issued share capital: 6.75
No. of shares held after change: 14,007,260
% of issued share capital: 5.91
HOLDINGS OF SUBSTANTIAL SHAREHOLDER INCLUDING DIRECT AND DEEMED INTEREST
Deemed Direct
No. of shares held before change: 16,007,260
% of issued share capital: 6.75
No. of shares held after change: 14,007,260
% of issued share capital: 5.91
Total shares: 14,007,260
Submitted by Lt-Gen (Ret) Ng Jui Ping, Group Chairman and Chief Executive
Officer of Horizon Education and Technologies Limited on October 28, 2002 to
the Singapore Stock Exchange.
NEPTUNE ORIENT: Calmer Seas Not Expected in Next Two Years
----------------------------------------------------------
Chronic overcapacity on the global container front, rising fuel costs,
sputtering global economic growth and volatile freight rates will conspire
to deprive Neptune Orient Lines a smooth ride ahead, say analysts polled by
Singapore's The Business Times.
A recent addition to its woes is the foreseeable increase in war risk
insurance premiums and the lockout of US West Coast ports. Last month, the
firm announced its mid-year financial results, which turned out to be a
shocking US$151.4 million loss on the back of a severely depressed container
shipping market. Analysts expect the company to post full-year loss of
around US$250 million, the paper says.
The company recently hinted that it could sell off its only profitable
business, tanker division American Eagle Tankers (AET), after having been
approached by interested buyers on a number of occasions. The news has
raised eyebrows as it was not very long ago when the company announced plans
to list this unit. The plans were shelved as market conditions took a turn
for the worse, the report says.
Analysts told the paper that while hiving off the tanker division will
greatly reduce the debt burden on the company, it would also leave it with
the much less attractive liner and logistics divisions. Also, they wonder
whether NOL can get a good price for its tanker division under current
depressed market conditions, the paper says.
Neptune Orient posted losses of $56.6 million in 2001, compared with a
record net income of $178.5 million in 2000, hurt by its container and
logistics units, TCR-Asia Pacific records show.
Analysts expect Neptune Orient to continue reporting losses through 2003 and
2004 because of falling rates and overcapacity. They forecast $300 million
losses in 2003, and losses of lower proportion in 2004.
PANPAC MEDIA.COM: To Restructure Capital, Change Letterhead
-----------------------------------------------------------
Former high-flying publishing and marketing group Panpac Media.com plans to
re-invent itself through a series of cosmetic makeover, says The Business
Times.
The company wants to rename itself Panpac Media Group Ltd, purportedly to
better reflect its focus on publishing, education and marketing
communications.
In a disclosure to the Singapore exchange, the company said it would also
cancel some SG$46.3 million in its share premium account, which stands at
$51.2 million following its acquisition of Auston Technology Group. No date
was set for the capital reduction, which will be done "as soon as
practicable."
The company said the exercise was necessary to better reflect the company's
financial position and continuing operations; allow it to pay dividends from
future profits; and to implement a share buy-back scheme at the appropriate
time.
The company, which publishes Smart Investor magazine, recently announced a
joint venture with China Xin Media Network Corporation to further develop
the magazine's business in Greater China, The Business Times said.
Panpac Media.com was the publishing arm of Pan Pacific Public Company carved
out and listed by controlling shareholder Chong Huai Seng during the late
1990s when the Internet frenzy was spreading through the region.
During the Internet heyday, it launched lifestyle portal Zingasia.com and
Asiastockwatch.com and its stock was chased up to more than SG$2, giving the
company a market cap of some SG$400 million, the paper said.
But all that fizzled out in the wake of the Internet blowout in late 2000,
with the company suffering substantial losses in its investments. The stock
closed at 8 cents Monday.
The company also plans to set up two companies, Asia Media Pte Ltd and
Auston Professional Learning Pte Ltd (APLPL). Asia Media will spearhead its
media, publishing, communications, and education-related businesses in
China, while APLPL will specialize in information technology education and
consultancy, the paper said.
SCOTTS INVESTMENTS: Fortune Down to $10M, Family Still Feuding
--------------------------------------------------------------
Feuding members of the Jumabhoy family are scheduled to attend a pre-court
hearing conference today, which will try to settle the sensitive issue of
how to distribute among them the SG$10 million that is left of the family
fortune.
According to The Business Times, the family fortune was at one time worth
close to SG$200 million, nearly all of which was in the form of a 42% stake
in Scotts Holdings, a serviced apartment company previously quoted at the
Singapore exchange.
Up until July 1997, the 100-odd million Scotts Holdings shares - which were
held by the family holding company Scotts Investments (Singapore) (SIS) as
part of the Jumabhoy family trust - was worth in excess of SG$100 million.
The paper said the family was involved in a bitter feud in which family
patriarch Rajabali Jumabhoy with sons Yusuf and Mustafa and grandson Rafiq
were pitted against Mr. Rajabali's eldest son Ameerali and his son Iqbal for
control of SIS's shares in Scotts Holdings.
Mr. Rafiq had claimed that he was granted an option in 1991 to buy over the
Scotts Holdings shares at 85 cents each. Misters Ameerali and Iqbal
disagreed. In June 1997, High Court Justice Judith Prakash ruled that the
option was obtained by Mr. Rafiq in breach of his fiduciary duties owed to
SIS, and therefore, unenforceable.
An appeal against the judgment the following year was dismissed, the paper
said. In December of 1998, SIS was placed under judicial management.
The remaining 84-odd million Scotts Holdings shares held by SIS were sold in
February the following year to DBS Land at 60 cents a share for a total of
SG$50.5 million. This, together with some SA$11 million from the sale of
some 12.95 million shares to Mr. Rafiq under the purported option agreement,
took the total to about SG$61.5 million. The Business Times said.
Following a general offer for the rest of the shares, DBS Land took Scotts
Holdings private. Subsequently, DBS Land itself was absorbed by CapitaLand.
Following the settlement of various debts by the liquidators of SIS, only
about SG$10 million is said to have remained for distribution. A
substantial amount went to lawyers.
Meanwhile, the report said, various suits have been filed by the liquidators
from PriceWaterhouseCoopers. In one, the liquidators on behalf of SIS sued
Misters Rafiq, Yusuf and Mustafa alleging that they had failed to act
honestly in their discharge of duties to SIS, and that they had not acted in
the interests of the company. According to the paper, the liquidators also
pointed out that if the Scotts Holdings shares had been sold 'as envisaged
in or after July 1997', the 97 million shares would have fetched not less
that SG$1 or about SG$1.27 each as that was the prevailing price of the
shares on the stock market. The total consideration would have been between
SG$97 million and/or about SG$123.28 million.
They, therefore, claimed damages, interest, and costs from the three
defendants, the paper said.
In two other suits, the liquidators sued Misters Ameerali, Iqbal and Rafiq
for damages and/or an account of profits, for they had allegedly failed to
act in SIS' interest relating to loans totaling more than SG$7 million to a
family-related company, Lion City Holdings, the report added.
SEMBCORP INDUSTRIES: Warrantholders Book Closing Nov. 13-25
-------------------------------------------------------------
On September 10, 2002, SembCorp Industries Ltd announced a proposed sale of
375,000,000 ordinary shares of $0.05 each in the capital of Singapore Food
Industries Limited, representing approximately 75 percent of the issued
share capital of SFI, at the price of S$0.70 per SFI Sale Share.
The Proposed Sale will be undertaken by way of a renounceable preferential
offer of SFI Sale Shares to SembCorp Industries shareholders, pro rata to
their respective shareholdings in the Company. Under the Preferential
Offer, all entitled SembCorp Industries shareholders will be entitled to
purchase between:
a minimum of 0.1921578(1) to a maximum of 0.2059464 SFI
Sale Share for every one ordinary share of $0.25 each in
the capital of the Company (each, a SembCorp Industries
Share)(2)
held as at 5.00 p.m. on November 25, 2002, being the expected date on which
the Transfer Books and the Register of Members of the Company will be closed
in order to determine the entitlements of SembCorp Industries shareholders
under the Preferential Offer (the Books Closure Date), depending on the
total number of issued SembCorp Industries Shares as at the Books Closure
Date, fractional entitlements to a SFI Sale Share to be disregarded.
Notes:
(1) In the announcement of the Proposed Sale and the
Preferential Offer on September 10, 2002, the minimum ratio
was stated as 0.1922490 SFI Sale Share. The change in the
minimum ratio is due to the increase in the total number of
vested and exercisable options to subscribe for new SembCorp
Industries Shares granted pursuant to share option
schemes/plans implemented by the Company between September
10, 2002 and October 15, 2002.
(2) These figures are only indicative as they are based on the
total number of SembCorp Industries Shares in issue as at
October 15, 2002. The actual offer ratio will be based on
the total number of SembCorp Industries Shares in issue as
at the close of business on the Books Closure Date.
The Proposed Sale and the Preferential Offer is subject to the approval of
SembCorp Industries shareholders at an extraordinary general meeting (EGM)
of the Company to be held on November 13, 2002. The circular convening the
EGM has been dispatched to SembCorp Industries shareholders.
On February 28, 2002, 106,950,000 warrants (Warrants) entitling the holders
thereof (Warrantholders) to subscribe for 106,950,000 new SembCorp
Industries Shares were issued. In order to determine definitively the issued
share capital of the Company so that the offer ratio of SFI Sale Shares to
each SembCorp Industries Share under the Preferential Offer may be fixed,
the Warrants should not be exercizable from 12.00 p.m. on November 13, 2002,
up to and including November 25, 2002 and the Register of Warrantholders
would need to be closed for this purpose.
Warrantholders who wish to exercise all or part of their Warrants in order
to be eligible to participate in the Preferential Offer in respect of the
new SembCorp Industries Shares to be issued pursuant to such exercise,
should exercise their Warrants, and deliver the relevant exercise notice(s)
and other required documents and the subscription moneys, in accordance with
the terms and conditions of the Warrants before 12.00 p.m. on November 13,
2002.
NOTICE OF CLOSURE OF REGISTER OF WARRANTHOLDERS
NOTICE IS HEREBY GIVEN that, the Register of Warrantholders will be closed
from 12.00 p.m. on November 13, 2002, up to and including November 25, 2002
(the Warrant Closure Period). The Warrants will not be exercisable during
the Warrant Closure Period. Closure of the Register of Warrantholders during
the Warrant Closure Period is necessary to determine definitively the issued
share capital of the Company in order to fix the offer ratio of SFI Sale
Shares to SembCorp Industries Shares under the Preferential Offer.
By Order of the Board
Linda Hoon Siew Kin
Group Company Secretary
Singapore
October 29, 2002
SEMBCORP INDUSTRIES: Nov. 13 EGM Called to Consider Stake Sale
--------------------------------------------------------------
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the members
of SembCorp Industries Ltd (the Company) will be held at The Theatrette, 60
Admiralty Road West, Singapore 759947 on November 13, 2002 at 10.20 a.m. (or
as soon thereafter following the conclusion or adjournment of the
extraordinary general meeting of the Company to be held at 10.00 a.m. on the
same day and at the same place) for the purpose of considering and, if
thought fit, passing, with or without any modifications, the following
resolution which will be proposed as an Ordinary Resolution:
ORDINARY RESOLUTION
THAT the proposed sale (the Proposed Sale) by the Company of 375,000,000
ordinary shares of S$0.05 each in the capital of Singapore Food Industries
Limited (the SFI Sale Shares) held by its wholly owned subsidiary, Singapore
Technologies Industrial Corporation Ltd (STIC), to be undertaken by way of a
renounceable preferential offer for sale (the Preferential Offer) by the
Company of the SFI Sale Shares to the shareholders of the Company be and is
hereby approved and that approval be and is hereby given to the Directors
to:
(1) (a) provisionally allocate for sale the SFI Sale Shares to
holders of ordinary shares of S$0.25 each in the capital
of the Company (SembCorp Industries Shares) in the
Register of Members of the Company and Depositors who
have SembCorp Industries Shares entered against their
names in the Depository Register maintained by The
Central Depository (Pte) Limited (CDP) as at the close
of business on a date to be determined by the Directors
(the Books Closure Date) (Shareholders) on the basis of
a minimum of 0.1921578 to a maximum of 0.2059464 SFI
Sale Share for every one existing SembCorp Industries
Share held by Shareholders on the Books Closure Date,
fractional entitlements to be disregarded; and
(b) offer the SFI Sale Shares for sale to the Shareholders
at the price of S$0.70 in cash for each SFI Sale Share,
payable in full on application and on such terms and
conditions as the Directors may determine, including the
following:
(i) no provisional allocation of the SFI Sale Shares
shall be made in favour of, and no renounceable
provisional letters of allocation shall be issued or
sent to, Shareholders having registered addresses
outside Singapore and who have not, at least five
Market Days (as defined in the Listing Manual of the
Singapore Exchange Securities Trading Limited) prior
to the Books Closure Date, provided to the Company
or CDP, as the case may be, addresses in Singapore
for the service of notices and documents or to
Shareholders as the Directors, in their absolute
discretion, consider should be precluded from such
allocation by virtue of any securities legislation
of a foreign country applicable to them, under which
legislation the Company has not sought registration
or such other compliance for the allocation and
offer of the SFI Sale Shares (the Overseas \
Shareholders);
(ii) the entitlements to the SFI Sale Shares otherwise
attributable to Overseas Shareholders but for the
provisions of sub-paragraph (i) above, be disposed
of in a manner and on such terms as the Directors
may determine, distributing the net proceeds (if
any) of such disposal to and among such Overseas
Shareholders, in proportion to their respective
shareholdings in the Company as at the Books Closure
Date, provided that if the amount to be distributed
to any such Overseas Shareholder is less than S$10,
it shall be retained for the benefit of the Company;
(iii) in connection with the disposal referred to in sub-
paragraph (ii) above, the Directors be and are
hereby authorized to provisionally allocate the SFI
Sale Shares representing the entitlements of
Overseas Shareholders in the name of any person as
the Directors may nominate for the purpose of
disposal of the entitlements to the SFI Sale Shares
of Overseas Shareholders;
(iv) to allocate and offer for sale the SFI Sale Shares
not taken up pursuant to the provisional allocation
of the SFI Sale Shares or which represent fractional
entitlements disregarded in accordance with the
terms of the Preferential Offer to satisfy
applications made by Shareholders for any excess SFI
Sale Shares to such Shareholders, provided that any
allocation of SFI Sale Shares to Shareholders who
have applied for excess SFI Sale Shares shall be
made in priority to any application for excess SFI
Sale Shares made by Singapore Technologies Pte Ltd,
a major shareholder of the Company, which has
undertaken to (aa) purchase all of the SFI Sale
Shares which will be allocated to it under the
Preferential Offer and (bb) purchase all SFI Sale
Shares not purchased, or applied for, by the other
Shareholders; and
(v) the SFI Sale Shares shall be sold under the
Preferential Offer (aa) fully paid, (bb) free from
all liens, equities, charges, encumbrances, rights
of pre-emption and any other third party rights or
interests of any nature whatsoever and (cc) together
with all rights attached thereto as of September 10,
2002 being the date of the announcement of the
Proposed Sale and the Preferential Offer (the "
"Announcement Date") and thereafter attaching
thereto (including the right to any dividends or
other distributions declared, made or paid by SFI on
or after the Announcement Date); and
(2) the Directors of the Company and each of them be and are
hereby authorized to complete and do, and/or procure STIC to
complete and do, all such acts and things (including,
without limitation, to execute all such documents and to
approve any amendment, alteration or modification to any
document as may be required under or pursuant to the
Proposed Sale and the Preferential Offer) as they or he/she
may consider necessary, desirable or expedient to give
effect to this Resolution as they or he/she may deem fit.
By Order of the Board
Linda Hoon Siew Kin
Group Company Secretary
Singapore
October 29, 2002
Notes:
(1) A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint a proxy
to attend and vote in his stead. A proxy need not be a
member of the Company.
(2) The instrument appointing a proxy must be lodged at the
registered office of the Company at 9 Bishan Place #08-00,
Junction 8, Singapore 579837, not less than 48 hours before
the time appointed for the Extraordinary General Meeting.
VERTEX VENTURE: Accepts Ellensburg Holding's Takeover Offer
-----------------------------------------------------------
Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Ellensburg Holding Pte. Ltd.
Date of notice to company: 28/10/2002
Date of change of deemed interest: 25/10/2002
Name of registered holder: Please see Appendix below
Circumstance(s) giving rise to the interest: Acceptance of takeover offer
Shares held in the name of registered holder
No. of shares of the change: 4,642,527
% of issued share capital: 0.33
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.25
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:
Holdings of Substantial Shareholder including direct and deemed interest
Deemed Direct
No. of shares held before change: 1,285,619,056 0
% of issued share capital: 91.83 0
No. of shares held after change: 1,290,261,583 0
% of issued share capital: 92.16 0
Total shares: 1,290,261,583 0
% of share capital is based on 1,400,000,000 issued shares.
A P P E N D I X
(Referred to in the Notification dated 28 October 2002
by Ellensburg Holding Pte. Ltd. (Offeror)
(1) Offer. On 20 September 2002, The Development Bank of
Singapore Ltd (DBS Bank) announced, for and on behalf of the
Offeror, a wholly owned subsidiary of Singapore Technologies
Pte. Ltd., that the Offeror intends to make a voluntary
conditional cash offer (Offer) for Vertex Venture Holdings
Ltd (Vertex).
(2) Offer Unconditional. On 23 October 2002, DBS Bank, announced
for and on behalf of the Offeror that the Offer is
unconditional in all respects.
(3) Valid Acceptances. As of 5 p.m. on 25 October 2002, the
number of valid acceptances of the Offer the Offeror has
received has increased by 4,642,527 Shares to 1,290,261,583
Shares, representing approximately 92.16 per cent. of the
issued share capital of Vertex.
(4) Interest in Shares. Pursuant to Section 7 of the Companies
Act Chapter 50 of Singapore, the Offeror is deemed to have
interest in the 1,290,261,583 Shares acquired pursuant to
the Offer.
NOTE:
In July, Vertex Venture Holdings posted net losses of SG$94.728 million in
the six months to June from a profit of SG$22.488 million a year earlier.
According to a Troubled Company Reporter-Asia Pacific article on July 22, a
diminution in value of investments and write-offs caused the losses.
First-half sales only reached SG$50.387 million compared with SG$123.333
million last year.
The Company is involved in venture capital fund investment, venture capital
fund management and financial services.
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, Salve M. Mordeno, 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 ***