/raid1/www/Hosts/bankrupt/TCRAP_Public/021211.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, December 11, 2002, Vol. 5, No. 245
Headlines
A U S T R A L I A
CALTEX AUST.: Expects 2002 Profit, Prioritizes Debt Reduction
EFTNET TECHNOLOGIES: Places Shares Through Debt Conversion
ENVESTRA LIMITED: Final Approval Delivers Extra $5M
VOICENET (AUST): Placement of Shares, Loans Approved at GM
VOICENET (AUST): Welcomes James Palmer as New Director
WESTERN METALS: Fast-Tracking Avebury Nickel Project
C H I N A & H O N G K O N G
AKAI HOLDINGS: Scheme Objection Hearing Set on December 20
FIRST PACIFIC: E&Y Replaces PwC Post as Company Auditor
HERCULES DATA: Winding Up Sought by ATL Telecom
INTELLIGENT ADVERTISING: Winding Up Petition Pending
VINCENT PRECISION: Winding Up Petition Hearing Set
WING LEE: Winding Up Hearing Scheduled in January
I N D O N E S I A
ASTRA INTERNATIONAL: PEFINDO Puts Rp404.9B Bond on Rating Alert
HOLDIKO PERKASA: Extends PPAI-AMI Process for Investor
HOLDIKO PERKASA: Sells Metropolitan Kentjana for Rp661B
J A P A N
ALL NIPPON: Clarifies Relationship With United Airlines
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
MITSUBISHI TOKYO: Tie-Up Agreement With Lehman Dissolved
MIZUHO FINANCIAL: Eradicates Nine Planning Sections
MORITA DEVELOPMENT: Enters Bankruptcy
K O R E A
CHOHUNG BANK: Shinhan, Cerberus Compete in Bid Race
CHOHUNG BANK: Labor Union Postpones Full-Scale Strike
DAEWOO GROUP: Shutting Down French Factory Today
HYNIX SEMICONDUCTOR: BOE's Purchase Likely to be Cancelled
HYNIX SEMICONDUCTOR: Develops DDR-I SDRAM to Major Customers
HYNIX SEMICONDUCTOR: Unveils Capital Reduction Plan
HYNIX SEMICONDUCTOR: Creditors Put Off Meeting
HYUNDAI MERCHANT: Managerial Meeting Set for December 9
HYUNDAI MERCHANT: Selling Car Shipping Unit for US$1.3B
M A L A Y S I A
BERJAYA SPORTS: Unit Purchases 8% Convertible Loan Stocks
COUNTRY HEIGHTS: Issues RCSLS; Settlement Nears Completion
CYGAL BERHAD: KLSE Approves Restructuring Plan Time Extension
KEMAYAN CORPORATION: Appoints Yusof as Audit Committee Chairman
DATAPREP HOLDINGS: KLSE Grants Time for Shareholders' Mandate
KPS CONSORTIUM: SC Approval Not Needed on Proposed Acquisition
MGR CORPORATION: SC Requires Appropriate Audit Disclosure
MYCOM BERHAD: Defaulted Payment Status Progress Stalled
NCK CORP: SC Demands Proper Audit Findings Announcement
PENAS CORPORATION: SC Grants Proposal Conditional Approval
PLUS EXPRESSWAYS: SC Approves Unit's BBA Serial Bonds
PROJEK LEBUHRAYA: RAM Assigns AAA to RM2.26B BBA Serial Bonds
SIME DARBY: FIC, MITI Approve Proposed Reorganization Scheme
P H I L I P P I N E S
BENPRES HOLDINGS: Returns Concession to MWSS
BENPRES HOLDINGS: Shares Lower on Maynilad Pullout
METRO PACIFIC: Clarifies Strategic Partner Report
METRO PACIFIC: Partners Sought for Fort Bonifacio Development
NATIONAL BANK: Clarifies Bad Loans Disposal Report
PHILIPPINE TELEGRAPH: Chairman Worried on Net Loss Forecast
S I N G A P O R E
CHARTERED SEMICON: Amends Ownership Issue, Schedule 13G Filing
CHARTERED SEMICONDUCTOR: Merrill Lynch Cuts Stake to 2.2%
CHARTERED SEMICONDUCTOR: Shares Down 8.4% on Nasdaq
NATSTEEL LIMITED: Post Changes in Shareholder's Interest
T H A I L A N D
ADVANCED INFO: Wireless Service Undergoes Business Restructuring
ASIA IRON: Files Reorganization Petition in Bankruptcy Court
HEMARAJ LAND: Declares Employee Seminar a Holiday
- - - - - - - -
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A U S T R A L I A
=================
CALTEX AUST.: Expects 2002 Profit, Prioritizes Debt Reduction
-------------------------------------------------------------
Caltex Australia Limited announced Tuesday that it expects to
report a significantly improved financial result for the 2002
full year compared with its result for the 2001 year. The
performance has been underpinned by consistent refinery
reliability, robust sales and stable marketing margins.
Based on unaudited results for the eleven months to 30 November
2002 and current assumptions relating to crude prices, crude
premiums and refiner margins for December 2002, the company
expects to make an after tax profit for the 2002 full year in
the range of $185 million to $205 million (excluding significant
items), compared to an after tax loss of $46 million in 2001
(excluding significant items). However, it is important to
emphasize that this range may be affected by any movements in
crude oil prices and refiner margins between now and the end of
December.
Caltex's second half earnings have been influenced by increases
in regional crude oil prices, which have risen by approximately
US$1.50 a barrel since 30 June 2002 (as against a US$5.00 a
barrel increase in the first half); weaker refiner margins,
which averaged US$2.70 in the first half of 2002 but have eased
to average US$2.07 a barrel between July and November 2002;
higher crude premiums, due to increased demand for regional
sweet crudes; and higher freight costs following the sinking of
the oil tanker Prestige off the coast of Spain last month.
Excluding inventory gains, the 2002 full year replacement cost
profit after tax is expected to be within a range of $90 million
to $110 million, compared to $83.7 million for 2001 (excluding
significant items).
Based on forecast profit ranges, Caltex expects to recognize a
significant expense item of up to $12 million in its 2002 full
year results, in the form of a contingent consideration payment
to Hanson Australia (formerly Pioneer International). A
provision of $7.5 million was recognized in the first half of
2002.
Debt reduction continues to be Caltex's first financial
priority. The company is well on track to reduce debt below its
announced 2002 target of $1075 million.
EFTNET TECHNOLOGIES: Places Shares Through Debt Conversion
----------------------------------------------------------
Eftnet Technologies Limited advised that with the exception of
resolution 1(b), all resolutions considered at the annual
general meeting of the Company held on Monday 9 December 2002
were approved on by show of hands, those resolutions being:
1. APPOINTMENT OF DIRECTORS
(a) That, Mr Mark Maine be appointed a director of the
Company.
(c) That, subject to the approval of resolutions 2 through 11
inclusive, Dr Saliba Sassine be appointed as a director of the
Company.
(d) That, subject to the approval of resolutions 1(e) through
11 inclusive, Mr Peter Jinks be elected as a director of the
Company.
(e) That, subject to the approval of resolutions 1(d) and 2
through 11 inclusive, Mr Greg Jinks be elected as a director of
the Company.
2. CHANGE IN NATURE AND SCALE OF ACTIVITIES
That subject to and conditional upon the passage of, Resolutions
1(d) and (e) and 3 to 11 inclusive, for the purposes of Listing
Rule 11.1.2 of the Australian Stock Exchange Limited ("ASX") and
for all other purposes, approval is given for the Company to
make a change in the nature of its activities to electronic
infrastructure contract management, being a significant change
in the nature and scale of those activities as described in the
Explanatory Statement accompanying this Notice.
3. CAPITAL CONSOLIDATION
That, subject to and conditional upon the due passage of
Resolutions 1(d) to 2 and 4 through 11 inclusive, for the
purposes of Section 254H of the Corporations Act and for all
other purposes, approval is given for the Company to consolidate
the issued capital of the Company on the basis that every ten
(10) fully paid ordinary shares in the capital of the Company
(Shares) be consolidated into One (1) Share, and that every 10
options to acquire an ordinary share at an issue price of 20
cents (20 Cent Options) be consolidated into one (1) Two Dollar
($2.00) Option, and every 10 options to acquire an ordinary
share at an issue price of 10 cents (10 Cent Options) be
consolidated into one, One Dollar ($1.00) Option, and where this
consolidation results in a fraction of a share or Option being
held by a member of the Company, the directors of the Company
are authorized to round that fraction up to the nearest whole
Share or Option, and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice.
4. CANCELLATION OF OPTIONS
That subject to and conditional upon the passage of Resolutions
1(d) to 3 and 5 through 11 inclusive, and subject further to
options holders consenting to the same, it is hereby resolved
that Two Dollar ($2.00) Options (post reconstruction), entitling
the holder to subscribe for one fully paid ordinary share in the
capital of the Company be cancelled.
5. SHARE PLACEMENT THROUGH CONVERSION OF DEBT
That subject to and conditional upon the due passage of
Resolutions (1(d) to 4, and 6 to 11 inclusive, for the purposes
of Section 208 of the Corporations Act and Listing Rules 7.1 and
10.11 of the Listing Rules of Australian Stock Exchange Limited
and for all other purposes, the Company approves and authorizes
the directors of the Company to allot and issue up to 1,000,000
fully paid ordinary shares in the capital of the Company (on a
post consolidation basis) together with up to 1,000,000 options
over unissued ordinary shares at an exercise price of 20 cents
each and exercisable on or before 31 December 2005 such shares
and options to be allotted and issued in satisfaction of debts
due by way of loan in the amount of up to $200,000 on terms and
conditions as set out in the Explanatory Statement accompanying
this Notice.
6. SHARE AND ENTITLEMENT PLACEMENT
That subject to and conditional upon the due passage of
Resolutions 1(d) to 5 inclusive and 7 through 11 inclusive, for
the purposes of Listing Rule 7.1 of the Listing Rules of
Australian Stock Exchange Ltd and for all other purposes, the
Company approves and authorizes the directors of the Company to
allot and issue up to 25,000,000 fully paid ordinary shares in
the capital of the Company (on a post consolidation basis)
together with up to 12,500,000 options to acquire ordinary
shares at 20 cents each on or before 31 December 2005, with such
shares and options to be allotted and issued on terms and
conditions as set out in the Explanatory Statement accompanying
this Notice.
7. OPTION PLACEMENT
That subject to and conditional upon the due passage of
Resolutions 1(d) to 6 inclusive and 8 to 11 inclusive, for the
purposes of Listing Rule 7.1 of the Listing Rules of Australian
Stock Exchange Ltd and for all other purposes, the Company
approves and authorizes the directors of the Company to grant up
to 13,000,000 options to acquire fully paid ordinary shares in
the capital of the Company (on a post consolidation basis) such
options to be exercisable at 20 cents each at any time before 31
December 2005 at an issue price of $0.01 each to be granted on
terms and conditions as set out in the Explanatory Statement
accompanying this Notice.
8. AUTHORISE PROPOSED DIRECTORS TO PARTICIPATE IN SHARE
PLACEMENT
That subject to the approval of Resolutions 1(d) to 7 inclusive
and 9 through 11 inclusive, for the purposes of Section 208 and
Item 7 of section 611 of the Corporations Act, Listing Rule
10.11 of the Official Listing Rules of Australian Stock Exchange
Limited and for all other purposes, the Company approves the
issue of up to 10,000,000 fully paid ordinary shares in the
capital of the Company at an issue price of 20 cents each and up
to 10,000,000 twenty (20) cent options over ordinary shares in
the capital of the Company (on a post consolidation basis) to Mr
Peter Jinks and Mr Greg Jinks or their nominees pursuant to a
general offer prospectus.
9. AUTHORISE DR SALIBA SASSINE TO PARTICIPATE IN PLACEMENT
That subject to the approval of Resolutions 1(d) to 7 inclusive
and 10 to 11 inclusive, for the purposes of section 208 of the
Corporations Act and Listing Rule 10.11 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
the Company approves the participation by Dr Saliba Sassine, a
proposed director of the Company in the placement of shares and
options provided in Resolution 6 to the extent of up to
1,000,000 shares and 500,000 options.
10. ISSUE OF SHARES TO ACQUIRE THE BUSINESS OF KLM (WA)
That, subject to the approval of Resolutions 2 to 9 inclusive
and resolution 11, and for the purposes of Listing Rule 7.1 of
the Listing Rules of Australian Stock Exchange Limited, the
Company authorizes the Directors to issue up to 1,000,000 fully
paid Shares in the Company (on a post consolidation basis) to
the current owners of KLM (WA) in consideration for the
acquisition of 100% of the business of KLM (WA).
11. CHANGE OF COMPANY NAME
That, subject to the approval of Resolutions 1(d) to 10
inclusive, for the purposes of Section 157(1) of the
Corporations Act and for all other purposes, the name of the
Company be changed to KLM Group Limited.
12. ALLOTMENT AND ISSUE OF ROUND UP SHARES
That subject to and conditional upon the due passage of
Resolutions 1(d) to 11 inclusive, for the purposes of Listing
Rule 7.1 of the Listing Rules of Australian Stock Exchange
Limited and for all other purposes, the Company approves and
authorizes the directors of the Company to allot and issue up to
5,000,000 fully paid ordinary shares in the capital of the
Company to existing shareholders who hold less than a marketable
parcel of shares in the Company, such shares to be allotted and
issued on the terms and conditions as set out in the Explanatory
Statement accompanying this Notice.
Resolution 1(b) was withdrawn prior to being put to the meeting
following notification that Mr John Leptos would not be seeking
re-election to the board.
Proxies received in respect of the matters considered at the
meeting were as follows:
FOR OPEN AGAINST ABSTAIN
Resolution 1(a) 5,310,754 8847,370 38,250 3,500
Resolution 1(c) 5,257,754 847,370 40,250 54,500
Resolution 1(d) 5,330,704 847,370 21,800 0
Resolution 1(e) 5,330,704 847,370 21,800 0
Resolution 2 5,321,504 847,370 21,000 10,000
Resolution 3 5,304,054 847,370 38,450 10,000
Resolution 4 5,219,472 847,370 59,532 73,500
Resolution 5 5,325,922 847,370 23,082 3,500
Resolution 6 5,317,582 847,370 30,422 4,500
Resolution 7 5,257,582 847,370 30,422 64,500
Resolution 8 5,305,582 847,370 42,422 4,500
Resolution 9 5,290,932 847,370 47,072 14,500
Resolution 10 5,309,554 847,370 39,450 3,500
Resolution 11 5,330,504 847,370 21,000 1,000
Resolution 12 5,309,582 847,370 27,422 15,500
ENVESTRA LIMITED: Final Approval Delivers Extra $5M
---------------------------------------------------
The Victorian Essential Services Commission (ESC) issued Tuesday
its approved Access Arrangements for Envestra Limited's natural
gas distribution networks in Victoria and Albury (NSW).
"Following the release of the ESC's final decision in early
October we have been actively pursuing several matters with the
Commission" said Mr Ollie Clark, Managing Director of Envestra.
"We are pleased that the ESC has accepted the position we put
forward on some of these issues. The Access Arrangements now
provide tariffs that are 1% higher than those foreshadowed in
the ESC's October decision. This will deliver increased revenue
of about $5 million to Envestra over the next five years
relative to the previous decision.
"The Company's regulated revenue for Victoria will now increase
from $113 million in 2003, to $131 million in 2007.
"The allowance for capital expenditure, primarily to expand and
upgrade our distribution networks, has been increased from $157
million to $168 million over the 5 year life of the Access
Arrangement. The ESC also amended demand forecasts and the
allowance for tax which contribute to the higher revenue.
"Envestra will have Access Arrangements in place for Victoria,
South Australia and Queensland as from 1 January 2003 covering
about 95% of the Company's operations.
"This means we can be relatively sure of the quantum of our
revenues for the next 4 to 5 years" said Mr Clark.
"This predicable revenue underpins the payment of distributions
to our shareholders, which we expect to maintain at about 9.5
cents for the foreseeable future".
On Monday's share price of 95 cents this equates to a 10% yield.
The decision is available on the ESC's website:
www.esc.vic.gov.au.
Wrights Investors reports that at the end of 2002, Envestra
Limited had negative working capital, as current liabilities
were A$101.58 million while total current assets were only
A$36.88 million.
CONTACT INFORMATION: Ollie Clark, MANAGING DIRECTOR
Des Petherick, MANAGER CORPORATE & PUBLIC AFFAIRS
Telephone: 08 8227 1500
Mobile: 0403 056 540
VOICENET (AUST): Placement of Shares, Loans Approved at GM
----------------------------------------------------------
Voicenet (Aust) Limited announced that a General Meeting of
shareholders was held Tuesday morning and the business of the
meeting as detailed in the notice of meeting was dealt with as
follows:
JOINT VENTURE AGREEMENT AND SHAREHOLDERS AGREEMENT (RESOLUTION
1)
The joint venture agreement and the shareholders agreement was
approved by a show of hands.
PLACEMENT OF SHARES AND LOANS (RESOLUTION 2)
The placement of shares and the loans was approved by a show of
hands.
SHARE PURCHASE PLAN (RESOLUTION 3)
The share purchase plan was approved by a show of hands.
CAPITAL RAISING (RESOLUTION 4)
The capital raising was approved by a show of hands.
ISSUE OF OPTIONS TO KEY PERSONNEL AND CONSULTANTS (RESOLUTION 5)
The issue of 14,000,000 options to key personnel and consultants
was approved by a show of hands.
ISSUE OF OPTIONS TO MICHAEL SILVER (RESOLUTION 6)
The issue of 4,000,000 options to Michael Silver was approved by
a show of hands.
ISSUE OF OPTIONS TO LINDSAY SANFORD (RESOLUTION 7)
The issue of 12,000,000 options to Lindsay Sanford was approved
by a show of hands.
APPROVE RIGHT OF CONVERSION (RESOLUTION 8)
The right of conversion was approved by a show of hands.
ADOPTION OF NEW CONSTITUTION (RESOLUTION 9)
Adoption of the new constitution was approved by a show of
hands.
The following is a summary of proxy votes:
RES PROXY TO PROXY TO PROXY TO VOTE AT TOTAL
VOTE FOR VOTE ABSTAIN PROXY'S
AGAINST DISCRETION
1 39,631,414 30,550 6,025 2,675,502 42,343,491
2 39,623,742 33,550 8,025 2,678,174 42,343,491
3 39,624,242 33,550 7,525 2,678,174 42,343,491
4 39,604,914 53,550 7,525 2,677,502 42,343,491
5 31,006,708 3,655,626 4,912,655 2,768,502 42,343,491
6 30,975,971 3,695,763 4,914,255 2,757,502 42,343,491
7 26,995,471 3,695,763 8,893,255 2,759,002 42,343,491
8 34,566,709 195,200 4,904,080 2,677,502 42,343,491
9 34,735,233 28,450 4,902,306 2,677,502 42,343,491
VOICENET (AUST): Welcomes James Palmer as New Director
------------------------------------------------------
Voicenet (Aust) Limited announced the appointment of Mr James
Palmer as a director of the Company, with effect from 10
December 10 2002. Mr Palmer is a director of Microgenix Limited
in the UK and will be acting as the Company's Marketing
Director. Tuesday's General Meeting of shareholders also
approved the Company's entrance into the Microgenix Project.
At the end of 2001, Voicenet (Australia) Limited had negative
working capital, as current liabilities were A$7.88 million
while total current assets were only A$6.50 million, Wrights
Investors' Service reports. The company has paid no dividends
during the last 12 months and has not paid any dividends during
the previous 6 fiscal years. It also reported losses during the
previous 12 months.
WESTERN METALS: Fast-tracking Avebury Nickel Project
----------------------------------------------------
Western Metals Limited posted Chairman Ian Gould's comments
regarding Avebury Nickel Sulphide Project:
Following the significant expansion of the Avebury Resource to
4 m tonnes of 1.5% nickel, Western Metals believes that the
Avebury Resource will, (subject to studies to commence
immediately) justify fast track development of the Avebury
nickel deposits. This will involve the application for a Mining
Lease to allow the development of a decline to access the
liberalization first for testing and evaluation, and secondly,
to permit mining of the body to commence. Subject to
satisfactory agreements being reached with Western Metals for
the use of their Hellyer facility, the ore would initially be
trucked to Hellyer for processing at the rate of about 300,000
tonnes per annum which would produce about 5,000 tonnes nickel
in concentrates per annum.
While no off-take (sale) agreements are yet in place, little
difficulty is currently seen in finding long-term buyers for
the premium 22% nickel concentrate, which earlier testwork has
indicated Avebury should produce.
Again, subject to detailed studies which will be ongoing, and
subject to satisfactory financing arrangements being put in
place, the capital requirements will be of the order of $10 M
as no mill facility will have to be constructed during the
first phase of operations.
The proposed procedure outlined above will result in a
significant lower capex, and a much faster start up time than
previously envisaged. This, if implemented as planned, should
result in Allegiance benefiting from the high predicted nickel
prices over the next 3-5 years. Note that the current nickel
price @ US$7,500 is now 66% above its September 2001 low.
Western Metals believes that the potential for an expansion of
the resource both in the immediate vicinity of the Avebury
deposit itself and in the district as a whole is significant,
but in the immediate future, its effort will be focused on
bringing Avebury into production.
COMMUNIQUE AS RECEIVED FROM
NEWNHAM EXPLORATION AND MINING SERVICES
A re-estimation of the identified mineral resources at the
Avebury project in western Tasmania has resulted in a 30%
increase in the in situ resources to 4.06 million tonnes 1.5%
Ni, containing 61,500 tonnes of nickel.
Details of the mineral resource estimate are:
DEPOSIT RESOURCE GRADE CUT OFF CONTAINED
Ni
TONNES (% Ni) (% Ni)
(TONNES)
Indicated Mineral
Resource:
North Avebury 1,260,000 1.5 0.8 18,900
Viking (*) 1,880,000 1.5 1.0 28,200
Sub-Total 3,140,000 1.5 47,100
Inferred Mineral
Resources:
North Avebury 200,000 1.8 0.8 3,600
Viking 720,000 1.5 1.0 10,800
Sub-Total 920,000 1.6 14,400
Total Mineral
Resource
North Avebury 1,460,000 1.5(**) 0.8 22,500
Viking(*) 2,600,000 1.5 1.0 39,000
TOTAL 4,060,000 1.5 61,500
Notes: (*) "Viking" was named "South Avebury" in earlier
estimates
(**) Grade is rounded down
Geostatistical analysis of the resource data indicates that
higher grade zones are present within both the Viking and North
Avebury deposits.
These zones are estimated to contain:
RESOURCE GRADE CUT OFF CONTAINED METAL
TONNES % Ni % Ni TONNES
North Avebury 630,000 2.0 1.3 12,600
Viking 630,000 2.0 1.6 12,600
TOTAL 1,260,000 2.0 25,200
The resource re-estimation was undertaken following a 3,500
meter core drilling program completed on the deposit in October
2002.
The estimate was completed in accordance with the Australasian
Code for Reporting of Mineral Resources and Ore Reserves (the
JORC Code) by Michael V McKeown of McKeown Mining Pty Limited
who is a fellow of the Australasian Institute of Mining and
Metallurgy and who has more than five years relevant experience
in the estimation, assessment and valuation of mineral
resources of this style of liberalization and type of deposit.
In addition to increasing the in-situ resource by 30%, the
recent drilling program also highlighted the excellent
potential of the district for further resource discoveries.
Encouraged by these results, the Allegiance Board is currently
reviewing a range of further evaluation and development
options.
The preferred option is to develop Avebury by way of a 800
meter long underground decline access into a relatively
shallow, higher grade portion of the Viking deposit, and to
initially toll-treat production from this area ahead of a
decision to construct an on-site mill for the longer term
treatment of Avebury ore.
To this end, discussions are in progress with Western Metals to
toll treat Avebury ore at their nearby Hellyer mill, at a rate
of approximately 300,000 tonnes per annum, over an initial 2-3
year period.
To facilitate this development option, application will be made
in the near future to the Tasmanian Government for a Mining
Lease and other necessary permits. Necessary technical and
environmental studies will be commenced early in the new year.
================================
C H I N A & H O N G K O N G
================================
AKAI HOLDINGS: Scheme Objection Hearing Set on December 20
----------------------------------------------------------
Reference is made to the Circular dated 31 October 2002 issued
to the shareholders of Akai Holdings Limited (In Compulsory
Liquidation) (the Document), and to the announcements dated 31
October 2002, 26 November 2002 and 2 December 2002 in relation
to the dispatch of the Document, the results of the Scheme
meeting and Special General Meeting, as well as the Bermuda
Court hearing jointly issued by the Liquidators of Akai and Hang
Ten Group Holdings Limited.
On December 5 2002, the Supreme Court of Bermuda ordered that a
hearing in relation to whether votes cast on behalf of Blossom
Assets Limited and Costner Holdings Limited at the Scheme
meeting that were marked as "objected to" should be disallowed
or disregarded will be held on 20 December 2002 (the Objection
Hearing) . It is anticipated that the hearing of the petition to
sanction the scheme on completion of the Objection Hearing .
Further announcements in relation to, amongst other things,
result of the petition to sanction the Scheme, the Final Record
Date, the Effective Date if the Scheme becomes effective, and
the listing timetable of Hang Ten will be issued as and when
appropriate.
Akai Shareholders should note that the Proposal is subject to
satisfaction of the conditions precedent to the Proposal. If
such conditions are not satisfied or otherwise waived on or
before 31 December 2002, or otherwise a later date is agreed
among the parties to the Restructuring Agreement as approved by
the Stock Exchange, the Proposal will lapse and the listing of
the Akai Shares will be cancelled pursuant to practice note 17
of the Listing Rules. Trading in Akai Shares has been suspended
since 23 August 2000 and will remain suspended pending the
implementation of the Proposal. A further announcement will be
made upon sanction of the Scheme by the Bermuda Court.
FIRST PACIFIC: E&Y Replaces PwC Post as Company Auditor
-------------------------------------------------------
The Board of Director of First Pacific Company Limited announces
that PricewaterHouseCoopers (PwC) resigned as auditors of the
Company on December 9, 2002. Ernst & Young (E&Y) has been
appointed to fill the casual vacancy arising from the
resignation of PwC.
PwC's decision was premised on the fact that PwC was not
directly responsible for the audit of PT Indofood Sukses Makmur
Tbk, in which the Company holds 52.9 percent. Indofood
represents a material proportion of the Company's businesses,
accounting for 93 percent of the Company's turnover for the six
months ended June 30, 2002, and 71 percent of the Company's
total assets as of the same period. Indofood is audited by E&Y.
This change only affects the auditors of the Company.
HERCULES DATA: Winding Up Sought by ATL Telecom
-----------------------------------------------
ATL Telecom Limited is seeking the winding up of Hercules Data
Comm Company Limited. The petition was filed on October 28,
2002, and will be heard before the High Court of Hong Kong on
January 8, 2003 at 9:30 in the morning.
ATL Telecom holds its registered office at Cypress Drive, St.
Mellons, Cardiff, Wales, CF3 OEG, United Kingdom.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing JOHNSON,
STOKES & MASTER Solicitors for the Petitioner, 18th Floor,
Prince's Building, 10 Chater Road, Central Hong Kong.
INTELLIGENT ADVERTISING: Winding Up Petition Pending
----------------------------------------------------
Intelligent Advertising Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on January 8, 2003 at 9:30 am.
The petition was filed on October 25, 2002 2001 by the Director
of Legal Aid of the Government of the Hong Kong Special
Administrative Region of 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong. Thomas E. Kwong represents
the petitioner.
VINCENT PRECISION: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up Vincent Precision Machinery Co. Limited
is scheduled for hearing before the High Court of Hong Kong on
December 18, 2002 at 9:30 am.
The petition was filed with the court on October 18, 2002 by
Bosch Rexroth (China) Limited (formerly known as Rexroth (China)
Limited) of 1st Floor, 19 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong.
WING LEE: Winding Up Hearing Scheduled in January
-------------------------------------------------
The High Court of Hong Kong will hear on January 15, 2003 at
10:30 in the morning the petition seeking the winding up of Wing
Lee Wai Limited. Nan Yang Trading Co., Inc. of 4039 Transport
Street, Palo Alto, California 94303 filed the petition on
November 5, 2002.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing A.M. MUI &
KWAN Solicitors for the Petitioner, Offices 2315-2316 Jardine
House 1 Connaught Place, Central Hong Kong.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: PEFINDO Puts Rp404.9B Bond on Rating Alert
---------------------------------------------------------------
PEFINDO puts the rating of PT Astra International Tbk (ASII) and
its Rp404.9 billion bond issued in 1999 on RatingAlert with a
positive implication. The action reflects an indicative
positive progress of the company's second loan restructuring
program with its creditors.
ASII has principally reached restructuring term sheet agreement
with its steering committee, which represents about 30% of the
total loans. The company will hold a meeting with its creditors
on November 26, 2002 to seek approval from the creditors of at
least 2/3 of the total loans.
Based on the Company's experience on its first loan
restructuring and investors' favorable perception on ASII's
business fundamental, it is very likely that ASII will get the
approval before its incoming debt repayment due date at the end
of December 2002. However, the uncertainty would remain in
place until the approval is incorporated in the adequate legal
documentation.
HOLDIKO PERKASA: Extends PPAI-AMI Process for Investor
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and Holdiko
Perkasa alter the Investment Asset Sales Program (PPAI-AMI)
schedule to give more time to the investor to participate in
this program. Up to now, as many as 73 investors which are
majority come from local, have expressed their interest
The re-scheduling of PPAI-AMI covers:
* The due diligence extend until December 1, 2002
* The Limited Info Memo distribution, registration,
administration fee and security deposit completion extend until
December 2, 2002.
* The Final Bid submission extend until December 3, 2002 start
from 10:00 am to 4:00 pm.
* The schedule for the remaining payment effectively received
in IBRA's and Holdiko account should not be altered from
December 20, 2002.
HOLDIKO PERKASA: Sells Metropolitan Kentjana for Rp661B
-------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa (Holdiko), a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group, announced on November 27 that Holdiko has signed a Sales
and Purchase Agreement with PT Karuna Paramita Propertindo
(KPP), a company affiliated to PT Berca Indonesia (Berca), to
sell Holdiko's entire 47.5% shareholding and loans to Holdiko in
PT Metropolitan Kentjana Tbk (MK Tbk) for Rp605 billion and
US$6.2 million respectively, grossing a total proceed of
approximately Rp661 billion.
"We are very pleased to have finally completed the sale of
Metropolitan Kentjana to Berca. The sale of this asset has been
very competitive throughout its process and is our largest sale
for 2002. The funds from the sale of MK Tbk. will be received
and transferred to BPPN before year-end for this year's budget,"
stated Scott Coffey, President Director of Holdiko.
The finalization of this sale process was initially delayed due
to a lawsuit filed by PT Grandwood Buana against the Salim Group
in October 2002, claiming 10% ownership of Holdiko's entire
47.5% shareholding in MK Tbk that were formerly transferred by
the Salim Group to IBRA through the Master Settlement
Acquisition Agreement (MSAA). However, on 25 November 2002,
Lontoh & Kailimang acting as legal counselor of PT Grandwood
Buana submitted a request to the District Court to withdraw
their lawsuit, and Holdiko was able to conclude the sale
transaction of MK Tbk with KKP.
IBRA/Holdiko commenced to sell Holdiko's 47.5% ownership in MK
Tbk, an integrated real estate developer whose portfolio of
prime property assets in Jakarta include the Pondok Indah Mall,
Pondok Indah Estate, Wisma Metropolitan I & II, and World Trade
Center building, in mid April this year. PT
PricewaterhouseCoopers FAS acted as financial advisor to
IBRA/Holdiko for this transaction.
As publicly announced on 29 May 2002, Holdiko received 11
(eleven) preliminary bids from local and international investors
coming from both the property and financial sectors. As a result
of the very competitive prices received, all 11 investors were
invited to participate in the due diligence phase, and a third
stage of the bidding process was accordingly incorporated to
increase the competitiveness of the sale process. Five investors
submitted their binding bids, and on 26 September 2002
IBRA/Holdiko announced the following investors who submitted the
highest bids:
(i) PT Berca Indonesia,
(ii) PT Puspita Nirmala, and
(iii) PT Sarana Inti Transindo Perkasa.
IBRA/Holdiko provided them the opportunity to resubmit a final
bid using the highest binding bid as the minimum price, and
Berca finally submitted the highest bid of gross Rp661 billion,
on 27 September 2002, or equivalent to a P/E multiple of 20
based on historical earnings. This compares favorably to a P/E
multiple of 15 (weighted-average) for all of Holdiko's asset
sales since 1999.
On 27 November 2002, Berca through its affiliated company, PT
Karuna Paramita Propertindo (KPP), signed the Sale and Purchase
Agreement. KPP is a subsidiary of PT Central Cipta Murdaya
(CCM), a holding company that also owns PT Berca Indonesia.
Established in 1994, KPP was established to develop CCM's
property business aspect in addition to their existing
businesses in trading, contracting, technology and electronics.
"We believe that with its prime asset location, good company
performance and proven track record of sound management,
Metropolitan Kentjana will continue to become a major property
player," said Mrs. Siti Hartati Murdaya, President Director of
PT Karuna Paramita Propertindo, who also holds the position of
President Director of PT Central Cipta Murdaya and Chairman of
PT Berca Indonesia. "We trust that by working together with the
other existing shareholders we will be able to contribute to the
future development of the company."
MK Tbk was established on 29 March 1972 as an integrated real
estate developer. In the same year, MK Tbk commenced development
of the exclusive Pondok Indah residential estate located in
south Jakarta. Currently, the Pondok Indah portfolio has
expanded to include Pondok Indah Mall, Golf Pondok Indah
Apartment, and Pondok Indah Office Tower. MK Tbk's future
development plans include an additional shopping mall as well as
apartment and office towers. Aside from its direct ownership of
the Pondok Indah Group, MK Tbk also holds shares in other
additional companies, i.e. 50% in Antilope Madju Puri Indah (of
which Holdiko owns a 23.75% indirect shareholding); 50.5% in
Jakarta Land (of which Holdiko owns a 23.99% indirect
shareholding); and 99.6% in Bumi Shangri-La Jaya (of which
Holdiko owns 47.31%).
"Holdiko was able to sell Metropolitan Kentjana Tbk at a Price
Earning (P/E) ratio of 20 (based on historical earnings), a
significant premium to other listed real estate companies on the
Jakarta Stock Exchange, reflecting the strength of Metropolitan
Kentjana's business," said Coffey. "The P/E multiple of 20 for
the MK Tbk asset sale also compares favorably with the P/E
multiple of 19.5 (weighted-average) for all of Holdiko's asset
sales since 1999," he added.
To date Holdiko has succeeded in raising Rp3.8 trillion for
IBRA's budget this year. Details are found at
http://www.bankrupt.com/misc/TCRAP_Holdiko1211.pdf
PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by PT Bank Central Asia (BCA) to companies affiliated to the
Salim Group. As part of the settlement agreement with IBRA, the
Salim Group transferred shares and assets in more than 100
operating companies to PT Holdiko Perkasa.
As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.
The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and dispose of their assets and collateral.
=========
J A P A N
=========
ALL NIPPON: Clarifies Relationship With United Airlines
-------------------------------------------------------
All Nippon Airways (ANA) has been informed by United Airlines of
its intention to continue to operate all flights as scheduled.
There has been no effect at this time on the relationship
between ANA and United, which includes cooperation in code-
sharing, frequent flyer programs and joint usage of airport
lounges, as well as in other areas.
As a Star Alliance member, All Nippon Airways will continue its
relationship with United Airlines, and will continue to
cooperate with UA to the fullest extent of its capabilities, as
it has in the past.
Meanwhile, United Airlines pledged itself to an ``agonizing''
reorganization Monday as it surrendered to unpayable debts and
billion-dollar losses, seeking shelter in the biggest airline
bankruptcy filing ever, AP Online reports.
Hoping to prevent passengers from defecting to rivals, CEO Glenn
Tilton promised United would keep flying as usual and said the
Chapter 11 filing provides the world's No. 2 carrier a chance to
remake itself.
United's filing, the sixth largest by any Company, came less
than a week after the federal government rejected a plea for
financial assistance and amid the industry's worst downturn.
The press release is located at
http://bankrupt.com/misc/tcrap_ana1210.htm
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
---------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic" and "National" brand products, announced that it has
purchased a portion of its own shares from the market in
conformity with provisions of Article 210 of the Japanese
Commercial Code.
Details of the share repurchase are as follows:
1. Class of shares: Common stock
2. Period of purchase: Between November 26, 2002 and December 9,
2002
3. Aggregate purchase amount: 16,009,883,000 yen
4. Aggregate number of shares purchased: 13,000,000 shares 5.
Method of purchase: Shares were purchased on the Tokyo Stock
Exchange Reference)
1) The following are the resolutions that were approved at the
ordinary general meeting of shareholders held on June 27,
2002:
-- Class of shares: Common stock
-- Aggregate number of shares to be purchased: Up to 180 million
shares
-- Aggregate purchase amount: Up to 300 billion yen
2) Cumulative total of shares repurchased through December 9,
2002:
-- Aggregate purchase amount: 53,477,587,000 yen
-- Aggregate number of shares purchased: 43,000,000 shares
CONTACT:
Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365
MITSUBISHI TOKYO: Tie-Up Agreement With Lehman Dissolved
--------------------------------------------------------
Mitsubishi Tokyo Financial Group Inc. has dissolved its
comprehensive tie-up agreement with Lehman Brothers in the
investment banking business, the Nihon Keizai Shimbun reported.
Mitsubishi Tokyo has concluded that it would make more sense to
link up with partners on a case-by-case basis, particularly in
the M&A business, the report said.
The deal was concluded in 1999 and calls on Mitsubishi Tokyo and
Lehman to cooperate in major M&A deals launched by Japanese
firms to acquire overseas companies.
Mitsubishi Tokyo and Lehman once planned to set up a joint
venture to mediate M&A transactions. But so far, only a few such
deals have been mediated under the accord, the report said.
The decision by Mitsubishi Tokyo to cancel the agreement was
prompted largely by a decision to concentrate its investment
banking personnel at Mitsubishi Securities Co, which was created
in September, the report said.
About Mitsubishi
Although Japan's banking industry has had its share of
meltdowns, Mitsubishi Tokyo Financial Group (MTFG) is trying to
congeal. Ranking among the world's largest banks, this
amalgamation of Mitsubishi Trust & Banking, Bank of Tokyo-
Mitsubishi, and Nippon Trust combines the participants'
strengths, as well as their bad loans. MTFG touts its
specialized trust services, provided by subsidiary Mitsubishi
Trust Bank (itself bolstered by the additions of Nippon Trust
Bank and Tokyo Trust Bank), in the face of foreign competition,
offering pension, money, and real estate trusts for individual
and corporate clients.
About Lehman Brothers
Lehman Brothers Holdings is a lean, mean, investment banking
machine. Known as an aggressive trader, the firm offers
investment and merchant banking services, as well as
underwriting, equities and fixed-income products (bonds and
other debt), asset management, institutional sales, and private
client services. In addition, Lehman trades stocks, currency,
derivatives, and commodities. Employees own more than a third of
the Company. The firm's alliance with Fidelity Investments gives
Fidelity's brokerage clients access to Lehman's equity and fixed
income products, including Lehman-led IPOs. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 244, December 10, 2002)
TCR-AP reported that The Mitsubishi Tokyo Financial Group plans
to dispose around $3.94 billion in bad loans in the year ending
March 31, 2003. The Company intends to sell them to the
Resolution and Collection Corp., a government-backed debt
collection agency.
Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors.
MIZUHO FINANCIAL: Eradicates Nine Planning Sections
---------------------------------------------------
Mizuho Corporate Bank will abolish all of its nine planning
sections anytime this month to reinforce marketing in a bid to
improve earnings, Kyodo News said on Tuesday. The move is part
of the Mizuho Financial Group's restructuring scheme including
pay cuts, the report said.
On April 1, 2002, through the corporate split and merger
process, the Mizuho Financial Group (MHFG) adopted a new
business model and launched legally separate subsidiaries based
on customer segments and business line, the Troubled Company
Reporter-Asia Pacific reports.
While the Company is striving to further strengthen the earning
capabilities in accordance with the objectives of 'Program for
Financial Revival' issued by the Financial Services Agency on
October 30, 2002, the Company have formulated and will execute
the 'Change & Speed-Up Program' to accelerate the efforts to
achieve our goal of being an innovative financial services group
that will lead the new era through offering cutting-edge,
comprehensive financial services.
MORITA DEVELOPMENT: Enters Bankruptcy
-------------------------------------
The Japanese court has declared Morita Development Co., Ltd.
bankrupt, according to Tokyo Shoko Research Ltd. The
construction and engineering firm, located at Osaka-si, Osaka,
has 487 million yen in capital against total liabilities of 20
billion yen.
=========
K O R E A
=========
CHOHUNG BANK: Shinhan, Cerberus Compete in Bid Race
---------------------------------------------------
The Ministry of Finance and Economy said a consortium led by
Shinhan Financial Group and another led by US investment fund
Cerberus Partners have each submitted bids to buy a controlling
stake in nationalized Chohung Bank, the Afx-Asia News said.
Shinhan wants to buy the entire 80.04 percent stake held by the
state-run Korea Deposit Insurance Corp in Chohung Bank. The
Cerberus-led consortium wants to buy an over 51 percent stake in
Chohung, it said.
The Shinhan-led consortium includes BNP Paribas, with Warburg
Pincus having dropped out of the group, it said. The other
consortium involves Cerberus Partners, Korea First
Bank, which is controlled by Newbridge Capital, and Shinsei
Bank.
Byeon Yang-Ho, director general for financial policy at the
ministry, told reporters that each bidder's capability to raise
funds for the acquisition of the bank will be an important
factor for the selection of a preferred bidder.
Byeon made it clear that the government will not sell the bank
if prices do not meet the government's target, which was not
disclosed.
He said Shinhan Financial proposed to finance half of its
investment in cash and the remaining in Shinhan shares. Shinhan
also said in its bid that it will run Chohung Bank as a
subsidiary for two years after the acquisition but will
eventually absorb it into the group.
The Cerberus-led consortium proposed paying cash for its 51
percent bid and wants to merge Chohung Bank with Korea First
Bank, he said.
It also wants the government to settle any hidden debt or losses
that would be uncovered after the acquisition of the bank, while
Shinhan attached the customary indemnification demands on the
deal, he said.
He said Cerberus did not propose any specific reorganization of
Chohung Bank after the acquisition, while Shinhan Financial
outlined very specific future management plans after the
purchase of Chohung Bank.
ABN AMRO, which had been expected to separately bid for a 10
percent stake in Chohung, did not submit a bid, the ministry
said.
The ministry did not release the terms of their bids, including
the prices offered.
The Public Fund Oversight Committee will hold a subcommittee
session on December 11 to screen the two bids and will report
the result of its review to a plenary session of the committee
at a later time.
The ministry did not provide specific timetable as to when it
will be able to select a preferred bidder among the two final
bidders.
About Shinhan
One of South Korea's major financial institutions, Shinhan Bank
offers retail, corporate, and international banking services. It
was the first South Korean bank to provide online banking to its
customers, and it intends to expand its eShinhan division to
include online stock trading and insurance services. Shinhan has
more than 300 domestic branches and about half a dozen overseas,
most of which specialize in retail banking. The bank is
restructuring itself as a financial holding Company to manage
its banking, insurance, investment, and securities units. To
strengthen its position in South Korea's financial services
market, it may buy another bank. Citigroup owns about 10 percent
of Shinhan Bank. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 244, December 10, 2002)
CHOHUNG BANK: Labor Union Postpones Full-Scale Strike
-----------------------------------------------------
Labor unions at Cho Hung Bank decided to postpone its planned
general strike scheduled for today, Digital Chosun reports.
The union declared that it would stage the walkout on Wednesday,
in protest of the government's drive to sell its stake in the
bank.
The Public Fund Oversight Committee, a private organization in
charge of selling the government-held stake in banks, would not
make any decision at the moment concerning the sale plan in the
committee's plenary session, to be held Wednesday.
The Presidential candidates had promised the union that they
would postpone the sale until the inauguration of the next
Presidential administration. The union, however, it would
continue with inside discussions to decide whether to press
ahead with the plan to strike.
Around 8,000 union members at the bank's 460 offices throughout
Korea would participate in the strike, the report said.
DAEWOO GROUP: Shutting Down French Factory Today
------------------------------------------------
Daewoo Group will close its French factory in Fameck, Moselle on
Wednesday, reports the Financial Times Newswire. A workers'
council will meet on December 11 to start talks between unions
and the management. The factory has 117 workers and used to
manufacture TV sets.
Another factory in Mont Saint Martin, which employs 550 people,
is also at risk. Daewoo closed a factory in Meurthe et Moselle
which produced microwave ovens on November 29.
HYNIX SEMICONDUCTOR: BOE's Purchase Likely to be Cancelled
----------------------------------------------------------
It is reported by Seoul Economic Daily on December 3 that
BOE Technology Group 's US$380 million purchase of Hynix's LCD
(Liquid Crystal Display) plant is likely to be canceled, because
Chohung Bank one of Hynix's creditors - is not willing to
support the purchase, the Seoul Economic Daily reported.
Previously, Chohung Bank and other creditors of Hynix agreed to
loan US$ 210 million to BEO for this purchase, in which Chohung
Bank give a loan of US$ 30 million. But now this bank has
problem on payment.
Additionally, other creditors including Woori Bank are not
active on this issue, because they worry about the perspective
of LCD market. The BEO was scheduled to accomplish the purchase
in this month.
About Hynix
Hynix Semiconductor is battling to remain among the world's top
makers of dynamic random-access memory (DRAM) chips; it trails
Samsung Electronics and Micron Technology, and is running neck
and neck with Infineon. Hynix still makes DRAMs, other memory
chips, and application-specific integrated circuits (ASICs), but
has spun off or sold other businesses as it tries to avoid
sinking under the weight of its massive debt. The Company
changed its name from Hyundai Electronics Industries (HEI) in
2001 as it separated itself from South Korean conglomerate
Hyundai Group.
Creditor banks including Korea Exchange Bank own more than 65
percent of Hynix. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 244, December 10, 2002)
HYNIX SEMICONDUCTOR: Develops DDR-I SDRAM to Major Customers
------------------------------------------------------------
Hynix Semiconductor Inc. recently announced it has developed a
500MHz-128Mb (4Mx32) DDR-I SDRAM for supply to the graphic
chipset manufacturing market.
This high speed DDR-I SDRAM product, an industry first, features
500MHz frequency ( 1Gbps) speed, 32bit wide I/O and 144-ball
FBGA package type. The new product supports the high speed needs
of desktop and work station graphics and switch and router
applications.
The new product has the highest speed in the DDR-I product line
and is compatible with the DDR-I board. Hynix forecasts the
combination of speed, compatibility, and an estimated cost
advantage of 10 percent over DDR-II, will gain quick acceptance
for the new product from the graphics and network industries.
Farhad Tabrizi, Vice President of Worldwide Marketing, stated
"providing the highest performance at the lowest possible price
is the key for differentiating the product by end application.
DDR-I at 500 MHz does just that."
Samples of the product, reaffirming the Company's position as a
frequency leader, have already been distributed to major graphic
chipset manufacturers. Hynix will introduce availability of a
500 MHz 4Mx32 DDR-II SDRAM in Q1 2003.
Hynix Semiconductor Inc. www.hynix.com, based in Ichon, Korea,
is an industry leader in the development, sales, marketing and
distribution of high-quality semiconductors -- including DRAM,
SRAM, Flash memory and application specific standard products --
as well as semiconductor manufacturing foundry services. While
Hynix Semiconductor is one of the world's leading DRAM
suppliers, the Company is rapidly diversifying its product
portfolio to meet the needs of emerging markets. The Company
offers deep sub-micron foundry services to strategically broaden
its overall presence in the industry and achieve the goal of
leading the global semiconductor market. Hynix has research,
production, sales and marketing facilities strategically located
worldwide.
Hynix Semiconductor America Inc. is a U.S. subsidiary of Hynix
Semiconductor Inc. and is headquartered at 3101 North First
Street, San Jose, California, 95134. For more information visit
www.us.hynix.com.
CONTACT:
Hynix Semiconductor
U.S. Contact
Jerold T. Olson, 408/232-8022
jolson@us.hynix.com
http://www.us.hynix.com
Korea Contact
Seong Min Chung, +822-3459-5355
seongmin.chung@hynix.com
HYNIX SEMICONDUCTOR: Unveils Capital Reduction Plan
---------------------------------------------------
The Korea Exchange Bank (KEB), main creditor of Hynix
Semiconductor, will discuss on December 11 a capital reduction
scheme in preparation to convert 1.9 trillion won ($1.56
billion) of its debt, JoongAng Ilbo reported Tuesday.
KEB will explain the necessity of partial capital reduction, now
at 26 trillion won, or 5.2 billion shares, before the
anticipated conversion.
The bank is expected to propose a 20-to-1 capital reduction for
all outstanding shares. The reduction reportedly will take place
in February and the conversion in March. The bank plans to
decide on the debt reorganization plan as early as next Friday.
HYNIX SEMICONDUCTOR: Creditors Put Off Meeting
----------------------------------------------
A meeting to discuss a debt-restructuring plan for struggling
Hynix Semiconductor has been postponed by creditor banks, Yonhap
News Agency and Channel News Asia reported Tuesday, citing an
unnamed bank official. The creditor banks need more time to
narrow their differences on proposed debt restructuring
measures, the report said.
The report did not specify when the meeting will be held, and
added it is possible that major creditor banks will be contacted
individually instead of meeting together. Creditors will also
discuss writing down Hynix shares at a 20:1 ratio.
If major creditor banks agree to accept the proposal, all
creditors will likely vote Friday or next Monday to finalize the
debt restructuring plan.
HYUNDAI MERCHANT: Managerial Meeting Set for December 9
-------------------------------------------------------
Hyundai Merchant Marine (HMM) said Monday that it would convene
a managerial strategy meeting for next year between December 9-
11, with some 150 officials stationed abroad attending, Asia
Pulse reports.
"We've advanced the meeting by about one month as restructuring
work has been completed with the sale of our auto-shipping
division," an HMM official said referring to the deal with
European shipping giant Wallenius Wilhelmsen Lines WWL.
The Troubled Company Reporter-Asia Pacific reported that HMM's
restructuring efforts nearly ended fruitlessly when an
allegation arose from the opposition party some months ago
claiming the government channeled $400 million to North Korea by
way of loans issued by the Korea Development Bank (KDB) to HMM
shortly before the first inter-Korean summit in June 2000.
Despite the apprehension, Korean Development Bank (KDB) and 11
other domestic financial agencies and Citibank arranged a $950
million in loan for Wilhelmsen ASA of Norway and Wallenius Lines
AB of Sweden, to finance their acquisition this month.
HYUNDAI MERCHANT: Selling Car Shipping Unit for US$1.3B
-------------------------------------------------------
Strategic acquisition by Wilh. Wilhelmsen ASA and Wallenius
Lines AB Representatives from Wilh. Wilhelmsen ASA (WW) and
Walleniusrederierna AB (OW) on August 10, 2002 signed the
agreement with Korea's Hyundai Merchant Marine Co., Ltd. (HMM)
on the acquisition of HMM's car carrier division.
The terms of the agreement include long-term exclusive contracts
with Hyundai Motor Company (HMC) and Kia Motors Corporation
(KMC) on shipping their car exports for an initial five-year
period, with provision for extensions. The newly-established
Company, which will acquire HMM's car carrier division, will be
incorporated in Korea, with WW and OW together holding 80
percent and with HMC and KMC together holding 20 percent. The
price for the acquisition will be USD 1.3 billion plus the
assumption of future vessel charter obligations.
Completion of the acquisition is conditional upon obtaining
regulatory approval and financing.
President of Wallenius Lines AB, Carl Johan Hagman (36), has
been appointed President & Chief Executive Officer of the newly
established Company. Mr. Hagman has extensive experience in the
global shipping industry and has also previously lived and
worked in Korea.
HMM's car carrier division is one of the leaders in the global
shipping industry, and currently operates a fleet of 76 vessels
dedicated to transporting cars manufactured by HMC, KMC and
other major global car and Ro/Ro manufacturers to various
destinations world-wide.
WW and OW also own 50 per cent each in a joint venture,
Wallenius Wilhelmsen Lines (WWL), which operates a combined
fleet of car and Ro/Ro carriers in liner traffic and contract
shipping. WWL is one of the world's largest transporters of
rolling cargo, with a fleet of 60 vessels and operations in all
the large and important trades.
With the acquisition of HMM's car carrier division, WW and OW
with their joint holdings will be the global leaders in the
transportation of cars and other rolling car cargoes.
Contact Information:
Hans Chr. Bangsmoen
Senior Vice President,
Public Affairs
Wilh. Wilhelmsen ASA
Tel: +47 67 58 43 30
email: Hans Chr. Bangsmoen
Bjorg Ekornrud
Information Consultant
Wilh. Wilhelmsen ASA
Tel: +47 67 58 43 19
email: Bjorg Ekornrud
For a copy of the disclosure, visit
http://bankrupt.com/misc/tcrap_hmm1210.htm
===============
M A L A Y S I A
===============
BERJAYA SPORTS: Unit Purchases 8% Convertible Loan Stocks
---------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad informed
that its wholly-owned subsidiary, FEAB Properties Sdn Bhd has
purchased Irredeemable Convertible Unsecured Loan Stocks
2002/2012 (ICULS) in the Company as follows:
1. Date of Purchase : 9 December 2002
2. Number of ICULS Purchased : 100,000
3. Minimum price paid for each ICULS : RM2.75
4. Maximum price paid for each ICULS : RM2.89
5. Total consideration paid : RM286,611.18
6. Total number of ICULS held to-date : 7,312,000
7. Cumulative consideration : RM20,850,502.53
paid to-date
The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.
CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
30 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2935 2373/2381;
Fax : 03-2935 8043
COUNTRY HEIGHTS: Issues RCSLS; Settlement Nears Completion
----------------------------------------------------------
Reference is made to the announcements dated 11 September 2001
and 21 May 2002 made by AmMerchant Bank Berhad (formerly known
as Arab-Malaysian Merchant Bank Berhad) on behalf of Country
Heights Holdings Berhad. Reference is also made to the
announcement by the Company on the Proposed Acquisition dated 24
September 2002. The Proposals entail:
* Proposed Acquisition of 100% Equity in Mega Palm Sdn Bhd
(MPSB) (Proposed Acquisition); and
* Proposed Settlement Agreement.
On behalf of the Board of Directors of CHHB, AmMerchant Bank
wishes to announce that the RM148.5 million 0%-8% Redeemable
Convertible Secured Loan Stock 2002/2007 (RCSLS) has been issued
on 5 December 2002.
The land charges relating to the issue of the RCSLS were
presented at the Wilayah Persekutuan Land Office on 14 November
2002, thereby enabling the issue of the RCSLS. After the
registration of the land charges, the settlement under the
Proposals may proceed to completion by the withdrawal of suits
relating to Mega Palm Sdn Bhd (in receivership) (MPSB), the
discharge of the Receiver and Manager of MPSB, and the release
and discharge of claims, actions and liabilities relating to the
term loan facility granted under the facility agreement dated 5
December 1996.
CONTACT INFORMATION: 9th Floor, Block A
The Mines Waterfront Business Park
3, Jalan Tasik
The Mines Resort City
43300 Seri Kembangan
Selangor
Tel : 03-8943 8811;
Fax : 03-8945 0154
CYGAL BERHAD: KLSE Approves Restructuring Plan Time Extension
-------------------------------------------------------------
Further to the announcement by Cygal Berhad on 2 December 2002,
the Company wishes to announce that the Kuala Lumpur Stock
Exchange has approved an extension of time from 1 December 2002
to 31 December 2002 to enable Cygal to obtain all the necessary
approvals from the regulatory authorities.
COMPANY PROFILE
Cygal is a Class A contractor registered with the Pusat Khidmat
Kontraktor and a Class 9 Contractor registered with the
Construction Industry Development Board, which allows it to
tender for projects of unlimited size from the government or
statutory authorities. The Company has, over the years,
successfully completed projects belonging to agencies such as
UDA, Jabatan Kerja Raya, state government bodies and various
universities as well as private projects.
Since its listing, the Company has diversified into property
development activities through the acquisition of subsidiaries.
To further strengthen its position in the construction industry,
the Company has also diversified into other construction-related
activities, such as supply of building materials, and piling and
concrete pump services.
The Company further diversified its income base in May 1997
through investment in United Golden Mile Aviation Ltd (UGMA),
Hong Kong, one of the major players in the supply of aviation
components and materials in China. UGMA assists in supplying OEM
equipment and market repair and overhaul facilities for aircraft
such as Boeing 737s and 747s.
In November 1999, Cygal and three of its subsidiaries, undertook
a debt restructuring with its non-financial institution (Non-FI)
creditors via a scheme of arrangement under Section 176(10) of
the Companies Act, 1965. The scheme was subsequently approved in
December 1999.
On 28 June 2001 and 28 August 2001, the Company announced that
it has obtained approval-in-principle from financial institution
(FI) creditors to implement a composite restructuring scheme,
including the above proposed Non-FI scheme, to restore the
Company's financial position so as to enable it to concentrate
on its core activities. The proposed restructuring scheme
encompasses exchange of Cygal shares with shares in a new
investment holding company, Active Accord Sdn Bhd via a members'
scheme of arrangement pursuant to Section 176 of the Companies
Act, 1965; proposed settlement of indebtedness of Cygal and two
of its subsidiaries, Cygal Concrete pump Sdn Bhd and CTA Realty
Sdn Bhd; rights issue; acquisition of property development
companies; delisting of Cygal and listing of Newco.
The Company has received approvals in principle for the
settlement scheme with the FI creditors under the purview of the
Corporate Debt Restructuring Committee. The settlement has been
executed in August 2001. Submissions to the relevant authorities
for approvals of the proposed restructuring scheme are expected
to be made by October 2001.
CONTACT INFORMATION: Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Tel : 03-7983 9099,
Fax : 03-7983 9172
KEMAYAN CORPORATION: Appoints Yusof as Audit Committee Chairman
---------------------------------------------------------------
Kemayan Corporation Berhad posted this notice of change in audit
committee:
Date of change : 05/12/2002
Type of change : Appointment
Designation : Chairman of Audit Committee
Directorate : Independent & Non Executive
Name : Mohd Sharif Bin Hj Yusof
Age : 63
Nationality : Malaysian
Qualifications :
Member of:
* Institute of Chartered Accountants, England and Wales;
* Malaysian Institute of Accountants; and
* Malaysian Institute of Certified Public Accountants.
* Working experience and occupation : Senior Vice President
(Finance)/Company Secretary of John Hancock Life Insurance Bhd
(1977 - 1989);
* Corporate Finance Officer of Bumiputra Merchant Bankers Bhd
(1973 - 1977);
* Senior Accountant of Anglo Oriental Sdn Bhd (1972 - 1973);
* Corporate Accountant of Perbadanan Kemajuan Negeri Selangor
(PKNS) (1968 - 1972) and
* Accountant of Public Works Department (1966 - 1968).
Directorship of public companies (if any) :
* Amanah Capital Partners Bhd;
* APM Automotive Holdings Bhd;
* Ireka Corporation Bhd;
* Malayawata Steel Bhd;
* Amanah Capital Malaysia Bhd;
* Amanah Short Deposits Bhd;
* Amanah General Insurance Bhd and
* Asia Unit Trusts Bhd.
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Composition of Audit Committee (Name and Directorate of members
after change) :
* Mohd Sharif Bin Hj Yusof - Chairman
* Tengku Makram Bin Tengku Ariff - Executive Director
* Mohamed Apandi Bin Ali - Independent Non Executive Director
COMPANY PROFILE
The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.
The 1997/1998 economic crisis faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August from the
High Court of Malaya under Section 176(10) of the Companies Act,
1965 for the purpose of implementing a proposed corporate
restructuring scheme. The RO has been extended to 3 June 2002.
The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.
CONTACT INFORMATION: 167, Jln Glasiar
Taman Tasek
80200 Johor Bahru Johor.
Tel : 07-2362390 ;
Fax : 07-2365307
DATAPREP HOLDINGS: KLSE Grants Time for Shareholders' Mandate
-------------------------------------------------------------
On 4 October 2002, Dataprep Holdings Bhd announced the proposal
to seek shareholders' mandate pursuant to paragraph 10.09 of the
Listing Requirements issued by the Kuala Lumpur Stock Exchange
(KLSE) for recurrent related party transactions of a revenue or
trading nature which are in the ordinary course of business of
the Dataprep Group.
Further to the announcement released on 4 October 2002, Dataprep
had on 27 November 2002 issued a Circular to Shareholders
(Circular) which sets out, inter-alia, details of recurrent
related party transactions of a revenue or trading nature
including those entered into between 1 June 2001 and 30 June
2002, in respect of which shareholders' mandate/ratification is
being sought.
KLSE had, by circular dated 5 March 2002, indicated that
shareholders' ratification for recurrent related party
transactions of a revenue or trading nature which are entered
into between 1 June 2001 and 30 June 2002, should be obtained by
30 June 2002. Dataprep has submitted an application to the KLSE
for extension of time to seek shareholders' mandate
notwithstanding the aforesaid cut-off date. On 4 December 2002,
Dataprep received KLSE's approval for the said extension of
time.
CONTACT INFORMATION: 11th Floor, Menara Luxor
6B Persiaran Tropicana
Tropicana Golf and Country Resort
47410 Petaling Jaya Selangor
Tel : 03-7882 2222
Fax 03-7880 8033
KPS CONSORTIUM: SC Approval Not Needed on Proposed Acquisition
--------------------------------------------------------------
In reference to the Kuala Lumpur Stock Exchange's (KLSE) letter
dated 21 November 2002 and our reply on 25 November 2002 on the
Proposed Acquisition whereby pursuant to the Proposed
Acquisition, KPS Consortium Berhad (formerly known as Hai Ming
Holdings Bhd) had calculated the percentage ratios based on
KPSCB's latest audited accounts of 30 April 2002 as required by
Chapter 18 of the Securities Commission's (SC) Policies and
Guidelines on Issues/Offer of Securities. It would appear that
SC approval (SC Approval) is required.
Premised on this, KPSCB had written to the SC on 21 November
2002 seeking an exemption from SC Approval. KPS Consortium
advised the KLSE that the SC had via a letter dated 4 December
2002 granted KPSCB an exemption from SC Approval.
COMPANY PROFILE
The Hai Ming Group is principally involved in the manufacture of
tissue and woodfree paper related products and the wholesale of
paper, paper products and stationery. The Group's factories are
located in Klang, Chemor, Kuching and Kota Kinabalu. Currently,
its total tissue production capacity estimated at 6,000 m/t per
annum is at full production. Due to the withdrawal of bank
credits in 1999, the woodfree division's production output is
only about 3,000 m/t per annum. Approx. 90% of the Group's
turnover is derived locally and the balance is derived from
exports to Singapore and Brunei.
The Company is registered with the Corporate Debt Restructuring
Committee (CDRC) to restructure the Group's borrowings. The
Company and seven of its subsidiary companies have entered into
a conditional debt restructuring agreement with its bank lenders
on 30 October 2001 involving total debts of RM53,588,638 to be
fully settled by the issuance of new Hai Ming Holdings shares,
4.5% 5-year redeemable convertible secured loan stock, 4.5% 5-
year irredeemable convertible unsecured loan stock and cash
payment.
At the same time, the Company also proposes to acquire Koh Poh
Seng Plywood Co (M) Sdn Bhd (KPS) which is principally involved
in the manufacturing and trading of timber, plywood, cement and
its related products. Vendors of KPS will end up with a 72.13%
share holding in Hai Ming following the debt restructuring and
the proposed acquisition of KPS.
CONTACT INFORMATION: Lot 765, Jalan Haji Sirat
Off Jalan Meru
42100 Klang
Selangor
Tel : 03-3291 5566,
Fax : 03-3291 4489
MGR CORPORATION: SC Requires Appropriate Audit Disclosure
---------------------------------------------------------
Reference is made to the announcement dated 12 November 2002,
where AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of MGR Corporation Berhad
(Special Administrators Appointed), has announced that the
Securities Commission (SC) has, in approving the Restructuring
Scheme, imposed the condition that MGR is required to appoint an
independent audit firm to conduct an investigative audit on
previous business losses of the MGR Group.
AmMerchant Bank, on behalf of MGR, wishes to announce that the
SC has, vide their letter dated 5 December 2002, further imposed
that MGR is required to ensure that an appropriate announcement
is made on the findings of the said investigative audit.
COMPANY PROFILE
The MGR Group is primarily engaged in the manufacturing,
marketing and trading of timber and timber related products in
Malaysia.
MGR was engaged in sawn timber trading when it began operations
in 1985. It later expanded into the sale of timber logs. In
1989, MGR ventured into downstream activities beginning with
wood moldings. In mid-1996, MGR branched into the downstream
processing of plain plywood and subsequently supplemented its
furniture operation by moving into the manufacturing of doors.
The acquisition of a sawmill in 1993 enabled the Company to
capture foreign markets. Henceforth, high-end value-added wood
moldings and interior furniture were manufactured for the
European and American markets.
Currently, the Company is in the process of undergoing a
restructuring scheme involving the acquisition of certain assets
of the Company, including its listed status. On 5 March 2002, a
conditional principal agreement was entered into with Crest
Builders Sdn. Bhd and its shareholders for the purpose of
implementing the scheme.
CONTACT INFORMATION: Wisma Aman, Mile 1 1/2
Jalan Tuaran
88400 Kota Kinabalu Sabah
Tel : 088-239006
Fax : 088-239009
MYCOM BERHAD: Defaulted Payment Status Progress Stalled
-------------------------------------------------------
The Board of Mycom Berhad, further to the last monthly status
announcement made on 8 November 2002, announced that there has
been no further progress made in respect of the default in
payment by its wholly owned subsidiaries, Tingkayu Plantations
Sdn Bhd and Pertama Land & Development Sdn Bhd to the Lenders.
COMPANY PROFILE
The Company was formed as a JVC between two Japanese companies,
Tokyo Shibaura Electric Co Ltd and Mitsui & Company Ltd, and Kee
Huat Radio Company Sdn Bhd.
Mycom manufactured and sold 'Toshiba' electrical consumer
products under a technical collaboration agreement with Toshiba
Corporation of Japan from 1969 to 1987. Since then, Mycom has
transformed into a diversified investment group with substantial
holdings in Malaysia and globally. In 1994, as a result of the
rationalization of part of its investments, Mycom acquired a
stake in KLSE-listed Olympia Industries Bhd. Through Olympia,
Mycom diversified its investments into the property and
financial sectors, resource-based industries, manufacturing and
automobiles. In 1995, Mycom expanded its investments into
plantations and, in property, to include hotels. It also
diversified geographically through investments in South Africa.
In 1996 and 1997, the Company increased its presence in the
natural resource-based sector through further investments in
timber and building materials in Malaysia and South Africa.
On 8 May 2000, the Company and certain of its subsidiaries, Duta
Grand Hotels Sdn Bhd, Sentul Murni Sdn Bhd, Pacific Forest
Industries Sdn Bhd, UNP Plywood Sdn Bhd and Mycom Capital (BVI)
Ltd entered into a restructuring and standstill agreement with
its financial institution creditors to undertake a proposed debt
and corporate restructuring entailing a proposed capital
reduction and consolidation, reduction of share premium account,
rights issue with detachable warrants, special issue, debt
novation, debt restructuring, acquisition of property companies
and land, disposal of investment, inter-company settlement
between the Company and Olympia Industries and an offer for
sale.
The Proposed Restructuring Scheme was submitted to the SC in
August 2000. In February 2001, the SC requested for a more
comprehensive restructuring scheme for its consideration.
The Revised Scheme was submitted to the SC in July 2001.
Subsequently, a further amended Revised Scheme was submitted to
the relevant authorities for approval in December 2001. This has
obtained approvals from BNM, FIC and the MITI whilst the
approval from the SC is still pending. The amended Revised
Scheme is also inter-conditional with the proposed restructuring
scheme of Olympia Industries, which is pending SC approval.
CONTACT INFORMATION: Level 23, Menara Olympia
8, Jln Raja Chulan,
50200 Kuala Lumpur
Tel : 03-2323993,
Fax : 03-2323996
NCK CORP: SC Demands Proper Audit Findings Announcement
-------------------------------------------------------
Reference is made to the announcement dated 20 November 2002
with regards to the approval from the Securities Commission (SC)
in relation to the abovementioned Proposed Restructuring Scheme
of NCK Corporation Berhad (Special Administrators Appointed).
In its approval letter dated 15 November 2002 for the Proposed
Restructuring Scheme, SC has imposed certain conditions, inter
alia, the requirement to carry out an investigative audit on the
losses incurred from the previous businesses of NCK group of
companies, as announced under Section 3(iii) of the announcement
dated 20 November 2002.
On behalf of NCK, Alliance Merchant Bank Berhad, announced that
the Company had on 5 December 2002 received a letter from the
SC, requiring NCK to make appropriate announcement on the
findings of the investigative audit. All the other conditions
imposed by the SC as per the announcement dated 20 November 2002
remains unchanged.
PENAS CORPORATION: SC Grants Proposal Conditional Approval
----------------------------------------------------------
Further to the announcement made on 29 August 2002, AmMerchant
Bank Berhad (formerly known as Arab-Malaysian Merchant Bank
Berhad), on behalf of Penas Corporation Berhad (Pencorp), wishes
to announce that the Securities Commission (SC) has vide its
letter dated 2 December 2002 (which was received on 4 December
2002) approved the Proposals, as proposed, subject to, amongst
others, the following conditions:
a) VVB is required to fulfill the requirement of minimum 25%
public shareholdings spread and to furnish the SC with the
details of the Proposed Offer for Sale (which is to meet the
aforesaid public spread requirement) prior to its listing on the
Second Board of the Kuala Lumpur Stock Exchange (KLSE);
b) a moratorium will be imposed on 50% of the consideration
shares to be issued to the vendors of Vintage Group in relation
to the Proposed Acquisition of Vintage Group in accordance to
the SC's Policies and Guidelines on Issue/Offer of Securities.
However, the vendors of Vintage Group are allowed to avail
themselves to the SC's new Guidelines (to be announced) in line
with the implementation of the third (3rd) phase of the
disclosure based regulation regime;
c) the appointment by the Company of an independent audit
firm within two (2) months from the date of the SC's approval
letter to conduct an investigative audit on the Company's
previous business losses. The Company is also required to take
the necessary/appropriate measures to recover the said losses.
Based on the findings of the investigative audit, the Company is
required to make a report to the relevant authorities in the
event of any breach of the laws, regulations, rules, guidelines
and/or the Company's memorandum and articles of association by
any member of the Company's Board of Directors and/or any other
party that has caused the losses to the Company. The
investigative audit is to be completed within six (6) months
from the date of appointment of the independent audit firm and
appropriate announcement is required to be made to the KLSE in
respect of the findings of the investigative audit. Two (2)
copies of the said investigative audit report must be made
available to the SC after the completion of the investigative
audit; and
d) The Company/VVB/AmMerchant Bank is required to obtain the
SC's approval for any variations made to the terms and
conditions for the issuance of the ICULS
Based on the disclosure made by AmMerchant Bank and Pencorp to
the SC, the SC has noted that the proceeds from the Proposed
Public Issue shall be used for the core business of VVB as set
out in Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Penas1211.pdf.The
utilization of the proceeds from the Proposed Public Issue is,
inter-alia, subject to the following conditions:
a) Approval from the SC should be sought for any changes to
the utilization of proceeds other than for the core business of
VVB;
b) Approval of the shareholders of VVB must be obtained for
any subsequent changes to the utilization of the said proceeds,
that deviate by 25% or more from the original proposed
utilization of proceeds. Should the deviation be less than 25%,
appropriate disclosure must be made to the shareholders of VVB.
c) Any extension of time for the utilization of proceeds from
the Proposed Public Issue is required to be approved by a
resolution of the Board of Directors of VVB and fully disclose
to the KLSE; and
d) Appropriate disclosures on the status of utilization of
proceeds is required to be made in VVB's quarterly reports and
annual reports until all the proceeds have been fully utilized.
In addition to the above, AmMerchant Bank is also pleased to
announce on behalf of the Company that the SC has vide its
letter dated 4 December 2002 (which was received on 5 December
2002) also approved the application by the vendors of Vintage
Group for an exemption from the obligation to undertake a
mandatory general offer under Practice Note 2.9.3 of the
Malaysian Code On Take-Overs and Mergers 1998 to acquire the
remaining shares in VVB not owned by them (Proposed Exemption).
The Circular to shareholders to seek the approval of the
shareholders of Pencorp for the Proposals and Proposed Exemption
will be dispatched in due course.
The Proposals have also been approved by the Ministry of
International Trade and Industry and the Foreign Investment
Committee as announced by AmMerchant Bank on 15 October 2002 and
18 October 2002 respectively.
CONTACT INFORMATION: 24th Floor, Penas Tower
488A Burma Road
10350 Penang
Tel: 03-228 1182
Fax: 03-226 2211
PLUS EXPRESSWAYS: SC Approves Unit's BBA Serial Bonds
-----------------------------------------------------
On behalf of the Board of Directors of PLUS Expressways Berhad,
RHB Sakura Merchant Bankers Berhad announced that the
Securities Commission (SC) has on 5 December 2002 approved the
proposed issuance of RM2,260 million nominal value of Bai'
Bithaman Ajil Serial Bonds (BBA Serial Bonds) (formerly
announced as 'Al-Bai Bithaman Ajil Serial Bonds or ABBA Serial
Bonds') by Projek Lebuhraya Utara-Selatan Berhad (PLUS), a
wholly owned subsidiary of PLUS Expressways.
The SC's approval is subject to, amongst others, the following:
(i) PLUS obtaining the prior approval of the SC for any
amendments to the terms and conditions of the BBA Serial Bonds;
(ii) Receipt by the SC of a copy of the executed Trust Deed and
the rating rationale prior to the issuance of the BBA Serial
Bonds; and
(iii) All relevant parties must be informed of the selling
restrictions in respect of the BBA Serial Bonds, including
disclosure in the Bonds Information Dissemination System or
BIDS.
PROJEK LEBUHRAYA: RAM Assigns AAA to RM2.26B BBA Serial Bonds
-------------------------------------------------------------
Ratings Agency Malaysia Berhad (RAM) has assigned a AAA rating
to Projek Lebuhraya Utara-Selatan Berhad's (PLUS) proposed
RM2.26 billion Nominal Value Bai Bithaman Ajil Islamic Debt
Securities (BBA Serial Bonds). The proposed BBA Serial Bonds
serve to refinance PLUS's existing obligations under its RM3.82
billion Nominal Value Unsecured Zero Coupon Serial Bonds
(Linkbonds) that were issued to Hartanah Lintasan Kedua Sdn Bhd
in 2000.
Like the Linkbonds, the proposed RM2.26 billion BBA Serial
Bonds will rank second after PLUS's existing RM5.1 billion Bai
Bithaman Ajil Islamic Debt Securities (BaIDS) in terms of
priority of payment. However, there is no rating
differentiation between the RM5.1 billion BaIDS issue (which
was assigned a AAA rating by RAM in April 2002) and the
proposed RM2.26 billion BBA Serial Bonds in view of PLUS's
highly robust credit profile; the AAA rating was assigned after
full consideration of PLUS's total debt obligations.
More importantly, RAM notes that the proposed BBA Serial Bonds
will be governed by most of the financial covenants and cash
flow-monitoring structures as the RM5.1 billion BaIDS under the
Project Control Account Agreement and Additional Project
Control Account Agreement.
The refinancing of the Linkbonds will result in considerable
cost savings of up to RM1.5 billion for PLUS. Although there
will be some enhancement to the Company's financial profile,
RAM notes that its debt-servicing ability will not improve
substantially as would have been expected, given that the
repayment tenure of the proposed BBA Serial Bonds has been
compressed into 6 years as opposed to 9 years under the
Linkbonds.
RAM's sensitivity analyses shows that even in the worst-case
scenario (i.e. zero traffic growth over the next 15 years),
PLUS will have a strong minimum finance service coverage ratio
(FSCR) of at least 1.2 (without cash balance). If the Company's
significant cash reserves are taken into consideration, its
projected minimum FSCR is even more robust at 3.77.
PLUS's traffic consultant, Halcrow Consultants Sdn Bhd
(Halcrow), has estimated its traffic volume to grow by a
further 2.9% to 11.20 billion PCU-km in FYE 31 December 2002
(FY 2002). Based on traffic data for January - September 2002,
Halcrow's projections appear to be on track as traffic volume
has grown by 2.6% over the past 9 months to 8.2 billion PCU-km,
from 7.9 billion PCU-km in the previous corresponding period.
Meanwhile, PLUS's turnover breached the billion ringgit mark at
RM1.22 billion for the first 9 months of FY 2002, while
operating profit before depreciation, interest and tax amounted
to RM988.9 million. As anticipated, however, PLUS recorded a
one-off pre-tax loss of RM1.99 billion due to the necessary
adjustments to conclude its debt-restructuring exercise.
Nonetheless, RAM notes that PLUS's post-restructuring balance
sheet has been cleaned up considerably, with a more manageable
debt level (including Government Support Loan) of RM7.2 billion
as at 30 September 2002.
SIME DARBY: FIC, MITI Approve Proposed Reorganization Scheme
------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of Sime Darby Berhad
and DMIB, announced that the Proposed Reorganization of the
Corporate Structure and Businesses of DMIB Berhad, has been
approved by the Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI) as follows:
FIC
DMIB
(i) The proposed issuance of 141,600,000 new DMIB stocks at par
to SDC Tyre Sdn Bhd utilizing RM70,800,000 of the credit arising
from the Proposed Stock Cancellation (as defined in our
announcements dated 21 June 2002 and 12 August 2002);
(ii) The proposed issuance of 300,000,000 new SES (as defined in
our announcements dated 21 June 2002 and 12 August 2002) shares
at an issue price of RM0.69 each to former DMIB stockholders on
the basis on one (1) SES share for every one (1) DMIB stock
previously held, to be funded from the cash consideration of
RM207 million pursuant to the Proposed Issuance of New DMIB
Stocks to SDC Tyre (as defined in our announcements dated 21
June 2002 and 12 August 2002);
(iii) The proposed acquisition of the tyre-related business by
DMIB from SDTC (as defined in our announcements dated 21 June
2002 and 12 August 2002) at NBV as at 31 March 2002 for a total
cash consideration of RM14.7 million;
(iv) Proposed acquisition of the land by SES from DMIB for a
total cash consideration of RM85 million; and
(v) Proposed Acquisition of New Businesses (as defined in our
announcements dated 21 June 2002 and 12 August 2002) by SES from
Sime Darby and/or its subsidiary companies for a total purchase
consideration of RM215.146 million, to be satisfied by the
following:
ú a cash payment of RM72.6 million; and
ú an issuance of 190.061 million new SES shares at a proposed
issue price of RM0.75 per share.
Sime Darby
(i) The proposed acquisition of DMIB's Bedding Business (as
defined in our announcements dated 21 June 2002 and 12 August
2002) by Sime Darby or its nominees for a total cash
consideration of RM9.2 million; and
(ii) The proposed acquisition of 8,333,333 SDTC shares
representing 33.33% equity interest in SDTC by Sime Darby or its
nominees from DMIB for a total cash consideration of RM7.8
million.
The approval by the FIC is conditional upon the acquiree
companies pursuant to the Proposed Acquisition of New Businesses
namely Sime SembCorp Engineering Sdn Bhd (Sime SembCorp), Chubb
Malaysia Sdn Berhad (Chubb) and SIRIM-Sime Technologies Sdn Bhd
(SIRIM-Sime) maintaining at least fifty one (51) percent
Bumiputera equity interest at all times.
MITI
DMIB
(i) The proposed issuance of 141,600,000 new DMIB Stocks at par
to SDC Tyre Sdn Bhd utilizing RM70,800,000 of the credit arising
from the Proposed Stock Cancellation;
(ii) The proposed acquisition of the tyre-related business by
DMIB from SDTC at NBV as at 31 March 2002 for a total cash
consideration of RM14,700,000;
(iii) Proposed Acquisition of New Businesses encompassing
amongst others:
ú 40,000,000 ordinary shares of RM1.00 each in Malaysian
Oriental Holdings Berhad a total purchase consideration of
RM6.583 million to be satisfied by a combination of cash and
issuance of new SES shares;
ú 28,000,000 ordinary shares of RM1.00 each in Sime SembCorp
for a total purchase consideration of RM67.673 million to be
satisfied by a combination of cash and issuance of new SES
shares;
ú 1,000,000 ordinary shares of RM1.00 each in Mecomb
(Malaysia) Sdn Bhd for a total consideration of RM5.752 million
to be satisfied via issuance of 7,669,333 new SES shares; and
ú 1,436,812 ordinary shares of RM1.00 each in Chubb for a
total consideration of RM11.712 million to be satisfied via
issuance of 15,616,000 new SES shares.
Sime Darby
(i) The proposed acquisition of DMIB's Bedding Business by Sime
Darby or its nominees for a total cash consideration of RM9.2
million; and
(ii) The proposed acquisition of 8,333,333 SDTC shares
representing 33.33% equity interest in SDTC by Sime Darby or its
nominees from DMIB for a total cash consideration of RM7.8
million.
The approval of the MITI is subject to the following conditions:
(i) The Proposed Reorganization Scheme is approved by the
Securities Commission;
(ii) The Proposed Reorganization Scheme is approved by the FIC;
(iii) DMIB and Sime Tyres International Sdn Bhd (a wholly-owned
subsidiary of Sime Darby) is required to negotiate with the MITI
to comply with its conditions imposed on its shareholding equity
structure within three (3) years from the date of this approval;
and
(iv) Professional Golf Company Sdn Bhd (a wholly-owned
subsidiary of DMIB) and Simex Aircraft Tyre Company Sdn Bhd (a
wholly-owned subsidiary of DMIB) is required to surrender its
manufacturing license to the Malaysian Industrial Development
Authority (MIDA).
In respect of the equity condition imposed by the FIC, the Board
of Directors of DMIB will seek further clarification from the
FIC and may appeal on the level of Bumiputera equity that must
be maintained at all times by Sime SembCorp, Chubb and SIRIM-
Sime.
CONTACT INFORMATION: 21st Floor Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
Tel: 03-2914122
Fax: 03-2987398
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P H I L I P P I N E S
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BENPRES HOLDINGS: Returns Concession to MWSS
--------------------------------------------
Benpres Holdings Corp.'s (BPC) Maynilad Water Services Inc. said
it filed notice with the government to terminate its water
concession with the Metropolitan Waterworks and Sewerage System,
BPI Securities reports.
If the notice is not contested, the return of the concession
will take effect 60 days from today. According to BPC,
"compelling financial, regulatory and natural causes in the past
five years converged to prevent Maynilad's quest for project
finance. More importantly, the failure of the MWSS to perform
all its obligations on time and cooperate in the manner set
forth by the concession agreement seriously impaired the
concession's viability."
Maynilad earlier gave the MWSS a 30-day deadline (up to Dec 5)
to comply with the requirements of their concession agreement,
such as allowing the Company to implement the collection of
foreign exchange losses and adjust its rates. Maynilad had
previously said it needed the rate adjustment to secure a US$350
million term loan that would allow it to continue operations.
MWSS said the government had accommodated Maynilad's demands,
adding it is shouldering concession fees for the Company worth
P4 billion which had been unpaid since March 2001. The
concession dispute will be brought to the international chamber
of commerce, which will have a maximum of 150 days to decide on
the case. The MWSS will not look for potential concessionaires
during this period. Depending on the ruling of the arbiters,
either MWSS or Maynilad could end up paying at least US$300
million to the other party for the terminated concession, which
should have lasted up to 2022.
Maynilad said it will maintain its services in its concession
area, spanning 13 municipalities of Manila and parts of the
province of Cavite, until the service reverts to the MWSS.
For additional information, go to
http://bankrupt.com/misc/tcrap_benpres1210.pdf
BENPRES HOLDINGS: Shares Lower on Maynilad Pullout
-------------------------------------------------
Shares of Benpres Holdings, Manila Electric Co B and First
Philippine Holdings were lower after Benpres unit Maynilad Water
Services abandoned its concession to supply water to parts of
Manila due to mounting losses and its inability to raise rates,
AFX Asia reported Tuesday.
The report said the impact was particularly felt in Meralco
shares, as the Company grapples with a refund to customers
estimated to reach 11.5 billion pesos. Meralco B fell 0.50 pesos
or 5.75 percent to 8.20 on volume of 942,000 shares, while A
shares were down 0.30 at 8.00. Benpres dropped 0.0025 to 0.0975,
while First Holdings shed 0.10 to 8.70.
METRO PACIFIC: Clarifies Strategic Partner Report
-------------------------------------------------
Metro Pacific Corporation (MPC) with reference to the news
article entitled "Metro Pacific eyes partner to develop
Bonifacio property" published in the December 9, 2002 issue of
the Philippine Daily Inquirer. The article reported that:
"Metro Pacific Corporation (MPC) plans to bring in a new
strategic partner to co-develop the 10 hectares in Fort
Bonifacio Global City that will remain in its books after giving
up majority control of property developer Bonifacio Land Co. MPC
wanted a strategic partner to avoid getting its resources tied
down after its debt restructuring, Nugent said. However, Nugent
said MPC had yet to decide on what type of development to pursue
with its 10-ha property. MPC has started talking to some groups
for possible joint ventures in the future, he said. MPC is now
planning to shift its focus from property development to other
profitable activities."
Metro Pacific Corporation (MPC), in a letter to the Exchange
dated December 9, 2002, confirmed that:
"Metro Pacific confirms that it is currently studying various
options with regards (sic) to the said property, and will
announce its intentions regarding that property as such time is
warranted.
Additionally, given the continued weakness in the property
sector, Metro Pacific intends to continue exploring revenue
opportunities outside of the real estate market, hence, our
statement of 7th December about the stated intention of First e-
Bank to transition itself into a media holding Company called
Prime Media Holdings.
For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_mpc1210.pdf
METRO PACIFIC: Partners Sought for Fort Bonifacio Development
------------------------------------------------------------
Metro Pacific Corp is looking for partners for the 10-hectare
development area in the Fort Bonifacio Global City that will
remain in its books following the transfer of control of the
global city to the Ayala-Campos group.
Metro Pacific Vice President David Nugent said Metro Pacific,
now in the middle of debt restructuring deals, prefers co-
development to lessen the strain on its finances.
Following the sale of control in Bonifacio, Metro Pacific will
be left with PhP4 billion in debts.
"We'd like to conclude more deals to address the remaining debt
in early 2003," he said. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 244, December 10, 2002)
NATIONAL BANK: Clarifies Bad Loans Disposal Report
--------------------------------------------------
The Philippine National Bank responded to the news article
entitled "PNB, Lehman in talks for sale of bad loans" published
in the December 5, 2002 issue of the Manila Times.
The article reported, "The Philippine National Bank (PNB) is in
talks with US-based Lehman Brothers and three other foreign
investment bankers for the sale of some P70 billion in bad loans
and foreclosed assets. PNB President and CEO Lorenzo V. Tan told
reporters yesterday that management is evaluating proposals from
the four financial institutions in an effort to improve the
bank's balance sheet. He said PNB is moving to unload its large
bad asset portfolio with or without the enactment of the special
asset management Company (SAMC) law. He revealed that the bank
currently has about P43 billion in bad loans and another P27
billion worth of foreclosed assets, mostly in the form of real
estate. The PNB chief expressed optimism that a winning bidder
can be identified before yearend to allow the bank to move
forward with its rehabilitation plan."
Philippine National Bank (PNB), in a letter to the Exchange
dated December 9, 2002, stated:
We wish to confirm that PNB is currently reviewing proposals for
the setting up of its own asset management Company (AMC) in
partnership with a foreign financial institution. The proposals
come from a shortlist of four (4) large foreign investment
banks, which have submitted different disposition structures for
the bank's non-performing loans (NPL) and foreclosed assets
portfolio. As of October 31, 2002, the bank's NPL and foreclosed
assets amount to P73.0 Billion.
The sale of the bank's bad assets to the AMC will enable PNB to
clean up its balance sheet while allowing the AMC itself to
focus on the collection of the bank's bad loans, handling of
debt work-outs, and improving the management of the foreclosed
assets.
PHILIPPINE TELEGRAPH: Chairman Worried on Net Loss Forecast
-----------------------------------------------------------
Jose Luis Santiago, Chairman and Chief Executive Officer of the
Philippine Telegraph and Telephone Corporation (PT&T), is
worried that PT&T may incur a wider net loss for this year
ending in June than the 650-700 million peso target, AFX Asia
said on Monday.
Ricardo Ysmael, Executive Vice President of PT&T's parent firm
Republic Telecommunications Holdings Inc, said PT&T's management
did not know exactly what would happen at the end of the
Company's fiscal year in June after the audit of its books.
The Company incurred a net loss of about 960 million pesos in
2001. The Company recently signed a master restructuring
agreement with 12 creditors representing more than 75 percent of
its 8.8 billion pesos total debt.
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S I N G A P O R E
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CHARTERED SEMICON: Amends Ownership Issue, Schedule 13G Filing
--------------------------------------------------------------
Chartered Semiconductor has amended the statement of its
beneficial ownership as:
ITEM 1 (a). NAME OF ISSUER
The name of the issuer is Chartered Semiconductor Manufacturing
Ltd, a Company organized under the laws of the Republic of
Singapore (the "Issuer.
ITEM 1 (b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
The principal executive offices of the Issuer are located at 60
Woodlands Industrial Park D, Street 2, Singapore 738406.
ITEM 2 (a). NAME OF PERSON FILING
The persons filing this Statement are (i) Merrill Lynch & Co.
Inc., ML & Co.), a Company organized under the laws of the State
of Delaware, (ii) Merrill Lynch, Pierce, Fenner & Smith
Incorporated MLPFS and (iii) Merrill Lynch International Ltd., a
Company organized under the laws of England MLI and an indirect,
wholly owned subsidiary of ML & Co.
ITEM 2 (b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE,
RESIDENCE
Merrill Lynch & Co.
World Financial Center, North Tower
250 Vesey Street
New York, NY 10381
Merrill Lynch, Pierce, Fenner & Smith Incorporated World
Financial Center, North Tower 250 Vesey Street
New York, NY 10381
Merrill Lynch International
Ropemaker Place
25 Ropemaker Street
London EC2Y 9LY
ITEM 2 (c). CITIZENSHIP
ITEM 2 (d). TITLE OF CLASS OF SECURITIES
Ordinary Shares, S$0.26 par value per share (the "Ordinary
Shares.
ITEM 2 (e). CUSIP NUMBER
ITEM 3.
ML & Co. is a parent holding Company in accordance with Rule
13d-1(b)(1)(ii)(G).
MLPFS is a broker-dealer registered under Section 15 of the
Securities Exchange Act of 1934.
MLI, a London-based broker-dealer in securities, is a member of
the International Securities Markets Association and its
activities are regulated by the U.K. Securities and Futures
Authority Limited and the London Stock Exchange. MLI is eligible
to file this statement of beneficial ownership on Schedule 13G
pursuant to a November 24, 1993 no-action letter from the
Securities and Exchange's Commission's Division of Corporation
Finance (1993 SEC No-Act. LEXIS 1121 (November 24, 1993)).
ITEM 4. OWNERSHIP
(a) Amount beneficially owned:
See Item 9 of Cover Pages.
(b) Percent of class:
See Item 11 of Cover Pages
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
See Item 5 of Cover Pages
(ii) Shared power to vote or to direct the vote
See Item 6 of Cover Pages
(iii) Sole power to dispose or to direct the disposition
See Item 7 of Cover Pages
(iv) Shared power to dispose or to direct the disposition
See Item 8 of Cover Pages
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following: [X]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
ML & Co. is a parent holding Company.
MLPFS is a broker-dealer registered under Section 15 of the
Securities Exchange Act of 1934. MLPFS is a wholly owned direct
subsidiary of ML & Co.
MLI is a London-based broker-dealer in securities, which
provides its customers with general investment banking,
advisory, dealing and corporate finance services, organized
under the laws of England and Wales. MLI is an indirect wholly
owned subsidiary of ML & Co.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP
Although ML & Co., MLPFS and MLI are affiliates and have
determined to file jointly, the reporting persons are of the
view that their affiliation does not cause them to be acting as
a group with in the meaning of Rule 13d-5 under the Securities
Exchange Act of 1934 (the 1934 Act.)
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
For more information, visit
http://investor.charteredsemi.com/Edgar.cfm
DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1
CHARTERED SEMICONDUCTOR: Merrill Lynch Cuts Stake to 2.2%
---------------------------------------------------------
In a filing to the U.S. Securities and Exchange Commission on
Tuesday, Merrill Lynch disclosed that its stake in Chartered
Semiconductor Manufacturing has fallen to 2.2 percent, Kelive
reports.
Previously the second largest shareholder with an 11 percent
stake after CSM's botched rights issue, Merrill's stake now
stands at 55m shares with outstanding convertible bonds that
could be converted into an additional 0.3m shares. Merrill's
stake is down from 275m shares that it absorbed after the rights
issue.
This appears to confirm that a block of 212m shares that were
crossed on Chartered at $1.12 on 29 November had come from
Merrill. However, news reports state that Merrill has refused
to comment on that transaction.
While Chartered's overhang issue has been resolved, its
fundamental problems remain. Despite recent upward revisions
for it Q4 performance, Chartered's excess capacity and low
utilization rates are likely to continue to plague the Company
for some time to come. Kelive sees no near term factors that
could cause a significant reversal in CSM's fortunes.
Kelive maintains "Underperform" Rating.
CHARTERED SEMICONDUCTOR: Shares Down 8.4% on Nasdaq
---------------------------------------------------
Chartered Semiconductor Manufacturing's American Depositary
Receipt (ADR)'s fell 8.4 percent at US$5.12 amid overall weak
U.S. stock markets and increasing doubts about global economic
recovery, reports Dow Jones.
According to the Troubled Company Reporter-Asia Pacific,
Chartered Semiconductor Manufacturing Ltd. said its fourth-
quarter loss may narrow to $114 million, in line with its
previous forecast, Bloomberg reports. The loss will likely be
$114 million to $117 million in the period ended December 31,
compared with a loss of $127 million a year earlier.
The Company, which cut 7 percent of its workforce in October, is
headed for an eighth straight unprofitable quarter. Prices are
falling because demand is too weak for chipmakers to fully
utilize manufacturing capacity.
NATSTEEL LIMITED: Post Changes in Shareholder's Interest
--------------------------------------------------------
Natsteel Limited posted a notice of changes in substantial
shareholder Y.S. Fu Holdings Pte. Ltd.'s interest:
Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Y.S.Fu Holdings Pte. Ltd.
Date of notice to company: 05 Dec 2002
Date of change of deemed interest: 05 Dec 2002
Name of registered holder: Excel Partners Pte. Ltd.
Circumstance(s) giving rise to the interest: Open market
purchase
Shares held in the name of registered holder
No. of shares of the change: 39,000
% of issued share capital: 0.011
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.03
No. of shares held before change: 46,631,596
% of issued share capital: 12.581
No. of shares held after change: 46,670,596
% of issued share capital: 12.592
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before change: 46,631,596
% of issued share capital: 12.581
No. of shares held after change: 46,670,596
% of issued share capital: 12.592
Total shares: 46,670,596
Based on 370,643,237 shares issued as at 27 November 2002.
===============
T H A I L A N D
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ADVANCED INFO: Wireless Service Undergoes Business Restructuring
----------------------------------------------------------------
Advanced Info Service Plc. (ADVANC) informed that it has
restructured its handset and telecommunication equipment import
and distribution business to be under Digital Phone Company
Limited, a 98.55 percent subsidiary of the Company, to enhance
efficiency of its wireless services business.
The telecommunication equipment import and distribution business
is currently operated under Advance Wireless Marketing Company
Limited, which is a 99.99 percent subsidiary of the Company.
CONTACT INFORMATION: Director Siripen Sitasuwan
Compliance Department
Tel. 0 2299-5221, 5206
ASIA IRON: Files Reorganization Petition in Bankruptcy Court
------------------------------------------------------------
Manufacturing iron line Asia Iron Industrial Company Limited's
(DEBTOR) Petition for Business Reorganization was filed to the
Central Bankruptcy Court:
Black Case Number 749/2543
Red Case Number 765/2543
Petitioner: ASIA IRON INDUSTRIAL COMPANY LIMITED
Debts Owed to the Petitioning Creditor : 1,077,600,860 Baht
Planner : B.N.S. SteelGroup Company Limited
Date of Court Acceptance of the Petition : September 21, 2000
Date of Examining the Petition: October 16, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner : October 16, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner : in Matichon Public Company Limited
and Siam Rath Company Limited: October 25, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner : in Government Gazette : November
14, 2000
Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 14 , 2001
Planner postponed the date to submit the reorganization plan #
1st : March 14, 2001
Planner postponed the date to submit the reorganization plan #
2nd : April 14, 2001
Appointment Date of the Meeting of Creditors for the Plan
Consideration : May 18, 2001 at 9.30 am. Convention Room no.
1103, 11th Floor Bangkok Insurance Building, South Sathorn Rd.
The Meeting of Creditors had passed the resolution not accepting
the reorganization plan
Court had issued an Order for Cancelled the order for Business
Reorganization pursuant to Section 90/48 since June 8, 2001
Announcement of Court Order for Cancelled the order for Business
Reorganization : in Matichon Public Company Limited and Siam
Rath Company Limited: June 25, 2001
Announcement of Court Order for Cancelled the order for Business
Reorganization : in Government Gazette : August 2, 2001
Contact : Mr. Thummalort Tel, 6792525 ext 122
HEMARAJ LAND: Declares Employee Seminar a Holiday
-------------------------------------------------
Hemaraj Land And Development Public Company Limited announced
December 13, 2002 an additional holiday for the year 2002. The
employees must attend the Employee Seminar at Khao Yai National
Park.
The company has paid no dividends during the last 12 months. It
also reported losses during the previous 12 months. The Company
Land and Development Public Comp last paid a dividend during
fiscal year 1996, when it paid dividends of 2.00 per share.
According to Wrights Investors' Service, at the end of 2001, the
Company had negative working capital, as current liabilities
were 3.15 billion Thai Bahts while total current assets were
only 2.93 billion Thai Bahts.
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 ***