/raid1/www/Hosts/bankrupt/TCRAP_Public/030219.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, February 19, 2003, Vol. 6, No. 35
Headlines
A U S T R A L I A
ANACONDA NICKEL: Directors Resign
CRANSWICK PREMIUM: Releases Scheme Meetings Results
ENERGY WORLD: Discloses Debt Reduction Notice
GOODMAN FIELDER: FIRB Approves BPC Shares Acquisition
HILLGROVE GOLD: ASX to Lift Trading Suspension on Friday
HILLGROVE GOLD: Receivers Released From Appointment
NATIONAL TELECOMS: ACCC Starts Proceeding Over Deceptive Conduct
NATIONAL TELECOMS: Cooperates With ACCC
NATIONAL TELECOMS: To Undergo Restructuring
VOICENET (AUST): Michael Ivkovic Resigns as Director
C H I N A & H O N G K O N G
ADC INTERNATIONAL: Winding Up Petition Pending
FUJIAN GROUP: Appoints Provisional Liquidators
FUJIAN GROUP: Listing Cancellation Period Extended
GRACE BUSINESS: Winding Up Sought by Lam Wan
KENGOOD INVESTMENT: Faces Winding Up Petition
SKYNET INTERNATIONAL: Winding Up Hearing Further Adjourned
SUN PLAZA: Winding Up Hearing Scheduled in March
WING LEE: Price, Turnover Movements Unexplainable
I N D O N E S I A
LIPPO BANK: JSX Orders Weekly Progress Report Submission
SINAR MAS: Bondholders Threaten Agreement Cancellation
SURYAMAS DUTAMAKMUR: Re-proposes Restructuring Scheme
J A P A N
DAIEI INC.: Records Another Poor Monthly Sales Performance
MIZUHO HOLDINGS: Earnings Estimate For 2002
STT CORP.: Resort Developer Now Holds Biggest Default
SUMITOMO MITSUI: Cayman Unit to Help Sell Preferred Shares
TOMEN CORPORATION: Tsusho Official Could Be Named Chairman
* Corporate Failures Drop 11.4%, Outstanding Debt Hits 14%
K O R E A
ASIANA AIRLINES: Joins 14 Other Airlines in Star Alliance
CHOHUNG BANK: KDIC Postpones Appointment of New Auditor
HYNIX SEMICONDUCTOR: Faces Probe for Role in Nokor Fund Scandal
HYUNDAI GROUP: Chief Admits He Channeled US$500M to North Korea
* Credit Card Default in South Korea Rising, Says Paper
M A L A Y S I A
AKTIF LIFESTYLE: Still In Restructuring Talks With Banks
CSM CORPORATION: Non-Executive Director Keat Chai Resigns
KAI PENG: Unit Ipstar Inks SPA With Sierra Bay
KILANG PAPAN: Nov 2002 Timber Production Stands 172cu/m
LION GROUP: Proposed GWRS Completion Remains Conditional
MBF CAPITAL: CIMB Quits Adviser Post
MBF HOLDINGS: Unit Inks Operation Expansion SPA With Warren
OLYMPIA INDUSTRIES: Enters Supplemental Restructuring Agreement
PANGLOBAL BERHAD: Honors RM2.7M Litigation Payment Court Order
SAP HOLDINGS: Unit Faces Winding Up Petition Over Unpaid Debt
TAI WAH: Gets Public Reprimand, Fine Over MBLR Violation
TECHNO ASIA: Hires Messrs Binder to Conduct Investigative Audit
TECHNO ASIA: Releases January Production Figures
P H I L I P P I N E S
CLUB JOHN: Given Last Chance to Propose New Debt Repayment Plan
DIGITAL TELECOMMUNICATIONS: Wants SEC Exemption for US$10M Bonds
NATIONAL POWER: To Increase Borrowings this Year to US$2B
NATIONAL POWER: Number of Bombed Transmission Lines Growing
PHILIPPINE LONG: Clarifies Reports on Cable & Wireless Suit
PHILIPPINE TELCOS: Congress Urged to Reprimand Local AT&T Exec
TIBAYAN GROUP: Securities Commission Filing Suit v. Execs Soon
S I N G A P O R E
PSA CORPORATION: Plans to Layoff 800 Port Workers Next Month
T H A I L A N D
PICNIC GAS: Explains Operating Results Variance
SAHAVIRIYA RIVERSIDE: Filed Business Reorganization Petition
TANAYONG PUBLIC: Creditors' Meeting Postponed to March 7
TELECOMASIA CORPORATION: Informs KfW Purchase Rights Exercise
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA NICKEL: Directors Resign
---------------------------------
The Anglo American nominated directors to the Anaconda Nickel
Limited Board, Messrs Beamish and van Gaalen, on Friday 14
February 2003 announced their resignation from the Board. This
follows Anglo's acceptance of the MatlinPatterson offer.
The Company wishes to acknowledge the strong contribution made
by both directors to the affairs of the Company during their
term of office.
Below is the Final Director`s Interest Notice:
Name of Company Anaconda Nickel Limited
ABN 060 370 783
We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.
Name of Director Johannes van Gaalen
Date of last notice 31/01/2002
Date that director
ceased to be director 14/02/2003
Part 1 - Director's relevant interests in securities of which
the director is the registered holder
Number & class of securities -
Part 2 - Director's relevant interests in securities of which
the director is not the registered holder
Name of holder & Number & class
nature of interest of securities
N/A
Part 3 - Director's interests in contracts
Detail of contract N/A
Nature of interest -
Name of registered holder
(if issued securities) -
No. and class of securities
to which interest relates -
CRANSWICK PREMIUM: Releases Scheme Meetings Results
---------------------------------------------------
Cranswick Premium Wines Limited posted the results of the Scheme
Meetings held on February 17, 2003:
A. SHAREHOLDERS MEETING 9 AM
A1. RESOLUTION 1 - TO APPROVE THE SHAREHOLDERS SCHEME OF
ARRANGEMENT
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR'
the motion 30,209,754 97.97 762 97.94
Votes cast 'AGAINST'
the motion 627,377 2.03 16 2.06
Total Votes Cast 30,837,131 100.00 778 100.00
The resolution was carried by the required majority.
A2. RESOLUTION 2 - TO APPROVE AMENDMENT TO EMPLOYEE OPTION
PLAN
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 29,579,452 97.02 662 92.59
Votes cast 'AGAINST'
the motion 907,882 2.98 53 7.41
Total Votes Cast 30,487,334 100.00 715 100.00
The resolution was carried by the required majority.
A3. VOTING RESULTS IN RELATION TO RESOLUTION 1 (TO APPROVE THE
SHAREHOLDERS SCHEME OF ARRANGEMENT) WHICH EXCLUDE THE VOTES OF
GRAHAM CRANSWICK SMITH (IE 8,100,000 SHARES)
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 22,109,754 97.24 761 97.94
Votes cast 'AGAINST'
the motion 627,377 2.76 16 2.06
Total Votes Cast 22,737,131 100.00 777 100.00
The resolution was carried by the required majority
B OPTIONHOLDERS MEETING - 12 00 NOON
B1 RESOLUTION 1 - TO APPROVE THE OPTIONHOLDERS' SCHEME OF
ARRANGEMENT
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 593,000 100.00 20 100.00
Votes cast 'AGAINST'
the motion Nil 0.00 Nil 0.00
Total Votes Cast 593,000 100.00 20 100.00
The resolution was carried by the required majority.
C NOTEHOLDERS MEETING - 2:30 PM
C1. RESOLUTION 1 - TO APPROVE THE NOTEHOLDERS' SCHEME
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 8,610,427 98.33 358 97.55
Votes cast 'AGANST'
the motion 146,000 1.67 9 2.45
Total Votes Cast 8,756,427 100.00 367 100.00
The resolution was carried by the required majority.
C2. RESOLUTION 2 - TO APPROVE THE AMENDMENT TO THE TRUST DEED
NUMBER OF % OF
VOTES VOTES
Votes cast 'FOR' the
motion 8,550,427 98.24
Votes cast'AGAINST' the
motion 153,000 1.76
Total Votes Cast 8,703,427 100.00
The resolution was carried by the required majority
C3. VOTING RESULTS IN RELATION TO RESOLUTION 1 (TO APPROVE
THE NOTEHOLDERS' SCHEME OF ARRANGEMENT) RESTRICTED TO
NOTEHOLDERS WHO DO NOT HOLD ANY SHARES IN THE COMPANY
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 4,353,927 97.35 264 97.78
Votes cast'AGAINST' the
motion 118,500 2.65 6 2.22
Total Votes Cast 4,472,427 100.00 270 100.00
The resolution was carried by the required majority.
C4. VOTING RESULTS IN RELATION TO RESOLUTION 1 (TO APPROVE THE
NOTEHOLDERS' SCHEME OF ARRANGEMENT) RESTRICTED TO NOTEHOLDERS
WHO ARE ALSO SHAREHOLDERS IN THE COMPANY
NUMBER OF % OF NUMBER OF % OF
VOTES VOTES HOLDERS HOLDERS
Votes cast 'FOR' the
motion 4,256,500 99.36 94 96.91
Votes cast 'AGAINST'
the motion 27,500 64 3 3.09
Total Votes Cast 4,284,000 100.0 97 100.00
The resolution was carried by the required majority.
ENERGY WORLD: Discloses Debt Reduction Notice
---------------------------------------------
Energy World Corporation Ltd disclosed this notice:
APPENDIX 3B
NEW ISSUE ANNOUNCEMENT
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX
become ASX's property and may be made public.
Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.
Name of Entity
Energy World Corporation Ltd
ACN or ARBN
009 124 994
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).
1. Class of securities issued Ordinary shares to be listed
or to be issued
2. Number of securities issued 3,109,000
or to be issued (if known)
or maximum number which
may be issued
3. Principal terms of the securities New issue at market price
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)
4. Do the securities rank equally Yes, the 3,109,000 ordinary
in all respects from the date shares rank equally with all
of allotment with an existing other ordinary shares on issue
class of quoted securities
If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend, distribution or
interest payment
5. Issue price or consideration $136,796.00
6. Purpose of the issue (if Debt reduction
issued as consideration for
the acquisition of assets,
clearly identify those
assets)
7. Dates of entering securities 10/02/2003
into uncertified holdings
or dispatch of certificates
NUMBER CLASS
8. Number and class of all 835,105,472 Ordinary
securities quoted on
ASX (including the
securities in clause
2 if applicable)
NUMBER CLASS
9. Number and class of all 35,000,000 Unlisted options
securities not quoted
on ASX (including the
securities in clause 2
if applicable)
10.Dividend policy (in the case N/A
of a trust, distribution
policy) on the increased
capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
34. Type of securities (tick one)
(a) x Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)
Tick to indicate you are providing the information or
documents
35. If the securities are equity securities, the names of
the 20 largest holders of the additional securities,
and the number and percentage of additional securities
held by those holders
36. If the securities are equity securities, a distribution
schedule of the additional securities setting out the
number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
37. A copy of any trust deed for the additional securities
(now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.
2. We warrant the following to ASX.
* The issue of the securities to be quoted complies with the
complies with the law and is not for an illegal purpose.
* There is no reason why those securities should not be granted
quotation.
* An offer of the securities for sale within 12 months after
their issue will not require disclosure under section 707(3)
or section 1012C(6) of the Corporations Act.
* Section 724 or section 1016E of the Corporations Act does not
apply to any applications received by us in relation to any
securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.
* We warrant that if confirmation is required under section
1017F of the Corporations Act in relation to the securities to
be quoted, it has been provided at the time that we request
that the securities be quoted.
* If we are a trust, we warrant that no person has the right to
return the securities to be quoted under section 1019B of the
Corporations Act at the time that we request that the
securities be quoted.
3. We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4. We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
Last week, Troubled Company Reporter - Asia Pacific reported
that Energy World has finally reached a deal with Commonwealth
Bank over a repayment extension on an AU$80 million-plus debt
facility. Under the agreement, the debt-laden power firm must
sell non-core assets and repay its outstanding debts to the bank
in nine months. Other than the rescheduling of the due date,
nothing in the loan agreement was restructured.
GOODMAN FIELDER: FIRB Approves BPC Shares Acquisition
-----------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited,
for all the Goodman Fielder Ltd (Goodman Fielder) ordinary
shares, at $1.85 per share (the Offer), and the Bidder's
Statement for the Offer dated 19 December 2002 (Bidder's
Statement).
Burns Philp announces that the Foreign Investment Review Board
(FIRB) has given notice to Burns Philp that it does not object
to Burns Philp acquiring 100% of Goodman Fielder in terms of the
Federal Government's foreign investment policy.
Accordingly, condition 9.6(a) of the Offer has been satisfied.
Below is the formal notice under subsection 630(4) of the
Corporations Act.
BPC1 PTY LIMITED (ABN 45 101 665 918)
COMPANY NOTICE - SUBSECTION 630(4) CORPORATIONS ACT
NOTICE THAT DEFEATING CONDITION TO TAKEOVER BID FULFILLED
To: Goodman Fielder Limited (GMF); and
Australian Stock Exchange Limited.
For the purposes of subsection 630(4) of the Corporations Act,
BPC1 Pty Limited gives notice declaring that the condition to
its offers dated 3 January 2003 for all the ordinary shares in
GMF, as set out in section 9.6(a) of its bidder's statement
dated 19 December 2002 (that is, the Foreign Investment Review
Board approval condition) has been fulfilled (so the offers have
become free of this condition).
Date: 18 February 2003
HILLGROVE GOLD: ASX to Lift Trading Suspension on Friday
--------------------------------------------------------
The suspension of trading in the securities of Hillgrove Gold
Limited will be lifted before the commencement of trading on
Friday, 21 February 2003, following receipt of an announcement
that the Receivers, Andrew John Love and Alan Edward Lewis both
chartered accountants of the firm Ferrier Hodgson, and the
Chargee, Tronoh Mines Malaysia Berhad, have entered into a Deed
of Release/Retirement on 17 January 2003, effective on 17
January 2003, under which the Receivers were released as
receivers and managers of the Company.
HILLGROVE GOLD: Receivers Released From Appointment
---------------------------------------------------
By an Instrument dated 3 January 2002, Tronoh Mines Malaysia
Berhad (Chargee) in exercise of its powers contained in a
registered charge dated 7 June 2001, registered charge number
017057602 in the Register of Charges under the Corporations Act
2001 (Commonwealth) (Charge) appointed Andrew John Love and Alan
Edward Lewis both chartered accountants of the firm Ferrier
Hodgson as the receivers and managers of the Charged Property
(as defined in the Charge) in respect of Hillgrove Gold Limited.
In accordance with Listing Rule 3.1, Hillgrove announced that
the Receivers and the Chargee entered into a Deed of
Release/Retirement on 17 February 2003, effective on 17 February
2003, under which the Receivers retired and were released as
receivers and managers of Hillgrove.
CONTACT INFORMATION: Jeremy King
SENIOR SOLICITOR
(02) 9353 4671
jking@claytonutz.com
NATIONAL TELECOMS: ACCC Starts Proceeding Over Deceptive Conduct
----------------------------------------------------------------
The Australian Competition and Consumer Commission commenced on
Thursday legal proceedings in the Federal Court against National
Telecoms Group Pty Ltd.
The ACCC has alleged that NTG, and several of its subsidiaries,
supply telephony packages, often marketed under the name
Synergy, to small and medium sized businesses. The ACCC alleges
the telephony packages generally consist of a lease on a new
phone system and involve the transferring of the customer's
fixed line telephony services to Direct Telecoms, a wholly owned
subsidiary of NTG. Under these NTG telephony packages, the ACCC
alleges a customer pays rent for a new phone system and also may
receive a rebate on their telephone bill.
The ACCC alleges that, in the course of marketing these
telephony packages, NTG and its agents, made representations to
customers that:
- they would pay no more, or pay only marginally more, than
they were currently paying for their telephony services, if they
signed up to an NTG package;
- they would receive a free phone system if they signed up to
the NTG package; and
- the call rates for the telephony services provided in the
NTG package would be the same or cheaper than the call rates
that customer paid to their existing telephony provider.
The ACCC alleges that these representations were false and
misleading in breach of sections 52 and 53 of the Trade
Practices Act 1974 because, at times, customers paid
significantly more for their telephony services through NTG than
they did with their previous supplier.
The ACCC is seeking court orders including:
- declarations that NTG has breached sections 52 and 53 of
the Trade Practices Act 1974;
- injunctions restraining NTG from engaging in the same
conduct in the future;
- an order requiring NTG to implement a Trade Practices
compliance program and an education and training program for its
promoters, marketers and sellers of the NTG package;
- corrective advertising; and
- costs.
The matter has been listed for a directions hearing in the
Federal Court, Melbourne on 19 March, 2003.
NATIONAL TELECOMS: Cooperates With ACCC
---------------------------------------
The ACCC has commenced proceeding against National Telecoms
Group Limited making allegations that it has engaged in
misleading and deceptive conduct in relation to the sale of its
telephony packages. The Company has retained lawyers to advise
it in relation to this matter. NTG will inform the market of the
progress of proceedings.
NTG announced Friday that it has been co-operating for some time
with the ACCC over matters that were raised by them last year
and will continue to do so. It hopes to maintain the
constructive dialogue with the ACCC and looks forward to a
speedy resolution of the issues raised.
NTG is committed to the highest standards of corporate
governance and its customers can be assured that it will
continue to provide the highest level of service.
Mr Ron Nissen, Executive Chairman of NTG said: "Our latest
customer satisfaction survey shows that the overwhelming
majority of our customers are happy with the value that the
synergy package represents to them."
NATIONAL TELECOMS: To Undergo Restructuring
-------------------------------------------
Due to continuing pressure on its sales operations the Board of
National Telecoms Group Limited (NTG) has determined that
revised forecasts announced by NTG in a profit downgrade in
December 2002 will not be achieved and that a more radical
restructuring of the business will be necessary to return the
company to profitability.
The Board has agreed in principle to a restructuring, which will
focus NTG's future operations on the provision of a wholesale
product package including telephone and office equipment,
software for call tracking and unified messaging, installation
and ongoing service and support which will be distributed
through an independent dealer channel.
The announced Rights Issue will be delayed pending finalization
of the restructuring. NTG's two major shareholders Tony Hakim
and Morry Fraid have agreed in principle to provide additional
financing and extend the period of the loans pending the
restructure.
The Board is not in a position at this time to provide an
accurate forecast until the restructuring takes place,
preliminary modeling indicates that NPAT will be in the order of
negative $15 million after the write down of goodwill. Further
information on the restructuring will be provided to
shareholders as soon as practicable after a detailed plan is
finalized.
CONTACT INFORMATION: Ron Nissen
Executive Chairman
Tel: 02 9598 8888
VOICENET (AUST): Michael Ivkovic Resigns as Director
----------------------------------------------------
The Board of Voicenet (Aust) Ltd has accepted the resignation of
Michael John Ivkovic as an officer of the company and all
related entities. Mr Ivkovic is resigning for personal reasons.
The Board thanks Mr Ivkovic for his contribution to the company
and wishes him well in his future endeavors.
Wrights Investors' Service reports that at the end of 2001,
Voicenet (Australia) had negative working capital, as current
liabilities were A$7.88 million while total current assets were
only A$6.50 million. The company has paid no dividends during
the previous 6 fiscal years and also reported losses during the
previous 12 months.
================================
C H I N A & H O N G K O N G
================================
ADC INTERNATIONAL: Winding Up Petition Pending
----------------------------------------------
ADC International Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
March 12, 2003 at 9:30 in the morning.
The petition was filed on January 15, 2003 by Chu Ka Yan Ken of
Room 8A, 8th Floor, Pak Kai Court, Bedford Garden, North Point,
Hong Kong.
FUJIAN GROUP: Appoints Provisional Liquidators
----------------------------------------------
A winding-up petition no. HCCW68/2003 was presented against
Fujian Group Limited by The Hongkong and Shanghai Banking
Corporation Limited on 15th January, 2003. The hearing of the
winding-up petition has been scheduled to be held on 12th March,
2003 at 9:30 a.m.
Pursuant to an Order of the Court made on 15th January, 2003,
Messrs. Cosimo Borrelli and Fan Wai Kuen, Joseph of RSM Nelson
Wheeler Corporate Advisory Services Limited have been appointed
Provisional Liquidators of the Company, effective 15th January,
2003. With effect from 16th January, 2003, Messrs. Cosimo
Borrelli and Fan Wai Kuen were appointed as directors of all
subsidiaries of the Company which are incorporated in Hong Kong
in order to ensure that they were in control of the affairs of
the Group. Six of these subsidiaries are creditors of the
Company and the Company owed these subsidiaries approximately
HK$162 million as at 31st December, 2002. Messrs Cosimo Borrelli
and Fan Wai Kuen, Joseph were independent of and not connected
with the directors, chief executives and substantial
shareholders of the Company and its subsidiaries and their
respective associates (within the meaning of the Listing Rules).
The principle reason for the appointment of Provisional
Liquidators was to facilitate and expedite a restructuring of
the Company's affairs. The Provisional Liquidators intend to
preserve the assets and the current operations of the Group
while facilitating a restructuring of its debts and financial
affairs. The appointment of the Provisional Liquidators has had
no material impact on the operations and financial position of
the Group.
FUJIAN GROUP: Listing Cancellation Period Extended
--------------------------------------------------
Fujian Group Limited and HC Technology Capital Company Limited
(the Investor), amongst others, on 17th January, 2003 entered
into the Restructuring Proposal, which sets out non-binding
indicative terms for the restructuring of the Company. Such
indicative terms of the Restructuring Proposal are not legally
binding and were entered into on a
"subject to contract" basis.
On 17th January, 2003, the Company submitted the Restructuring
Proposal to the Stock Exchange and applied for an extension of
the deadline for the cancellation of the listing status of the
Company. The Restructuring Proposal under consideration by the
Stock Exchange contemplates, amongst other things, a
reorganization of the share capital of the Company,
restructuring of the debts owed to creditors of the Company
(including secured creditors of approximately HK$236 million and
unsecured creditors of approximately HK$493 million as at 31st
December, 2002) by way of a scheme of arrangement under section
166 of the Companies Ordinance (Cap. 32 of the Laws of Hong
Kong) and injection of funds and subscription of new shares of
the Company by the Investor.
Completion of the Restructuring Proposal will be subject to a
number of conditions precedent being fulfilled.
The Restructuring Proposal will only be implemented when the
necessary terms and conditions have been agreed and complied
with and approval has been obtained from the Listing Committee.
The Restructuring Proposal, if implemented, will provide the
Company with the necessary working capital and resources for the
revitalization of its business operations and will result in the
settlement, compromise and discharge of all indebtedness owed by
the Company through a scheme of arrangement. If the
restructuring Proposal cannot be implemented, the Company will
likely be wound-up and the creditors and shareholders of the
Company will be unlikely to receive any return.
On this basis, the Provisional Liquidators have determined that
the Restructuring Proposal is in the best interests of the
creditors and the shareholders of the Company, and is the only
viable proposal available to the Company.
The Listing Committee of the Stock Exchange has agreed to extend
the deadline for the cancellation of the listing status of the
Company to 6th May, 2003. The extension was granted for the
submission of details of the Restructuring Proposal for approval
by the Listing Committee. The extension is granted solely for
the purpose of reviewing the Restructuring Proposal, but not any
other proposals.
Support from major creditors
Major creditors of the Company (including the major bank
creditors, Sino Earn and Jian Xing) have signed confirmations of
"in-principle support" for the Restructuring Proposal. The
creditors which have confirmed their "in-principle support" in
writing for the Restructuring Proposal represent indebtedness
approximating HK$700 million (i.e. approximately 96% of the
Company's total secured and unsecured indebtedness of
approximately HK$729 million) as at 31st December, 2002.
INFORMATION ON THE INVESTOR
The Investor has informed the Provisional Liquidators that the
Investor is a company incorporated in the British Virgin Islands
on 27th August, 2002 which will be principally engaged in the
business of investment holding, i.e. holding shares in the
Company following the completion of the Restructuring Proposal.
The Investor has also stated that its issued share capital is
ultimately held by Fujian Investment and Development Company
Limited, which is a company incorporated in the British Virgin
Islands and under the administration of the Government of the
Fujian Province in the People's Republic of China, which is
ultimately interested in the shares of Fujian Investment and
Development Company Limited.
The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as a formal restructuring agreement has yet to be
negotiated and agreed between the parties and the conditions
precedent to the Restructuring Proposal may or may not be
fulfilled or otherwise waived. A detailed proposal has yet to be
submitted to the Stock Exchange for approval by its Listing
Committee. Trading in the securities of the Company has been
suspended since 16th February, 2001 and will remain suspended
until further notice. The Company is in the final stage of the
delisting procedure under Practice Note 17 to the Listing Rules,
as announced on 22nd July, 2002.
Shareholders of the Company should note that the completion of
the Restructuring Proposal will be subject to signing of a
formal and legally binding restructuring agreement and
satisfaction of a number of conditions precedent, amongst other
things, the approval from the Stock Exchange, which may or may
not be forthcoming. If the Restructuring Proposal is not
approved or otherwise completed, the shares of the Company will
be delisted in accordance with Practice Note 17 of the Listing
Rules.
Further announcement will be made to keep the shareholders of
the Company and investing public informed of the progress of the
matters referred to this announcement.
GRACE BUSINESS: Winding Up Sought by Lam Wan
--------------------------------------------
Lam Wan Kit is seeking the winding up of Grace Business
Appliances Limited. The petition was filed on January 3, 2003,
and will be heard before the High Court of Hong Kong on February
26, 2003 at 10:00 in the morning.
Lam Wan holds its registered address at Room 712, Block 5, Fook
Hoi House, Lek Yuen Estate, Shatin, New Territories, Hong Kong.
Tam Lee Po Lin, Nina represents the petitioner.
KENGOOD INVESTMENT: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Kengood Investment Limited is set for
hearing before the High Court of Hong Kong on February 26, 2003
at 10:00 in the morning.
The petition was filed with the court on January 3, 2003 by Lam
Chui Lan, of Flat 15, 23/F., Block B, Phase III, Kwai Yick
Building, 273 Des Voeux Road West, Hong Kong.
SKYNET INTERNATIONAL: Winding Up Hearing Further Adjourned
----------------------------------------------------------
Reference is made to the announcements of Skynet (International
Group) Holdings Limited dated 31 October 2002, 13 December 2002,
27 December 2002, 15 January 2003 and 12 February 2003 in
relation to, among others, the winding up petition HCCW 1197 of
2002 (Petition) filed by Lombard Asian Private Investment
Company LDC (Lombard) against the Company on 30 October 2002
alleging the failure of the Company, in its capacity as
guarantor under a subscription agreement dated 28 June 2000
entered into by Skynet Limited, the Company and Lombard, to
cause Skynet Limited to pay the redemption amount of
HK$93,600,000 for the convertible cumulative redeemable
participative preferred shares of Skynet Limited held by Lombard
and the adjournment of the hearing of the Petition.
Skynet Limited was an approximately 57.9% subsidiary of the
Company at 28 June 2000 and is an approximately 68.9% subsidiary
of the Company at the date of this announcement.
The solicitors for Lombard applied for an adjournment of the
hearing of the Petition to allow more time for discussion on
possible settlement arrangement. The Company agreed to the
adjournment. The Petition has now been adjourned to be heard on
17 March 2003. An announcement will be made by the Company
in respect of any order made by the Court at the hearing on 17
March 2003.
At the request of the Company, trading in the shares of the
Company (Shares) on The Stock Exchange of Hong Kong Limited
(Stock Exchange) has been suspended with effect from 9:30 a.m.
on 17 February 2003 pending the release of this announcement.
Application has been made to the Stock Exchange for the
resumption of trading in the Shares on the Stock Exchange with
effect from 9:30 a.m. on 18 February 2003.
SUN PLAZA: Winding Up Hearing Scheduled in March
------------------------------------------------
The High Court of Hong Kong will hear on March 25, 2003 at 9:30
in the morning the petition seeking the winding up of Sun Plaza
Limited.
Chiu Yuk Ming of Room 3103, Hong Tim House, Tsz Hong Estate, Tsz
Wan Shan, Kowloon, Hong Kong filed the petition on February 10,
2003 T am Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
WING LEE: Price, Turnover Movements Unexplainable
-------------------------------------------------
Wing Lee Holdings Limited has noted the recent decrease in the
price and increase in trading volume of the shares of the
Company and wishes to state that the Company is not aware of any
reasons for such fluctuations.
Save as the announcement dated 14/2/2003 regarding the proposed
capital reorganization and possible rights issue, the Company
confirmed that there are no negotiations or agreements relating
to any intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.
=================
I N D O N E S I A
=================
LIPPO BANK: JSX Orders Weekly Progress Report Submission
--------------------------------------------------------
The Jakarta Stock Exchange (JSX) issued admonition to PT Bank
Lippo for inscribing the word 'audited' on the unaudited
financial report, AFX-Asia reports.
JSX Director of Listing Harry Wiguna said the bank management
has published flawed information on the audited and the
unaudited financial report. "There's no such audited report as
told. Bank Lippo management w[ill] receive sanction[ing] for the
transgression."
Bank Lippo released different financial reports for one
financial period of September 30, 2002. The first one was
published on newspaper on November 28, 2002 while the other one
was submitted to JSX on December 27, 2002. Both reports labeled
"audited."
In its first financial report, Lippo Bank said it posted a net
profit of Rp98 billion in the nine months to September 2002 and
had total assets of Rp24 trillion. In another report on Dec 27,
2002, Lippo Bank posted a net loss of Rp1.3 trillion while its
assets stood at Rp22.8 trillion.
"There was a systematic decrease in Bank Lippo share price of
25% in November, December, January, and February. We leave the
assessment to public whether such a percentage of decrease is
considered as significant or not," Wiguna said.
JSX management required Bank Lippo to submit progress report on
the first day of trading day every week beginning from February
24, 2003 until it releases the audited financial report per
December 31, 2002.
SINAR MAS: Bondholders Threaten Agreement Cancellation
-------------------------------------------------------
The bondholders of the four companies under Sinar Mas Group --
PT Indah Kiat Pulp & Papers Tbk, PT Pabrik Kertas Tjiwi Kimia
Tbk, PT Pindo Deli and PT Lontar Papyrus -- threaten to cancel
the principle agreement after the debt restructuring of Asia
Pulp & Paper (APP) if IBRA can't come up with a complete
proposal in the bondholders meeting slated on March 6 and 7,
Bisnis Indonesia reported Tuesday.
Rivat Siregar, the Bank Niaga's trustee for Indah Kiat, said the
principle agreement, which was signed on December 16, 2002,
between local bondholders and Indonesia Bank Restructuring
Agency, will be automatically invalid if IBRA carries no clear
proposal to the rupiah bondholders.
"The principle agreement will automatically be invalid," Rivat
said, and expected IBRA can give the proposal before the
bondholders meeting is held. He added that IBRA should carry a
proposal that is a result of the negotiation between the trustee
and foreign creditors and IBRA.
The bondholders meeting will have the following agenda:
* explain the proposal for the issuer's debt restructuring;
* decide how the bondholders should react to the proposal;
* decide measures to be taken by the trustee or/and the
bondholders.
The local bondholders buy US$350 million promissory notes from
the four companies under Sinar Mas Group.
SURYAMAS DUTAMAKMUR: Re-proposes Restructuring Scheme
-----------------------------------------------------
The management of PT Suryamas Dutamakmur will once again propose
the once-refused debt restructuring scheme, Bisnis Indonesia
reports, quoting company Corporate Secretary Tommy Halim.
"We will once again propose the restructuring in the coming
informal meeting as requested by bondholders. We expect to come
to a meeting point with bondholders as Suryamas creditors are
not just bondholders," Halim said, adding that the management is
committed to the conclusion of the bond restructuring scheme.
Faizal Abidin Lubis, one of the bondholders from Pension Fund,
said bondholders are losing confidence on Suryamas management
commitment. "If they really have good commitment, why should
they propose a debt hair cut of up to 85%."
Suryamas bond I 1997 reaches Rp232.25 billion. The bond was
emitted in two series, series A and series B worth Rp69 billion
and Rp164 billion, respectively. It was issued on June 11, 1997
and fell due on June 11 2002 with no collateral put in.
The Company stopped making interest payments and provision for
the bond payment in 1999. It hasn't even paid the interest fell
due until December 31, 2001 and 2000 reaching Rp117,66 billion
and Rp106,28 billion, respectively.
=========
J A P A N
=========
DAIEI INC.: Records Another Poor Monthly Sales Performance
----------------------------------------------------------
Posting another lousy monthly performance, troubled Japanese
supermarket chain, Daiei Inc., reported recently a 1.6% drop in
sales for January compared with last year's figures, says Japan
Today.
The latest figure is an improvement of some sort from the
December drop of 3.2%, which was caused by poor performance in
the home appliance sector. Although clothing sales inched up
0.8%, food sales slipped 1% last month, according to the paper.
Daiei Inc. recently repaid 60 billion yen (US$497.8 million)
worth of loans to Shinsei Bank, supported by three creditors
namely UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui
Banking Corporation, TCR-Asia Pacific reported earlier this
month. The financial assistance from the three banks helped
Daiei make a payment in excess of the initially planned 40-50
billion yen.
MIZUHO HOLDINGS: Earnings Estimate For 2002
-------------------------------------------
Mizuho Financial Group, Inc. MHFG will become a parent Company
(100 percent ownership) of Mizuho Holdings, Inc. (MHHD) by the
stock-for-stock exchange kabushiki-kokan on March 12, 2003,
subject to approval of the appropriate regulatory authorities.
As the result of this transaction, MHFG will become a newly
listed Company. MHHD hereby has announced earnings estimate of
MHFG for the fiscal year ending March 31, 2003 (consolidated and
non-consolidated) as follows:
Non-Consolidated Earnings Estimate of MHFG for the fiscal year
2002
(January 8, 2003 - March 31, 2003)
(Units: Millions of Yen, %)
Fiscal Year 2002 Ratio
Operating Income 900 100.00
Ordinary Profits 50 5.5
Net Income 30 3.3
Annual Cash Dividends per
Share of Common Stock -
Consolidated Earnings Estimate of MHFG for the Fiscal-Year 2002
(April 1, 2002 - March 31, 2003)
The consolidated earnings estimate is substitute for the
previously announced consolidated earnings estimate of MHHD on
January 21, 2003. The figures of the estimate of MHFG are the
same as those of the estimate of MHHD.
(Units: Billions of Yen, %)
Fiscal Year 2002 Ratio
Ordinary Income 3,500 100.0
Ordinary Profits -1,750(loss) -
Net Income -1,950(loss) -
Mizuho's statements contained in this release of its current
expectations are forward-looking statements subject to
significant risks and uncertainties, and actual results may
differ materially. Factors that could cause actual results to
differ materially include, but are not limited to, changes in
overall economic conditions, changes in market rates of
interest, further declines in the value of equity securities or
real estate, further deterioration of the quality of loans to
certain industry sectors and the effect of new legislation
or government directives.
This release also does not constitute an offering of securities
in any jurisdiction. Any securities that may be offered will
not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.
Inquiries regarding this matter should be directed to:
Mizuho Holdings, Inc.,
Public Relations Tel. +81-3-5224-2026
Financial Planning Tel. +81-3-5224-2028
Accounting Tel. +81-3-5224-2030
STT CORP.: Resort Developer Now Holds Biggest Default
-----------------------------------------------------
Another resort developer has availed of Japan's fast-track Civil
Rehabilitation Law, says Japan Today. With liabilities of
JPY313.1 billion, STT Corp's application for court protection is
considered the biggest corporate failure in the country so far
this year. The case is pending in the Tokyo District Court.
The paper did not disclose further details.
SUMITOMO MITSUI: Cayman Unit to Help Sell Preferred Shares
----------------------------------------------------------
Saddled by a huge non-performing loan portfolio, Sumitomo Mitsui
Financial Group Inc. unveiled Monday a plan to issue an
additional 300 billion yen in preferred shares, Japan Times said
yesterday.
Of the total issue, 100,000 preferred shares will be gobbled up
by overseas affiliate SMFG Finance (Cayman) Ltd at 3 million yen
each. The latter will then repackage the shares for sale to
institutional investors, the paper said.
The transaction, which follows the issuance of shares worth 150
billion yen to Goldman Sachs, is expected to improve Sumitomo's
capital adequacy ratio at between 10 percent and 11 percent at
the end of March. This is above the 8 percent requirement set
by the Bank for International Settlements for banks that operate
internationally.
The issuance will bring the amount of funds raised through new
stock issues by the top five banking groups -- Mizuho Holdings
Inc., Mitsubishi Tokyo Financial Group Inc., UFJ Holdings Inc.,
Resona Holdings Inc. and Sumitomo Mitsui -- to more than 2
trillion yen, the paper said. The figure is comparable with the
combined 2.15 trillion yen in new shares that Japan's large
banks issued to the government in fiscal 1998 in what was termed
a public-funds injection. The banks were facing a major crisis
at that time as well, and the injection was billed as the final
solution to their bad-loan woes, the paper added.
In November, Sumitomo Mitsui estimated that it had disposed of
some 700 billion yen in bad loans during the fiscal year. This
amount is expected to increase, however, following special
inspections of its assets by financial authorities, according to
some financial analysts.
The new shares will carry the right to be converted into common
shares, according to the financial group. Holders of preferred
shares have priority over holders of common shares in terms of
dividend payments -- although their voting rights are limited,
the paper explained.
TOMEN CORPORATION: Tsusho Official Could Be Named Chairman
----------------------------------------------------------
Tsusho Corp. Executive Vice President Shigeru Shimazaki will
likely become the chairman of struggling trading house, Tomen
Corporation, Japan Today said yesterday.
The paper said the 63-year-old executive was appointed Monday as
special adviser to the firm's rehabilitation plan. The two
companies are planning to merge operations in two years, with
Tsusho gobbling up Tomen. Tsusho is affiliated with Toyota
Motor Corporation and currently holds an 11.5% stake in Tomen.
In January, Tsusho President Masaaki Furukawa, in an interview
with Nikkan Kogyo Shimbun, said the combined group would not
simply form a holding company to achieve the consolidation. He
did not disclose further details.
Tomen has interest-bearing debts of more than 1 trillion yen.
Recently, it announced a plan to redeem all of its 8 billion yen
No. 5 secured bonds on March 20, 2003 at a price of 103.8 yen
for every 100 yen. The original maturity date of the issue is
June 24, 2004. The firm will seek approval for this during a
bondholders' meeting scheduled for March 5.
* Corporate Failures Drop 11.4%, Outstanding Debt Hits 14%
---------------------------------------------------------
For the first time in two months, the number of corporate
bankruptcies in Japan dropped in January, but the liabilities
involved increased by 14.2%, Japan Today said recently.
Only 1,436 companies went under last month, but the liabilities
left by the firms hit JPY1.2 trillion, the largest amount of
debts for January in the postwar period, the paper said, citing
Teikoku Databank Ltd.
=========
K O R E A
=========
ASIANA AIRLINES: Joins 14 Other Airlines in Star Alliance
---------------------------------------------------------
Asiana Airlines is expected to generate over 43 billion won in
profits from auxiliary operations shared with other airlines, as
it has now become the newest member of the Star Alliance, Korea
Herald said yesterday.
The Korean company joins 14 other airlines in the worldwide
alliance of carriers, which is headed by Germany's Lufthansa.
As a result of this tie-up, the company now expects to compete
viably with Korean Air, which has been a member of the SkyTeam
since June 2000.
Beginning next month, Asiana Airlines will gain access to Star
Alliance's pan-global route network linking 729 airports and 124
countries, the report said. The airline will share Star Alliance
lounges at airports around the world, jointly provide mileage
programs and offer various aviation services such as a one-stop
check-in service. At the very least, Asiana officials expect
the agreement to boost company's global brand image.
Within the first half of this year, Asiana will begin to code-
share with United Airlines (UA) for four of its Pacific routes
and UA's 20 routes linking to U.S. cities. The code-share
program will expand to the Incheon-Vancouver route in
collaboration with Air Canada within the second half of the
year, the paper said.
Starting in July, Asiana will cease issuance of paper tickets in
lieu of e-tickets, and automate all ticketing procedures. By
January of next year, Asiana will provide a global-standard e-
ticketing service, the report added.
Established in May 1997, Star Alliance is the world's first
airline partnership.
CHOHUNG BANK: KDIC Postpones Appointment of New Auditor
-------------------------------------------------------
There is still no auditor to conduct the independent valuation
of Chohung Bank, which is currently being pursued by Shinhan
Financial Group, says JoongAng Daily.
A Korea Deposit Insurance Corp. official told the paper over the
weekend that the insurer failed to name a new auditor last
Friday to replace Deloitte affiliate, AhnKwon. The latter
backed out from doing the financial review of the bank, citing
conflict of interest.
The result of the review will be made the basis for the final
price in talks with Shinhan Financial Group, the preferred
negotiator.
"We failed to select an auditor at our meeting Friday and
haven't scheduled our next meeting," the unnamed official told
JoongAng Daily. He said the insurer put off a decision because
of the need for international recognition and more discussion on
conflicts of interests.
HYNIX SEMICONDUCTOR: Faces Probe for Role in Nokor Fund Scandal
---------------------------------------------------------------
Korea Deposit Insurance Corp. plans to launch soon an
investigation into the alleged participation of Hynix
Semiconductor and Hyundai Engineering and Construction Corp. in
a scheme to finance North Korea, The Chosun Ilbo said Monday.
The agency said Hynix and HEC have already been listed by the
agency for an investigation for causing huge losses, which
seriously hurt their creditors.
HYUNDAI GROUP: Chief Admits He Channeled US$500M to North Korea
---------------------------------------------------------------
North Korea received about US$500 million from the Hyundai Group
before the inter-Korean summit in 2000, said Hyundai top honcho
Chung Mong-hun recently.
He admitted to paying the money in order to win exclusive
business rights in North Korea. He also said he brokered the
summit by setting up a meeting between government officials from
the two Koreas in March 2000.
He said "government understanding and cooperation" was
inevitable for the money transfer because of the special nature
of relations between the two Koreas, which have been divided
since 1945.
According to Channel NewsAsia, Mr. Chung's comments came days
after President Kim Dae-jung acknowledged that his government
condoned an illegal US$200 million payment from Hyundai to North
Korea four days before the June 13-15, 2000 summit. Mr. Kim
apologized to the nation, but said the payment was to promote
peace.
Mr. Kim, who leaves office on February 25, has pushed a so-
called "sunshine" policy of engaging North Korea, an overture
that helped him win the 2000 Nobel Peace Prize, the TV news
channel said.
Until last month, the deal between Hyundai and North Korea had
been kept secret. The Hyundai chief apologized for the secrecy,
but said it was to "avoid unnecessary competition and disputes
with Japan, Germany, Australia and the US, which showed interest
in North Korean projects."
Allegations of the deal first emerged when the main opposition
Grand National Party claimed the money, borrowed from a state-
run bank, was a bribe for the summit. The party is calling for
a special prosecutor to investigate the case, TV channel said.
* Credit Card Default in South Korea Rising, Says Paper
-------------------------------------------------------
The performance of many credit card firms in South Korea has
deteriorated rapidly since limiting approval of new card
applications, making it impossible for subscribers to cover
their card payments by using another card.
According to The Chosun Ilbo, the number of credit card
defaulters has surged by 43 percent to 74 percent, causing the
operation of credit card firms to rapidly deteriorate.
Kookmin Credit Card, for instance, reported on Friday a dismal
operation result for January, the paper said. A leading credit
card firm, the company said it posted a net loss of W125 billion
that month, with its default ratio on credit card payments going
up to 13.62 percent, increasing by 3.79-percentage points from
9.83 percent the previous month. The firm said that the heavy
net loss in January was due to its W204 billion write-off of bad
loans during that month.
"The skyrocketing number of credit delinquents turned to be even
worse for full-time credit card firms. LG Card said the number
soared 74 percent from 28,330 to 49,577 in the same period. For
Kookmin Credit Card, the figures had already risen to 72,167 in
December from 37,000 in November of last year," the paper said.
According to the Financial Supervisory Service (FSS), the
default ratio at the nation's credit card operations at the
banks reached 13.5 percent in January, up 1.7-percentage point
from 11.8 percent in the previous month.
Industry analysts interviewed by the paper said if the worsening
operations of the credit card market continue, many firms would
be placed under the market regulator's mandates to improve their
financial operation, starting in the second quarter.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Still In Restructuring Talks With Banks
--------------------------------------------------------
Aktif Lifestyle Corporation Bhd refers to its earlier
announcement on 18 December 2002 and 17 January 2003 in relation
to the Default in Payment.
The Company wishes to advise that it is still in negotiations
with RHB Bank Berhad and OCBC Bank (Malaysia) Berhad to
restructure the facilities in conjunction with a proposed scheme
to regularize its financial affairs.
The Company will continue to make necessary announcements to
keep its shareholders informed of pertinent developments.
CSM CORPORATION: Non-Executive Director Keat Chai Resigns
---------------------------------------------------------
CSM Corporation Berhad posted this Change in Boardroom Notice:
Date of change : 17/02/2003
Type of change : Resignation
Designation : Director
Directorate : Independent & Non Executive
Name : Tai Keat Chai
Age : 48
Nationality : Malaysian
Qualifications : N/A
Working experience and occupation : N/A
Directorship of public companies (if any) :
Chuan Huat Resources Berhad
Amanah Smallcap Fund Berhad
Toyochem Corporation Berhad
Disccomp Berhad
Ganz Technologies Berhad Group
Amanah Capital Partners Berhad Group
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
COMPANY PROFILE
The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.
Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.
Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.
Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.
Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection. The Group has appointed an independent
financial advisor and merchant banker to advise on the
restructuring proposals. The Group together with its advisors
are currently formulating a restructuring scheme to regularize
its financial conditions and address its debt obligations. The
KLSE has granted the Company a three-month extension until 25
October 2001 to make an announcement on its plan to regularize
its financial condition.
CONTACT INFORMATION: 10th Floor Jaya Shopping Center
Jalan Semangat
46100 Petaling Jaya
Tel : 03-7958 8888,
Fax : 03-7958 1289
KAI PENG: Unit Ipstar Inks SPA With Sierra Bay
----------------------------------------------
The Board of Directors of Kai Peng Berhad announced that Ipstar
Sdn Bhd (Ipstar) [formerly known as Kai Peng Infrastructure Sdn
Bhd], a wholly-owned subsidiary of Kai Peng have on 17 February
2003 entered into a Sale and Purchase Agreement (SPA) to acquire
2,450,000 ordinary shares of RM1.00 each representing 24.5% of
the issued and paid-up share capital of Sierra Bay Sdn Bhd
(Sierra Bay) from Mr Chin Sin Oon for a total cash consideration
of RM4,900,000 or at RM2.00 per share, hereinafter referred to
as the "Proposed Acquisition".
Ipstar was incorporated in Malaysia on 1 September 1998 and its
principal activity is in ICT services.
Sierra Bay was incorporated in Malaysia on 5 November 2002. The
issued and paid-up share capital of Sierra Bay is RM10,000,002
comprising 10,000,002 ordinary shares of RM1.00 each. Sierra Bay
is principally involved in the satellite communication business.
The purchase consideration will be through bank borrowings and
internally generated funds.
The Proposed Acquisition will provide Ipstar to establish a
wider network of its ICT business. It is not subject to the
approval of the shareholders or the relevant authorities.
The Board of Directors of Kai Peng, having considered all the
relevant factors, is of the opinion that the Proposed
Acquisition is in the best interest of the Kai Peng Group.
According to Wrights Investors' Service, at the end of 2002, Kai
Peng had negative working capital, as current liabilities were
Rm108.45 million while total current assets were only RM89.52
million. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 2 fiscal
years.
KILANG PAPAN: Nov 2002 Timber Production Stands 172cu/m
-------------------------------------------------------
In compliance with Practice Note 9.29 of the Kuala Lumpur Stock
Exchange Listing Requirements, Kilang Papan Seribu Daya Berhad
(Special Administrators Appointed) announced that the production
of sawn timber and moldings for November 2002 was 172cu/m and
21cu/m, respectively.
On January 30, Troubled Company Reporter - Asia Pacific reported
that Kilang Papan made an application to the Securities
Commission (SC) to seek their approval to revise certain terms
and conditions set by the SC in their approval of the proposed
restructuring scheme.
LION GROUP: Proposed GWRS Completion Remains Conditional
--------------------------------------------------------
The Board of Directors of Lion Corporation Berhad (LCB), Lion
Land Berhad (LLB), Amsteel Corporation Berhad (ACB) and Angkasa
Marketing Berhad (AMB) (collectively referred to as the "Lion
Group") announced that the High Court of Malaya has granted
orders pursuant to Section 64 of the Companies Act, 1965
confirming the proposed capital reconstruction exercises under
the Lion Group's proposed corporate and debt restructuring
exercises (Proposed GWRS).
The completion of the Proposed GWRS remains conditional upon,
inter alia, the approval-in-principle of the Kuala Lumpur Stock
Exchange for the listing of and quotation for the new shares,
warrants (applicable for ACB) and new shares to be issued
pursuant to the exercise of the new warrants and conversion of
redeemable cumulative convertible preference shares into new
shares (applicable for AMB) under the Proposed GWRS.
MBF CAPITAL: CIMB Quits Adviser Post
------------------------------------
Further to the announcement dated 10 August 2001, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of MBf
Capital Berhad, announced that, Commerce International Merchant
Bankers Berhad (CIMB) has, via its letter dated 17 February
2003, resigned as the Independent Adviser for the Proposed
Acquisitions, in view of recent developments which would result
in a possible conflict of interest situation in its role as
Independent Adviser to MBf Capital.
The Company is currently in the process of finalizing the
appointment of another independent adviser and an announcement
of the said appointment will be made in due course.
The Company's Proposals involve the following:
i. Proposed Capital Reduction;
ii. Proposed Consolidation;
iii. Incorporation of Perfect Utilization Sdn Bhd (PUSB);
iv. Proposed Scheme of Arrangement;
v. Proposed Subsidiary Debt Restructuring and Debt
Settlement;
vi. Proposed Internal Reorganization;
vii. Proposed Transfer of Listing Status;
viii. Proposed Liquidation/Disposal;
ix. Proposed Acquisitions; and
x. Proposed Employees' Shares Option Scheme (ESOS).
MBF HOLDINGS: Unit Inks Operation Expansion SPA With Warren
-----------------------------------------------------------
MBf Holdings Berhad informed that its ultimate subsidiary
company namely WRC Limited [WRC] has entered into a Share Sale
And Purchase Agreement with Warren Plantation (Mt Hagen) Limited
[Warren] for the acquisition of the entire equity interest
comprising 100,000 ordinary shares of Kina 1.00 in Minjigina
Estates Limited (formerly known as Kurumul Plantations Limited)
[MEL] for a cash consideration of Kina 830,000 (equivalent to
RM775,635.00)
The consideration was arrived at on a willing buyer and willing
seller basis.
Information of WRC
WRC is an investment holding company incorporated in Papua New
Guinea. It has an authorized and paid-up share capital of Kina
5,000,000 divided into 5,000,000 ordinary shares of Kina 1.00
each.
WRC is a wholly-owned subsidiary of W.R. Carpenter (PNG)
Limited, which in turn is wholly-owned by MBf Carpenters
(Australia) Pty Ltd [MBfCA]. MBfCA is a wholly-owned subsidiary
of MBf Carpenters Limited [MBfCL]. MBfH has an equity interest
of 97.59% in MBfCL through MBf International Limited and MBf
Asia Capital Corporation Holdings Limited.
Information of MEL
MEL is incorporated in Papua New Guinea and its principal
activity is that of a tea estate. The authorized and paid-up
share capital is Kina 100,000 divided into 100,000 ordinary
shares of Kina 1.00 each.
Information of Warren
Warren is the holding company for a number of tea and coffee
companies in Papua New Guinea.
Rationale for the Acquisition
The acquisition was undertaken as it would help to expand the
tea operation of the WRC Group.
Financial Effect of the Acquisition
The acquisition has no material financial effects on the
earnings and net tangible asset of MBfH Group for the financial
year ending 31 December 2002.
Approvals Required
The acquisition is not subject to the shareholders of MBfH and
the relevant Governmental authorities.
Directors' And Substantial Shareholders' Interest
None of the Directors, substantial shareholders and/or person
connected to the Directors and/or substantial shareholders, has
any direct or indirect interest in the acquisition.
Directors' Recommendation
The Board of MBfH, having considered all aspects of the
acquisition, if of the opinion that the acquisition is in the
best interest of the Company and the terms and conditions are
fair and reasonable.
Documents for Inspection
The Share Sale And Purchase Agreement between WRC and Warren may
be inspected at the registered office of MBfH at Block B1, Level
9, Pusat Dagang Setia Jaya (Leisure Commerce sqaure), No. 9
Jalan PJS8/9, 46150 Petaling Jaya, Selangor Darul Ehsan within
fourteen (14) days from the date of this announcement pertaining
to the acquisition.
OLYMPIA INDUSTRIES: Enters Supplemental Restructuring Agreement
---------------------------------------------------------------
On 14 August 2000, Alliance Merchant Bank Berhad had announced
that Olympia Industries Berhad had entered into, amongst others,
the following conditional sale and purchase agreements, as part
of the Proposed Restructuring Scheme:
(i) A conditional assets disposal agreement dated 14 August
2000 between Mycom Berhad (Mycom) and OIB and some of its
subsidiaries, namely United Malaysian Properties Sdn Bhd (UMP),
Mascon Sdn Bhd (Mascon) and Regal Unity Sdn Bhd (RU), for the
proposed disposal to Mycom of ordinary shares of RM1.00 each in
seven (7) companies and properties within the OIB group of
companies (OIB Group) for a disposal consideration of
RM73,175,000 (Proposed OIB Disposals). The seven (7) companies
to be disposed are as follows:
(a) 100% equity interest in Olympia Land Berhad (OLB)
together with its selected subsidiaries, namely MB Properties
Sdn Bhd, Olympia Leasing Sdn Bhd, Bakti Jati Sdn Bhd, Olympia
Property Services Sdn Bhd, Olympia Waterfront Sdn Bhd and Guya
Management Sdn Bhd;
(b) 100% equity interest in Olympia Plaza Sdn Bhd (OP);
(c) 100% equity interest in Rambai Realty Sdn Bhd (RR);
(d) 100% equity interest in Salhafa Sdn Bhd (Salhafa);
(e) 100% equity interest in City Properties Development Sdn
Bhd (CPD);
(f) 100% equity interest in Mascon Construction Sdn Bhd
(MCSB) together with one (1) unit factory situated at Lot 14,
Jalan Perusahaan 1, Beranang Industrial Estate, 43700 Beranang,
Selangor Darul Ehsan and one (1) unit 4-storey shop/office
situated at Lot 050, Taman Shamelin Perkasa, Phase 1A, Jalan
Cheras, 56000 Kuala Lumpur, Wilayah Persekutuan;
(g) 70% equity interest in Maswarna Colour Coatings Sdn Bhd
(Maswarna); and
(h) one (1) parcel of land measuring approximately five (5)
acres situated at Country Lease 015106251, District of Kota
Kinabalu, Sabah (RU Land); and
(ii) A conditional land acquisition agreement dated 14 August
2000 with Kenny Height Developments Sdn Bhd (KHD) for the
proposed acquisition of approximately 32.3 acres of land
situated at Mukim Batu, Wilayah Persekutuan (KHD Land) for a
purchase consideration of RM210,000,000 (Proposed KHD Land
Acquisition).
Further to the above announcement, Alliance, on behalf of the
Board of Directors of OIB, announced that on Friday, OIB had
entered into a supplemental agreement in respect of the Proposed
OIB Disposals (Supplemental Agreement) and a supplemental
agreement in respect of the Proposed KHD Land Acquisition
(Supplemental Land Acquisition Agreement). The salient terms of
the Supplemental Agreement and Supplemental Land Acquisition
Agreement.
In addition, Alliance also wishes to announce on behalf of the
Board in respect of the following agreements, which were entered
into on Friday:
(i) A consortium agreement entered into between KH Estates
Sdn Bhd, a 100% subsidiary of Mycom (KHE), and Olympia
Properties Sdn Bhd (formerly known as Stanmont Development Sdn
Bhd) (OPSB), a 100% subsidiary of OIB (Consortium Agreement) for
the proposed development of the KHD Land acquired under the
Proposed KHD Land Acquisition as well as approximately 41.14
acres of land situated at Mukim Batu, Wilayah Persekutuan
proposed to be acquired by Mycom (Proposed KHD Joint Venture).
Both the KHD Land and the land proposed to be acquired by Mycom
will be referred to herein as Total KHD Land.
KHE and OPSB will form a consortium to develop the Total KHD
Land with assets, liabilities, income and expenses sharing ratio
of 58% and 42%, respectively. The proposed development will be
spearheaded by KH Land Sdn Bhd (KHL), a 100% subsidiary of KHE,
under Mycom, as the active partner whilst OIB, through OPSB,
will be the passive partner to the consortium. Based on the
current proposed layout plan of the Total KHD Land, the
estimated total development cost is projected to be
approximately RM2.2 billion. The salient terms of the Consortium
Agreement and background information of OPSB, KHE and KHL, are
set out in Section 3 and 4, respectively;
(ii) Exchange of letters (Exchange of Letters) between OIB
and the following parties:
(a) Mycom;
(b) Mycom and Miles & Miles Leisure Sdn Bhd (MML) (a 100%
owned subsidiary of Olympia Ventures Sdn Bhd, which in turn is a
100% owned subsidiary of OIB);
(c) Mycom and Jupiter Capital Sdn Bhd (JCSB) (a 100% owned
subsidiary of OIB);
(d) Mycom and Mascon (a 71% owned subsidiary of OIB); and
(e) Mycom and LC (BVI) Ltd (LCBVI) (a 100% owned subsidiary of
Lotteries Corporation Sdn Bhd, which in turn is a 100% owned
subsidiary of OIB).
The Exchange of Letters are in relation to the proposed debt
novation undertaken as part of the Proposed Restructuring
Scheme. Details of the Proposed Restructuring Scheme have been
announced previously on 8 May 2000, 1 August 2001, 3 December
2001, 11 March 2002 and 6 February 2003. The salient terms of
the Exchange of Letters.
(iii) Exchange of letter between OIB and Mascon for the
proposed payment of defaulted tax and tax penalties by OIB on
behalf of Mascon (Proposed Mascon Tax Settlement) amounting to
RM4,977,476 (Exchange of Letter on Tax Settlement), the funds of
which are to be obtained from the proposed special issue
undertaken as part of the Proposed Restructuring Scheme. The
details of the proposed special issue and the utilization of
proceeds therefrom have been announced on 8 May 2000, 1 August
2001, 11 March 2002 and 6 February 2003.
The Company also refers to the announcement made by OIB on 8 May
2000, in respect of the novation agreement and settlement
agreement entered into between OIB, Mascon and City Properties
Sdn Bhd (CP) on 20 December 1999 and 28 March 2000,
respectively. Further to the said announcement, Alliance wishes
to announce on behalf on the Company, details of the aforesaid
novation agreement and settlement agreement as well as a
supplemental settlement agreement entered into between OIB,
Mascon and CP on Friday (collectively referred to as the
Proposed Settlement).
Novation Agreement
OIB had, on 20 December 1999, entered into a novation agreement
with its subsidiary, Mascon and CP (Novation Agreement) in order
for Mascon to novate to OIB all of Mascon's obligations and
liabilities towards CP pursuant to a turnkey contract signed
with CP on 18 January 1996 (Turnkey Contract) and Letter of
Award dated 1 March 1995 (Letter of Award).
The Turnkey Contract is in relation to the foundation work,
piling and construction of a basement and retail podium (up to
level 7) (Mascon-CP Construction Project) in respect of a 35
storey hotel, 17 storey service apartments, 22 storey office
building, 6 storey retail podium and 6 levels of basement
(collectively referred to as CP Project),to be performed by
Mascon on a freehold land measuring 11,897 square meters and
located at P.T. 44, Section 43, H.S. (D) 85904, Jalan Ampang,
Kuala Lumpur owned by CP (CP Land).
Under the terms of the Turnkey Contract, Mascon is responsible
for securing its own financing for the construction works. On 23
October 1996, Mascon entered into an agreement for a RM230
million loan facility (Loan) with the then Asian International
Merchant Bankers Berhad (now known as Public Merchant Bank
Berhad) (Lender). A third party first legal charge on the CP
Land in favor of the Lender was registered on 30 December 1996
(Charge) pursuant to the Loan. The Lender had subsequently sold
the Loan to Pengurusan Danaharta Nasional Berhad.
Pursuant to the Loan, OIB had also entered into a guarantee
agreement (Guarantee) as well as a shareholder's undertaking
(Shareholder's Undertaking) on 23 October 1996 with the Lender
guaranteeing the proper and punctual payment by Mascon, of all
principal and interest under the Loan and undertook to the
Lender that it would subordinate all indebtedness owing by
Mascon to OIB in relation to Mascon's liabilities to the Lender,
respectively. In addition, OIB also undertook that Mascon would
not abandon the Mascon-CP Construction Project and that the
completion would be within the period allowed under the Turnkey
Contract, i.e. by 30 June 1998.
Subsequently, due to the economic crisis and deterioration of
the financial position of OIB and its subsidiaries, the Lender
refused to provide further drawdown to Mascon on 2 July 1998.
Mascon failed to complete the Turnkey Contract and could not
repay the amount drawndown in relation to the Loan, which
triggered OIB's obligations under the Guarantee and
Shareholder's Undertaking. The Novation Agreement was undertaken
to provide OIB with the rights to complete the Mascon-CP
Construction Project and to assume control of the Mascon-CP
Construction Project in place of Mascon.
Settlement Agreement
As at 31 January 2000, the outstanding sum owed to OIB by CP
amounted to RM166,500,000 (Outstanding Sum) comprising
RM125,500,000 for the total cost of work done together with
RM41,000,000 for the accumulated financing cost in relation to
the Mascon-CP Construction Project.
Meanwhile, the amount of liquidated and ascertained damages
(LAD) owing by Mascon to CP pursuant to the terms of the Turnkey
Contract as at 21 February 2000 was RM31,350,000 and was
continuing at RM55,000 per day. In addition, pursuant to the
Settlement Agreement, CP shall have no claims whatsoever against
Mascon and OIB in respect of LAD.
Further to the Novation Agreement, on 28 March 2000, OIB entered
into a settlement agreement with Mascon and CP. A settlement sum
of RM125,000,000 is payable by CP to OIB as full and final
settlement of the Turnkey Contract, the Outstanding Sum owing by
CP to OIB and interest on the Outstanding Sum.
OIB and Mascon subsequently agreed with the Lender to repay the
Loan over a six (6) year period pursuant to the debt
restructuring under the Proposed Restructuring Scheme as
approved by the Securities Commission on 8 March 2002.
Supplemental Settlement Agreement
Further to the Settlement Agreement, Alliance on behalf of the
Board, wishes to announce that OIB, Mascon and CP had earlier
entered on Friday into a supplemental agreement to vary the
terms of completion of the Proposed Settlement (Supplemental
Settlement Agreement).
The salient terms of the Novation Agreement, Settlement
Agreement and Supplemental Settlement Agreement.
The Supplemental Agreement, Supplemental Land Acquisition
Agreement, Exchange of Letters, Exchange of Letter on Tax
Settlement, Consortium Agreement, Novation Agreement, Settlement
Agreement and Supplemental Settlement Agreement, are
collectively referred to as the "Agreements".
RATIONALE
Subsequent to the date of conditional agreements entered into in
respect of the Proposed OIB Disposals and Proposed KHD Land
Acquisition, certain terms of the aforesaid agreements are
sought to be revised in order to reflect the terms and
conditions imposed by the Securities Commission (SC) vide its
approval letter dated 8 March 2002 as well as the latest
available information and developments subsequent to the
conditional agreements.
In addition, as announced on 6 February 2003, OIB had proposed
to vary the disposal consideration in respect of the Proposed
OIB Disposals and had sought SC's approval in relation to the
variation to the disposal consideration by letter to the SC
dated 6 February 2003. Hence, the Supplemental Agreement in
respect of the Proposed OIB Disposals is also to facilitate the
revision in the disposal consideration. The decision of the SC
is still pending at this juncture.
The rationale for the Exchange of Letters is to facilitate the
proposed debt novation, which is undertaken as part of the
Proposed Restructuring Scheme. Prior to 29 June 1999, OIB was a
subsidiary of Mycom. On 29 June 1999, certain of Mycom's lenders
disposed of OIB shares, which were pledged to them as collateral
for Mycom's borrowings in the open market. As a result, Mycom's
shareholding in OIB then decreased from 50.12% to 46.87%. Mycom
had previously used the assets of OIB's subsidiaries as
collateral in order to obtain loan financing. OIB's subsidiaries
had also used Mycom's assets for similar purposes. The proposed
debt novation provides an opportunity for both Mycom and its
subsidiaries (Mycom Group) and OIB and its subsidiaries (OIB
Group) to eliminate cross-charge of assets between both groups
as OIB is no longer a subsidiary of Mycom. Debts of the OIB
Group, which are secured by Mycom's assets as collateral, are
now proposed to be restructured under the proposed restructuring
scheme of Mycom whilst the debts of Mycom Group, which are
secured by OIB's assets as collateral, are to be restructured
under the Proposed Restructuring Scheme.
The Proposed KHD Joint Venture is undertaken for Mycom and OIB
to jointly develop the Total KHD Land. The Proposed KHD Joint
Venture is undertaken in order to provide OIB with profits and
cashflows in the future years for the repayment of financial
instruments proposed to be issued pursuant to its Proposed
Restructuring Scheme and its interest as announced previously.
The Proposed Settlement is undertaken in order to address the
obligations and liabilities between OIB, Mascon and CP. This
would enable the management of OIB to focus its efforts on the
Proposed Restructuring Scheme and to strengthen the financial
and operational position of OIB and its subsidiaries. In
addition, the settlement sum owing by CP to OIB will compensate
OIB for the settlement of the loan outstanding owed by Mascon to
the Lender over a six (6) year period through the proposed debt
restructuring under the Proposed Restructuring Scheme, which
represents a total solution to the debt problem faced by the OIB
Group currently.
SALIENT TERMS OF AGREEMENTS
(a) SUPPLEMENTAL AGREEMENT
The salient amendments to the terms of the Proposed OIB
Disposals as reflected in the Supplemental Agreement, are
summarized in Table 1. Alliance had, on behalf of OIB, sought
the approval of the SC on 6 February 2003, to vary certain terms
of the Proposed OIB Disposals, the variations of which have been
announced on the same date. The approval of the SC is still
pending at this juncture.
(b) SUPPLEMENTAL LAND ACQUISITION AGREEMENT
The salient amendments to the terms of the Proposed KHD Land
Acquisition as reflected in the Supplemental Land Acquisition
Agreement, are summarized in Table 2. The Proposed KHD Land
Acquisition with the terms revised pursuant to the Supplemental
Land Acquisition Agreement, has been approved by the SC in its
approval letter dated 8 March 2002, as announced on 11 March
2002.
(c) CONSORTIUM AGREEMENT
The salient terms of the Consortium Agreement are as follows:
(i) Mycom's and OIB's wholly-owned subsidiaries, KHE and
OPSB, respectively, intend to form a consortium to develop the
Total KHD Land into a proposed township, known as Bandar Sri
Duta. The proposed development involves earthworks,
infrastructure and construction of the proposed township in
accordance with approvals from relevant authorities;
(ii) For the purposes of development of Bandar Sri Duta, the
Total KHD Land will be transferred to a Trustee As of to-date,
the Trustee has yet to be appointed who in turn shall hold the
beneficial interest in favor of KHE and OPSB, respectively;
(iii) The Trustee shall make the necessary application to the
relevant authorities for the purposes of amalgamation and sub-
division of the Total KHD Land in accordance with the terms of
the proposed development;
(iv) The respective share of assets, liabilities, income and
expenses, contribution to working funds and disbursements and
liabilities and all obligation whatsoever in connection with the
execution of the Consortium Agreement shall be 58% and 42% for
KHE and OPSB, respectively;
(v) The conditions precedent to completion of the Consortium
Agreement are as follows:
* The obtaining of the approval (if required) of the
shareholders of OPSB or OIB, being the holding company of OPSB,
and KHE or Mycom, being the holding company of KHE, for, inter-
alia, the formation of a consortium between KHE and OPSB, the
transfer of the Total KHD Land to the Trustee and the proposed
development of the Bandar Sri Duta project by the consortium
(Shareholders' Approval
* The obtaining of the approval of the chargees for the
proposed development on the Total KHD Land (Chargees' Approval);
and
* Upon the beneficial interest of the Total KHD Land being
held in trust by the Trustee in favor of OPS and KHE (Beneficial
Interest).
(vi) Each party shall, as soon as reasonably practicable,
proceed to convene and hold general meetings to obtain
Shareholders' Approval, make the necessary applications to the
relevant chargees for the Chargees' Approval and effect the
Beneficial Interest in its favor and shall endeavor to obtain
Shareholders' Approval, Chargees' Approval and Beneficial
Interest in its favor within twelve (12) months from the date of
the Consortium Agreement; and
(vii) Both OPSB and KHE mutually agrees that any proceeds
derived from the sale of the condominium units, retail units and
commercial units, constructed or to be constructed on such
charged land, shall first be utilized and applied towards
redemption of the existing charge(s) created against such land.
(d) EXCHANGE OF LETTERS
The salient terms of the corresponding Exchange of Letters
referred to above are as follows:
(i) Between OIB and Mycom
Pursuant to the proposed restructuring scheme of Mycom, the net
amount owing by Mycom to OIB for inter-company settlement
between Mycom and OIB amounting to RM140,692,847 shall be
settled by the issuance of RM140,692,847 nominal amount of
Irredeemable Convertible Unsecured Loan Stocks by Mycom (Mycom
ICULS) to OIB at the rate of RM1.00 nominal value of Mycom ICULS
for every RM1.00 of the net outstanding amount (Proposed Inter-
Company Settlement).
In the event of any additional amount owing by Mycom to OIB in
excess of the net outstanding amount, Mycom will settle such
amount by cash or such other mode to be mutually agreed between
the two parties. In addition, the Proposed Inter-Company
Settlement is conditional upon the proposed restructuring
schemes of both Mycom and OIB proceeding as contemplated.
(ii) Between OIB, Mycom and MML
Certain debts of MML amounting to RM6,425,372 as at 30 June 2001
are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
MML to OIB amounting to RM6,425,372 will be created. The inter-
company advance is unsecured, interest free and have no fixed
term of repayment.
The proposed debt novation between OIB, Mycom and MML is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.
(iii) Between OIB, Mycom and JCSB
Certain debts of JCSB amounting to RM23,267,038 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
JCSB to OIB amounting to RM23,267,038 will be created. The
inter-company advance is unsecured, interest free and have no
fixed term of repayment.
The proposed debt novation between OIB, Mycom and JCSB is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.
(iv) Between OIB, Mycom and Mascon
Certain debts of Mascon amounting to RM12,481,760 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, Mascon proposes to issue 12,481,760
new Mascon ordinary shares to OIB at an issue price of RM1.00
per share.
The proposed debt novation between OIB, Mycom and Mascon is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.
(v) Between OIB, Mycom and LCBVI
Certain debts of LCBVI amounting to RM45,407,550 as at 30 June
2001 are to be novated to Mycom in exchange for the set off and
reduction of an equivalent amount from the amount owed by Mycom
to OIB under the Proposed Inter-Company Settlement. In
consideration of the above, an inter-company advance owing from
LCBVI to OIB amounting to RM45,407,550 will be created. The
inter-company advance is unsecured, interest free and have no
fixed term of repayment.
The proposed debt novation between OIB, Mycom and LCBVI is
conditional upon the proposed restructuring schemes of both
Mycom and OIB proceeding as contemplated.
The Proposed Inter-Company Settlement pursuant to the proposed
restructuring scheme of Mycom has been approved by the SC in its
approval letter dated 8 March 2002, as announced on 11 March
2002. The proposed debt novation as stated above is undertaken
as part of the Proposed Restructuring Scheme as announced
previously. The Proposed Restructuring Scheme has been approved
by the SC in its approval letter dated 8 March 2002, as
announced on 11 March 2002.
(e) EXCHANGE OF LETTER ON TAX SETTLEMENT
The defaulted tax and tax penalties of Mascon amounting to
RM4,649,458 and RM328,018, respectively are proposed to be paid
by OIB on behalf of Mascon, the funds of which are to be
obtained from the proposed special issue undertaken as part of
the Proposed Restructuring Scheme. In consideration of such
payment by OIB on behalf of Mascon, Mascon proposes to issue
4,977,476 new redeemable cumulative convertible preference
shares to OIB at an issue price of RM1.00 each.
The salient terms of the redeemable cumulative convertible
preference shares to be issued by Mascon are set out in Table 3.
The above is conditional upon the Proposed Restructuring Scheme
of OIB proceeding as contemplated.
The proposed special issue is undertaken as part of the Proposed
Restructuring Scheme, which has been approved by the SC in its
approval letter dated 8 March 2002, and announced on 11 March
2002. Alliance had on behalf of OIB, sought the approval of the
SC on 6 February 2003, as announced on the same date, for the
variation in respect of the utilization of proceeds arising from
the proposed special issue, the variation of which involves the
payment of tax penalties of Mascon. The approval of the SC is
still pending at this juncture.
(f) NOVATION AGREEMENT
The salient terms of the Novation Agreement are as follows:
(i) In consideration of the Guarantee and Shareholder's
Undertaking, Mascon is proposing to novate all of its
obligations and liabilities towards CP to OIB whilst OIB assumes
all of Mascon's obligations and liabilities towards CP
whatsoever in respect of the Turnkey Contract and the Letter of
Award;
(ii) As of the date of execution of the Novation Agreement,
OIB undertakes that it will be bound by the terms and conditions
of the Turnkey Contract and the Letter of Award and in turn
discharge all liabilities and perform all obligations of Mascon
under the Turnkey Contract and Letter of Award provided that
Mascon shall not be relieved of its obligations to CP in respect
of the Turnkey Contract and Letter of Award;
(iii) CP consents and agrees that OIB shall have the right to
execute the Mascon-CP Construction Project in accordance with
the terms of the Turnkey Contract and the Letter of Award;
(iv) Mascon and CP agree that OIB shall be entitled to
complete the Mascon-CP Construction Project and CP shall
recognize OIB, its servant and agents, as having authority to
execute the obligations of Mascon; and
(v) Mascon and OIB undertake to CP to take all steps within
their ability to ensure the Loan is repaid or compromised to the
satisfaction of the Lender, the Charge is released from the CP
Land and that the title to the CP Land is returned free from any
encumbrances to CP.
(g) SETTLEMENT AGREEMENT
The salient terms of the Settlement Agreement are as follows:
(i) The amount of RM125,000,000, was negotiated and accepted
by all parties as the final settlement sum payable by CP to OIB
(Settlement Sum). The Settlement Sum would be paid in full, on
or before the payment date, being seven (7) years from the date
of the Settlement Agreement or three (3) years from the date of
completion of the Mascon-CP Construction Project, whichever is
the earlier (Payment Date).
(ii) No interest shall be payable by CP to OIB on the
Settlement Sum prior to the Payment Date but in the event of
default by CP, OIB shall be entitled to claim interest on any
outstanding amount of the Settlement Sum until payment in full
at the prevailing interest rate charged by any of OIB's bankers
at that time from the Payment Date.
(iii) As security for the payment of the Settlement Sum, OIB
shall retain the title to the CP Land upon the redemption of the
Charge through the implementation of the Proposed Restructuring
Scheme. The title to the CP Land will subsequently be held by
OIB and if required, OIB shall place such lien holder's and
other caveat on the title to the CP Land upon redemption of the
Charge in the event that the Settlement Sum has not been fully
paid by then. OIB shall return the title to the CP Land free
from all encumbrances upon the full payment by CP of the
Settlement Sum
(iv) The parties have agreed to accept the terms in full and
final settlement of all matters between them relating to the
Turnkey Contract to the generality of the foregoing:
* CP shall have no claims whatsoever against Mascon and OIB
in respect of LAD;
* Mascon and OIB shall have no obligations whatsoever to
carry out any further work in relation to the Mascon-CP
Construction Project or towards the completion of the Mascon-CP
Construction Project; and
* CP shall have the right to engage a new contractor for
the Mascon-CP Construction Project and neither Mascon nor OIB
shall have any further claims in respect of the Mascon-CP
Construction Project.
(h) SUPPLEMENTAL SETTLEMENT AGREEMENT
The salient terms of the Supplemental Settlement Agreement are
as follows:
(i) The Settlement Agreement shall be deemed to be effective
upon the receipt of approval from the relevant authorities for
the Proposed Restructuring Scheme;
(ii) The Settlement Agreement is conditional upon the receipt
of shareholders' approvals of OIB, Mascon and CP, which are to
be obtained within six (6) months from the date of the
Supplemental Agreement (Approval Period); and
(iii) If the shareholders' approvals have not been obtained
upon the expiry of the Approval Period, the Approval Period
shall be automatically extended for a further period of three
(3) months, failing which, the Approval Period may be extended
as mutually agreed in writing between OIB, Mascon and CP.
BACKGROUND INFORMATION OF OPSB, KHE AND KHL
OPSB
OPSB was incorporated in Malaysia on 25 November 1995 as a
private limited company under the Companies Act, 1965 with the
name of Stanmont Development Sdn Bhd. OPSB assumed its present
name on 18 September 2002. The present authorized share capital
of OPSB is RM100,000 comprising 100,000 ordinary shares of
RM1.00 each whilst the issued and paid-up share capital is
RM2.00 comprising 2 ordinary shares of RM1.00 each. OPSB is
currently dormant and its intended principal activity is
property investment.
KHE
KHE was incorporated in Malaysia on 26 August 2002 as a private
limited company under the Companies Act, 1965. The present
authorized share capital of KHE is RM100,000 comprising 100,000
ordinary shares of RM1.00 each whilst the issued and paid-up
share capital is RM2.00 comprising 2 ordinary shares of RM1.00
each. KHE is currently dormant and its intended principal
activity is property investment.
KHL
KHL was incorporated in Malaysia on 26 August 2002 as a private
limited company under the Companies Act, 1965. The present
authorized share capital of KHL is RM100,000 comprising 100,000
ordinary shares of RM1.00 each whilst the issued and paid-up
share capital is RM2.00 comprising 2 ordinary shares of RM1.00
each. KHL is currently dormant and its intended principal
activity is property development.
EFFECTS
(a) Share capital
The Proposed Mascon Tax Settlement, Proposed Settlement and
Proposed KHD Joint Venture will not have any effect on the
issued and paid-up share capital of OIB.
(b) Earnings
The Proposed Mascon Tax Settlement, Proposed Settlement and
Proposed KHD Joint Venture are not expected to have a material
impact on the earnings of OIB Group for the financial year
ending 30 June 2003.
(c) Proforma consolidated NTA
The Proposed Mascon Tax Settlement, Proposed Settlement and
Proposed KHD Joint Venture will not have any effect on the
proforma consolidated NTA per share.
(d) Shareholding structure
The Proposed Mascon Tax Settlement, Proposed Settlement and
Proposed KHD Joint Venture will not have any effect on the
shareholding structure of OIB.
The effects of the Proposed Restructuring Scheme incorporating
the proposed debt novation, Proposed KHD Land Acquisition,
Proposed Inter-Company Settlement and variation to the Proposed
OIB Disposals on the share capital, proforma consolidated NTA
and shareholding structure of OIB are set out in Tables 4, 5 and
6, respectively. The Proposed Restructuring Scheme is not
expected to have a material impact on the earnings of OIB Group
for the financial year ending 30 June 2003.
APPROVALS REQUIRED
The Proposed Mascon Tax Settlement, the revised Proposed OIB
Disposals, Proposed KHD Land Acquisition, proposed debt
novation, Proposed Inter-Company Settlement, Proposed Settlement
and Proposed KHD Joint Venture which are all in relation to the
Proposed Restructuring Scheme are subject to, inter-alia, the
following approvals:
(a) SC for the Proposed Restructuring Scheme, which was
obtained on 8 March 2002, as, announced on 11 March 2002.
However, OIB sought the approval of the SC in respect of the
variation to certain terms of the Proposed OIB Disposals and
utilization of proceeds from the proposed special issue and
waiver from complying with certain condition imposed by the SC
in relation to the proposed acquisition of 66.2% equity interest
in MA Realty Sdn Bhd, 37.9% equity interest in Naturelle Sdn Bhd
and 78.0% equity interest in Harta Sekata Sdn Bhd (Proposed
Companies Acquisitions), as previously announced on 6 February
2003. The decision of the SC is still pending at this juncture;
(b) Shareholders of OIB for the Proposed Restructuring Scheme
at an extraordinary general meeting (EGM) of the Company to be
convened; and
(c) Any other relevant authorities or parties.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
PROPOSED SETTLEMENT
As of to-date, Tan Sri Dato' Jaffar bin Abdul is the common
Director of OIB and Mascon whilst Dato' Yap Yong Seong and Yap
Wee Keat are the common Directors of OIB and CP. Prior to his
resignation on 28 June 2002, Yap Wee Keat was a Director of
Mascon. Hence, Yap Wee Keat was a common Director of OIB, Mascon
and CP at the time of signing of the Novation Agreement and
Settlement Agreement.
Thus, Tan Sri Dato' Jaffar bin Abdul, Dato' Yap Yong Seong and
Yap Wee Keat are deemed interested in the Proposed Settlement.
Accordingly, they have abstained and will continue to abstain
from deliberation and voting at the board meetings of OIB on the
Proposed Settlement.
They will also abstain from voting, in respect of their direct
and indirect shareholdings, on the relevant resolution
pertaining to the Proposed Settlement at the forthcoming EGM and
have undertaken to ensure that person(s) connected to them, if
any, will abstain from voting in respect of their direct and
indirect shareholdings, on the same resolution at the
forthcoming EGM.
As of to-date, Mycom is a major shareholder of OIB, whilst Duta
Equities Sdn Bhd (DESB), in turn, is a major shareholder of
Mycom. Datin Leong Li Nar is a deemed major shareholder of both
OIB and Mycom by virtue of her major shareholding in DESB. In
addition, Dato' Yap Yong Seong, Yap Wee Keat and Yap Wee Chun,
the other shareholders of DESB, are persons connected to Datin
Leong Li Nar.
As of to-date, OIB is a major shareholder of Mascon. Datin Leong
Li Nar is a deemed major shareholder of Mascon by virtue of her
major shareholding in DESB. In addition, Dato' Yap Yong Seong,
Yap Wee Keat and Yap Wee Chun, the other shareholders of DESB,
are persons connected to Datin Leong Li Nar.
As of to-date, the major shareholders of CP are Datin Leong Li
Nar, Yap Wee Chun, KHD and Nadefinco Pte Ltd (Nadefinco) whilst
the other shareholder, Yap Wee Keat is a person connected to
Datin Leong Li Nar and Yap Wee Chun. The major shareholders of
KHD are Datin Leong Li Nar and Nadefinco whilst Yap Wee Chun, in
turn, is a major shareholder of Nadefinco.
As such, Mycom, DESB, KHD, Nadefinco, Datin Leong Li Nar, Dato'
Yap Yong Seong, Yap Wee Keat, Yap Wee Chun , are deemed
interested in the Proposed Settlement. Accordingly, they will
abstain from voting, in respect of their direct and/or indirect
shareholdings, on the relevant resolution pertaining to the
Proposed Settlement at the forthcoming EGM and have undertaken
to ensure that person(s) connected to them, if any, will abstain
from voting in respect of their direct and/or indirect
shareholdings, on the same resolution at the forthcoming EGM.
PROPOSED KHD JOINT VENTURE
As of to-date, there are no common interested Directors between
OPSB and KHE. However, there are common interested Directors of
OIB and Mycom, being the immediate holding companies of OPSB and
KHE, respectively.
As such, Tan Sri Dato' Jaffar bin Abdul, Dato' Yap Yong Seong
and Yap Wee Keat are the common Directors of OIB and Mycom.
Thus, Tan Sri Dato' Jaffar bin Abdul, Dato' Yap Yong Seong and
Yap Wee Keat are deemed interested in the Proposed KHD Joint
Venture. Accordingly, they have abstained and will continue to
abstain from deliberation and voting at the board meetings of
OIB on the Proposed KHD Joint Venture.
They will also abstain from voting, in respect of their direct
and indirect shareholdings, on the relevant resolution
pertaining to the Proposed KHD Joint Venture at the forthcoming
EGM and have undertaken to ensure that person(s) connected to
them, if any, will abstain from voting in respect of their
direct and indirect shareholdings, on the same resolution at the
forthcoming EGM.
As of to-date, Mycom is a major shareholder of OIB, whilst DESB,
in turn, is a major shareholder of Mycom. Datin Leong Li Nar is
a deemed major shareholder of both OIB and Mycom by virtue of
her major shareholding in DESB. In addition, Dato' Yap Yong
Seong, Yap Wee Keat and Yap Wee Chun, the other shareholders of
DESB, are persons connected to Datin Leong Li Nar. Furthermore,
as of to-date, Koperasi Polis DiRaja Malaysia Berhad is a common
major shareholder of both Mycom and OIB.
As such, Mycom, DESB, Datin Leong Li Nar, Dato' Yap Yong Seong,
Yap Wee Keat, Yap Wee Chun and Koperasi Polis DiRaja Malaysia
Berhad, are deemed interested in the Proposed KHD Joint Venture.
Accordingly, they will abstain from voting, in respect of their
direct and/or indirect shareholdings, on the relevant resolution
pertaining to the Proposed KHD Joint Venture at the forthcoming
EGM and have undertaken to ensure that person(s) connected to
them, if any, will abstain from voting in respect of their
direct and/or indirect shareholdings, on the same resolution at
the forthcoming EGM.
DIRECTORS'S OPINION
After taking into consideration the current financial position
of the OIB Group, the Directors of OIB are of the opinion that
the revised Proposed OIB Disposals, Proposed KHD Land
Acquisition, Proposed Mascon Tax Settlement, Proposed KHD Joint
Venture and Proposed Settlement which are all in relation to the
Proposed Restructuring Scheme are in the best interest of the
OIB Group and its shareholders.
ADVISER
The revised Proposed OIB Disposals, Proposed KHD Land
Acquisition, Proposed Mascon Tax Settlement, Proposed KHD Joint
Venture and Proposed Settlement are all in relation to the
Proposed Restructuring Scheme, of which Alliance is the adviser
to OIB.
In view of the interest of the interested Directors and major
shareholders as set out above, Messrs PricewaterhouseCoopers
(PWC) had been appointed as the independent adviser to the
minority shareholders and independent Directors of OIB on the
Proposed Settlement and Proposed KHD Joint Venture. The
appointment of PWC had been approved by the KLSE on 27 August
2002.
DOCUMENTS AVAILABLE FOR INSPECTION
All the Agreements referred to in this announcement are
available for inspection at OIB's registered office, Level 23,
Menara Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala Lumpur
during normal business hours from Monday to Friday (except for
public holidays) for a period of three (3) months from the date
of this announcement.
Tables 1-6 could be found at
http://www.bankrupt.com/misc/TCRAP_Olympia0219.doc.
PANGLOBAL BERHAD: Honors RM2.7M Litigation Payment Court Order
--------------------------------------------------------------
Further to the announcement dated 19 August 2002 regarding the
material litigation of Taisho Company Sdn Bhd against the
Company and Toweltech Berhad (a former wholly owned subsidiary
of PGB until its disposal on 29 December 1995) (Penang High
Court Suit No. 22-141-1991), Panglobal Berhad announced that the
High Court of Penang had on 7 February 2003 granted a stay of
execution of the Judgment dated 16 August 2002 and a further
order that the Company pay the sum of RM2,700,000.00 into the
Plaintiff's Solicitors client's account bearing interest to be
held as stakeholder for such sum until determination of the
Company's appeal against the said Judgment.
Pursuant to the Order of court dated 7 February 2003, the
Company has on 14 February 2003 paid the same into the
Plaintiff's Solicitors client's account.
The suit was in respect to an alleged friendly loan granting the
claim to PGB and Toweltech wherein Taisho claimed RM3,688,370.90
from PGB and RM1,822,276.44 from Toweltech with interest at 12%
per annum from 1 January 1991 until full settlement.
SAP HOLDINGS: Unit Faces Winding Up Petition Over Unpaid Debt
-------------------------------------------------------------
SAP Holdings Berhad announced that its subsidiary SAP Air Hitam
Properties Sdn Bhd (SAP Air Hitam) on 14th February 2003 was
served with a Winding-Up Petition pursuant to Section 218
Companies Act 1965 by YWC Engineers & Constructors Sdn Bhd
(YWC).
YWC is applying for the Winding-Up of SAP Air Hitam on the
ground that SAP Air Hitam is unable to pay its debt for the sum
of RM1,283,605.10 being the amount allegedly due under Lestari
Perdana Project.
SAP has engaged Solicitors to handle the matter and has also
proceeded to take the necessary steps to resist the Petition.
TAI WAH: Gets Public Reprimand, Fine Over MBLR Violation
--------------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded and imposed a total
fine of RM200,000 on Tai Wah Garments Manufacturing Berhad
(TAIWAH) for breaches of Sections 114 and 335, in particular
335(4)(b)(x) of the Main Board Listing Requirements (MBLR).
Pursuant to Section 114 of the MBLR, a company is required to
make immediate announcement to the Exchange for public release
for a transaction where the relative figures amount to more than
5% in respect of the aggregate value of the consideration given
or received compared with the net assets of the acquiring or
disposing company.
TAIWAH has breached Section 114 of the MBLR for failing to make
immediate announcements in respect of the following share
transactions in quoted securities carried out by Tai Wah
Ventures Sdn Bhd (TWV), a wholly-owned subsidiary of the
Company:
(a) acquisition of 701,000 shares of Metro Kajang Holdings
Berhad on 13 October 1997 for a total purchase consideration of
RM8,762,559, representing 10.14% of TAIWAH's Group NTA as at 30
April 1997; (METROK shares acquisition)
(b) acquisition of 551,000 shares of Omega Holdings Berhad on
18 November 1997 for a total purchase consideration of
RM6,380,769, representing 7.39% of TAIWAH's Group NTA as at 30
April 1997; (OMEGA shares acquisition)
(c) disposal of 2,223,000 shares of Uniphoenix Corporation
Berhad between 18 November 1997 and 10 April 1998 for a total
sale consideration of RM10,340,023, representing 11.97% of
TAIWAH's Group NTA as at 30 April 1997; (UCB shares disposal)
(d) disposal of 500,000 shares of Autoways Holdings Berhad on
27 June 1997 for a total sale consideration of RM12,915,750,
representing 14.95% of TAIWAH's Group NTA as at 30 April 1997;
(AUTO A shares disposal)
The announcement on the above share transactions was made to the
Exchange for public release only on 6 July 1999, after delays
ranging from 19-24 months.
Pursuant also to Section 335 in particular Section 335(4)(b)(x)
of the MBLR, a listed company is required to make immediate
public disclosure of all material information concerning its
affairs, except in exceptional circumstances. One of the events,
which is particularly likely to require prompt announcement, is
significant litigation against the company.
TAIWAH has breached Section 335 in particular Section
335(4)(b)(x) of the MBLR for failing to make immediate
announcements in respect of the following significant
litigations against TWV and the Company (as the guarantor):
(a) claim by MBf Finance Berhad vide a writ of summons served
on 22 May 1998 for an amount of RM43.9 million, representing
50.83% of the NTA of the Company as at 30 April 1997;
(b) claim by PB Securities Sdn Bhd vide a writ of summons
served on 17 September 1998 for an amount of RM18.1 million,
representing 20.96% of the NTA of the Company as at 30 April
1997.
The MBf Finance litigation and PB Securities litigation were
announced in the Company's Quarterly Report for the financial
year ended 31 July 1999 on 30 September 1999, after a delay of
16 and 12 months respectively.
The public reprimand and fine were imposed pursuant to Section
392 of the MBLR and Paragraph 16.17 of the Listing Requirements
after taking into consideration all relevant factors and after
consultation with the Securities Commission.
The total fine of RM200,000 for the above breaches of Section
114 of the MBLR comprised of RM50,000 for each of the above
transactions.
The KLSE views this contravention seriously and hereby cautions
TAIWAH and its Board of Directors on their responsibility to
maintain appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.
TECHNO ASIA: Hires Messrs Binder to Conduct Investigative Audit
---------------------------------------------------------------
In Compliance with Practice Note No. 4/2001 pursuant to the
Kuala Lumpur Stock Exchange (KLSE) Listing Requirements,
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Techno Asia Holdings Berhad
(Special Administrators (SA) Appointed), announced that the SA
had on 14 February 2003 appointed Messrs BDO Binder to conduct
an investigative audit on TAHB's previous business losses in
compliance with one of the conditions set by the Securities
Commission in its approval letter dated 17 December 2002 (which
was announced on 20 December 2002).
TECHNO ASIA: Releases January Production Figures
------------------------------------------------
The January 2003 production figures of Techno Asia Holdings
Berhad and the Group:
MT
Crude Palm Oil 3770
FFB 7753
Palm Kernel 1211
COMPANY PROFILE
On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.
The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.
On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.
On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30 April 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).
The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.
The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.
The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.
CONTACT INFORMATION: Palm Kernel 1122
No. 17-2, Jalan 5/152
Taman Industri OUG
58200 Kuala Lumpur
Tel : 03-7782 5575
Fax : 03-7783 5575
=====================
P H I L I P P I N E S
=====================
CLUB JOHN: Given Last Chance to Propose New Debt Repayment Plan
---------------------------------------------------------------
Contrary to earlier reports, the board of the Bases Conversion
Development Authority (BCDA) had in fact rescinded its contract
with the consortium tasked to turn Camp John Hay into a
commercial and leisure complex, the Inquirer News Service has
learned recently.
According to the report, the board however gave the Fil-Estate-
led consortium one last chance to present a revised proposal on
how it would settle its rental arrears and other obligations
that reportedly total PHP1.15 billion.
Earlier, a BCDA executive was quoted by another newspaper
denying that the contract with Club John Hay Development Corp.
had not been cancelled and that negotiations on a revised
contract were still ongoing. But the Inquirer said the BCDA
board unanimously voted on February 4 to end the contract. The
board en banc, however, reconsidered its decision after Fil-
Estate Chairman Robert John Sobrepena personally appealed for
another chance.
On Monday, the board issued a statement, saying that it had
ordered the consortium to submit a proposal that must tackle the
issue on arrears and how it intends to complete development
commitments, and "should not be a mere rehash of previous offers
that BCDA had already rejected." The BCDA also said it would
reject a settlement proposal that relied on revenues of projects
that had not even started.
According to its chief counsel Gina Alarez, the consortium was
ordered to pay debts estimated at PHP1 billion pesos in cash.
The consortium had been negotiating for a settlement agreement
that involved an escrow arrangement using assets as collateral,
including a set of PHP400 million-worth of log homes, the 189-
room John Hay Manor, and the CAP Convention Center, she told the
Inquirer.
DIGITAL TELECOMMUNICATIONS: Wants SEC Exemption for US$10M Bonds
----------------------------------------------------------------
Digital Telecommunications Philippines Inc. is seeking
registration exemption for its US$10 million zero coupon
convertible bonds, the Manila Times reported yesterday.
In a request to the Securities and Exchange Commission dated
February 11, the company reasoned that the bond issuance does
not require the protection afforded by registration because of
the limited character of the offering.
"The bonds will be subscribed only by a limited group consisting
of the company's shareholders record as of December 31, 2002,
who are fully knowledgeable and adequately possessed with
information about the financial position and affairs of the
company," Digitel's letter to the Commission partly reads.
It cited Section 10.2 of the Securities Regulation Code, which
states that: "The Commission may exempt other transaction, if it
finds that the requirements of registration under this Code is
not necessary in the public interest or for the protection of
the investors such as reason of the small amount involved or the
limited character of the offering."
According to the report, the bonds to be offered in the
Philippines will be issued at a total issue price of US$10.018
million and will bear a 10-year maturity and a 12-percent
interest rate. The face value of the bonds is US$31.11 million.
ATR-Kim Eng Capital Partners Inc. will sell the bonds, the
proceeds of which will be used to finance Digitel's entry into
the cellular business. The telecom arm of the Gokongwei-owned
JG Summit Holdings Inc., Digitel is now in the final stages of
negotiations with cellular leaders Smart Communications and
Globe Telecom for voice and data interconnection. It hopes to
launch its mobile business within the first half of the year.
NATIONAL POWER: To Increase Borrowings this Year to US$2B
---------------------------------------------------------
Debt-laden state-run National Power Corporation needs about US$2
billion to finance its operations this year, says Senior Vice
President Roland Quilala.
Speaking on the sidelines of the 6th Annual Asia Power
Conference, Mr. Quilala told Reuters the power generator will
source the money from bonds and loans, as the government cannot
adequately meet the fund requirement.
Last year, the company borrowed about US$1.5 billion to fund
operations, with the government just shouldering PHP38 billion
(US$700 million) of the firm's debt burden. Napocor's debts
total US$6.6 billion, Reuters said.
The government is now working to offload the Napocor's
transmission assets, which it values at US$5 billion, to foreign
investors to help ease debts, lower power prices, and get fresh
capacity investment needed to stave off looming electricity
shortages.
NATIONAL POWER: Number of Bombed Transmission Lines Growing
-----------------------------------------------------------
Mindanao, the country's largest landmass, will experience
intermittent blackouts over the next few weeks, as there are now
several transmission towers rendered inoperable after bombing by
rebels, according to the National Power Corporation.
As of last count, five major transmission lines have been bombed
since skirmishes between government troops and Moro rebels
erupted last week. Napocor-Southwestern Mindanao area
operations manager, Bienvenido Palma, told BusinessWorld it
would take two weeks to restore the damaged transmission
facilities.
He said normal electric power delivery in parts of North
Cotabato and Maguindanao provinces and Cotabato City might be
restored at the end of this month or early March.
"We are trying are our best to restore electricity in the
soonest possible time in the areas," Mr. Palma told the paper.
A state-run company, Napocor is the country's No.1 power
generator. The government is in the process of privatizing its
operations.
PHILIPPINE LONG: Clarifies Reports on Cable & Wireless Suit
-----------------------------------------------------------
(Florentino D. Mabasa, Jr., assistant corporate secretary,
addressed this letter, dated February 17, 2003, to the
Philippine Stock Exchange, Inc.)
We refer to your fax letter dated February 17, 2003 requesting
for clarification/confirmation of the news article entitled "For
cutting British, Japanese calss to Philippines, UK telco C&W
files complaint against PLDT" published in the February 17, 2003
issue of the BusinessWorld.
PLDT has not been officially served with Summons in respect of
the alleged complaint of Cable and Wireless Plc (C&W) that PLDT
has disrupted traffic with C&W because they cannot agree on new
settlement/termination rates.
PLDT's position is that termination rates are governed by
bilateral commercial agreements between the parties. PLDT has
no existing and effective settlement/termination rate agreement
with C&W and remains open to negotiate an agreement on new
termination rate including an interim arrangement regarding the
calculation and payment of termination rates for traffic
terminated on PLDT's network.
PLDT notes that its rate increase to US$0.12/US$0.125 per minute
from US$0.075/US$0.08 per minute terminations on its fixed-line
network remains well below the FCC's benchmark rate of US$0.19
per minute for low middle income economies, such as the
Philippines. It is also below the ITU suggested target
settlement rate of US$.238 per minute for countries with
teledensity between 1 to 5 telephone per 100 population.
As of [Monday], PLDT has already concluded agreements for new
termination rates with 92 carriers worldwide.
PLDT is mindful of its responsibilities as a public service
provider and will ensure compliance with existing and effective
agreements particularly in maintaining the flow of traffic in
and between circuits covered by such agreements.
PHILIPPINE TELCOS: Congress Urged to Reprimand Local AT&T Exec
--------------------------------------------------------------
The Philippine Congress could be dragged into the legal spat
between local phone companies and U.S. giants AT&T and WorldCom,
as the former have asked both the Senate and House of
Representatives to intervene.
According to the Manila Standard, the local firms are lobbying
Congress to summon AT&T representatives and order them to stop
"bullying" the local carriers.
"Congress and the Senate should immediately call AT&T
representatives like Romulo Carlos, managing director of AT&T
Philippines, to explain why his principals in the US are
behaving this way, and why he as a Filipino is allowing this,"
an industry source who refused to be named told the paper
Monday. "These local representatives should be the first to
tell their American bosses to stop bullying the local telcos."
The American phone giants have recently requested the Federal
Communications Commission to take action to protect their
interest from the alleged unfair business practices of
Philippine carriers, which include, among others, Philippine
Long Distance Telephone Co. and Globe Telecom. They claim that
PLDT and Globe are blocking U.S. outbound traffic for the
Philippines because of their refusal to agree to an increase in
termination rates.
Ma. Caridad Gonzales, chief of Globe's legal division, is
disputes this claim. She said while Globe's termination rate
agreement with AT&T expired on January 31, the local carrier
continues to carry traffic from AT&T.
"Globe therefore believes that it is and remains in compliance
with relevant laws and its contractual obligations, and with an
earlier order from the National Telecommunications Commission,"
she told the Manila Standard in an interview.
As an interim relief, AT&T and MCI WorldCom have asked the FCC
to prohibit US carriers from making payments to the Philippine
carriers until their international service is fully restored.
PLDT and Globe said recently it will challenge the petitions
soon.
Meanwhile, PLDT has learned that British carrier Cable &
Wireless has accepted the new termination rate of Eastern
Telecommunications Phils. Inc. (ETPI), the same amount being
charged by PLDT, Bayan Telecommunications Inc., Globe, Smart
Communications Inc. and Digital Telecommunications (Phils.) Inc.
"We are at a quandary as to why Cable & Wireless will accept the
rates of ETPI, yet at the same time file a complaint against us
for charging exactly the same rates," an unnamed PLDT source
told the Manila Standard in a separate interview. "When we
first discussed the process of adjusting rates, everyone did not
agree to them. However, after they saw how reasonable the rates
were, telcos worldwide started to agree."
Accordingly, there are now more than 80 carriers, including 15
from the US, that have agreed to the new rates. PLDT sources
claimed there has been no significant reduction in international
traffic coming in. Technically, this means that AT&T, MCI
WorldCom and Cable & Wireless are getting their traffic through
one way or another.
TIBAYAN GROUP: Securities Commission Filing Suit v. Execs Soon
--------------------------------------------------------------
The Securities and Exchange Commission is now preparing several
lawsuits against the executives of the Tibayan Group of
companies for estafa and violations of the Securities and
Regulation Code.
Compliance and Enforcement Department Assistant Director Myra
Alconaba told The Manila Times recently that the Commission is
now consolidating evidence. She said the lawsuits should be
filed with the Department of Justice within days. She also
added that the Commission has already requested for a hold
departure order to prevent the directors of Tibayan from leaving
the country.
Based on SEC records, at least 5,000 individuals have filed
complaints against Tibayan, the paper said. Handed down by the
Commission three weeks ago, a cease and desist order is
currently enforced against these companies:
(1) Tibayan Group Investment Co., Inc.;
(2) TG Asset Management Corp.;
(3) Matcor Holdings Co., Ltd.;
(4) Jetcor Equity Co., Ltd.;
(5) Sta. Rosa Management and Trading Corp.;
(6) Westar Royalty Management and Trading Corp.;
(7) Starboard Management and Trading Corp.;
(8) United Alpa Management and Trading Corp.;
(9) Global Progress Management and Trading Corp.;
(10) Athon Management and Trading Corp.;
(11) Diamond Star Management and Trading Corp.; and
(12) Tibayan Management Group International Holdings Co., Ltd.
The Commission identified businessman Jesus Tibayan as the
founder of these companies. Based on its investigation, the it
found:
(a) Tibayan Group Investment Co., Inc.'s act of selling,
offering, transacting and accepting investments from the
public is in violation of its license as a mutual fund
company;
(b) Although TG Asset was licensed as an investment adviser, the
evidence gathered would show that it acted as a marketing
arm of Matcor instead of an investment adviser of Tibayan
Group Investment and had offered or sold a different type of
security to the public other than the registered security of
Tibayan Group of Investment;
(c) Documents gathered show Matcor accepted investments in the
guise of private investment in mutual funds from at least 29
investors during the alleged period of non-operation, and
that the solicitation, offering, and selling of securities
and investments were done through Sta. Rosa and Westar.
(d) The pattern of using conduit corporations can also be seen
in the operations of Jetcor, Starboard, United Alpa, Global
Progress, and Athon Management, which are not supposed to be
operating, and Diamond Star.
"Based on the foregoing, it is evident that the abovementioned
corporations and partnerships, are inter-related and all of
which are substantially controlled by Mr. Tibayan, have through
the use of multiple front and conduit operations, issued and
continue to issue unregistered securities to the public in
violation of Section 8.1 of the Securities Regulation Code," the
Commission order reads in part.
Thomas Jose Syquia, director for Compliance and Enforcement
Division, told The Manila Times the bank accounts of the
companies have already been frozen by the Anti-Money Laundering
Council but he declined to disclose figures.
=================
S I N G A P O R E
=================
PSA CORPORATION: Plans to Layoff 800 Port Workers Next Month
------------------------------------------------------------
PSA Corporation (PSA) announced yesterday that it will be
trimming its staff strength in Singapore as part of an on-going
initiative to enhance its competitiveness.
PSA Chairman, Stephen Lee said: "PSA has been evolving. The
statutory board was replaced by a commercial entity in 1997.
This follows a transfer of our marine regulatory functions to
the Maritime and Port Authority of Singapore in 1996. In 2000,
we gave up our non-port properties. Last Friday, PSA announced
the transfer of its non-core businesses to our shareholder."
"The proposed workforce reduction is a further manifestation of
our on-going transformation to be a truly commercial entity and
a global MNC that is highly responsive to the market place. Over
the years, we have re-trained and re-deployed our staff when
positions become redundant or defunct as a result of automation,
introduction of new processes or shedding of businesses."
"PSA staff have always taken these changes in their stride. We
are very proud of them. Our workforce is acknowledged as the
best in the industry. But we have re-deployed as much as we can
in recent years and have now reached the limits of re-
deployment. PSA is carrying out the job cuts as a last resort.
This is a very painful measure for all of us," said Mr. Lee.
The staff rationalization has become all the more necessary in
today's increasingly competitive and demanding market place.
Said Mr. Lee: "We have to act now to align ourselves with the
market to ensure we can respond swiftly and effectively to the
fast changing market place."
Details are being worked out and changes are expected to be
implemented in March this year. About 800 people will be
involved in the workforce reduction. This will include
retrenchment, expiry of contract, non-replacement of staff who
retire or resign, as well as transfers to other organizations.
PSA will be working very closely with its unions, the Singapore
Port Workers Union and the Port Officers' Union, to help
retrenched staff find new jobs. "We will look into every
possible way to minimize the impact for those affected," said
Mr. Lee.
Looking ahead, Mr. Lee said: "Operational excellence will
continue to be our focus. Our staff is our asset. We must, and
will, continue to train, raise the skill sets of our people so
that we can serve our customers even better. With the various
measures taken to reposition ourselves, PSA will be in a much
stronger position to compete."
ISSUED BY CORPORATE COMMUNICATIONS DEPARTMENT
Contact Person: Wong Fong Tze, Vice-President (Corporate
Communications)
Phone: (65) 6279 4515
Fax: (65) 6279 4731
Mobile: (65) 9008 8155
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T H A I L A N D
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PICNIC GAS: Explains Operating Results Variance
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Reference is made to the company's Audited Financial Statements
for the three months and twelve months period ended December 31,
2002, which shows a net profit of Bt6.74 million and Bt637.90
million, respectively, compared to the same period last year, a
net loss of Bt254.17 million and Bt381.04 million, respectively.
The variances were Bt260.91 million and Bt1,018.94 million,
respectively.
Ultimate Key Co.,Ltd., as the Rehabilitation Planer Management
of Picnic Gas and Chemicals Public Company Limited, explained
that the such variances is due to the gain from reduced
liabilities on August 5, 2002. The creditors' meeting and Court
order of the Company's Rehabilitation Plan resulted to a
Bt764.64 million gain. The shares premium of Bt225 million were
already deducted on deficit based on the Plan Administration.
Below is the Company's reviewed quarterly financial statements
ending on December 31, 2002:
Quarter 4 For 12 Months
Year 2002 2001 2002 2001
Net profit (loss) 6,742 (254,171) 637,901 (381,038)
EPS (baht) 2.50 (11.30) 28.06 (16.94)
SAHAVIRIYA RIVERSIDE: Filed Business Reorganization Petition
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Real estate developer Sahaviriya Riverside Garden Company
Limited (DEBTOR)'s Petition for Business Reorganization was
filed to the Central Bankruptcy Court:
Black Case Number 342/2545
Red Case Number 991/2545
Petitioner: SAHAVIRIYA CITY PUBLIC COMPANY LIMITED BY CHURCHILL
PRYCE PLANNER COMPANY LIMITED, THE PLANNER BY MISS SUCHADA
SANGSAHUANG AND ASSOCIATES
Debts Owed to the Petitioning Creditor : Bt2,809,687,916.17
Date of Court Acceptance of the Petition : February 28, 2002
Date of Examining the Petition: March 25, 2002 at 9.00 A.M.
Court had set the date for the Next Examination on June 13, 2002
Court had issued an order cancelled the Petition for Business
Reorganization on June 25, 2002
Contact : Ms. Bang-Orn Tel, 6792525 ext. 112
TANAYONG PUBLIC: Creditors' Meeting Postponed to March 7
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Tanayong Planner Company Limited, as the Planner of Tanayong
Public Company Limited, which Business Reorganization Petition
was granted by the Central Bankruptcy Court on Feb 18, 2002,
announced that the creditors' meeting to the Official Receiver
orders that the creditors' meeting is postponed to March 7, 2003
at 9:30 in the morning at 11th floor Rm. 1105 of the Bangkok
Insurance Building, 25 South Sathon Road, Bangkok.
Some creditors and debtors requested the postponement of the
meeting since there are some revisions to the Rehabilitation
Plan.
TELECOMASIA CORPORATION: Informs KfW Purchase Rights Exercise
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Kreditanstalt fur Wiederaufbau (KfW), a major preference
shareholder of TelecomAsia Corporation Public Company Limited
(Company), has granted the Purchase Rights to the shareholders
of the Company whose names were listed in the share register
book of the Company on 7th April 2000 (Record Date) and holding
at least 4 shares on said Record Date, to purchase the ordinary
shares issued upon conversion of the preference shares from
KfW and/or the Thai Trust Fund (KfW TTF), as the case may be,
pursuant to the pro rata portion of the number of shares of each
of the said shareholders on the Record Date (Purchase Rights
Holders) whereby the said shareholders must be the shareholders
of the Company and have their names listed in the share register
book of the Company on the Right Determination Date for each
exercise under the terms and conditions of the Terms. The
Purchase Rights Holders may exercise the Purchase Rights for the
first time (Early Purchase) on the second anniversary of the
date of the issuance of the Preference Shares (Share Issuance
Date) and may subsequently exercise the Purchase Rights on the
third anniversary of the Share Issuance Date and each months
interval thereafter through and including the eighth anniversary
of the Share Issuance Date. The Purchase Rights Holders may
also exercise their Purchase Rights when KfW wishes to sell
shares or redeem the units of the KfW TTF to other person(s)
(KfW Exit).
In this regard, the Company informed the Purchase Rights
Holders, who have the right to purchase the shares may exercise
the Purchase Rights on schedule (Scheduled Purchase) whereby the
First Scheduled Purchase Exercise Date is on 31st March 2003,
and only the Purchase Rights Holders wishing to exercise the
Purchase Rights for this time, who must be the shareholders of
the Company and have their names listed in the share register
book of the Company on the Right Determination Date for this
time, will be entitled to exercise Purchase Rights and purchase
Fundamental Shares from KfW and/or the KfW TTF.
The Company will close the share register book to fix the Right
Determination Date in order to determine Eligible Purchase
Rights Holders on 24th February 2003 at 12:00 noon. Therefore,
in order to have the name recorded in the share register book of
the Company on 24th February 2003, the said Purchase Rights
Holders must hold or purchase any number of shares of the
Company on 18th February 2003 at the latest. Thus, the Purchase
Rights Holders will not be eligible to exercise the Purchase
Rights for this time, if their names do not appear in the share
register book of the Company on the said Right Determination
Date.
Thailand Securities Depository Co., Ltd. (TSD) as Servicer of
KfW, will mail a Purchase Rights Notice which contains
important information regarding the exercise of the Purchase
Rights for this time, which includes the purchase price and the
number of shares to which the Purchase Rights Holder are
entitled to purchase, to each Purchase Rights Holder at its
address listed in the records of the TSD, as the Company's share
registrar on the Record Date (7th April 2000). A copy of the
form of the Purchase Rights Notice and other forms or notices
necessary for the exercise of the Purchase Rights will also be
made available from time to time as appropriate for information
only at the Company's website at www.telecomasia.co.th.
In addition, an Eligibility Notice will be mailed to each
Eligible Purchase Rights Holders at its address specified in the
records of the TSD, as the Company's share registrar on the
Right Determination Date if different from the address listed on
the Record Date. Any change of the address or nationality of
the Purchase Rights Holders must be reflected in the records of
the TSD, as the Company's share registrar only. Please do not
submit any change to the Servicer or the Company.
In exercising Purchase Rights by the Purchase Rights Holders,
the Purchase Rights Holders may be subject to the tender offer
rules of the Securities and Exchange Commission. Therefore, the
Purchase Rights Holders should consult their counsels prior to
determining whether to exercise Purchase Rights and purchase
Fundamental Shares from KfW or the KfW TTF.
Furthermore, pursuant to the Terms each Purchase Rights Holder
shall be solely responsible for obtaining USD to purchase
Fundamental Shares and to comply with all applicable rules and
regulations. The Purchase Rights Holders should carefully review
the Terms before deciding whether to exercise Purchase Rights
and purchase Fundamental Shares from KfW or the KfW TTF.
Troubled Company Reporter - Asia Pacific reported on January 10
that TRIS Rating Co., Ltd. has affirmed the company rating at
"BBB", the ratings of its Bt11,715.40 million senior secured
debentures at "BBB" and its Bt6,750 million senior secured
partially guaranteed debentures at "A".
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 2003. 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.
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