/raid1/www/Hosts/bankrupt/TCRAP_Public/030227.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, February 27, 2003, Vol. 6, No. 41
Headlines
A U S T R A L I A
AMP LIMITED: Incurs Bottom Line Loss of $896M
AUSTRALIAN MAGNESIUM: Finalizes $100M Guaranteed Loan
BEACONSFIELD GOLD: Discloses Q202 Activities Report
CARLOVERS CARWASH: Posts Third Quarterly Report
FLOWCOM LIMITED: Signs Final Debt Restructuring Agreement
GOODMAN FIELDER: Board Rejects Break-Up Alternatives
OBJECTIF TELECOMMUNICATIONS: Under Voluntary Administration
SOUTHCORP LIMITED: Faces Proceedings From ASIC Over Breach Duty
SOUTHCORP LIMITED: S&P Lowers Credit Ratings to 'BBB/A-3'
TRANSURBAN GROUP: March 5 Entitlement Offer Record Date Set
C H I N A & H O N G K O N G
CIL HOLDINGS: Provides Recent Scheme Development
CIL HOLDINGS: Winding-Up Petition Hearing Adjourned to March 10
CHEONG CHARN: Hearing of Winding Up Petition Set
CREATIVE PRINTING: Faces Winding Up Petition
INNOVATIVE INT'L: Price, Turnover Movements Inexplicable
MANSION HOLDING: Unaware of Why Share Price Increased
POPULAR FUND: Winding Up Hearing Scheduled in March
WELL LINK: Winding Up Sought by Lai Yiu
I N D O N E S I A
SEMEN GRESIK: Forecasts Lower Q103 Cement Sales
J A P A N
CENTRAL JAPAN: Plans 6,000 Job Cuts Over Next 10 Years
COSMO OIL: Plans to Cut Debt, Capacity
HUIS TEN: Theme Park Operator Files For Bankruptcy
MIZUHO HOLDINGS: Gets Y90B From Power, Gas Utilities
MIZUHO HOLDINGS: MHCB Dissolves Unit
MIZUHO HOLDINGS: Shares Fall 5.6% on Stock Sale
NISSHO IWAI: Changes in Representative Directors
NISSHO IWAI: Merges With Nichimen
SEGA CORPORATION: Shares Fell 4.62% on Tuesday
SNOW BRAND: Former Official Faces Prison Term
TOKYU TOURIST: Narrows FY02 Net Loss to Y234M
K O R E A
DONGBU GROUP: FSC May Penalize Firm
DOOSAN CORPORATION: Writes Off W13B in Bonds
HYNIX SEMICONDUCTOR: Shareholders OK Capital Write-Down
M A L A Y S I A
BERJAYA SPORTS: Unit Purchases 8% ICULS
DKLS INDUSTRIES: Undergoes Corporate Structure Re-Organization
JUTAJAYA HOLDING: Restraining Order Won't Affect Operations
KILANG PAPAN: Answers KLSE's Winding Up Petition Query
KSU HOLDINGS: Receives Representations From Directors
LION LAND: Suspends Shares to Aid Capital Reconstruction
MALAYSIAN GENERAL: Court Convened Meeting Granted
MALAYSIAN RESOURCES: Corporate Proposals Approved at EGM
METROPLEX BERHAD: Offers Voluntary Separation Scheme
SEAL INCORPORATED: Giap Yin Resigns as Audit Committee Member
SAP HOLDINGS: Replies KLSE's Winding Up Petition Query
SOUTHERN PLASTIC: Winding Up Petition Hearing Set on May 7
TAI WAH: MITI Conditionally OKs Proposed Restructuring Exercise
TRANS CAPITAL: AWC Hires Messrs E&Y as Independent Audit Firm
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: Expects to End Restructuring Scheme
MANILA ELECTRIC: Appoints Mediator to Resolve Row With Napocor
MANILA ELECTRIC: Citibank, BPI Starts Evaluating Finances
MANILA ELECTRIC: Expects to Boost 1Q02 Earnings
PHILIPPINE LONG: FirstPac Denies Pangilinan Replacement Report
PHILIPPINE LONG: FirstPac Denies Selling Stake
S I N G A P O R E
AEM-EVERTECH: Completes Internal Restructuring
JADE TECHNOLOGY: Provides Loan Facility With Banks Update
NEPTUNE ORIENT: Analysts Forecast FY02 US$330M Net Loss
T H A I L A N D
ROBINSON DEPARTMENT: Acknowledges Dr Wongtrangan's Resignation
THAI CHEW: Files Bankruptcy Reorganization Petition
THAI WAH: Discloses Reorganization Plan Implementation Progress
THAI GYPSUM: Investment Sale Completed
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Incurs Bottom Line Loss of $896M
---------------------------------------------
Writedowns and restructuring costs of A$1,571 million have
resulted in a bottom line loss of A$896 million for the year to
31 December 2002, AMP Limited announced Wednesday, in line with
guidance given to the market in January 2003.
Profit after tax but before other items was A$495 million,
compared with A$667 million in the previous corresponding
period.
Directors have declared a final dividend of A$0.20, taking total
dividend for the year to A$0.46 compared with A$0.51 in 2001.
The reduction reflects the lower level of underlying earnings.
AMP Chief Executive Officer Andrew Mohl said difficult
investment markets had resulted in reduced operating margins, as
well as significant reductions to the carrying value of a number
of businesses.
"While the impact of depressed investment markets is outside our
control, shareholders have every right to feel disappointed in
AMP's recent performance," Mr Mohl said.
"It is clear that our strategy was over-ambitious, particularly
in the UK.
"To address this, we have conducted a thorough review of
strategy. Actions to date include a new senior management team,
the establishment of two UK financial services businesses to
reduce our risks, the scaling back of our growth ambitions, sale
of non-core assets and a cost reduction programmed.
"Despite our obvious problems, we have strong businesses in
Australian Financial Services and Henderson Global Investors.
Given current market conditions, these businesses have performed
extremely well.
"Ultimately, we are concentrating on the things we can control
and if markets get worse, we are ready."
SUMMARY OF RESULTS
Performance in Australian Financial Services (AFS) was strong
given difficult market conditions. Operating margins were down 9
per cent to A$334 million.
An 11 per cent fall in total new business to A$9,368 million was
solid given the external environment. Corporate Superannuation
was a highlight with new business up 12 per cent to A$2,418
million, reflecting several successful tenders.
Persistency remained stable at 83.8 per cent, a strong result in
a year when capital guaranteed investment options closed and
fund inflows were down. This reflects better customer retention
strategies.
AFS made a number of changes during the year aimed at becoming
even more operationally efficient and competitive. AMP Direct
was integrated into other parts of the business, while cost
savings were achieved across support functions and IT.
Controllable costs fell 8 per cent while the cost to income
ratio was steady at 44 per cent.
In New Zealand, underlying net profit was A$42.7 million
compared with A$45.5 million previously. Sales of risk products
such as life insurance were up significantly on the previous
year, while sales of managed investments and superannuation
products were below expectations but in line with overall
industry performance.
AFS Return on Invested Capital (RoIC) was down only marginally
at 13.8 per cent, with A$971 million of net capital released in
2002.
Operating margins in UK Financial Services fell 36 per cent to
A$211 million, reflecting the toughest market conditions in
decades.
New business fell 21 per cent to A$6,856 million. Hardest hit
was new business through the Direct Sales Force, down 36 per
cent. Given the environment of volatile markets and the issues
surrounding Pearl regulatory capital position, a fall in IFA
sales of 14 per cent was a creditable result. The Corporate
Pensions business, established in May 2002, continued to grow
off a small base.
Persistency in UKFS was 88 per cent, compared with 89 per cent
previously.
To combat the impact of volume reductions and margin pressure,
UKFS is undergoing a significant cost management programmed. In
2002, the cost to income ratio was steady at 64 per cent.
RoIC was disappointingly low at 6.5 per cent, down from 10.2 per
cent previously.
In Henderson Global Investors (HGI), operating margins held up
well in difficult markets, falling 8 per cent to A$192 million
from A$208 million in the previous corresponding period. Assets
under management fell by 13 per cent to A$255.6 billion.
Strict cost control resulted in only a slight increase in the
cost to income ratio to 69 per cent.
Henderson continued to expand selectively during the year in key
areas including property and private capital. Distribution
capability in Europe was also expanded.
RoIC in Henderson was down slightly at 10.7 per cent.
Writedowns and restructuring losses were broadly in line with
forecasts at A$1,227 million and A$344 million respectively.
"These writedowns reflect a material reduction in the carrying
value of several acquisitions and new ventures in line with the
realities of the current market," Mr Mohl said.
The writedowns included A$523 million related to UKFS assets; a
reduction in Henderson's NPI goodwill of A$244 million; and
A$460 million related primarily to former AMP International
assets.
Mr Mohl said transformation costs of A$344 million were
associated with the strategic review undertaken after his
appointment, and in line with his five point reform agenda.
Costs include redundancy payments, write-offs of capitalized
expenditure and other product-related closure costs.
The reform agenda includes a greater emphasis on profitable
products and channels, the scaling back of growth ambitions,
improved disclosure, changing behaviors and leadership.
The statutory accounts released with the results include details
of payments to a number of executives who left the organisation
last year. The payment to former CEO Paul Batchelor is not
included as it is yet to be finalized. AMP has announced
separately that it is in dispute with Mr Batchelor about this
matter.
"These payments were part of the cost of the reform agenda that
I started last year. My decision to put in place a new team
around me was important because it enabled AMP to drive through
the changes that this company needed to make - and make quickly
- as part of that reform agenda," Mr Mohl said.
"We accept that people find it difficult to understand why these
payments are made. In this case, they include contractual rights
and payments made in mitigation of other legal claims. This was
verified by expert external advice."
CURRENT ISSUES
CAPITAL MANAGEMENT
AMP's UK regulatory capital position was under intense pressure
in 2002 following significant and sustained falls in the UK FTSE
index.
All UK life entities currently exceed Minimum Regulatory Capital
requirements set by the UK Financial Services Authority (FSA).
In addition, AMP has used number of approaches including
derivatives, hedging and lower Equity Backing Ratios (EBR) to
reduce sensitivity to equity markets.
"Our initiatives now in place support our goal to avoid the need
for the shareholder to invest additional capital into our UK
businesses, even at a FTSE level of 3,000 or lower," Mr Mohl
said.
In terms of the Group's overall capital management, Mr Mohl said
that AFS is expected to continue to supply capital in 2003,
while HGI will have little need for capital for organic growth.
"AMP remains soundly capitalized and we have no plan for an
equity capital raising at this time," he said.
UK EARNINGS
Mr Mohl said specific estimates for 2003 were not appropriate in
light of the increasing uncertainty in the UK market.
"We have taken the steps necessary to protect our regulatory
capital position. However this has an impact on earnings moving
forward. Overall the operating margin outlook for 2003 is very
uncertain and all current forces are pushing earnings lower.
"While earnings from this business will be constrained at
current market levels, the business still has a large capital
base. We are extremely focused on protecting and releasing this
capital over the medium to long term."
CONCLUSION
Since the end of 2002 global investment markets, particularly in
the UK, have weakened. If global markets weaken further or
remain at current levels, the group's profitability will be
adversely affected.
"We are not expecting better markets in the short term. That is
why we are concentrating on managing the key issues facing the
business, particularly in the UK," Mr Mohl said.
"While some of the decisions have been tough - and the
consequences unpleasant - they have been necessary to face the
realities of extended bear markets and to make the changes this
company needed to make.
"In the medium term, our business portfolio and strategic
positioning will improve and we remain focused on achieving long
term shareholder value through the disciplined execution of our
strategy."
AUSTRALIAN MAGNESIUM: Finalizes $100M Guaranteed Loan
-----------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has finalized a
$100 million subordinated loan and fixed interest rate hedging
facility with the ANZ Banking Corporation, supported by a
guarantee from the Commonwealth Government.
This ANZ Loan Facility, supported by the Commonwealth guarantee,
represents another important element of AMC's funding plan for
the Stanwell magnesium plant as outlined in AMC's October 2001
prospectus.
It complements the $100 million commitments provided by Newmont
Australia Limited, earlier this year, and the Queensland
Government.
The ANZ facility will be used to support the development of the
97,000 tonne per annum Stanwell plant, currently under
construction near Rockhampton in central Queensland.
Chief Executive Officer, Rod Sharp, said the Commonwealth and
Queensland Governments had been instrumental in AMC's
development over the past decade, commencing with their research
and development support for the CSIRO-inspired and patented 'AM
Process' for making magnesium.
"We share the Commonwealth and Queensland Government's vision of
a light metals industry for Australia to take advantage of
magnesium's special attributes to help make cars lighter,
cheaper and safer," he said.
AMC's involvement with the CSIRO extends to a strategic research
alliance and a royalty agreement on magnesium production.
AMC and the CSIRO are also participants in the Cooperative
Research Center for Cast Metals Manufacturing (CAST) in the
research and development of new downstream die casting
techniques and services.
BEACONSFIELD GOLD: Discloses Q202 Activities Report
---------------------------------------------------
The Highlights of Beaconsfield Gold NL's Second Quarter
Activities Report:
* BMJV December quarter tonnes milled and gold produced were
new records at approximately 59,000 tonnes (235,000 tonnes per
annum rate) and 27,029 ounces (107,200 ounces annualized)
respectively.
* Excellent gold production has continued in January and
February 2003. Gold production for the March 2003 quarter to
date is at the rate of approximately 113,000 ounces per year and
the 90-day rolling average for gold production is currently
approximately 116,000 ounces annualized. These figures compare
favorably with the projected range for average annual gold
production, reported by the Executive Director in the September
2002 quarterly report, of 103,000 ounces to 116,000 ounces.
* Comparison of the current position with that of the June
2001 quarter (the Receiver and Manager was appointed to
Beaconsfield Gold on 25 June 2001), includes the following:
- BMJV gold production up approximately 51%;
- BMJV total cash cost per ounce down some 36%;
- BMJV net cash flow up dramatically from negative $3.0
million to around positive $18.9 million on an annualized basis
at the budgeted hedged gold price of A$535 per ounce; and
- the spot price of gold up approximately 28% in US$ terms
and 11% in A$ terms.
* A group of sophisticated investors will pay for all
corporate costs necessarily incurred by the board until
Beaconsfield Gold gets out of receivership, subject to formal
documentation and up to a limit of $500,000. The sophisticated
investors will also take placements of shares totaling $6
million subject to shareholder approval and the retirement of
the Receiver and Manager.
* The improved performance of the Beaconsfield Mine indicates
that Beaconsfield Gold could repay all its secured debt in as
little as two years assuming an average received gold price of
A$600 per ounce.
* ASIC inquiring into the affairs of Allstate following
numerous complaints.
Go to http://www.bankrupt.com/misc/TCRAP_BCD0227.pdf
to see full copy of the Company's Second Quarter Activities
Report.
CARLOVERS CARWASH: Posts Third Quarterly Report
-----------------------------------------------
Carlovers Carwash Limited posted its quarterly report:
APPENDIX 4C
QUARTERLY REPORT FOR ENTITIES
ON BASIS OF COMMITMENTS
Name of entity
Carlovers Carwash Limited
ABN Quarter ended ("current quarter")
98 060 151 199 31/01/2003
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (9 months)
AUD'000 AUD'000
1.1 Receipts from customers 3,341 8,677
1.2 Payments for
(a) staff costs (870) (2,505)
(b) advertising & marketing (1) (5)
(c) research & development - -
(d) leased assets (51) (346)
(e) other working capital (2,130) (12,239)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 140 188
1.5 Interest and other costs of
finance paid (35) (80)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
1.8 Net Operating Cash Flows 394 (6,310)
Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - -
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets (1,559) (1,797)
(e) other non-current assets - -
1.10 Proceeds from disposal of:
(a) businesses - -
(b) equity investments - 10,685
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.11 Loans to other entities - -
1.12 Loans repaid by other entities - -
1.13 Other (provide details if material) - -
Net investing cash flows (1,559) 8,888
1.14 Total operating and
investing cash flows (1,165) 2,578
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - -
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings 1,365 1,365
1.18 Repayment of borrowings (232) (389)
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows 1,133 976
Net increase (decrease) in cash held (32) 3,554
1.21 Cash at beginning of quarter/
year to date 5,484 1,898
1.22 Exchange rate adjustments to item 1.20 - -
1.23 Cash at end of quarter 5,452 5,452
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
Current Quarter
AUD'000
1.24 Aggregate amount of payments to
the parties included in item 1.2 20
1.25 Aggregate amount of loans to the
parties included in item 1.11 -
1.26 Explanation necessary for an understanding
of the transactions -
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows -
2.2 Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest -
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
Amount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities 1,540 1,540
3.2 Credit standby arrangements - -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
4.1 Cash on hand and at bank 609 694
4.2 Deposits at call 4,843 4,790
4.3 Bank overdraft - -
4.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 5,452 5,484
ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals
(item 1.9(a)) (Item 1.10(a))
5.1 Name of entity - Video Ezy
Australasia P/L
5.2 Place of incorporation
or registration Australia
ABN 74 073 076 294
5.3 Consideration for
acquisition or disposal Cash
A$12,293,047
5.4 Total net assets A$29,354,000
5.5 Nature of business Development and
operation of
franchised and
company operated
video stores
COMPLIANCE STATEMENT
1. This statement has been prepared under accounting policies,
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.
2. This statement does give a true and fair view of the matters
disclosed.
According to Wrights Investors' Service, at the end of 2002,
CarLovers Carwash had negative working capital, as current
liabilities were A$17.77 million while total current assets were
only A$13.84 million. It has also reported losses during the
previous 12 months and has not paid any dividends during the
previous 3 fiscal years.
FLOWCOM LIMITED: Signs Final Debt Restructuring Agreement
---------------------------------------------------------
FlowCom Limited announced Wednesday the signing of final
agreements with Crown Financial Pty Limited - CapX Limited
supporting the Debt Restructure. The agreements, following
shareholder approval, will enable both reduction of debt (via a
debt-equity conversion), and an injection of working capital
through share placement.
As announced at FlowCom's AGM on 19 December 2002, a consortium
headed by Crown and CapX has acquired FlowCom's secured debt
from Alcatel. Since that time, FlowCom and Crown/CapX have been
finalizing due diligence and the details of the agreements to
support the Debt Restructure.
Shareholder approval is required for the proposed conversion of
a large part of the Debt to equity and it is intended that a
General Meeting will be held in April. Under the agreements
between FlowCom and Crown-CapX, the Debt will be restructured on
the following terms:
* Crown-CapX will retain or refinance $5 million as Secured
Debt;
* Following shareholder approval, Crown and a number of other
investors will immediately convert $2.1 million of the debt to
70 million ordinary shares at an issue price of $0.03 (the
initial tranche);
* Crown-CapX will retain an amount of up to $7.6 million
(Residual Debt). Following shareholder approval, this debt may
be converted to equity via two options (pursuant to call options
granted by the Company to Crown-CapX and a number of other
investors and/or a put option granted by Crown to the Company).
In addition, following the issue of the initial tranche of 70
million shares, Crown-CapX will support:
* A placement of $1,000,000 at $0.03 (three cents) a share;
or
* A rights issue available to all shareholders of 50 million
shares at $0.03 per share.
It is also proposed the current board of FlowCom will be
expanded, with two new directors nominated by Crown-CapX, being
Mr Anthony John Huntley and Mr Chris Ryan.
All these matters will be put to the shareholders for approval
at a General Meeting, the date of which will be announced
shortly.
"These new arrangements do two things for FlowCom - reduce our
debt sizeably, and provide working capital to support and expand
our current operations. Crown-CapX is very supportive of our
business plan, and our products are now being proved in the
market place", said Tom Amos, FlowCom's CEO.
"Also, the new board appointments will add strength to the
FlowCom board. FlowCom has been a leader in bringing the
benefits of competition to the Australian telecoms market. We're
now set to grow and deliver a real commercial success story", Mr
Amos said.
CONTACT INFORMATION: Tom Amos
CHIEF EXECUTIVE OFFICER
Phone (02) 9263 5000
Fax. (02) 9264 9868
www.flow.com.au
GOODMAN FIELDER: Board Rejects Break-Up Alternatives
----------------------------------------------------
Goodman Fielder's Board of Directors has brought discussions to
a close regarding alternative transactions to the Burns Philp
takeover bid because Goodman Fielder as a whole represents
greater value to shareholders.
Goodman Fielder's Chairman, Dr Keith Barton, said "In response
to the Burns Philp bid, Goodman Fielder has held discussions
with a number of local and overseas parties over the past two
months to determine whether proposals of sufficient value were
able to be recommended to shareholders. Alternative options were
thoroughly investigated and ultimately rejected because they
failed to reflect the value of Goodman Fielder's unique
portfolio of retail brands in Australasia and the Pacific.
"While a range of proposals were put to us regarding the sale of
individual businesses, the Board is convinced that the best
value for shareholders lies in taking the business forward as a
whole using our Retail Branded Strategy as our roadmap.
"A range of transaction structures including proposals for
consortium bids were examined by the Board. A number of
indicative offers for segments of Goodman Fielder were also
received but these resulted in separation complexities and were
not all tax efficient. Indicative offers for the whole of the
business were also reviewed but did not provide the necessary
level of certainty for shareholders. The Goodman Fielder Board
remains open to consider new proposals that could be recommended
to shareholders.
"The fact that no adequate offer was made for the whole of
Goodman Fielder does not mean that the bid by Burns Philp is
acceptable. Most overseas food companies participate in selected
food categories, and were not interested in acquiring the whole
of Goodman Fielder, despite interest in selected segments.
However, in Australia, New Zealand and the Pacific, Goodman
Fielder is a strong competitor with market leading positions
across a broad range of categories.
"In total, Goodman Fielder is of real value to our shareholders
because of the combined strength of our categories and our
recent record of improved performance leading to value creation
for our shareholders.
"Our shareholders are the owners of a great Australasian food
company and improving results, including the recently announced
strong HY03 results, clearly bolster the Boards view that the
value of Goodman Fielder as a whole exceeds both the potential
break-up value the company could realize in a short timeframe
and the current offer from Burns Philp. As a result, the Board
continues to recommend that shareholders reject the inadequate
takeover bid by Burns Philp at a price of only $1.615 per share
(ex-dividends)*," said Dr Barton.
* $1.85 less Goodman Fielder's 3.5c interim dividend and 20c
special dividend
CONTACT INFORMATION: Lina Melero Nichele
(61) 2 8874 6095
Stephen Ellaway
(61) 2 8874 6064
OBJECTIF TELECOMMUNICATIONS: Under Voluntary Administration
-----------------------------------------------------------
The securities of Objectif Telecommunications Limited
(Administrators Appointed) has been suspended from the Australia
Stock Exchange following the appointment of voluntary
administrators. The following information is provided in
accordance with ASX Listing Rule 17.2.
1. REASONS FOR THE SUSPENSION
The Company has appointed Adrian Duncan and Bill Cotter of
Knights Insolvency Administration of Level 27, Chifley Tower, 2
Chifley Square, Sydney to act as administrators. The date of the
appointment is 31st January 2003.
THE EXPECTED DURATION OF THE SUSPENSION
The Company expects that the suspension will be determined upon
the cessation of the appointment of the voluntary
administrators. The Company estimates that the suspension will
last for approximately 7 weeks, however the Company is unable to
give a definitive statement of the duration of the suspension at
this time.
THE EVENTS THAT WILL END THE SUSPENSION
The Company expects that the suspension will be determined upon
the cessation of the appointment of the voluntary
administrators.
SOUTHCORP LIMITED: Faces Proceedings From ASIC Over Breach Duty
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
filed on Wednesday proceedings in the Federal Court against
Southcorp Limited (Southcorp) alleging a breach of its
continuous disclosure obligations in April 2002.
The proceedings relate to an email sent by Southcorp to selected
analysts containing information relevant to the company's
forecast earnings for the year ending 30 June 2003.
ASIC is seeking a Court declaration that Southcorp's conduct
contravened its market disclosure obligations, together with the
imposition of a pecuniary penalty.
'This is the first case of its type commenced by ASIC and will
test the operation of both the ASX Listing Rules and the
relevant provisions of the Corporations Act', ASIC Chairman, Mr
David Knott said.
'The time taken to prepare this case reflects the complex
evidentiary and other legal issues that must be addressed in
order to enforce the existing continuous disclosure provisions.
'ASIC has for some time advocated a more streamlined process for
dealing with disclosure matters. The proposals contained in the
Government's CLERP 9 agenda will, if implemented, provide
companies with a more timely and less costly avenue for
resolving disclosure issues with the regulator. Such an
alternative would have been useful to both parties in this case.
'Nevertheless, ASIC is committed to enforcing the existing law
where possible. The conduct and results of these proceedings
should assist ASIC's consideration of future enforcement actions
under the continuous disclosure regime', Mr Knott said.
Background
On 18 April 2002 Southcorp's then Executive General Manager of
Corporate Affairs, Mr Glen Cunningham, sent an email to selected
analysts containing information about the likely impact of the
poor 2000 vintage for premium wines on Southcorp's 2003 gross
profit.
ASIC alleges that the information should have been disclosed to
the Australian Stock Exchange under its Listing Rules and in
accordance with the Corporations Act, rather than to selected
analysts.
ASIC will seek to establish, inter alia, that:
the information was of a type required to be disclosed to the
ASX under its Listing Rules (that a reasonable person would
expect the information or some of it to have a material effect
on the price or value of Southcorp's shares), and
the information was required to be disclosed pursuant to Section
674 of the Corporations Act (that the information was not
generally available and a reasonable person would expect, if all
or some of it were generally available, that it would have a
material effect on the price or value of Southcorp's shares -
defined as ED Securities).
Under Section 1317 E of the Corporations Act the Court has power
to make a declaration that the continuous disclosure provisions
of the Act have been breached. If a declaration is made the
Court may impose a pecuniary penalty of up to $200,000. These
provisions took effect on 11 March 2002.
In this case, ASIC is seeking a declaration and penalty against
Southcorp itself, not against existing or former officers. ASIC
will seek to establish that Southcorp is legally responsible for
this alleged breach of the continuous disclosure provisions.
SOUTHCORP LIMITED: S&P Lowers Credit Ratings to 'BBB/A-3'
---------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday lowered its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on Southcorp Ltd. to 'BBB' and 'A-3', respectively, following
the wine company's worse-than-expected financial results for the
first half of 2003. The long-term rating remains on CreditWatch
with negative implications, where it was placed on Jan. 22,
2003, reflecting concerns about the company's full-year earnings
prospects and key credit measures in fiscals 2003 and 2004,
given difficult market conditions and the management challenges
facing the company.
"Of greatest concern are Southcorp's poor operating results,
particularly in the U.K. and Australia, mismanagement of its
promotional strategy, and the maintenance of high dividend at a
time when tough trading conditions and weak earnings are
constraining its ability to maintain satisfactory cash flow
protection measures," said Jeanette Ward, director, Corporate &
Infrastructure Finance Ratings.
Southcorp's operating performance has suffered from heightened
competitive pressures and poor execution of its business
strategy. "At a time when Southcorp has been aggressively
pursuing volume growth and culling its wine portfolio and
inventories to improve its premium product offer, earnings have
come under intense pressure from the consolidation of retailers
and distributors in some key markets, a global oversupply of
wine, and slowing economic conditions," Ms. Ward added.
Although the company's revenue and volumes were up in the first
half of fiscal 2003, its profitability suffered from higher
promotional costs, higher volumes of lower margin products in
its overall sales mix, and soft Christmas trading conditions in
some key markets.
Southcorp has adequate liquidity, with A$265 million in
outstanding CP and A$720 million in committed undrawn bank lines
at the end of February 2003. These funds should be available to
refinance its maturing short-term debt, as the company does not
anticipate being in breach of its bank covenants after its
recent earnings results. Resolution of the CreditWatch will
follow clarification by Standard & Poor's of the company's plan
to respond to the challenges posed by current market conditions,
achieve its new cost reduction targets, and achieve performance
and prudential measures commensurate with its 'BBB' rating.
TRANSURBAN GROUP: March 5 Entitlement Offer Record Date Set
-----------------------------------------------------------
Transurban Group lodged on Tuesday a prospectus in
relation to an offer of Convertible Adjusting Rate Securities
(CARS) by way of an entitlement offer, placement and public
offer by Transurban CARS Trust. The Record Date for the
entitlement offer will be Wednesday 5 March 2003 and the Ex-
Entitlement Date will be on Friday 28 February 2003.
Transurban may ignore changes in holdings of Transurban stapled
securities after Tuesday's announcement for the purpose of
determining those entitled to participate in the entitlement
offer, other than registrations of SEATS transactions, which
occur prior to the Ex-Entitlement Date. Therefore, any acquirer
of Transurban stapled securities on or after 28 February 2003
may not be entitled to receive an entitlement in the CARS offer
in respect of Transurban stapled securities acquired.
================================
C H I N A & H O N G K O N G
================================
CIL HOLDINGS: Provides Recent Scheme Development
------------------------------------------------
Reference is made to CIL Holdings Limited's 15th February 2002
announcement regarding the Restructuring Proposal.
On 31st May 2002, the Company dispatched the Circular to its
Shareholders, which addressed all restructuring matters. On 2nd
August 2002, the Company dispatched the Scheme document to
Scheme Creditors and, for information only, the Shareholders and
claimants of the Disputed Claims.
On 28th November 2002, the Company dispatched the supplemental
Scheme document to Scheme Creditors and, for information only,
the Shareholders and claimants of the Disputed Claims.
The Company has submitted the petition to the Hong Kong Court
for the purpose of sanctioning the Scheme in Hong Kong. The
hearing of the petition to sanction the Scheme in Hong Kong has
been scheduled on 4th March 2003. In this connection, the
Company will make further announcement as and when necessary.
Investors are advised to exercise caution when dealing in the
Shares.
CIL HOLDINGS: Winding-Up Petition Hearing Adjourned to March 10
---------------------------------------------------------------
Reference is made to the announcements made by CIL Holdings
Limited on 8th October 2001, 12th November 2001, 14th January
2002, 18th March 2002, 29th April 2002, 6th May 2002, 17th June
2002, 29th July 2002, 26th August 2002, 4th November 2002, 16th
December 2002, 6th January 2003 and 10th February 2003 in
relation to the winding-up petition (the "Petition") issued
against the Company by Star Dragon Securities Limited as the
substituted petitioner.
During the Petition hearing held on 24th February 2003, the
Company applied to the Hong Kong Court for an adjournment of the
Petition to allow time for the Company to implement the Scheme
with the Scheme Creditors. The application was approved.
CHEONG CHARN: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Cheong Charn Frozen Meat Company Limited
is set for hearing before the High Court of Hong Kong on March
5, 2003 at 9:30 in the morning.
The petition was filed with the court on January 8, 2003 by Kwok
Chan Wan of Room 1806, Tat Hong House, Po Tat Estate, Kwun Tong,
Hong Kong.
CREATIVE PRINTING: Faces Winding Up Petition
--------------------------------------------
The petition to wind up Creative Printing Limited is scheduled
for hearing before the High Court of Hong Kong on March 19, 2003
at 9:30 in the morning.
The petition was filed with the court on January 22, 2003 by
Wong Chiu Kwan of Room 14, 9th Floor, Block C, Tung Hei Court,
38 Yiu Hing Road, Shau Kei Wan, Hong Kong.
INNOVATIVE INT'L: Price, Turnover Movements Inexplicable
--------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent decrease in price and increase in
trading volume of Company shares and wishes to state that the
Board is not aware of any reasons for such changes.
Save as disclosed in the announcement of the Company on 30
December, 2002, the Board also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of the Listing Agreement, which is or may be of a price
sensitive nature.
According to Wrights Investors' Service, at the end of 2002,
Innovative International had negative working capital, as
current liabilities were HK$836.71 million while total current
assets were only HK$35.06 million. The company has paid no
dividends during the last 12 months and reported losses during
the previous 12 months.
MANSION HOLDING: Unaware of Why Share Price Increased
-----------------------------------------------------
The Board of Directors of Mansion Holdings Limited has noted the
recent increase in the share price of the Company and wishes to
state that it is not aware of any reasons for that change.
The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, nor 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.
The Troubled Company Reporter - Asia Pacific reported Tuesday
that Mansion Holdings has bought a health club owned by Tai Sun,
despite failing to show any profit for three years now. Listed
in 1992, Mansion Holdings has reported three straight years of
losses since 1999. As of the latest reporting year of 2001, its
net loss stood at HK$11.3 million and it registered negative
cashflow of HK$10.9 million.
POPULAR FUND: Winding Up Hearing Scheduled in March
---------------------------------------------------
The High Court of Hong Kong will hear on March 19, 2003 at 10:00
in the morning the petition seeking the winding up of Popular
Fund Limited.
Chan Fung Mei of Room 3004, Lee Wing House, Lee On Estate, Ma On
Shan, New Territories, Hong Kong filed the petition on January
29, 2003. Tam 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.
WELL LINK: Winding Up Sought by Lai Yiu
---------------------------------------
Lai Yiu Kau is seeking the winding up of Holdings Limited. The
petition was filed on January 17, 2003, and will be heard before
the High Court of Hong Kong on March 12, 2003 at 10:00 in the
morning.
Lai Yiu Kau holds its registered address at 85 Kau Wa Keng San
Tsuen, Lai Chi Kok, Kowloon, Hong Kong.
=================
I N D O N E S I A
=================
SEMEN GRESIK: Forecasts Lower Q103 Cement Sales
-----------------------------------------------
PT Semen Gresik said cement sales in the first quarter of this
year are expected to be lower than the year earlier due to
continued weakening retail demand, AFX-Asia reports, quoting
Investor Relations Head Suaeb Asmarawitjitra.
"Weaker buying power, particularly in the retail sector, was the
main factor pushing down cement sales in January and likely for
the next two months as well," he said, adding that the recent
tariff hike in electricity and fuel prices also impacted sales.
"We hope the sales outlook will recover in the second quarter,"
Asmarawitjitra said, expecting to increase its cement selling
price by 6-7 percent this year to offset a 7.5 percent rise in
production costs due to the utility tariff hike.
In January, Tonasa's cement sales reached 148.638 tons against
239,032 tons a year earlier.
=========
J A P A N
=========
CENTRAL JAPAN: Plans 6,000 Job Cuts Over Next 10 Years
------------------------------------------------------
Central Japan Railway Co (JR Tokai) will slash 6,000 jobs over
the next 10 years to cut its workforce to 16,000 from 22,000 as
part of its cost cutting scheme, Kyodo News said on Wednesday,
citing JR Tokai President Yoshiyuki Kasai.
According to Wright Investor's Service, at the end of 2002,
Central Japan Railway had negative working capital, as current
liabilities were 516.22 billion yen while total current assets
were only 174.62 billion yen.
COSMO OIL: Plans to Cut Debt, Capacity
--------------------------------------
Refiner Cosmo Oil Co. Limited plans to cut its debts to 520
billion yen ($4.4 billion) by March 2006, as part of its new
medium-term business plan, Reuters said on Wednesday. The
group's interest-bearing debts stood at 548.6 billion yen at the
end of March 2002.
The Company will reduce refining capacity at its Sakaide
refinery but had yet to decide the extent of the cut. Cosmo also
aims to achieve a group recurring profit of 60 billion yen on
sales of 1.92 trillion yen in the business year ending in March
2006.
Cosmo Oil posted a group net loss of 2.3 billion yen in the
first half of 2002 to September, versus a loss of 198 million
yen a year earlier, The troubled Company Reporter-Asia Pacific
reports.
The Company is a domestic petroleum retailer in Japan with
operations ranging from development to refining and marketing.
HUIS TEN: Theme Park Operator Files For Bankruptcy
--------------------------------------------------
Huis Ten Bosch Co., the operator of the Huis Ten Bosch theme
park in Sasebo, in Nagasaki Prefecture, will file for bankruptcy
at the Sasebo branch of Nagasaki District Court on February 26,
according to Kyodo News on Wednesday. The Company's estimated
liability tops 200 billion yen.
Huis Ten Bosch President Michitake Moriyama and Board Chairman
Takekuni Ikeda are expected to step down to take responsibility
for the collapse of the company.
Five board members under Vice President Kazuki Nakagawa are
expected to set up a task force to rebuild the company under
court protection.
The theme park, a sprawling 1.5 million-square-meter facility
built on a former industrial park site in Omura Bay, has been
operating in the red since it opened for business in March 1992.
Battered by a long-slumping economy, the number of visitors to
the theme park has been declining in recent years, down from its
peak of 3.8 million visitors in fiscal 1996 to 3.55 million in
fiscal 2001.
MIZUHO HOLDINGS: Gets Y90B From Power, Gas Utilities
----------------------------------------------------
Mizuho Holdings Inc. will obtain approximately 70 billion yen
from Japan's power utilities and possibly 20 billion yen more
from the gas industry as part of its plan to raise 1 trillion
yen in new capital, Kyodo News said Tuesday.
The Company will issue preferred shares worth 150 billion yen
abroad in late March as part of its capitalization plan, as
announced January 21.
MIZUHO HOLDINGS: MHCB Dissolves Unit
------------------------------------
Mizuho Holdings, Inc. announced that its wholly owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), decided to
dissolve Miracle Funding Corporation, MHCB's consolidated
subsidiary, as follows.
1.The Consolidated Subsidiary to be Dissolved
Corporate Name: Miracle Funding Corporation
Location: The offices of Maples and Calder, Attorneys-at-Law,
Ugland House, George Town, Grand Cayman, Cayman Islands, British
West Indies
Representative: Anthony Baker, Director
Philip Hinds, Director
Martin Couch, Director
Hugh Thompson, Director
2.Reason for Dissolution
After a careful examination of the business strategy relative to
structured finance business, Mizuho Financial Group has decided
to integrate or dissolve special purpose companies and take
necessary steps to dissolve Miracle Funding Corporation.
3.Outline of the Consolidated Subsidiary
Business To purchase money claims
Date of Establishment May 2000
Paid-in Capital USD 1,000
Number of Common Stock issued 1,000
Total Asset (as of September 30, 2002) JPY 35,160 million
Number of Executives and Staff
(as of October 1, 2002) 5
Ownership Charitable Trust (100%)
Recent Performance Ordinary Profit JPY 1 million
(Fiscal Year Ended Sep. 2002) Net Profit JPY 0 million
4.Scheduled Date of Dissolution
By the end of June 2003
5.This decision will have no material effect on the profit and
loss of Mizuho Holdings, Inc. (consolidated or non-consolidated)
for this fiscal year.
MIZUHO HOLDINGS: Shares Fall 5.6% on Stock Sale
-----------------------------------------------
Shares in Mizuho Holdings Inc. fell 5.6 percent to 101,000 yen
on Wednesday on its plan to sell 125 billion yen ($1.06 billion)
of preferred shares overseas, diluting the value of existing
stock in relation to earnings, according to Bloomberg.
Merrill Lynch & Co. is managing the sale, which will be
increased by 25 billion yen if there is demand. The securities
can be converted into common shares starting in July, and
investors will get extra shares to protect them against a share
decline of as much as 50 percent.
NISSHO IWAI: Changes in Representative Directors
------------------------------------------------
Nissho Iwai Corporation has resolved the following changes in
representative directors at the meeting of the Board of
Directors.
Reason of the change: Because of retirement of following 5
Representative Directors dated the end of March 2003, they will
be relieved of the right of representation.
Chairman Shiro Yasutake
Executive Vice President Masanobu Kondo
Executive Vice President Tomoyoshi Kondo
Senior Managing Executive Officer Susumu Tsuchida
Senior Managing Executive Officer Tokuichi Yamaguchi
Newly appointed Representative Directors (candidate):
Representative Director, Senior Managing Executive Officer
Kunihide Izumi
Representative Director, Senior Managing Executive Officer
Keijiro Hori (subject to shareholders' approval at the Special
Shareholders' Meeting to be held on April 1, 2003)
Reference
The number of Directors will be 5 after this change of
Representative Directors.
(3 Directors (*) will have the right of representation)
Representative Director President and CEO: Hidetoshi Nishimura*
Representative Director and Senior Managing Executive Officer:
Kunihide Izumi*
Representative Director and Senior Managing Executive Officer:
Keijiro Hori*
Director, Managing Executive Officer: Yutaka Kase
Director: Kenichi Minami
Nissho Iwai Corporation will not pay bonuses to non-management
staff in the business year starting April 1, effectively cutting
their annual salaries by 20 percent, according to the Troubled
Company Reporter-Asia Pacific.
The proposal is aimed at accelerating restructuring ahead of its
April business integration with Nichimen Corporation.
For more information, go to
http://www.nisshoiwai.co.jp/nic/e/ir/030220e.html
NISSHO IWAI: Merges With Nichimen
---------------------------------
Shareholders of Nissho Iwai Corporation and Nichimen Corporation
will establish a new holding firm through a merger in April,
allowing the struggling trading houses to seek ways to survive,
reports the Kyodo News.
The name of the new holding firm was not stated in the report.
SEGA CORPORATION: Shares Fell 4.62% on Tuesday
----------------------------------------------
Shares in Sega Corporation fell 4.62 percent at 640 yen on
February 25 as investors give further thumbs down to worsening
earnings expectations and its plan to merge with pachinko
machine maker Sammy Corporation, Reuters said Tuesday.
"The main reason behind the continuous drop is the reduction in
the earnings estimate, which has led us to nearly halve the
earnings-per-share (EPS) profit estimate for 2003/04," said Eiji
Maeda, senior analyst at Daiwa Institute of Research.
Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously, the Troubled Company Reporter-Asia
Pacific reports.
The Tokyo-based maker of video game software has been cutting
costs and strengthening its balance sheet through disposals of
assets, including offices and stock holdings.
SNOW BRAND: Former Official Faces Prison Term
---------------------------------------------
Osamu Kubota, the former head of Snow Brand's Taiki factory in
Hokkaido, is facing a two-year sentence and fines of 120,000 yen
because of a mass food-poisoning outbreak in 2000.
On February 6, Snow Brand Milk Products Co., Ltd. (Snow Brand)
received financial support in the form of debt wavers amounting
to 30.0 billion yen from the Central Cooperative Bank for
Agriculture and Forestry (Norinchukin), according to the Rating
and Investment Information Incorporated.
On the same day, the firm decided to newly issue 10.9 billion in
common stock and 20.0 billion yen in preferred stock through
third party allocation (private placement). Since these measures
are expected to eliminate the firm's debt surplus at end-March
2003, (R&I) have decided to remove the firm from its Rating
Monitor scheme.
TOKYU TOURIST: Narrows FY02 Net Loss to Y234M
---------------------------------------------
Tokyu Tourist Corporation posted a net loss of 234 million yen
in the business year ending December, down from the 1.01 billion
yen loss the previous year, Kyodo News said on Wednesday.
The narrowed loss was the result of a steep cut in labor and
other expenses, the report said.
=========
K O R E A
=========
DONGBU GROUP: FSC May Penalize Firm
-----------------------------------
South Korea's Financial Supervisory Commission (FSC) may
penalize Dongbu Group after its units violated acquisition rules
last year, the Chosun Ilbo newspaper and Bloomberg reported
Wednesday.
Dongbu Insurance Co. and Dongbu Life Co., two financial units of
the Dongbu Group, together bought 9.7 percent of Anam
Semiconductor Inc. in July, without getting approval from the
regulators, according to FSE Vice Chairman Kang Kwon Seok. The
commission found evidence after conducting a special probe this
month.
Dongbu Group owns 25.84 percent of Anam Semiconductor after
Dongbu Construction Co. bought another 16.14 percent of Anam in
July.
According to Wright Investor's Service, at the end of 2001,
Dongbu Corporation had negative working capital, as current
liabilities were 617.55 billion Korean Won while total current
assets were only 569.32 billion Korean Won.
DOOSAN CORPORATION: Writes Off W13B in Bonds
--------------------------------------------
Doosan Corporation has decided to retire its bonds with warrant
(BW) worth 13 billion won, Digital Chosun reports. The BW is
suspected of being an illegal donation to the firm executives'
family members.
The Company made the decision because the market price of the
bonds, which the largest shareholder and its family members
acquired in 1999, have continued to slide and dilute the share
prices of the company on the market.
The majority shareholder and family members are expected to lose
a total of 12.6 billion won at market value of the Doosan
shares, and exercise the price of the bonds.
At the end of 2001, Doosan Corporation had negative working
capital, as current liabilities were 3.11 trillion Korean Won
while total current assets were only 2.67 trillion Korean Won,
Wright Investor's Service reports.
HYNIX SEMICONDUCTOR: Shareholders OK Capital Write-Down
-------------------------------------------------------
Shareholders of Hynix Semiconductor Inc. approved on Tuesday a
21:1 capital write-down proposed by major creditor banks, but
disgruntled minority shareholders protested the decision, vowing
to take the case to court, the Korea Herald reports.
Creditors approved the proposed plan to reduce the number of
outstanding shares through a swap of one new share for every 21
shares.
Under the plan, the outstanding 5.24 billion shares will be
reduced to 249.5 million, with the world's third-biggest
chipmaker's capital cut to 1.265 trillion won, from the current
26.22 trillion won.
===============
M A L A Y S I A
===============
BERJAYA SPORTS: Unit Purchases 8% ICULS
---------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad
informed that its wholly-owned subsidiary, FEAB Properties Sdn
Bhd has purchased Irredeemable Convertible Unsecured Loan Stocks
2002/2012 (ICULS) in BToto as follows:
1. Date of Purchase : 25 February 2003
2. Number of ICULS Purchased : 226,000
3. Minimum price paid for each ICULS : RM2.94
4. Maximum price paid for each ICULS : RM2.98
5. Total consideration paid : RM669,874.82
6. Total number of ICULS held to-date : 15,626,000
7. Cumulative consideration : RM46,245,397.65
paid to-date
The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.
DKLS INDUSTRIES: Undergoes Corporate Structure Re-Organization
--------------------------------------------------------------
DKLS Industries Berhad announced that DKLS Construction Sdn Bhd
(DC), a wholly owned-subsidiary of the Company has on 25
February 2003 transferred its entire ownership of 51% equity
interest in Syabas Awansari Sdn Bhd (SA) to the Company. (the
Re-organization).
On completion of the Re-organization, the Company's ultimate
equity ownership in SA remains unchanged. However, SA becomes a
direct subsidiary of the Company.
BACKGROUND INFORMATION
SA, bearing company no. 382823-M, was incorporated as a private
limited company in Malaysia on 8 April 1996 and having an
authorized share capital of RM500,000.00 divided into 500,000
ordinary shares of RM1.00 each of which 300,002 ordinary shares
had been issued and fully paid-up. The registered office of SA
is situated at 46, Medan Istana Satu, Bandar Ipoh Raya, 30000
Ipoh, Perak Darul Ridzuan. SA is currently a dormant company.
DETAILS OF THE CONSIDERATION
Prior to the Re-organization, DC was holding 153,000 ordinary
shares of RM1.00 each in SA, equivalent to 51% of the equity
interest in SA. The cost of investment to DC was RM153,000.
The consideration for the 51% equity interest in SA was at par
in cash for RM153,000. The acquired shares were free from all
charges, liens, encumbrances, equities and claims whatsoever and
together with all rights attaching thereto.
RATIONALE FOR THE RE-ORGANIZATION
The Re-organization will bring about greater efficiency within
the corporate structure of the DKLS's Group of companies.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the directors and/or substantial shareholders of the
Company and/or persons connected to them have any interest,
direct or indirect in the Re-organization.
JUTAJAYA HOLDING: Restraining Order Won't Affect Operations
-----------------------------------------------------------
Jutajaya Holding Berhad, in reply to the Query Letter by KLSE
reference ID: MN-030224-35359 dated 21 February 2003 regarding
the granting of the Restraining Order (RO) by the High Court of
Malaya at Kuala Lumpur to the Company on 21 February 2003,
pursuant to Section 176(10) of the Companies Act, 1965,
announced that the granting of the RO is not envisaged to have
any significant financial or operational impact on the current
operations of the JHB Group.
Below is the Query Letter content:
We refer to your Company's announcement dated 21 February 2003,
in respect of the aforesaid matter.
In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:
1) The financial and operational impact of the restraining
order on the group, if any.
Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)
KILANG PAPAN: Answers KLSE's Winding Up Petition Query
------------------------------------------------------
Kilang Papan Seribu Daya Berhad, in reference to the Query
Letter by KLSE reference ID: MN-030224-31357 on the Notice of
Winding-Up Order on its unit Padas Hevea Wood Products Sdn Bhd
(PADAS), replied to the query as follows:
(1) The date of the presentation of the winding-up petition
was 18 September 2002 and the winding-up petition was served on
PADAS on 7 October 2002.
(2) The amount claimed for is RM59,900.00 together with an
interest rate of 8% per annum. The claim is for industrial
chemicals supplied to PADAS for treatment of rubber woods.
(3) PADAS defaulted in payment of RM59,900.00.
(4) The total cost of investment in PADAS is RM6,400,000.
However, this cost of investment has been fully written-off by
the Company in its Statutory Accounts since the year ended 31
January 2000.
(5) There will be no major financial and operational impact
of the winding-up proceedings on the Company except that KPSD is
liable to a corporate guarantee given to a secured bank creditor
for any shortfall arising from the realizations of all the
assets of PADAS in liquidation.
(6) The losses expected are as stated in item 5 above. Since
there is a Restructuring Scheme for the Company, which includes
settlement to all creditors of PADAS, the subsidiary company has
instructed a firm of solicitors to apply for a Stay of the
Winding-up Order.
Below is the Query Letter content:
We refer to your Company's announcement dated 22 February 2003,
in respect of the aforesaid matter.
In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:
1) The date of the presentation of the winding-up petition
and the date the winding-up petition was served on PADAS.
2) The particulars of the claim under the winding-up
petition, including the amount claimed for under the petition
and the interest rate.
3) The details of the default or circumstances leading to the
filing of the winding-up petition against PADAS.
4) The total cost of investment in PADAS.
5) The financial and operational impact of the winding-up
proceedings on the group.
6) The expected losses, if any arising from the winding-up
proceedings.
Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)
KSU HOLDINGS: Receives Representations From Directors
-----------------------------------------------------
The Board of Directors of KSU Holdings Berhad announces that
KSUH received on 25 February 2003, representations in writing
made pursuant to Section 128(3) of the companies Act 1965 by 7
of its 10 current directors together with a request that their
representations(hard copy of the Representations of Directors
has been faxed to the KLSE) be notified to KSUH's members
pursuant to Section 128(3) of the Companies Act and KSUH will,
as required by Section 128(3)(b) of the Companies Act 1965, be
sending to all its members, a copy of the representations
received by KSUH.
Last week, the Troubled Company Reporter - Asia Pacific reported
that the Company's default as at 31 January 2003 amounted to
RM106,315,379.17 of principal sum and RM19,539,104.25 of
interest for term/bridging loans and overdraft facilities.
LION LAND: Suspends Shares to Aid Capital Reconstruction
--------------------------------------------------------
To facilitate the Capital Reconstruction, the trading of Lion
Land Berhad's shares will be suspended with effect from 9:00
a.m., Thursday, 6 March 2003 until the completion of the Capital
Reconstruction.
The Capital Reconstruction involves reduction in the capital of
LIONLND by the cancellation of RM0.25 from every existing
ordinary share of RM1.00 each in LIONLND and thereafter a
capital consolidation on the basis of four (4) resultant
ordinary shares of RM0.75 each into three (3) ordinary shares of
RM1.00 each credited as fully paid up.
To see the Company's unaudited financial results, go to
http://www.bankrupt.com/misc/TCRAP_LLand0227.xls.
MALAYSIAN GENERAL: Court Convened Meeting Granted
-------------------------------------------------
On behalf of Malaysian General Investment Corporation Berhad,
AmMerchant Bank Berhad announced that the Company has on 24
February 2003 obtained an order from the High Court of Malaya
(Order) granting the Company leave to convene a meeting of its
shareholders (Court Convened Meeting) for the purpose of
considering and, if thought fit, approving with or without
modification the Proposed Share Exchange pursuant to Section
176(1) of the Companies Act, 1965.
By that Order, the Company is required to hold the Court
Convened Meeting within six (6) months from 24 February 2003. To
this end, the Company is presently in the midst of finalizing
the Explanatory Statement / Circular for the Proposed
Restructuring Scheme to be dispatched to the shareholders in due
course.
The Proposed Restructuring Scheme is comprised of the following:
a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC (Proposed Share
Exchange);
b) Proposed debt settlement exercise between MGIC, MGIC
Construction Sdn Bhd, Magic Hill Resort Sdn Bhd (collectively to
be referred as "Scheme Companies") and their respective
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from the Scheme
Companies to the Creditors;
c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares for a purchase consideration of
RM95,000,000 to be satisfied by the issuance of 95,000,000 new
Shares in SRB ("Proposed Acquisition Of Sumatec Group");
d) Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia Sdn Bhd (Tekad Mulia), and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in SRB after the Proposed Acquisition of Sumatec Group;
e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia, if required;
f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and
g) Proposed liquidation of MGIC and all of its subsidiaries.
MALAYSIAN RESOURCES: Corporate Proposals Approved at EGM
--------------------------------------------------------
On behalf of Malaysian Resources Corporation Berhad (MRCB),
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) announced that the resolutions pertaining
to the Corporate Proposals tabled at the Extraordinary General
Meeting held on 25 February 2003 have been approved by the
shareholders of MRCB.
The Corporate Proposals remain subject to, inter alia, all
approvals in respect of the TV3 Scheme of Arrangement (as
defined in the announcement dated 30 January 2003) being
obtained and the confirmation of the High Court of Malaya for
the Proposed Demerger (as defined in the announcement dated 30
January 2003).
METROPLEX BERHAD: Offers Voluntary Separation Scheme
----------------------------------------------------
The Board of Directors of Metroplex Berhad announced that MB
will be extending an invitation to its executive and non-
executive employees to participate in a Voluntary Separation
Scheme (VSS or the Scheme). About 422 employees will be eligible
to participate in the Scheme, which is effective from 26th
February, 2003 to 12th March, 2003.
MB has begun to embark on several strategic initiatives as part
of it effort to optimize costs and lower overheads. The VSS is
aimed at achieving these objectives. The VSS is open to all
employees of MB except those on probation and is strictly on a
voluntary basis.
The pay-out involved in the Scheme will be based on years of
service and ranges between 12 days wages to 22 days wages for
every year of service.
APPROVAL
The Scheme does not require the approval of the shareholders of
MB at a general meeting.
FINANCIAL EFFECTS
Share Capital : There is no change in the issued and paid up
capital of MB as a consequence of the above Scheme.
Earnings : The Scheme is not expected to have any material
effect on the earnings of MB for the current financial year.
Net Tangible Assets (NTA) : The Scheme is not expected to have
any material effect on the NTA of MB.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors or the major shareholders or any person
connected to the Directors or the major shareholders of MB has
any interest, direct or indirect in the above Scheme.
STATEMENT OF THE DIRECTORS
The Board of Directors of MB having taken into consideration all
aspects of the Scheme, is of the opinion that the above Scheme
is in the best interest of MB.
SEAL INCORPORATED: Giap Yin Resigns as Audit Committee Member
-------------------------------------------------------------
Seal Incorporated Berhad posted this Change in Audit Committee
Notice:
Date of change : 19/02/2003
Type of change : Resignation
Designation : Member of Audit Committee
Directorate : Executive
Name : Tan Giap Yin
Age : 45
Nationality : Malaysian
Qualifications : Higher School Certificate
Working experience and occupation :
1979 to 1981 - Accounts Officer of Wallins Hong Kong Ltd.
1982 to 1989 -Finance Manager of See Hup Maritime Pte. Ltd.
1990 to 1994 -Manager of Euro Lumber Sdn. Bhd.
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Composition of Audit Committee (Name and Directorate of members
after change) :
1. Chuah Chong Ewe - Independent and Non-Executive Director
2. Ong Khaik Hean -Independent and Non-Executive Director
3. Ong Wee Meng -Executive Director
The Troubled Company Reporter - Asia Pacific reported that as at
30 December 2002, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM2.92 million.
SAP HOLDINGS: Replies KLSE's Winding Up Petition Query
------------------------------------------------------
SAP Holdings Berhad, in reply to Query Letter by Kuala Lumpur
Stock Exchange dated 21st February 2003 (Ref: NM-030221-38176)
in relation to the Writ of Summons against SAP Ulu Yam Sdn Bhd
(Sapuy), a subsidiary of the Company, appended the following as
requested:
1. The purported cause of action as disclosed in the
Statement of Claim is based on the alleged non-payment by SAPUY
a wholly-owned subsidiary of SAP to Menara Setia Sdn Bhd (Menara
Setia) the sum of RM1,893,200-14 being amount allegedly due for
the work known as Earthwork Block 1 (Phase 1B2 & 1D), Block 2,
Detention Pond & Associated Works and along main drain at Ulu
Yam Heights Development, Mukim Ulu Yam.
Menara Setia has prior to this sued SAPUY under the same cause
of action vide Kuala Lumpur High Court Summons No. D2-22-2467-
99. The Senior Assistant Registrar of the High Court struck off
the case on 16th January 2001 on the grounds that the Plaintiff
had at the material time no locus standi to sue as it has been
wound up. The Plaintiff's appeal to the Judge against the Senior
Assistant Registrar's decision was dismissed with cost on 28th
January 2002.
Further, Menara Setia's assertion that SAPUY is indebted to it
is untenable because SAPUY has rightfully terminated Menara
Setia 's employment on 20th March 1998 for breach of contract.
SAPUY's solicitors are of the considered view that Menara
Setia's claim is liable to be struck off and in the event the
court allows Menara Setia to proceed with the action, Menara
Setia's claim is unlikely to succeed.
2. There is no financial impact, as yet against SAP in the
above stated action by Menara Setia. The maximum exposure, which
is highly unlikely, is RM1,893,200-14.
3. RM500,000-00 being the paid-up capital.
4. SAPUY's solicitors have filed appearance in court and will
file an application to strike out Menara Setia's claim on the
grounds that its previous claim against the SAPUY pursuant to a
same cause of action had been struck off with cost by the High
Court. The Solicitors are also instructed to file defense
together with counter claim against Menara Setia.
SOUTHERN PLASTIC: Winding Up Petition Hearing Set on May 7
----------------------------------------------------------
The Board of Directors of Southern Plastic Holdings Berhad
announced that the petition for the winding up of the Company
under section 218 of the Companies Act 1965 by OCBC Bank
(Malaysia) Bhd (Petitioner) was made in the form of an
advertisement in The Star dated 24 February 2003. The Petition
is set to be heard before the Court sitting at Kuala Lumpur on 7
May 2003 at 9:00am.
The Petitioner is claiming outstanding banking facilities
granted to the Company, amounting to RM1.03 million.
The Company has engaged a qualified legal representative to
address the Petition and the claim by the Petitioner. The
directors are confident that the matters will be resolved
promptly and for the Petition to be set aside. The Petition is
not expected to have any major disruption on the normal
operations of the Group.
TAI WAH: MITI Conditionally OKs Proposed Restructuring Exercise
---------------------------------------------------------------
On behalf of the Board of Directors of Tai Wah Garments
Manufacturing Berhad, Alliance Merchant Bank Berhad announced
that the Ministry of International Trade and Industry (MITI) had
vide its letter dated 22 February 2003 approved the Proposed
Restructuring Exercise of TWGB, on the condition that TWGB
discuss with MITI in respect of the compliance with its
shareholdings requirement three (3) years from the date of
MITI's approval letter.
TRANS CAPITAL: AWC Hires Messrs E&Y as Independent Audit Firm
-------------------------------------------------------------
Trans Capital Holding Berhad refers to the announcement made by
AmMerchant Bank Berhad on behalf of the Company dated 27
December 2002 relating to the Securities Commission's (SC)
approval of the Proposed Corporate and Debt Restructuring Scheme
vide its letter dated 24 December 2002 wherein the SC's approval
was subject, inter-alia, to the appointment by the Company of an
independent audit firm within two(2) months from the date of the
SC's approval letter.
In this regard, AmMerchant Bank on behalf of the Board of
Directors of the Company, announced that AWC Facility Solutions
Berhad has on 24 February 2003 appointed Messrs Ernst & Young as
the said independent audit firm in compliance with the SC's
approval conditions.
The Proposed Corporate and Debt Restructuring Scheme
collectively refers to:
- Proposed Share Exchange
- Proposed Debt Settlement Scheme
- Proposed Acquisitions of Acquiree Companies
- Proposed Restricted Issue
- Proposed Placement and Public Issue
- Proposed Transfer of Listing Status
- Proposed waiver for certain of the Vendors from undertaking
a mandatory general offer for the remaining Shares in AWC
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: Expects to End Restructuring Scheme
-------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) expects to end its
debt-restructuring program within the first half of this year,
after posting net revenues of 4.9 billion pesos in 2002, the
Malaya Newspaper said on Wednesday.
BayanTel Chief Financial Officer Gary Olivar claims the phone
Company has turned the corner. The lower profits resulted from
lower than expected earnings from the fixed line business.
MANILA ELECTRIC: Appoints Mediator to Resolve Row With Napocor
--------------------------------------------------------------
The Manila Electric Co. (Meralco) and the National Power
Corporation (Napocor) will appoint a mediator to resolve their
dispute over their of 10-year power supply contract, the
Philippine Star said Wednesday.
Mediation will enable the two parties to come up with a win-win
solution with the help of a third party that is not necessarily
involved in the case. Getting a mediator will also prevent
Meralco and Napocor from bringing the case to the arbitration
court.
Francisco said they now have a list of names to choose from. "It
is just a matter of selecting one who is acceptable to both
parties," he said.
Both firms hope to resolve the issue within four to five weeks.
MANILA ELECTRIC: Citibank, BPI Starts Evaluating Finances
---------------------------------------------------------
Citibank NA and Bank of the Philippine Islands (BPI) have
started evaluating Manila Electric Co.'s (Meralco) financial
position to draw up plans to address possible cash flow
problems, according to Business World.
Citibank is Meralco' largest private foreign lender, while BPI
is its largest local creditor.
The High Court ruling ordered the utility to refund excess
charges estimated to be between 12 billion and 28.2 billion
Philippine pesos (US$220.66). Meralco has since filed for a
motion for reconsideration.
"If they will ask us to pay now, we may go [into] default since
we presently do not have enough money to service that. Now, the
lead banks are drawing up possible financial plans that will
address this particular cash flow requirement," Meralco Director
Christian S. Monsod said.
Meralco's outstanding loans from its creditors currently amount
to 31 billion pesos-- 9 billion pesos of which are short-term
loans, while the remaining 22 billion pesos are long-term loans.
The government guarantees 32 percent of Meralco's long-term
debts.
The Company needs to pay its lenders a principal amount of about
$95.4 million for this year.
MANILA ELECTRIC: Expects to Boost 1Q02 Earnings
-----------------------------------------------
The Lopez-controlled Manila Electric Co. (Meralco) expects to
increase first quarter earnings due to good sales performance in
the first two months of the year, the Philippine Star reports,
citing Meralco Chief Finance Officer Daniel Tagaza.
Tagaza said this net income projection could become a net loss
if they will not resolve the issue on the deferred purchased
power adjustment (PPA).
"We are still contesting the P1.5 billion that we cannot collect
according to the Energy Regulatory Commission (ERC). If we are
forced to make provisions for these contingencies, it will
definitely wipe out our earnings," he said.
PHILIPPINE LONG: FirstPac Denies Pangilinan Replacement Report
--------------------------------------------------------------
First Pacific Co. Limited (FirstPac) denied a report it is
planning to replace PLDT President Manuel Pangilinan, AFX Asia
said Wednesday, citing FirstPac Executive Vice President Rebecca
Brown.
"There's absolutely no truth to that and that is an
unsubstantiated report. I have no idea where this malicious
story came from. That's pure nonsense," Brown told AFX-Asia by
phone.
An unsourced Philippine Daily Inquirer story said First Pacific
wants Pangilinan removed from his post at PLDT to facilitate the
sale of its 24 pct controlling stake in the company. The report
said Pangilinan, who is also the executive chairman of First
Pacific, will be recalled to Hong Kong.
PLDT officials could not be reached for immediate comment.
PHILIPPINE LONG: FirstPac Denies Selling Stake
----------------------------------------------
First Pacific Co. denied it is in discussions with any parties
to sell its controlling stake in Philippine Long Distance
Telephone Co. (PLDT), BPI Securities reports.
Rumors said Telekom Malaysia Bhd is in talks with First Pacific
major shareholder, the Salim group, about a possible PLDT buy-
in.
DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1
=================
S I N G A P O R E
=================
AEM-EVERTECH: Completes Internal Restructuring
----------------------------------------------
The Board of Directors of AEM-Evertech Holdings Ltd announced
the Company has completed an internal restructuring exercise of
its business operations:
1) The Company's wholly owned subsidiary, AEM-Tech International
Pte Ltd, has transferred its entire shareholdings in the capital
of AEM-Tech Engineers Pte Ltd to the Company comprising 500,000
ordinary shares of S$1.00 each at a consideration of
S$500,000.00.
The consideration for the shares of AEM-Tech Engineers Pte Ltd
is based on the par value of its shares.
2) The Company's wholly owned subsidiary, AEM-Tech Engineers Pte
Ltd, has acquired the entire shareholdings of the following
subsidiaries of the Company:
Name of Companies No of ordinary Consideration
shares and par value
MINTGATE PTE LTD S$1.00
AEM-Tech International Pte Ltd 27,500 @ S$1.00
Kandiah Shivanandan 7,500 @ S$1.00
Lim Hong Tat 15,000 @ S$1.00
AEM - TECH
PLATRONICS PTE LTD 375,000 @ S$1.00 S$375,000 (Par
Value)
AEM-Tech International Pte Ltd 75,000 @ S$1.00 S$100,000
Roslan Bin Affandi 50,000@ S$1.00 S$66,000
Sia Kem Yan@Sia Kim Lian
The shares of Mintgate Pte Ltd are transferred for nominal
consideration.
The consideration for the shares of AEM-Tech Platronics Pte Ltd
in respect of Roslan Bin Affandi and Sia Kem Yan@Sia Kim Lian
respectively is on a "willing-buyer and willing-seller" basis.
3) The Company's wholly owned subsidiary, Ever Technologies Pte
Ltd, has also acquired the entire shareholdings of its
subsidiaries as follows:
Name of Companies No. of Ordinary Consideration
Shares and Par Value
Ever Technologies Sdn Bhd 1 @ RM1.00 S$1.00
Ong Khee Syang 9,999 @ RM1.00 S$99,997
Tan Hui Bin
EMINENT DYNAMIC SDN BHD
Ong Khee Syang 1 @ RM1.00 S$1.00
Tan Hui Bin 999 @ RM1.00 S$1.00
The total consideration of the shares of Ever Technologies Sdn
Bhd is on a "willing-buyer and willing-seller" basis.
The shares of Eminent Dynamic Sdn Bhd are transferred for
nominal consideration.
To effectively & efficiently utilize the Group's resources, the
Company will be consolidating the business/operations of some of
its subsidiaries. The internal restructuring exercise is part of
an on-going review of the Group's operations to rationalize,
streamline and integrate its business processes and activities
in order to maximize operational efficiency and achieve a more
compact organizational structure. This will enable the Group to
meet market challenges and take advantage of available business
opportunities.
The restructuring exercise is not expected to have any material
effect on the earnings per share or net tangible assets of the
Company for the financial year ended 31 December 2002.
None of the Directors or controlling shareholders of the Company
have any interest, direct or indirect, in the transaction,
except as shareholders of the Company.
JADE TECHNOLOGY: Provides Loan Facility With Banks Update
---------------------------------------------------------
Jade Technologies Singapore Limited refers to its announcement
on 21 February 2003 in relation to a loan of S$3 million Loan
from our major shareholder, SILLC Asia, LLC SILLC. SILLC
currently holds approximately 76.2 percent of the issued share
capital of the Company.
The Company announced that it had approached major local banks
for loan facilities. None of the banks were prepared to extend
loan facilities to us. However, they indicated to us that
commercial rates of interest on the loan would range up to 7
percent per annum. Apart from the Loan offered by SILLC, the
Company had no financing alternatives for its immediate working
capital requirements. The interest rate of 6.9 percent per annum
for the Loan was arrived at on the basis of the above and
because it was considered to fall within market parameters.
The Company's Audit Committee, after carefully considering all
the circumstances and the terms of the Loan including the
interest rate, concluded that the Loan was offered on terms more
favorable to the Company than normal commercial terms that could
be achieved under current market circumstances.
In this current financial year, there were no other transactions
with SILLC, or with any other "interested person" as defined in
the Listing Manual of the SGX-ST.
NEPTUNE ORIENT: Analysts Forecast FY02 US$330M Net Loss
-------------------------------------------------------
Neptune Orient Limited (NOL) expects a net loss of US$330M in
2002 versus a loss of US$56.6 million a year earlier, Dow Jones
reports, citing unnamed analysts.
NOL was hit by fears of oil crisis, after the United States and
the United Kingdom proposed new United Nations (UN) resolution
against Iraq.
Neptune Orient Lines Limited (NOL) expects a loss of $181
million in the six months to December 31, versus a loss of $67.2
a year earlier, because of a fall in freight rates and write-
offs of the value of assets, the Troubled Company Reporter-Asia
Pacific recently reports.
The Company has debts of $2.5 billion, with interest payments
accounting for 43 percent of first-half losses. It's planning to
sell bonds secured by some shipping revenue to reduce interest
payments.
===============
T H A I L A N D
===============
ROBINSON DEPARTMENT: Acknowledges Dr Wongtrangan's Resignation
--------------------------------------------------------------
Reference is made the announcement of Robinson Department Store
Public Company on the resignation of Prof. Dr. Kanok Wongtrangan
from his positions as Chief Operation Officer and President of
the Company on 4 February 2003.
On 25 February 2003, the Company acknowledged the resignation of
Prof. Dr. Kanok Wongtrangan as the Company's director, and
reported the director's resignation to The Stock Exchange of
Thailand. The resignation is effective on 1 March 2003.
THAI CHEW: Files Bankruptcy Reorganization Petition
---------------------------------------------------
Dog food producer Thai Chew International Company Limited
(DEBTOR) filed its Petition for Business Reorganization to the
Central Bankruptcy Court:
Black Case Number 1564/2544
Red Case Number- /2545
Petitioner: THAI CHEW INTERNATIONAL COMPANY LIMITED
Debts Owed to the Petitioning Creditor : 397,000,000Baht
Date of Court Acceptance of the Petition : November 19, 2001
Date of Examining the Petition: December 17, 2001 at 9.00 A.M.
Court has postponed the Date for Examining the Petition to
January 28, 2002
Court has postponed the Date for Examining the Petition to
February 25, 2002
Court had issued an Order for the Disposition of the case as the
Petitioner had withdrew the Petition for Reorganization on
February 27, 2002
Contact : Ms. Amornrhat Tel : 6792525 ext. 144
THAI WAH: Discloses Reorganization Plan Implementation Progress
---------------------------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited, pursuant to
the Central Bankruptcy Court order on February 14, 2001
approving the Company's Business Reorganization Plan, reported
the progress on the implementation of Business Reorganization
Plan, as follows:
1. On December 12, 2002, the Central Bankruptcy Court
approved an amendment to the Business Reorganization Plan as
adopted by the special resolution of the creditor meeting on
November 20, 2002
2. On December 27, 2002, the Company paid principal and
interest due together with partial accrued interest to the
creditors under the Debt Restructuring Agreement amounting to
US$1,488,585.49 and Bt39,310,369.48
3. On January 24, 2003, the creditor meeting passed a special
resolution to accept an amendment to the Business Reorganization
Plan proposed by class B directors of the Plan Administrator.
THAI GYPSUM: Investment Sale Completed
--------------------------------------
On 18 February 2003, Thai Gypsum Products Public Company Limited
proposed to sell its 71 percent shareholding in PTG Intertrade
Co., Ltd. (Intertrade) to Khun Krisada Kampanatsanyakorn for a
total price of Bt100.
Thereto, TGP further announced that the sale of the investment
in Intertrade was approved pursuant to the resolution of the
Board of Directors of TGP No. 1/2546 on 14 February 2003 and the
sale of the investment was completed on 25 February 2003.
TGP holding company will realize no loss, other than transaction
costs, from the sale of the investment in its quarterly
financial statements to 31 March 2003 since the investment in
Intertrade had been fully written-off.
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
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contained herein is obtained from sources believed to be
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