/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/030303.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 Monday, March 03, 2003, Vol. 6, No. 43 Headlines A U S T R A L I A ANACONDA NICKEL: Creditors Scheme of Arrangement Completed CHIQUITA BRANDS: April 16 AGM Scheduled CRANSWICK PREMIUM: Federal Court OKs Schemes of Arrangement CRANSWICK PREMIUM: Suspended From Official Quotation ENVIROSTAR ENERGY: Deed of Company Arrangement Proposal Amended GOODMAN FIELDER: TP Publishes Reasons for Declining Application TOWER LIMITED: Taylor Appointed Exec Director to Tower Finance VOICENET (AUST): Liquidates Chilean Subsidiaries C H I N A & H O N G K O N G I&S TRADING: Winding Up Hearing Scheduled in March INNOVATIVE INT'L: Price, Turnover Movements Inexplicable MONTE'S FASHION: Winding Up Sought by Chiu Pak PEERINE TEXTILE: Faces Winding Up Petition RICH ORIENT: Winding Up Petition Pending STRONG HOPE: Winding Up Hearing Scheduled on March 26 I N D O N E S I A DANAMON BANK: Temasek Holdings Invited to Make Direct Bid PAITON ENERGY: Completes Debt Restructuring J A P A N DAIEI INC.: Will Promote Food Sales Under New Revival Plan HANKYU CORPORATION: R&I Places Rating on Monitor Scheme HUIS TEN: Revival Three Years Away, President Says KINKI NIPPON: Swings Into Y3.6B Profit MARUSO SECURITIES: Court Orders Former Executives to Pay Y297M MITSUBISHI ELECTRIC: Closing Mexican Cathode-Ray Display Unit MITSUBISHI TOKYO: BTM Dissolves Unit K O R E A DONGBU GROUP: Regulator Mulls Punitive Measure on Dongbu HYNIX SEMICONDUCTOR: 50 Executives Resign HYUNDAI PETROCHEMICAL: Creditors OK's Sale to Consortium M A L A Y S I A AMSTEEL CORPORATION: Proposed Disposal Completed AUTOWAYS HOLDINGS: KLSE Grants AoA Amendment Time Extension BESCORP INDUSTRIES: Moratorium Period Extended Until March 2004 BUKIT KATIL: All Resolutions Approved at 88th AGM CHG INDUSTRIES: Restructuring Exercise Progressing EPE POWER: Seeks KLSE's Approval on RA Time Extension HIAP AIK: Default in Payment Status Remains Unchanged INTAN UTILITIES: Provides Defaulted Borrowings Status Update JASATERA BHD: Recapitalization Exercise Implementation Underway KUB MALAYSIA: Posts Financial Assistance Disclosure MBF CAPITAL: Appoints BDO Binder as Independent Audit Firm MBF HOLDINGS: Inks Memorandum of Understanding W/ IPVG Corp. PANGLOBAL BERHAD: Discloses Timber Production Figures PICA (M) CORP.: Requisite Announcement Time Extension Pending SPORTMA CORPORATION: KLSE OKs Listing Requirement Time Extension TENCO BERHAD: Defaulted Payment Status Remains Unchanged TRANS CAPITAL: High Court Grants Unit Convene Scheme Meeting P H I L I P P I N E S PHILIPPINE LONG: Drops Adopting New CDMA Technology PHILIPPINE LONG: Hopes US FCC Won't Favor AT&T S I N G A P O R E ELLIPSIZ LIMITED: Posts Changes in Shareholder's Interest ELLIPSIZ LIMITED: Remains in the Red in 2003 NEPTUNE ORIENT: Posts Changes in Shareholder's Interest NEPTUNE ORIENT: Targets Profitability in 2003 PRESSCRETE HOLDINGS: Unit Receives Building Contract T H A I L A N D ASIA HOTEL: Appoints Director Sutipong Ittipong CENTRAL PAPER: Issues Warrant Exercise Details QUALITY HOUSES: Gains Bt31.7M From Debt Restructuring SINO-THAI RESOURCES: Explains 2002 Bt20.9M Net Loss SINO-THAI RESOURCES: SET Posts SP, NP Signs TELECOMASIA CORP.: Omits Dividend Payment, Sets AGM in April - - - - - - - - ================= A U S T R A L I A ================= ANACONDA NICKEL: Creditors Scheme of Arrangement Completed ---------------------------------------------------------- Anaconda Nickel Limited now emerges from a prolonged period of financial and corporate uncertainty, with a clean balance sheet, no foreign exchange or metal hedging, minimal debt and with its focus solely on increasing nickel and cobalt production. The Schemes of Arrangement, approved by the WA Supreme Court on 17 January 2003, between Anacondas two subsidiaries, Murrin Murrin Holdings Pty Limited and Anaconda Nickel Holdings Pty Ltd and their respective secured creditors (Scheme Creditors), became effective on 28 February 2003 and all conditions and obligations have now been satisfied. Following the successful completion of Anacondas $323 million Renounceable Rights Issue the cash payment of US$114 million has been paid in full and complete satisfaction of the secured debt obligations owed by Anaconda group companies to the Scheme Creditors. Below are the Scheme key points: * Court-approved creditors schemes of arrangement is now complete * Secured creditors now paid out * Anaconda recapitulated with more than $100 million in the bank * Fully-funded capital program Anaconda CEO Peter Johnston said, "After so much confusion and uncertainty, I am looking forward to refocusing our efforts on increasing nickel production, reducing operating costs and creating value for shareholders. We are approximately half way through a $100 million capital program to rectify design and construction defects with the Murrin Murrin plant, enabling the plant achieve its design capacity of 40,000 tonnes of nickel per annum by the end of 2003." "Nickel production will steadily ramp up to capacity over the next 12 months, at a time when world nickel prices are very strong and are forecast to remain strong for the foreseeable future. The nickel price is being driven by a number of fundamental market forces, including increasing demand for nickel from stainless steel producers, a lack of new supply and low stockpiles of nickel." "With the unsustainable debt burden lifted, the balance sheet cleaned up and the Company recapitulated, we are now focused on delivering returns for shareholders and have the capacity to consider future growth opportunities." "This result is the culmination of 12 months work by a dedicated team. It has been a very unsettling period for our shareholders, and I would like to publicly express my thanks for their strong and continuing support for the Company and the management team" said Mr Johnston. CHIQUITA BRANDS: April 16 AGM Scheduled --------------------------------------- Chiquita Brands South Pacific Limited notified that its Annual General Meeting will be held at the Hilton Sydney Airport, 20 Levey Street, Wolli Creek NSW 2205, on 16 April 2003 at 9:45 am. GENERAL BUSINESS 1. FINANCIAL STATEMENTS AND REPORTS To receive and consider the Financial Report of the Company and the Consolidated Financial Statements of the Company and the Company's controlled entities, Reports of the Directors' and the Auditor's Report for the year ended 31 December 2002. 2. ELECTION OF DIRECTORS (a) To consider and, if thought fit, to pass the following resolution as an ordinary resolution: "That Anthony Geoffrey Hartnell be elected as a Director of the Company." Without limitation, Rule 6.4(a) of the Constitution of the Company is relevant to this resolution. (b) To consider and, if thought fit, to pass the following resolution as an ordinary resolution: "That Craig Allan Stephen be elected as a Director of the Company." Without limitation, Rule 6.4(a) of the Constitution of the Company is relevant to this resolution. Wrights Investors' Service reports that at the end of 2002, the Company had negative working capital, as current liabilities were A$57.88 million while total current assets were only A$55.48 million. It has paid no dividends during the last 12 months and company also reported losses during the previous 12 months. CRANSWICK PREMIUM: Federal Court OKs Schemes of Arrangement ----------------------------------------------------------- The Federal Court on Thursday approved the Schemes of Arrangement between Evans & Tate Limited and Cranswick Premium Wines Limited, being the final approval under the Corporations Act required for the merger of the two companies. The Record Date for determining entitlements under the Schemes is 6 March 2003 with the Completion Date anticipated to be 17 March 2003. "We are very pleased that the Schemes of Arrangement are nearing completion and Evans & Tate's acquisition can be crystallized. The process has been a long one and we are looking forward to integrating the two companies to form one of Australia's largest fully integrated wine companies", said Chairman and Chief Executive Officer, Franklin Tate. Evans & Tate and Cranswick announced their initial intention to merge in June 2002. Following the due diligence process the terms were renegotiated and the revised merger terms were announced on 27 September 2002. Throughout the Scheme period some doubt existed that the transaction would be completed. Notwithstanding this, Evans & Tate wanted to expedite the process and commence integrating Cranswick's business as quickly as possible following completion, while Cranswick was understandably uncomfortable in handing over control to Evans & Tate prior to completion or to commit to any joint plans regarding marketing of their products. However, Evans & Tate has learnt from previous experience that it is necessary to maintain brand awareness of products. Accordingly Evans & Tate has assisted Cranswick on an arms length basis in developing marketing plans for the Salisbury range both in the US and Australia. "Both Evans & Tate and Cranswick believed it was necessary throughout the period of the Schemes to look forward and put in place various marketing plans for the Cranswick products, such as the new Salisbury range, to be re-launched at the end of March 2003. Evans & Tate was able to utilize its domestic strengths and use its distribution company in the US, Scott Street Portfolio, to develop these plans so that, on completion, the products will remain in the market place and brand awareness continues," said Mr Tate. Evans & Tate Limited proposes to release its half yearly results to 31 December 2002 on Wednesday 5 March 2003. CRANSWICK PREMIUM: Suspended From Official Quotation ---------------------------------------------------- The securities of Cranswick Premium Wines Limited was suspended from quotation immediately, at the request of the Company, following approval by the Federal Court of Australia of the Schemes of Arrangement between the Company and its security holders. It was expected that the trading of new Evans & Tate Limited shares (ASX Code: ETWN) and Evans and Tate Limited convertible notes (Australia Stock Exchange Code: ETWG) commenced trading on Friday, 28 on a deferred settlement basis. ENVIROSTAR ENERGY: Deed of Company Arrangement Proposal Amended --------------------------------------------------------------- Envirostar Energy Limited (Administrators Appointed) ACN 004 119 304 refers to the Administrators' Second Report to Creditors, which was distributed on 19 February 2003. N D Seaton, Joint and Several Administrator informed of an amendment to the proposal for a Deed of Company Arrangement which has been received on behalf of the syndicate represented by Great Pacific Financial Group Pty Limited (GPFG). The original proposal was that GPFG would contribute the sum of $1,766,000.00 in exchange for new fully paid shares, such that GPFG would hold 50% of the issued share capital. GPFG's proposal has been amended. The amended proposal provides that GPFG will still contribute the sum of $1,766,000.00, in exchange for which it will hold 204 million new ordinary shares in Envirostar, which represents approximately 77% of the issued share capital. GPFG have informed that it is unable to include in its proposal the offer of shares to creditors, due to the difficulties associated with the disclosure requirements of the ASX and ASIC. The Administrators are informed by GPFG that after it receives the shares in Envirostar (and once the Deed of Company Arrangement has been fully effectuated), GPFG will offer creditors the opportunity to have any shortfall between the cash distribution they receive under the Deed and their outstanding debt, topped up, by the issue of new shares in the Company. The Administrators are also informed by GPFG that such an issue will only take place where the creditor confirms in writing that it will continue to honor all previous contractual arrangements between the company and themselves, such that any unperformed services and/or undelivered equipment and machinery components, which are already paid for, will be performed and/or delivered in good working condition as reasonably expected from a reputable supplier. In the light of this amended proposal, the Administrators' opinion has not changed. Having regard to all the matters set out in the Administrators' report and also bearing in mind the matters set out in this circular, it is still the Administrators' opinion that it would be in the best interests of the company's creditors for the company to execute the proposed Deed. GOODMAN FIELDER: TP Publishes Reasons for Declining Application --------------------------------------------------------------- The Takeovers Panel announces that it has published its reasons for declining to commence proceedings in an application concerning Burns Philp's takeover bid as it relates to the affairs of Goodman Fielder Ltd. The application was made by Goodman Fielder on 19 February 2003. The Panel announced its decision on 20 February 2003. Goodman Fielder alleged that unacceptable circumstances existed because Burns Philp failed to finalize its bid financing within 2 months of announcing its bid, had made an offer that was not yet capable of acceptance (because of the financing conditions) and had not kept Goodman Fielder shareholders informed of the status of the financing conditions, the defeating conditions of its offers and of Burns Philp's intentions regarding the business of Goodman Fielder. The Panel did not agree with Goodman Fielder's concerns, nor its assertion that section 631 of the Corporations Act required Burns Philp to finalize its financing within any period suggested by Goodman Fielder. The Panel considered that Goodman Fielder had not provided evidence that Burns Philp had done other than progress the financing of its bid, and inform the market as to the material points of progress of the financing. The bid at the time of the Panel's decision remained subject to the withdrawal rights which the Panel required to be given to Goodman Fielder shareholders in the Goodman Fielder 01 proceedings, so any acceptors are not locked into the offer. In addition, Burns Philp's offer was then still awaiting the decision of the New Zealand Commerce Commission. The Panel's reasons for its decision are available on its website at http://www.takeovers.gov.au/Content/Decisions/2003/goodman_27020 3.asp The sitting Panel comprises Ilana Atlas (sitting President), Michael Tilley and Marian Micalizzi. TOWER LIMITED: Taylor Appointed Exec Director to Tower Finance -------------------------------------------------------------- In accordance with the ASX Listing Rules, please note that following on from the announcement dated 19 February 2003, Keith Taylor, Acting Chief Executive of TOWER Limited, has also been appointed to the Board of TOWER Finance Limited as an Executive Director. Mr Taylor will serve in this position while a permanent appointment to the Group Chief Executive role is finalized. Early last month, the Troubled Company Reporter - Asia Pacific reported that the Company has announced a A$74.9 million loss for the year to September 2002. It has undergone a number of one-off costs including restructuring, IT write-downs, redundancy costs and the re-evaluation of Bridges, which along with weak international investments markets, contributed to the 2002 loss. VOICENET (AUST): Liquidates Chilean Subsidiaries ------------------------------------------------ The Directors of Voicenet (Aust) Limited have resolved to appoint a liquidator for the project in Chile. This decision has been made after careful consideration and follows the inability of the Chilean subsidiaries to provide a positive cash contribution to Voicenet (Aust) Limited. Geoff McDonald of Hall Chadwick, Sydney, is coordinating the liquidation. The liquidator is to be instructed to either restructure the project or to sell the project to a third party in order to return some value to Voicenet (Aust) Ltd and to satisfy creditors. ================================ C H I N A & H O N G K O N G ================================ I&S TRADING: Winding Up Hearing Scheduled in March -------------------------------------------------- The High Court of Hong Kong will hear on March 12, 2003 at 9:30 in the morning the petition seeking the winding up of I&S Trading Company Limited Bank of China (Hong Kong) Limited (the successor of all the undertakings of The Kwangtung Provincial Bank Hong Kong Branch by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on January 7, 2003. INNOVATIVE INT'L: Price, Turnover Movements Inexplicable -------------------------------------------------------- The Board of Directors of Innovative International (Holdings) Limited has noted the recent increase in price and trading volume of Company shares and stated that the Board is not aware of any reasons for such increases. 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. MONTE'S FASHION: Winding Up Sought by Chiu Pak ---------------------------------------------- Chiu Pak Hang is seeking the winding up of Monte's Fashion Company Limited. The petition was filed on January 8, 2003, and will be heard before the High Court of Hong Kong on March 5, 2003 at 9:30 in the morning. Chiu Pak holds its registered address at 2/F., 23 Ning Po Street, Yaumatei, Kowloon, Hong Kong. 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. PEERINE TEXTILE: Faces Winding Up Petition ------------------------------------------ The petition to wind up Peerine Textile Manufacturing Co. Limited is set for hearing before the High Court of Hong Kong on March 12, 2003 at 9:30 in the morning. The petition was filed with the court on January 7, 2003 by Bank of China (Hong Kong) Limited (the successor of all the undertakings of Hua Chiao Commercial Bank Limited by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. RICH ORIENT: Winding Up Petition Pending ---------------------------------------- Rich Orient Holdings Limited is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on March 5, 2003 at 10:00 in the morning. The petition was filed on January 10, 2003 by Tung Kung Chiu of Room 3701, Wah Koon House, Wah Sum Estate, Fanling, Hong Kong. STRONG HOPE: Winding Up Hearing Scheduled on March 26 ----------------------------------------------------- The High Court of Hong Kong will hear on March 26, 2003 at 9:30 in the morning the petition seeking the winding up of Strong Hope Development Limited. Limbu Chandra Kumari of Room 1, 4/F., 397 Un Chau Street, Shamshuipo, Kowloon, Hong Kong filed the petition on February 7, 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. ================= I N D O N E S I A ================= DANAMON BANK: Temasek Holdings Invited to Make Direct Bid --------------------------------------------------------- Temasek Holdings has been invited to make a direct bid for PT Bank Danamon, the Business Times reports citing unidentified sources. This comes after government-linked DBS Group, which has Temasek as its largest shareholder, ruled out making any more acquisitions in the near term. In the past, most of Temasek's investments were made through government-linked companies. Recently, it was reported that Temasek has appointed Goldman Sachs as financial advisor for its planned participation in the bidding for a 51 percent in Bank Danamon. However, it is unclear whether Temasek will bid through Development Bank of Singapore or whether Goldman Sachs will also help it fund the acquisition. PAITON ENERGY: Completes Debt Restructuring ------------------------------------------- PT Paiton Energy, a joint venture company principally owned by Edison Mission Energy and General Electric Capital of the US, and Mitsui & Co Ltd of Japan, has successfully completed its debt restructuring, AFX-Asia reports, quoting its senior lenders. As part of the debt restructuring, the Export Import Bank of the United States (USEXIM) provided a direct loan of UIS$381 million to reduce the company's outstanding debt owed to a group of 38 international commercial banks. According to Robert Edgell, President of Edison Mission Energy Asia, "this is achievement should send positive signals to the investment community that Indonesia is an important destination for long-term equity investment. We are especially pleased that the United States government through USEXIM has become a direct lender to Paiton by injecting US$381 million of fresh financing into the project." "We also appreciate the support of the commercial banks who agreed to remain in the project," Paiton Energy President Director Ronald Landry said, adding that the entry of USEXIM and continued support and participation of the key financing agencies of Japan and the US, JBIC, OPIC and NEXI, signal the confidence of these agencies in the economic policies of the government of Indonesia. The project's four major lenders are USEXIM, along with the Japanese Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) of Japan, and the US Overseas Private Investment Corporation (OPIC). ========= J A P A N ========= DAIEI INC.: Will Promote Food Sales Under New Revival Plan ---------------------------------------------------------- Ailing retailer Daiei Inc. announced a new rehabilitation plan designed to focus manpower resources on sales of foods and daily necessities and create a simpler marketing structure, Kyodo News said on Friday. The scheme will be announced by Daiei President Kunio Takagi on March 5 and will be supported by three major creditors namely UFJ Bank, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank. HANKYU CORPORATION: R&I Places Rating on Monitor Scheme ------------------------------------------------------- Rating and Investment Information, Inc. (R&I), has placed the following ratings of Hankyu Corporation on the Rating Monitor scheme, with a view to downgrading them: Senior Long-term Credit Rating; Long-term Bonds (12 Series) Preliminary Rating for the Shelf Registration scheme R&I RATING: (BBB) Placed on the Rating Monitor scheme with a view to downgrading) Long-term Bonds (7 series) (with no negative pledge) ISSUE: Preliminary Rating for the Shelf Registration Scheme Issue Amount (mn): Yen 200,000 (Shelf Amount) Issue Period: Two years from Mar 19, 2002 R&I RATING: (BBB-) (Placed on the Rating Monitor scheme with a view to downgrading) ISSUE: Domestic Commercial Paper Program R&I CP RATING: (a-2) (Placed on the Rating Monitor scheme with a view to downgrading) RATIONALE: Hankyu Corporation would budget in massive extraordinary losses at the end of the current term ending March 2003 in order to reduce future losses. While the company will reduce losses for multiple development sites, those losses are on a scale exceeding R&I's expectations. The result will upset the balance between business risk and the level of actual capital hitherto assumed by R&I. R&I will announce new ratings after verifying the contents of these measures. HUIS TEN: Revival Three Years Away, President Says -------------------------------------------------- Michitake Moriyama, President of Huis Ten Bosch Co., said that the Company's rehabilitation would take three years, Japan Times said on Friday. The Company filed for court protection from creditors Wednesday, with total obligations of 228.9 billion yen. The 1.5 million square meter Dutch theme park and resort facility will continue to operate, with Mizuho Corporate Bank, the main lender, pledging to offer financing while the operator tries to find sponsors for its rehabilitation. KINKI NIPPON: Swings Into Y3.6B Profit -------------------------------------- Kinki Nippon Tourist Co. swings back to the black with a consolidated pretax profit of 3.60 billion year in the year ending December, versus a pretax loss of 534 million yen in the previous year, due largely to cost reductions, Kyodo News reports. Kinki Nippon Tourist also reported a consolidated net profit of 2.45 billion yen for the just-ended business year, up 4.8 percent over the previous year. According to Wright Investor's Service, at the end of 2001, Kinki Nippon Tourist Co Limited had negative working capital, as current liabilities were 133.28 billion yen while total current assets were only 99.75 billion yen. MARUSO SECURITIES: Court Orders Former Executives to Pay Y297M -------------------------------------------------------------- The Tokyo District Court ordered six former executives of failed Maruso Securities Co. to pay 297 million yen in damages to 122 clients who bought foreign bonds from the brokerage and lost their money, according to Kyodo News on Friday. The names of the executives were not mentioned in the report. The court awarded the full amount claimed by the plaintiffs, saying they were not properly warned of the investment risks. MITSUBISHI ELECTRIC: Closing Mexican Cathode-Ray Display Unit ------------------------------------------------------------- Mitsubishi Electric Corporation will close a Mexican unit that makes cathode-ray tube displays and the United States unit that oversees the Mexican plant, due to declining sales, Bloomberg reports. The names of the subsidiaries were not disclosed in the report. The chipmaker will take a 15 billion yen ($128 million) charge on the closures, which will take place in March 2004. The losses were already factored into the Company's earnings forecast. Mitsubishi Electric Corporation posted a profit of 1.1 billion yen in the third quarter of last year, versus a loss of 38.4 billion yen, the Troubled Company Reporter-Asia Pacific reported recently. The chipmaker recorded hefty losses in 2002 as the IT slump and heated global competition ate into earnings, especially in semiconductors and telecom equipment. MITSUBISHI TOKYO: BTM Dissolves Unit ------------------------------------ Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu Miki) announced Tuesday that The Bank of Tokyo- Mitsubishi, Ltd. (BTM), a member bank of MTFG, has formally decided to dissolve The Diamond Mortgage Co, Ltd. (DMC) on February 28, 2003. The planned dissolution of DMC, a consolidated subsidiary of BTM, was originally announced on September 24, 2002. Credit provided by BTM to DMC may eventually not be repaid due to this event. 1. Outline of DMC (1) Address: 1-8 Nihonbashi 3-chome, Chuo-ku, Tokyo (2) President: Shoichi Fukui (3) Capital: Japanese yen 6,865 million (4) Business: Mortgage securities business 2. Event and date of occurrence BTM has formally decided that its consolidated subsidiary DMC will be dissolved as of February 28, 2003. 3. Outstanding credit balance to DMC BTM: Japanese yen 42,800 million 4. Influence on MTFG's business forecast This event is not expected to have any material effect on MTFG's previously announced business forecast for the current fiscal year. For further information, please contact: Masahiko Tsutsumi, Chief Manager, Public Relations Office Tel. No. 81-3-3240-8136 ========= K O R E A ========= DONGBU GROUP: Regulator Mulls Punitive Measure on Dongbu -------------------------------------------------------- The Financial Supervisory Service (FSS) has been considering punitive measures for the Dongbu group. The group's two insurance units Dongbu Fire and Marine and Dongbu Insurance, allegedly violated corporate acquisition regulations in July in 2002, when the group was in the process of purchasing Anam Semiconductor, according to Digital Chosun on Friday. The financial subsidiaries of the group did not get approval for the chaebol financial units' acquisition of a stake over 5 percent in other firms, the FSS said. The report said that the Dongbu group's financial units purchased on July 5 a 9.7 percent stake, worth 60 billion won in Anam, and on July 10, Dongbu Engineering and Construction, the construction unit of the group, acquired an additional 16.14 percent stake in the chip firm, securing the managerial right of Anam. HYNIX SEMICONDUCTOR: 50 Executives Resign ----------------------------------------- Hynix Semiconductor Inc. said that 50 senior executives tendered their resignations on Thursday, following shareholder approval of a bailout plan for the chipmaker, Digital Chosun and Reuters reported. The firm's former Chief Executive Officer Park Sang-ho, submitted his resignation on Wednesday, forecasting a large- scale manpower-restructuring move at the firm. The executives decided to resign to show they accept responsibility for the several trillions of won in deficit the firm accumulated in recent years. DebtTraders reports that Hyundai Semiconductor's 8.625 percent bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1 HYUNDAI PETROCHEMICAL: Creditors OK's Sale to Consortium -------------------------------------------------------- Creditors of Hyundai Petrochemical Co. Limited agreed to sell the Company to a consortium comprising LG Chem Limited and Honam Petrochemical Corporation, AFX Asia reports, citing Woori Bank said. The consortium will acquire the Company for a total of 1.74 trillion won, including 600 billion won in capital injection and 800 billion won in borrowings. LG Chem amd Honam will each hold a 50 percent stake in the Company. =============== M A L A Y S I A =============== AMSTEEL CORPORATION: Proposed Disposal Completed ------------------------------------------------ (i) Proposed disposal of 150,000 ordinary shares of RM1.00 each representing 100% equity interest in Optima Jaya Sdn Bhd (OJSB), a wholly-owned subsidiary of Amsteel Corporation Berhad (Amsteel) to SCB Developments Berhad (SCB) for a consideration of RM150,000 to be settled pursuant to proposal (iii) below (Proposed Disposal); (ii) Proposed assumption of certain liabilities of OJSB by Amsteel amounting to RM112,681,542 and waiver by Amsteel of RM87,244,640 owing by OJSB to Amsteel; and (iii) Proposed Settlement by SCB of the consideration for the Proposed Disposal of RM150,000 and the net aggregate amount of RM113,850,000 owing by OJSB to Amsteel via a cash payment of RM10,000,500 and the balance of RM103,999,500 by an issue of 23,111,000 ordinary shares of RM1.00 each in SCB valued at RM4.50 per SCB share The Board of Directors of Amsteel Corporation Berhad announced that following the satisfaction of all conditions precedent, the Proposed Disposal has been completed on 27 February 2003. AUTOWAYS HOLDINGS: KLSE Grants AoA Amendment Time Extension ----------------------------------------------------------- Autoways Holdings Berhad (in Liquidation) informed that the Kuala Lumpur Stock Exchange (KLSE) has granted AUTOWAY a further extension of time until 31 March 2003 to amend its Articles of Association (AoA) in order to incorporate Chapter 7 of the KLSE's Listing Requirements. COMPANY PROFILE On 21 May 1999, Autoways announced a proposed restructuring scheme to enable it to continue as a going concern and return it to profitability. The Shah Alam High Court granted the Company and subsidiary, Autoways Construction Sdn Bhd, a restraining order pursuant to Section 176 (10) of the Companies Act, 1965, which had been extended and expired on 19 December 2000. The Company and the Group are currently formulating a revised proposed restructuring scheme. Details and timing of the scheme are pending finalization. CONTACT INFORMATION: 2nd Floor, Wisma Socfin Jalan Semantan Damansara Heights 50490 Kuala Lumpur Tel : 03-4680050 Fax: 03-4680051 BESCORP INDUSTRIES: Moratorium Period Extended Until March 2004 --------------------------------------------------------------- The Special Administrators of Bescorp Industries Berhad (Special Administrators Appointed) informed that the moratorium under Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the Act) which took effect from 2 March 2000 has been extended to 1 March 2004. The extension is pursuant to Section 41(3) of the Act. During the period of the moratorium no creditor may commence or proceed with action against the Company except in accordance with Section 41 of the Act. BUKIT KATIL: All Resolutions Approved at 88th AGM ------------------------------------------------- Bukit Katil Resources Berhad refers to the Eighty-Eighth Annual General Meeting and informed that all resolutions as per the Notice of the Eighty-Eighth Annual General Meeting (88th AGM) of Bukit Katil Resources Berhad dated 5 February 2003, were duly passed at the 88th AGM held at East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur on Thursday, 27 February, 2003. The Board of Directors of BKRB further provided an update on the details of all facilities currently in default in compliance with Section 3.1 of Practice Note 1/2001, found at http://www.bankrupt.com/misc/TCRAP_Bkatil0228.pdf. CHG INDUSTRIES: Restructuring Exercise Progressing -------------------------------------------------- Pursuant to paragraph 8.14 of the Kuala Lumpur Stock Exchange's (KLSE) Listing Requirements and paragraph 4.1 (b) of Practice Note No. 4/2001 of the KLSE Listing Requirements (PN4), CHG Industries Berhad is required to announce the status of its plan to regularize its financial condition on a monthly basis until further notice from the KLSE. The Company wishes to inform that it is progressing with the restructuring exercise. The Company also wishes to announce that Messrs. BDO Binder has been appointed as the independent investigative audit firm. This announcement serves as the status of the Company's restructuring plan due for release on 3 March 2002. EPE POWER: Seeks KLSE's Approval on RA Time Extension ----------------------------------------------------- Further to the announcement by Commerce International Merchant Bankers Berhad (CIMB) on 2 January 2003, in view that EPE Power Corporation Berhad has yet to receive all the lenders' approval on the proposed debt restructuring scheme, EPE will not be able to meet the deadline to make the Requisite Announcement by 28 February 2003. Hence, CIMB, on behalf of EPE, had on 20 February 2003 submitted an application to the KLSE for a further extension of two (2) months to 30 April 2003 to make the Requisite Announcement of its plan to regularize its financial condition. HIAP AIK: Default in Payment Status Remains Unchanged ----------------------------------------------------- Further to the announcement made on 15 January 2003 pertaining to the default in payment in relation to Practice Note No. 1/2001, Hiap Aik Construction Berhad (Special Administrators Appointed) announced that there is no change to the status in respect of the default in payment in registered holders of 8% Irredeemable Convertible Unsecured Loan Stocks 2001/2006. COMPANY PROFILE Construction company Hiap Aik Construction Bhd (HACB) has been operating from Malacca since incorporation. Prior to its incorporation, the founder of HACB, Yap Seng Hock, started the business under a partnership in the early 1960s. During the early years of the Company, it was involved in construction works for plantation companies, Dunlop Estates Bhd and Kumpulan Guthrie Bhd. As the Company expanded over the years, it diversified into construction for the government and private sectors. Today, HACB is a registered "Class A" contractor and currently, the Group's job order book and work-in- progress total approx. RM351m. The Company also has its own timber molding operations. Production capacity of these operations is 50 tons of timber per month for the manufacture of plywood flush doors, window frames and other timber-related products. All the timber molding products manufactured are used solely for the Company's construction activities. In line with diversification plans in 1993 and 1994, HACB ventured into the manufacturing of cement sand bricks and precast blocks as well as trading and distribution of building materials. In 1995, HACB ventured into property development in Sungai Besi and Malacca. This was followed by the Company's diversification into oil palm plantations in 1999. CONTACT INFORMATION: 327-A, Taman Melaka Raya 75000 Melaka Tel : 06-2848398; Fax : 06-2838086 INTAN UTILITIES: Provides Defaulted Borrowings Status Update ------------------------------------------------------------ Further to the announcements dated 27 January 2003 and pursuant to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and Practice Note No. 1/2001, the Board of Directors of Intan Utilities Berhad announced the summary of the borrowings in default and the steps taken to address the defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn Bhd, 69% effectively-owned subsidiaries of Intan Utilities Berhad, details of which are attached at http://www.bankrupt.com/misc/TCRAP_Intan0303.xls. JASATERA BHD: Recapitalization Exercise Implementation Underway --------------------------------------------------------------- Reference is made to paragraph 4.1 (b) of PN 4/2001 whereby listed issuer Jasatera Berhad is required to announce the status of it's financial position on a monthly basis until further notice from the KLSE. Further to the announcement dated 29 January 2003, the Securities Commission (SC) had replied that it will consider the proposed exemption (sought by Dato' Koo Yuen Kim, Dr. Koo Woon Kim and parties acting in concert with them from an obligation to extend a general mandatory offer for the remaining voting shares in Jasatera not already owned by them) pursuant to Practice Note 2.9.1 of the Malaysian Code on Takeover & Mergers 1998 subject to the fulfillment of conditions as set out in it's letter dated 18 February 2003 which was announced by the Company on 24 February 2003. The Company is currently in the midst of implementing the Revised Proposed Recapitalization Exercise. KUB MALAYSIA: Posts Financial Assistance Disclosure --------------------------------------------------- Pursuant to Paragraph 8.23 (1) (ii) and Practice Note 11 of the Kuala Lumpur Stock Exchange Listing Requirements, KUB Malaysia Berhad announced the financial assistance rendered to its non- wholly owned subsidiaries for the period from 1 October 2002 to 31 December 2002 as attached at http://www.bankrupt.com/misc/TCRAP_KUB0303.xls. The financial assistance rendered for the aforesaid period is not expected to have any material financial impact in terms of earnings, net tangible assets and also liquidity to the Company and Group. The Troubled Company Reporter - Asia Pacific reported that KUBTrus Sdn Bhd (KUBTrus), a 73.5% owned joint-venture company of the Company, faces winding-up petition No. D28-1189-2002 presented at the Kuala Lumpur High Court on 27 December 2002 served by Edaran Juta Premium Sdn Bhd (EJP) for a claim of RM34,500.00 together with interest thereon at 8% per annum from 10 November 2001 to the date of full satisfaction (Amount Claimed). MBF CAPITAL: Appoints BDO Binder as Independent Audit Firm ---------------------------------------------------------- Further to the announcement dated 31 December 2002, Alliance Merchant Bank Berhad, on behalf of the Board of Directors of MBf Capital Berhad, announced that, the Company had on 27 February 2003 appointed BDO Binder as the independent audit firm to carry out investigative audit on the past losses incurred by MBf Capital and its subsidiary companies. The appointment of independent audit firm is one of the conditions imposed by the Securities Commission for the approval of the Proposals granted on 30 December 2002. The Proposals collectively refers to: * Proposed Capital Reduction; * Proposed Consolidation; * Incorporation of Perfect Utilization Sdn Bhd (PUSB); * Proposed Scheme of Arrangement; * Proposed Subsidiary Debt Restructuring and Debt Settlement; * Proposed Internal Reorganization; * Proposed Transfer of Listing Status; * Proposed Liquidation/Disposal; * Proposed Acquisitions; and * Proposed Employees' Shares Option Scheme (ESOS). MBF HOLDINGS: Inks Memorandum of Understanding W/ IPVG Corp. ------------------------------------------------------------ The Board of Directors of MBf Holdings Berhad wishes to announce that its subsidiary companies namely Grogram Limited, MBf International Limited and MBf Asia Capital Corporation Holdings Limited [collectively "MBf Group"] have entered into a Memorandum of Understanding (MOU) with the shareholders of IPVG Corp. namely Jamie C. Gonzalez, Enrique Y. Gonzalez, Marie Constance Y. Gonzalez, Carlo Navarro and Srinivas Polishetty [collectively "IPVG shareholders"] to outline the interests and intents of both parties in MBf , Inc. prior to the execution of the Memorandum of Agreement (MOA). The execution of the MOA shall be after the completion of the due diligence audit whereby the parties find their respective audit findings to be satisfactory. The objectives for the execution of the MOU are: * On the part of MBf Group, to the extent possible, recover the original value of their investment in MBf Inc. through injection of a viable business into MBf, Inc., which is expectedly will enhance the value of its shares; * On the part of IPVG shareholders, to acquire a listed company which will serve as vehicle for raising capital to finance its expansion projects To accomplish the aforesaid objectives, the parties have agreed to undertake the following corporate reorganization: * To enhance the value of MBf, Inc., a statutory merger shall take place between MBf, Inc. and IPVG, with the former as the surviving entity (the'New MBf'); * After the merger, MBf Group will convey their shares in New MBf to the IPVG shareholders to the extent that the latter shall end up owning 75% share in the outstanding capital stock of the New MBf, thereby effectively reducing MBf Group's shareholdings in the New MBf, with the shareholdings of the public combined, to a total of 25% of the outstanding capital stock of the New MBf. Information on MBf, Inc. MBf, Inc. a company incorporated in Philippines, is a 93.55% ultimate subsidiary of MBfH. The authorized share capital is Php 500,000,000 comprising 500,000 shares of Php 1.00 each. The issued and paid-up capital is Php 365,708,770 consisting of 365,708,770 shares of Php 1.00 each. Information of IPVG IPVG is incorporated in Philippines and is engaged in the business of providing internet, intranet and other telecommunications value-added services to any and all types of information technology users etc. The authorized capital is Php 5,000,000 divided into 5,000,000 shares of Php1.00 each. IPVG has issued a total of 1,250,000 shares of Php 1.00 each ; out of which 1,184,375 shares have been paid up. Financial Effect The MOU will not have any material effect on the MBfH Group. PANGLOBAL BERHAD: Discloses Timber Production Figures ----------------------------------------------------- PanGlobal Berhad announced that the production volume of timber of its wholly-owned subsidiary, Limbang Trading (Limbang) Sdn Bhd for the month of January 2003 was 29,770.37 cubic meters. COMPANY PROFILE The Group's principal activities include general insurance business, extraction of logs, sawmilling and manufacturing of veneer, coal mining, property investment and development, rental of office and commercial premises and operation of hotel apartments. The Company was originally a housing developer. In 1966, the Company disposed of these activities and entered into the towel and yarn manufacturing business. Over the years, the Company diversified its activities into property development, computers and insurance. The Company maintains its insurance operations through PanGlobal Insurance Bhd, with head office in Kuala Lumpur and branches in 12 states. It transferred its towel manufacturing operations to one of its subsidiaries in 1987, thus becoming a purely investment holding company. Subsequently, the Company, in 1994, disposed of its property development division and computer division and, in 1995, its textile operations. Following this, the Company became involved in timber extraction and related activities and operation of a coal mine. Both activities are carried out in Sarawak. An affected listed issuer under Practice Note 4/2001 of KLSE's Listing Requirements, the Company has submitted a proposed composite scheme of debt arrangement to the SC and the relevant authorities. The proposals are awaiting approval from SC, the High Court of Malaya and shareholders. A Restraining Order under Section 176 of the Companies Act, 1965, granted to PanGlobal together with four of its subsidiaries (PanGlobal Properties Sdn Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15 November 2002. This Restraining Order affects only banking creditors. CONTACT INFORMATION: Level 27, Menara IMC 8 Jalan Sultan Ismail 50250 Kuala Lumpur Tel : 03-2019199 Fax : 03-2023977 PICA (M) CORP.: Requisite Announcement Time Extension Pending ------------------------------------------------------------- Further to the announcement by Commerce International Merchant Bankers Berhad (CIMB) on 2 January 2003, in view that Pica (M) Corporation Berhad has yet to receive all the lenders' decisions on the proposed debt restructuring scheme, PICA will not be able to meet the deadline to make the Requisite Announcement by 28 February 2003. Hence, CIMB, on behalf of PICA, has on 27 February 2003 submitted an application to the KLSE for a further extension of time of two (2) months to 28 April 2003 to make the Requisite Announcement of its plan to regularize its financial condition. SPORTMA CORPORATION: KLSE OKs Listing Requirement Time Extension ---------------------------------------------------------------- On behalf of the Special Administrators of Sportma Corporation Berhad, Affin Merchant Bank Berhad (Affin Merchant) announced that Kuala Lumpur Stock Exchange (KLSE), vide its letter dated 25 February 2003, has approved the extension of time for Sportma/Harn Len Corporation Bhd (Harn Len) to comply with the 25% public shareholding spread requirement within six (6) months upon listing and quotation of Harn Len shares. The vendors of the acquiree company and acquiree assets (Vendors) who will become the ultimate substantial shareholders of Harn Len, have vide their letter dated 17 January 2003 jointly and severally irrevocably undertake to ensure that at least 25% of Harn Len's issued and paid up share capital shall be in the hands of public shareholders within six (6) months from the date of listing and quotation of Harn Len shares. In the event Harn Len is unable to meet the public shareholding spread requirement, the Vendors would undertake to dispose off through the open market and/or off market placements such number of Harn Len shares in order to meet the said requirement. The Vendors undertaking to comply with the public shareholding spread requirement has also been approved by the Securities Commission vide their approval letter dated 13 November 2002. In addition, Harn Len is required to release announcements on a bi-monthly basis and no later than fourteen (14) days from the expiry of the two (2) months period from the listing date to state the status of its plan to meet the 25% spread and an explanation of the reason as to the lack of progress (if any). Furthermore, Harn Len shall be subject to a trading restriction in that full payment must be made before purchase of its securities can be effected. The trading restriction will be uplifted upon confirmation from Harn Len on compliance of the 25% public shareholding spread requirement. TENCO BERHAD: Defaulted Payment Status Remains Unchanged -------------------------------------------------------- The Board of Directors of Tenco Berhad informed that there is no material development to the status of the default payment to Lenders as announced previously on 31 December 2002 and 29 January 2003. COMPANY PROFILE Tenco is a manufacturer and supplier of industrial gases and industrial chemicals and adhesives which are widely used in the manufacturing sector. It also markets a wide range of building products for the building and construction industry. Tenco's operations are based mainly in Malaysia, with sales offices in Singapore and Canada. In July 2001 the Company announced that it had defaulted on interest payments due on 30 June 2001 in respect of a debt restructuring agreement dated 31 January 2000. The Group has appointed Messrs Ernst & Young as its financial adviser to embark on a financial restructuring exercise for a review and re-schedule of the interest repayment. CONTACT INFORMATION: No. 5, Jalan Pelabur 23/1 40000 Shah Alam, Selangor Tel : 03-5410612 Fax :03-5410132 TRANS CAPITAL: High Court Grants Unit Convene Scheme Meeting ------------------------------------------------------------ On 31 July 2002, AmMerchant Bank Berhad, on behalf of Trans Capital Holding Berhad, announced to the Kuala Lumpur Stock Exchange the Company's Proposed Corporate and Debt Restructuring Scheme to regularize its financial condition, which consists of: - 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. On behalf of the Board of Directors of TCHB, AmMerchant Bank wishes to announce that the Penang High Court in Originating Summons No. MT4-24-1868-2002 had on 25 February 2003 granted TCHB's subsidiary, Trans Capital Technology Sdn Bhd (TCT), leave to convene scheme meeting pursuant to Section 176(1) of the Companies Act, 1965 (Order). TCT will be at liberty within six (6) months from the date of the Order to convene scheme meeting of scheme creditors of TCT for the purpose of considering and if thought fit approving the Proposed Debt Settlement Scheme relevant to TCT. ===================== P H I L I P P I N E S ===================== PHILIPPINE LONG: Drops Adopting New CDMA Technology --------------------------------------------------- The Philippine Long Distance Telephone Co. (PLDT) has dropped plans to develop Pilipino Telephone Corporation (Piltel)'s CDMA technology, the Manila Times said on Friday, citing PLDT President and Chief Executive Officer Manuel V. Pangilinan. Pangilinan said the CDMA 1X of Piltel could basically offer the same set of products that Smart Communications and Globe Telecoms networks currently can offer. Piltel used CDMA 1X for analog cell phones. Piltel's operations include as a reseller of Smart network through Talk `N Text brand and a fixed line business in Mindanao. PHILIPPINE LONG: Hopes US FCC Won't Favor AT&T ---------------------------------------------- Philippine Long Distance Telephone Co. (PLDT) President Manny Pangilinan said that local carriers are hoping the Federal Communications Commission (FCC) would not rule in favor of the petition from AT&T asking all United States carriers to stop paying local phone companies, the Malaya Newspaper said on Friday. The National Telecommunications Commission (NTC) has earlier suggested PLDT to enter an interim agreement but it was later rejected by AT&T. AT&T gives less than 10 percent of the total incoming international calls to the country for PLDT. At present the US carrier also owes PLDT at least $3 million. Starting February 1, local carriers imposed a termination rate of $0.16 and $0.12 for cellular phone and landline phone respectively. AT&T together and another US carrier, MCI Worldcom filed a petition to the FCC on allegations that the local carriers are blocking the circuits connecting their network to the country. Local telcos strongly turned down the idea of lowering the rates saying it is well below the FCC benchmark of $0.19 and the International Telecommunication Union's (ITU) benchmark rate of $0.23. All the local telcos involved in the dispute, namely the Philippine Long Distance Telephone Co. (PLDT), Globe Telecom, Smart Communications, Digital Telecommunications Phils. Inc. (Digitel) and Bayan Telecommunications (BayanTel) do not have provisional or interim arrangements with AT&T and Worldcom, the Philippine Star reports. ================= S I N G A P O R E ================= ELLIPSIZ LIMITED: Posts Changes in Shareholder's Interest --------------------------------------------------------- Ellipsiz Limited posted a notice of changes in substantial shareholder Pao Ning Yu's interests: Date of notice to company: 26 Feb 2003 Date of change of interest: 25 Feb 2003 Name of registered holder: Pao Ning Yu Circumstance(s) giving rise to the interest: Sales in open market at own discretion Information relating to shares held in the name of the registered holder: No. of shares which are the subject of the transaction: 25,000 % of issued share capital: 0.0127 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$0.135 No. of shares held before the transaction: 17,140,416 % of issued share capital: 8.6568 No. of shares held after the transaction: 17,115,416 % of issued share capital: 8.6441 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before the transaction: 0 17,140,416 % of issued share capital: 0 8.6568 No. of shares held after the transaction: 0 17,115,416 % of issued share capital: 0 8.6441 Total shares: 0 17,115,416 The Troubled Company Reporter-Asia Pacific reported that Ellipsiz Limited posted a net loss of S$23.1 million for the fiscal year 2002 ending in June, citing Kelive analysts. Ellipsiz's cash position was also eroded by some S$15 million from S$59.4 million to S$44 million as a result of the significantly weaker operations. Looking ahead, management stated that outlook for the Company remains murky and it is currently working on a new business model for the Advanced Packaging Solutions Group, which has a burn rate of S$600k to S$800k per month for MicroFab alone. ELLIPSIZ LIMITED: Remains in the Red in 2003 -------------------------------------------- Despite the prolonged weakness in the semiconductor industry in Asia, homegrown semiconductor solutions provider, Ellipsiz Limited, has managed to grow its revenues by 24 percent in the first half of its 2003 fiscal year. The growth came from both its core Engineering Solutions Division, which achieved sales of $25.3m, and its newer wafer bumping business under the Advanced Packaging Division, whose sales hit $1.8m in the half year being reported. However, the Group remains in the red, with losses before tax and exceptional items of $0.75m. This is an improvement of 85% over the same period last year. Xavier Chong, Chairman and CEO, explained, "The Engineering Solutions business is now back on the growth path, and is profitable at the operational level. However, our wafer bumping business continues to be a drag on our results, with a loss of $2.5m before tax and extraordinary items, despite a significant increase in sales. In addition, we are including, as an exceptional item, a $10m provision for asset impairment at the wafer-bumping arm, and this has contributed to the full loss before minority interests and tax of $10.8m." He added, "We have an excellent process to bump wafers for flip chips, which are needed for high-end applications requiring superior speed, small form factor and quality of transmission. But the industry doldrums in the past year, and much uncertainty in its outlook, have pushed out demand for our solution indefinitely. So we are in the process of restructuring this division with a view to divestment, before the end of June 2003." Looking ahead, Chong feels confident that the Group is back on the growth track. "Our core Engineering Solutions Division is reinventing itself, and we are starting to see some of our initiatives to introduce new semiconductor engineering solutions, and to enter the China market, bear fruit. We are presently working on building new engines to take us to the next stage, both in sales and profitability. We will do well if we stay focused on unmet customer needs and outsourcing requirements, and on building solutions to serve these needs." The Ellipsiz Group www.ellipsiz.com is a leading engineering and advanced packaging solutions provider to the semiconductor industry in Asia. The holding company, Ellipsiz Ltd., was listed on SGX in July 2000. Among its engineering solutions are the sale and support of semiconductor equipment and chemicals, turnkey failure analysis laboratories, and total chemicals management (TCM). It also offers advanced packaging services such as wafer bumping and System-in-Package manufacturing. The Group has operations in Singapore, Malaysia, Taiwan and China. Press Contact: Siak-Foon Lee Tel: +65-6311 8503 Email: lee.sf@ellipsiz.com NEPTUNE ORIENT: Posts Changes in Shareholder's Interest ------------------------------------------------------- Neptune Orient Lines Limited posted a notice of substantial shareholder Temasek Holdings (Private) Ltd's interests: Date of notice to Company: 27 Feb 2003 Date of change of deemed interest: 24 Feb 2003 Name of registered holder: CDP : DBS VICKERS SEC Circumstance(s) giving rise to the interest: Others Please specify details: Error in Trading (Sell) Information relating to shares held in the name of the registered holder: No. of shares which are the subject of the transaction: (2,000) % of issued share capital: 0 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$0.935 No. of shares held before the transaction: 1 % of issued share capital: No. of shares held after the transaction: 2 % of issued share capital: Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before the transaction: 4,043,304 383,465,362 % of issued share capital: 0.34 32.6 No. of shares held after the transaction: 4,041,304 383,465,362 % of issued share capital: 0.34 32.6 Total shares: Note: Under "Shares held in the name of registered holder", Temasek will revert with the figures for 1 & 2 when they are available. Based on NOL's paid up capital of 1,176,133,887 as at 07/03/2002. NEPTUNE ORIENT: Targets Profitability in 2003 --------------------------------------------- Neptune Orient Lines Limited aims to return to profitability this year, Reuters said on Wednesday. The Company reported a net loss of US$109 million in 2002 and expects cost savings of up to US$200 million for this year. The Company confirmed that 350 people would be laid off in 2003, while the group was making a provision for severance for the rest of the staff, which may come from the sale of its businesses. PRESSCRETE HOLDINGS: Unit Receives Building Contract ---------------------------------------------------- The Directors of Presscrete Holdings Limited announced that its wholly owned subsidiary, Presscrete Engineering Pte Ltd, has been awarded a S$11.6 million Design and Build contract for the proposed hill slope stabilization (Phase 2) at Bukit Batok Road by Bukit Batok Development Pte Ltd. The above contract allows for a 36 months completion period from the commencement date of 3 March 2003. The Troubled Company Reporter-Asia Pacific reported that Presscrete Holdings Limited posted a net loss of S$1.302 million in the first half of 2002 from 3.254 million a year earlier due to lower interest charges arising from the deconsolidation of unit Ceramic Technologies Pte Ltd's debts. Ceramic Technologies was placed under judicial management in January 2002. =============== T H A I L A N D =============== ASIA HOTEL: Appoints Director Sutipong Ittipong ----------------------------------------------- Asia Hotel Public Company Limited's board of directors meeting on 26 February 2003 has approved the appointment of Mr. Sutipong Ittipong as the substitute director for Mr. Thanom Narong effective from 26 February 2003 onwards which shall hold office only for the remaining term of the director whom he replaces. On July last year, the Troubled Company Reporter - Asia Pacific reported that Asia Hotel had been subjected to a rehabilitation plan and posted suspension sign to prohibit securities trading of ASIA and also transferred to REHABCO category since 11 March 2002. CENTRAL PAPER: Issues Warrant Exercise Details ---------------------------------------------- Central Paper Industry Public Co.,Ltd (CPICO) provided information regarding the process of exercising the CPICO-W1 warrant, as follows: Submission : Warrant holders must submit the subscription form between the hours of 8:30 AM-3:30 PM., within 14 days prior to the exercise date. For the month of December, the submission period is from March 3, 2003 to March 14, 2003. Exercise Date : Warrant holders can exercise their warrants on 15th date of every 3 months, during the hours of 8:30 AM-3:30 PM. The first exercise period starts from September 15, 2000 and will end on June 15th, 2010. For this period, the exercise date is March 17th, 2003. Exercise Price : 10 baht per share Exercise Ratio : 1 warrant for 1 ordinary share Documents to be submitted : 1) The completed subscription form 2) Warrant certificate or temporary warrant certificate for the last exercise amounted as the subscription form. 3) Certified copy of identification card for individual holders or copy of corporate certification from Department of Commerce for corporate holders. 4) Cheque Draft or Bank Order collectable within Bangkok Metropolis. Payment in account "Central Paper Industry Public Co.,Ltd." Contact Information : Mrs.Thippawan Angsumalin Securities Registrar Officer Central Paper Industry Public Co.,Ltd. 5th floor 162 Nimit Building Silom Road soi 12 , Suriwong Bangrak , Bangkok 10500. Tel : 237-9150-69 Ext. 4205,4206 Fax : 237-9150-69 Ext. 4202 Conditions : 1) The subscription form is complete when all documents are duly completed and the payment proceeds to be duly received by Central Paper Industry Public Co., Ltd. 2) Minimum lot sized for each exercise is 100 warrants, incase warrant holders with fewer than 100 warrants must exercise all at one time. QUALITY HOUSES: Gains Bt31.7M From Debt Restructuring ----------------------------------------------------- Quality Houses Public Company Limited elaborated the operating result for the year ended 31 December, 2002. The net profit of this period accounted for Bt602.6 million compared to the net profit of Bt202.7 million of the same period last year. The operating performance improved 197.3% due to: 1. Increases in revenue from sales of land and houses by 38.8% compared to the same period of last year. 2. Gain from revaluation investments amount of Bt31 million, gain from sale of investments amount of Bt55.8 million and gain from debt restructuring amount of Bt31.7 million. SINO-THAI RESOURCES: Explains 2002 Bt20.9M Net Loss --------------------------------------------------- Sino-Thai Resources Development Public Company Limited submitted the Audited Financial Statements as at December 31, 2002, showing a net loss of Bt20.91 million compared to a net profit of Bt1.63 million in the year ended of December 2001. Consequently, the difference of performance decreased is Bt22.54 million, or 1,382.82%. The reasons for such difference is mainly attributable to the shrinkage of income from tin mining due to the remodeling dredge, setting up new dressing tin plant and processing the dressing tin ore certificate from Department of Mineral Resources. The exploration of new mine deposit, which had not been operated until late April 2002 also affects the income. Below is the audited annual financial statement: Ending December 31, 2002 (In thousands) 2002 2001 Net profit (loss) (20,910) 1,633 EPS (baht) (1.61) 0.13 SINO-THAI RESOURCES: SET Posts SP, NP Signs ------------------------------------------- Sino-Thai Resources Development Public Company Limited (STRD) has publicly submitted the SET its audited financial statements for the year ending 31 December 2002. Since auditor issued a Disclaimer of Opinion on STRD's financial statements, it can be considered that the numbers (indicating the financial status and operating results of the company presented in its financial statements) did not reflect the actual position of the company and the Securities and Exchange Commission (SEC) probably issues an instruction that STRD is obliged to amend its financial statements. The SET has posted "SP" sign for suspended trading on STRD's securities on 27 February 2003 to enable shareholders and general investors to have sufficient time to scrutinize the auditor's opinion relating to the results in financial statements, including the company 's clarification as a whole. The SET will later grant the company permission to continue trading its securities and also post "NP" sign from 28 February 2003 until such time as the company will submit it's amended financial statements or it is concluded that STRD is not necessary to amend its financial statements. TELECOMASIA CORP.: Omits Dividend Payment, Sets AGM in April ------------------------------------------------------------ The Board of Directors' meeting of TelecomAsia Corporation Public Company Limited No. 1/2546 held on 27 February 2003 at 2:00 p.m. at the Auditorium Room has passed the following important resolutions: 1. Reappointed the Chairman of the Audit Committee and the Audit Committee members to resume their positions: 1. Mr. Vitthya Vejjajiva Chairman of the Audit Committee 2. Dr. Kosol Petchsuwan Member of the Audit Committee 3. Mr. Joti Bhokavanij Member of the Audit Committee And, to have Mrs. Rangsinee Sujaritsanchai as the Secretary of the Audit Committee. Nonetheless, scopes of duties and responsibilities of the Audit Committee remain the same. 2. Approved the number of the directors of the Company to be 25 persons (previously 24 persons) and that the matter be submitted to the shareholders meeting to consider appointing Mr. Lee G. Lam as the additional director of the Company, and acknowledged the resignation of Ms. Gabriele Gunia from a director of the Company. 3. Approved the Company to refinance its existing Baht loan in the amount of not exceeding Baht 22.5 billion, and authorized the Board of Directors and/or the authorized directors and/or persons entrusted by the Board of Directors and/or the authorized directors, namely the President and the Chief Financial Officer to have the power to consider and fix the method of said refinancing which may be in the form of Baht loans or issue and offering of debentures or the combination of both. The said persons shall also have the authority to do any act and thing necessary for and in relation to the implementation of the said refinance. In case of issue and offering of debentures, such debentures shall have the following characteristics: Objective: To refinance the Baht loan of the Company Category: Subordinated or Senior Debentures, Amortized or Bullet Principal Repayment, Secured or Unsecured, with or without Debentureholder Representative, depending upon market conditions at the time of the issue and offering of the debentures Amount: Total value not exceeding Baht 22,500 Million Offering: Domestic offering to the public and/or institutional investors in whole or in part, at one or several times Interest: Depending upon market conditions at the time of the issue and offering of the debentures Term: Not exceeding 20 years The meeting also authorized the Board of Directors and/or the authorized directors and/or persons entrusted by the Board of Directors or the authorized directors to have the power to determine or amend the terms and conditions relating to the issue and offering of the debentures, including to have the power to do any acts and things necessary for and in relation to carrying out the issue and offering of the debentures in compliance with the applicable law, including but not limited to have the power to appoint the underwriter, to enter into and execute the Underwriting Agreement and other relevant agreements, to prepare and submit the application and other documents to the Office of the Securities and Exchange Commission and/or other relevant authorities. And that the matter be submitted to the Annual General Shareholders Meeting for the year 2003 for consideration and approval. 4. Approved the issue and offering of the warrants to purchase the Company's ordinary shares to directors and employees at executive level of the Company and certain of its subsidiaries in the total number not exceeding 35 persons (the "ESOP 2003 Project"). The details of the ESOP 2003 Project can be found at http://www.bankrupt.com/misc/TCRAP_TA0303.pdf. 5. Approved the issue and offering of warrants in an amount greater than 5 percent of the total warrants issued and offered under the ESOP 2003 Project to each of the directors and employees at executive level of the Company and/or its subsidiaries as follows: 1) Mr. Supachai Chearavanont 2) Mr. Athueck Asvanund 3) Mr. Chatchaval Jiaravanon 4) Mr. Vichaow Rakphongphairoj 5) Mr. William E. Harris 6. In order that the Company can increase its registered capital and issue shares as a reserve for the exercise of the rights of the warrant holders under the ESOP 2003 Project, it is necessary for the Company to reduce its registered capital by canceling the ordinary shares registered but not yet issued so as to be in accordance with the provisions of the Public Limited Company Act. The Board therefore approved the reduction of the registered capital of the Company from Baht 44,461,181,920 to be Baht 38,897,788,110 by canceling the ordinary shares registered but not yet issued in the number of 556,339,381 shares (except for shares reserved for the exercise of the rights of the warrant holders already issued and offered by the Company). 7. Approved the amendment to Clause 4 of the Memorandum of Association of the Company with respect to the registered capital of the Company in line with the reduction of the registered capital. 8. Approved the increase of the registered capital from Baht 38,897,788,110 to Baht 43,892,281,600 by issuing 499,449,349 new ordinary shares at a par value of Baht 10 each to reserve for the exercise of the warrant holders under the ESOP 2003 Project and to allot to investors on a private placement basis and to IFC; the capital relating to them has been reduced. 9. Approved the amendment to Clause 4 of the Memorandum of Association of the Company with respect to the registered capital of the Company in line with the increase of the registered capital. 10. Approved the allotment of 499,449,349 new ordinary shares at a par value of Baht 10 pursuant to the capital increase. 11. Fixed the date of the Annual General Shareholders Meeting of the Company for the year 2003 to be on 11 April 2003 at 2.00 p.m. at the Auditorium Room on the 21st Floor, Telecom Tower, located at No. 18 Ratchadaphisek Road, Huai Khwang District, Bangkok. 12. Approved that the closing date of the Share Register Book of the Company to determine the right to attend the Annual General Shareholders Meeting of the Company for the year 2003 be on 21 March 2003 at 12.00 noon until the shareholders meeting is finished. 13. Authorized Mr. Supachai Chearavanont, President and Chief Executive Officer of the Company and/or Mr. Athueck Asvanund, Vice Chairman and Group General Counsel to have the power under the limitation of law to amend and/or add the date, time and agenda of the shareholders meeting, as well as the closing date of the Share Register Book for the purpose of determining the rights of the shareholders to attend the said shareholders meeting. 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. *** End of Transmission ***