/raid1/www/Hosts/bankrupt/TCRAP_Public/030306.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, March 06, 2003, Vol. 6, No. 46
Headlines
A U S T R A L I A
A.I. LIMITED: Mr Kenneth Bowditch Appointed as Director
CHIQUITA BRANDS: Posts Top 20 Shareholders
ENVIROSTAR ENERGY: Deed of Arrangement Proposal Accepted
GOODMAN FIELDER: Directors Still Recommend Offer Rejection
HEALTHPOINT TECHNOLOGIES: Creditors OK Proposal for DOCA
UTILICORP AUST: Aquila's Downgrade Triggers S&P to Cut Ratings
C H I N A & H O N G K O N G
CARIES DEVELOPMENT: Petition to Wind Up Pending
EMPEROR CHINA: Proposes Capital Reorganization
EVERLAST INDUSTRIAL: Winding Up Hearing Scheduled in April
HENRYTEC ENGINEERING: Faces Winding Up Petition
NATIONAL HARVEST: Winding Up Petition Pending
SMARTLINE TECHNOLOGY: Winding Up Sought by Lam Wai
I N D O N E S I A
BANK NISP: BPI Eyes 20% STAKE Acquisition
TUNAS FINANCINDO: To Refinance Debt Via US$33.5M Bond Issue
J A P A N
ARTELINE CO.: Files for Voluntary Bankruptcy
AOZORA BANK: Softbank Says SMFG Bid Undervalues Aozora
DAIEI INC.: Opening Two New Outlets
HITACHI LIMITED: Settles Patent Suit With EMC
KTC K.K.: Golf Course Applies for Rehab
MITSUBISHI TOKYO: Unveils Issuance of New Shares
SEGA CORPORATION: Sega Denies Possible Sale to Microsoft
TAKAMIYA COUNTRY: Golf Course Enters Rehab Proceedings
K O R E A
HYNIX SEMICONDUCTOR: Names Sole CEO in Restructuring
HYNIX SEMICONDUCTOR: Releases New Memory Chip for Mobile Handset
HYNIX SEMICONDUCTOR: Unveils Aggressive Restructuring
M A L A Y S I A
AKTIF LIFESTYLE: Awaits KLSE's RA Time Extension Decision
BERJUNTAI TIN: Awaits KLSE's Reply on RA Time Extension Request
BESCORP INDUSTRIES: Moratorium Period Extended to March 2004
CHASE PERDANA: Finalizing Share Recall Circular
CHASE PERDANA: Updates Default in Credit Facilities Status
CHIN FOH: Subsidiary Faces Winding Up Petition From Alupanorama
FW INDUSTRIES: Needs More Negotiation Time With White Knight
GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
KELANAMAS INDUST.: Explanatory Statement to Creditors Underway
KEMAYAN CORP.: Awaits Proposed Restructuring Scheme Approval
LION CORPORATION: Proposed GWRS Implementation Pending
MBF CAPITAL: Appoints PM Securities as Independent Adviser
MENTIGA CORPORATION: Proposals Status Remains Unchanged
NCK CORPORATION: Issues Change in Audit Committee Notice
NCK CORPORATION: Defaulted Payment Stands at RM616,451,230
REKAPACIFIC BERHAD: Updates Restructuring Proposal Status
SENG HUP: Hires Shamsir Thornton as Independent Audit Firm
SPORTMA CORP.: SC Extends Proposal Implementation Until May 2
TAT SANG: Evaluates Restructuring Scheme Proposal
UCP RESOURCES: Provides Default in Payment Status Update
P H I L I P P I N E S
ALL ASIA: AABDA Willing to Invest to Revive Bank
MANILA ELECTRIC: DOE Lauds Decision to Lift 10% Ownership Limit
PHILIPPINE REALTY: Court Clears Way for Rehabilitation
PHILIPPINE LONG: Gokongwei Has No Plans to Revive Bid
S I N G A P O R E
FAILSAFE CORPORATION: Court OKs Winding Up Petition
FLEXTECH HOLDINGS: Shareholders Approve $10M Share Issue
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
VAN DER HORST: Schedules AGM on March 21
T H A I L A N D
EASTERN PRINTING: Guaranteed Debt on EXPCO Amounts Bt85.52M
EASTERN WIRE: Posts Reply to Auditor's Disclaimer Opinion
JASMINE INTERNATIONAL: SET Lifts `SP', Replaces `NP' Sign
KRISDAMAHANAKORN PUBLIC: Explains Decrease in 2002 Net Profit
M.D.X. PUBLIC: SET Suspends Securities Trading
NATURAL PARK: SET Grants Listed Securities
NAKORNTHAI STRIP: Explains 2002 Operations Results
NAKORNTHAI STRIP: SET Awaits Amended Financial Statements
RATTANA REAL: Omits Dividend Payment, Sets April 1 SGM
UNION MOSAIC: Releases Auditor's Debts Schedule Report
- - - - - - - -
=================
A U S T R A L I A
=================
A.I. LIMITED: Mr Kenneth Bowditch Appointed as Director
-------------------------------------------------------
A.I. Limited advised that Mr Kenneth Bowditch has been appointed
a director of aiLimited effective March 3, 2003.
Mr Bowditch has a Bachelor of Economics, is a Fellow of the
Australian Society of Certified Practicing of Accountants and is
the Managing Director of Precision Components Australia Pty Ltd.
Mr Bowditch has more than 20 years experience in the automotive
component industry and his appointment will enhance the Board's
depth of knowledge of both the automotive industry and metal
stamping which now comprises the largest section of the
Company's operations.
CHIQUITA BRANDS: Posts Top 20 Shareholders
------------------------------------------
Chiquita Brands South Pacific Limited posted its 20 largest
shareholders:
STATEMENT OF QUOTED SHARES AS AT 20/02/2003
RANGE OF HOLDINGS SHAREHOLDERS SHAREHOLDING % OF TOTALS
UNITS SHARES
1 - 1,000 123 62,143 0.04
1,001 - 5,000 533 1,548,588 1.08
5,001 - 10,000 255 1,987,608 1.38
10,001 - 100,000 470 13,344,940 9.29
100,001 and over 77 126,765,107 88.21
TOTAL 1,458 143,708,386 100.00
TWENTY LARGEST SHAREHOLDERS (OF QUOTED SHARES) AS AT 20/02/2003
NAME SHAREHOLDING % OF
UNITS TOTALS
SHARES
Chiquita Far East Holdings BV 41,617,950 28.96
Costa Bros Annuities Pty Ltd 36,600,000 25.47
Invia Custodian Pty Ltd - Black A/C 10,111,752 7.04
Permanent Trustee Australia Ltd - MMC0002 A/C 6,475,000 4.51
Zymex Holdings Pty Ltd 5,400,000 3.76
Permanent Trustee Australia Ltd - MMC0001 A/C 2,794,744 1.94
National Nominees Ltd 2,157,939 1.50
National Nominees Ltd - Equip super Account 1,500,000 1.04
Argo Investments Ltd 1,481,443 1.03
Gwynvill Trading Pty Ltd 1,150,000 0.80
Robert Duncan Robson 1,000,000 0.70
Qualvest Pty Ltd 923,574 0.64
Invia Custodian Pty Ltd - White A/C 806,400 0.56
Lentell Nominees Pty Ltd 758,874 0.53
Permanent Trustee Australia Ltd - CDL0001 A/C 722,430 0.50
HSBC Custody Nominees (Australia) Ltd 663,093 0.46
Rathvale Pty Ltd 544,486 0.38
Paul Andrew Mariani 528,139 0.37
Graham and Maureen Thompson 505,671 0.35
Alvastar Pty Ltd 450,000 0.31
TOTAL 115,235,824 80.19
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.
ENVIROSTAR ENERGY: Deed of Arrangement Proposal Accepted
--------------------------------------------------------
Envirostar Energy Limited announced that at a meeting of
creditors convened in accordance with section 439A of the
Corporations Act was held on the afternoon of 27 February 2003.
Creditors present at the meeting duly resolved to accept a
proposal for a Deed of Company Arrangement. The Deed of Company
Arrangement is in accordance with an executed Heads of Agreement
entered into with Great Pacific Financial Group Pty Ltd (Great
Pacific) concerning a proposed equity investment by Great
Pacific in the Company. The key terms of the Deed of Company
Arrangement are contained in the Administrators release to the
Australian Stock Exchange dated 24 February 2003.
The final acceptance of the proposal is subject to ratification
by Shareholders at the annual general meeting of Shareholders of
the Company that is anticipated to occur on or about 15 April
2003.
GOODMAN FIELDER: Directors Still Recommend Offer Rejection
----------------------------------------------------------
Goodman Fielder notes that Burns Philp has issued its cut-off
Supplementary Bidder's Statement and extended the closing date
of its unsolicited $1.615 per share (ex-dividends)* takeover
offer to 28 March 2003.
Goodman Fielder also continues to note the high degree of
conditionality surrounding the financing of the Burns Philp bid.
Goodman Fielder's Board of Directors continues to recommend that
shareholders reject the inadequate takeover offer by Burns Philp
as it fails to recognize the company's underlying value or its
ongoing potential.
* $1.615 (ex Goodman Fielder's 3.5c interim dividend and 20c
special dividend)
HEALTHPOINT TECHNOLOGIES: Creditors OK Proposal for DOCA
--------------------------------------------------------
Healthpoint Technologies Ltd announced Tuesday that creditors of
its Australian operating subsidiaries had voted in favor of a
proposed Deed of Company Arrangement (DOCA) put forward by
Directors and Healthpoint Technologies Limited.
Under the terms of the proposal, creditors of Kiosk Information
Services and Information Kiosk Systems will be paid 18 cents for
every dollar of debt held. Repayment is due over 18 months with
the first payment of 3 cents per dollar payable within two
months of execution of the Deed of Company Arrangement.
Liability for employer entitlements, representing priority
creditors payments, would be met in full rather than
compromised.
"We are appreciative of the support that our creditors have
shown towards the Company and throughout the voluntary
administration process. We look forward to working closely with
them in the future" said Managing Director of Healthpoint
Technologies, Byron KO.
The Directors of Healthpoint Technologies will request the
Australian Stock Exchange to recommence the trading of
Healthpoint ordinary shares following the execution of the
Deed of Company Arrangement.
UTILICORP AUST: Aquila's Downgrade Triggers S&P to Cut Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that its long-
term ratings on the debt issuances by UtiliCorp Asia Pacific
Pty. Ltd., UtiliCorp Australia (Gas) Finance Pty.
Ltd., and UtiliCorp Australia Finance Pty. Ltd. were last week
lowered to 'B+' from 'BB'. The rating change followed the
downgrade of the corporate credit ratings on Aquila Inc
(formerly UtiliCorp United Inc.) to 'B+' from 'BB' on Feb. 25,
2003, which unconditionally and irrevocably guarantees
all the debt issued by the aforementioned three Australian
holding companies. The three companies are wholly owned
subsidiaries of Aquila and are funding vehicles for the
parent's equity interests in Asia-Pacific. The outlook on
Aquila's rating remains on CreditWatch with negative
implications, where it was placed on Feb. 25, 2003.
The rating downgrade on Aquila reflects concerns resulting from
uncertainty surrounding the extension of its bank credit
facilities and waiver, which expire on April 12, 2003, reliance
on asset sales to reduce debt levels, and weak cash flows from
non-regulated operations.
================================
C H I N A & H O N G K O N G
================================
CARIES DEVELOPMENT: Petition to Wind Up Pending
-----------------------------------------------
The petition to wind up Caries Development Limited is set for
hearing before the High Court of Hong Kong on May 5, 2003 at
10:00 in the morning. The petition was filed with the court on
January 9, 2003 by Bank of China (Hong Kong) Limited of 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.
EMPEROR CHINA: Proposes Capital Reorganization
----------------------------------------------
On 14th February, 2003, the Directors of Emperor (China Concept)
Investments Limited announced that they propose the Capital
Reorganization under which the par value of each issued Share
will be reduced from HK$0.50 to HK$0.0001, all unissued Shares
in the capital of the Company will be subdivided into 5,000
shares of HK$0.0001 each and thereafter every 10 shares of
HK$0.0001 each in the issued and unissued share capital of the
Company will be consolidated into one New Share of HK$0.001
each.
It was also announced, on 14th February, 2003, Lavergem, a
wholly owned subsidiary of the Company, has entered into the
Lacework Agreement with the Purchaser, a wholly owned subsidiary
of the Emperor International whereby Lavergem has conditionally
agree to dispose of the entire issued share capital of Lacework
and the Loan to the Purchaser pursuant to the terms and
conditions as set out therein. The Lacework Agreement
constitutes a connected transaction of the Company under Chapter
14 of the Listing Rules and Independent Shareholders' approval
is required. Moreover, the Consideration amounts to
approximately 50% of the net tangible asset value of the Company
as disclosed in the published audited accounts of the Company as
at 31st March, 2002 as adjusted by the interim results of the
Group for the six months ended 30th September, 2002 and is
subject to adjustment with reference to the Completion Account,
the Lacework Agreement may also constitute a major transaction
of the Company under the Listing Rules. The Company will comply
with all the Listing Rules' requirements applicable to a major
transaction.
At present, the authorized share capital of the Company is
HK$200,000,000 divided into 400,000,000 Shares. As at the Latest
Practicable Date, 110,068,835 Shares have been issued and
are fully paid. The Capital Reorganization will be implemented
first by way of Capital Reduction followed by the Share
Subdivision and thereafter, the Share Consolidation.
Capital Reduction
The Company proposes to effect the Capital Reduction under which
the paid up capital of the issued Shares will be reduced from
HK$0.50 to HK$0.0001 each by the cancellation of HK$0.4999
paid up capital on each issued Share. As a result of the Capital
Reduction, based upon the present number of 110,068,835 issued
Shares, an amount of approximately HK$55,023,410.62 from the
share capital account of the Company will be cancelled and
credited to the contributed surplus account of the Company and
applied in eliminating part of the Accumulated Losses.
The Accumulated Losses were mainly attributable to the provision
for diminution in investment in and loan to the Company's
subsidiaries, interest paid for the Company's borrowing and
debenture interest paid.
Share Subdivision
Upon the Capital Reduction becoming effective, the Company will
subdivide each unissued Share into 5,000 shares of HK$0.0001
each.
Share Consolidation
Immediately after the Capital Reduction and Share Subdivision,
the Company would then effect the Share Consolidation whereby
every 10 issued and unissued shares of HK$0.0001 each would
be consolidated into one New Share of HK$0.001. Subject to the
Shareholders' approval and following the Capital Reorganization
becoming effective, the issued share capital of the Company will
be HK$11,006.88 divided into 11,006,883 New Shares.
Any fractional entitlement to the New Shares will be aggregated,
sold and retained for the benefit of the Company. In order to
alleviate the difficulties arising from the existence of odd
lots of the New Shares as a result of the Share Consolidation,
the Company has agreed to procure Emperor Securities Limited to
stand in the market to provide matching services for the odd
lots of the New Shares on best effort basis during the period
from 14th April, 2003 to 9th May, 2003 (both dates inclusive).
Shareholders who wish to take advantage of this matching
facility either to dispose of their odd lots of shares or to top
up to board lots of 5,000 New Shares, may contact Mr. Wilson
Lee of Emperor Securities Limited at 24th Floor, Emperor Group
Center, 288 Hennessy Road, Wanchai, Hong Kong at telephone
number (852) 28362601.
The New Shares will continue to be traded in board lots of 5,000
and will rank pari passu in all respects with each other and the
Capital Reorganization will not result in any change in the
relative rights of the Shareholders.
Reasons for the Capital Reorganization
For the period from 1st November, 2002 to the Latest Practicable
Date, the highest and the lowest closing price of the Shares
were HK$0.231 and HK$0.10 respectively. The Shares have
consistently been traded below their nominal value of HK$0.50 in
the above-mentioned period. The closing price of the Shares as
at Latest Practicable Date was HK$0.115 per Share. Under the
laws of Bermuda, a company may not issue any shares below par
value. In view of this, the Company cannot issue any Shares
below par value and the Company is practically precluded from
raising capital in the stock market. The Capital Reorganization
is intended to allow flexibility in pricing any issue of New
Shares in the future so as to facilitate future capital raising
or asset acquisition by way of allotment or placement of New
Shares.
The Directors consider that the Capital Reorganization is in the
interest of the Company and the Shareholders.
Effect of the Capital Reorganization
Implementation of the Capital Reorganization will not, of
itself, alter the underlying assets, business operations,
management or financial position of the Company or the
proportionate interests of the Shareholders. Upon the completion
of the Capital Reorganization, the Accumulated Losses will be
reduced by approximately HK$55,023,410.62 whereas the issued and
paid up share capital of the Company will be reduced to
HK$11,006.88. The Directors believe that the Capital
Reorganization will not have any material adverse effect on the
financial position of the Company or the Group.
Conditions of the Capital Reorganization
The Capital Reorganization is conditional upon, amongst other
things, on
1. the passing by the Shareholders of the necessary special
resolution at the SGM approving the Capital Reorganization;
2. the execution by any one Director of a certificate of
solvency on the date as from which the Capital Reduction is to
take effect in accordance with the requirements of the
Companies Act;
3. publication of a notice in the newspaper in relation to
the Capital Reduction in Bermuda in accordance with the
Companies Act; and
4. the Listing Committee of the Stock Exchange granting
listing of and permission to deal in the New Shares resulting
from the Capital Reorganization.
Subject to the fulfillment of the aforesaid conditions, the
Capital Reorganization is expected to become effective at 9:30
a.m. on 31st March, 2003 (Hong Kong time).
EVERLAST INDUSTRIAL: Winding Up Hearing Scheduled in April
----------------------------------------------------------
The High Court of Hong Kong will hear on April 2, 2003 at 9:30
in the morning the petition seeking the winding up of Everlast
Industrial Company Limited.
Woo Sown Yin of D.D. 130, Lot No. 2741, Fu Hang road, To Yuen
Wai, Tuen Mun, New Territories, Hong Kong filed the petition on
February 11, 2003. Norman M.K. Yeung & Co represents the
petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Norman M.K.
Yeung & Co, which holds office on Room 803, 8th Floor, Wing On
Center, 111 Connaught Road Central, Hong Kong.
HENRYTEC ENGINEERING: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Henrytec Engineering Group Limited will
be heard before the High Court of Hong Kong on March 12, 2003 at
10:00 in the morning.
The petition was filed with the court on January 23, 2003 by Tam
Wing Hang of Flat B1, 3/F., Twilight court, 4 Marconi Road,
Kowloon, Hong Kong.
NATIONAL HARVEST: Winding Up Petition Pending
---------------------------------------------
National Harvest (Holdings) Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on March 19, 2003 at 10:00 in the morning.
The petition was filed on January 28, 2003 by the Bank of China
(Hong Kong) Limited of 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.
SMARTLINE TECHNOLOGY: Winding Up Sought by Lam Wai
--------------------------------------------------
Lam Wai is seeking the winding up of Smartline Technology
Limited. The petition was filed on February 14, 2003, and will
be heard before the High Court of Hong Kong on April 2, 2003 at
9:30 in the morning.
Lam Wai holds its registered address at Room 5, 11/F., 993
King's Road, Quarry Bay, Hong Kong.
=================
I N D O N E S I A
=================
BANK NISP: BPI Eyes 20% STAKE Acquisition
-----------------------------------------
Bank of the Philippine Islands (BPI) is considering taking a 20
percent stake in Bank NISP, Asia Pulse reports, citing an
undisclosed NISP official.
"Negotiation is underway between BPI and three foreign
shareholders of NISP on possible acquisition of the 20 per cent
stake," the official said.
The source added that three shareholders involved in the
negotiation include Moore Investment Limited, a 4.12 percent
shareholder, Hurst Investment Limited, a 7.8 percent shareholder
and Stiles Investment Limited a 7.8 percent owner of NISP.
Credit Rating Indonesia, PT Pefindo assigned an `idBBB' rating
to the proposed Rp250 billion subordinated bond issued by Bank
NISP Tbk., (NISP) due in 2013 while Fitch, the international
rating agency, has assigned a rating of 'B-' to the same bonds.
TUNAS FINANCINDO: To Refinance Debt Via US$33.5M Bond Issue
-----------------------------------------------------------
PT Tunas Financindo, a wholly owned subsidiary of the publicly
listed car dealer PT Tunas Ridean, plans to issue a Rp300
billion (US$33.5 million) bond in the middle of this year to
refinance a debt with a floating interest rate.
Tunas Ridean Secretary Miranti H Andiyani told Antara newspaper
that a strong bond market has prompted the plan of Tunas
Financindo to issue the bond, the first ever to be issued by the
company.
Miranti added that the coupon rate of the bonds and collateral
is necessary have yet to be decided.
Tunas Financindo is a leasing company offering credit for car
buyers.
=========
J A P A N
=========
ARTELINE CO.: Files for Voluntary Bankruptcy
--------------------------------------------
Resona Holdings Inc. (Resona HD) announced that Arteline Co.
Limited, which is a customer of its subsidiary bank, Resona
Bank, Ltd. (Resona Bank President: Yasuhisa Katsuta), filed an
application for voluntary bankruptcy with the Tokyo District
Court. As a result of this development, there arose a concern
that its claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:
1. Outline of the Company
(1) Name Arteline Co., Ltd.
(2) Address 6-2, Nishi-shinjyuku 6-chome,
Shinjyuku-ku, Tokyo
(3) Representative Tsunoda Mitsuru
(4) Amount of capital 450 million yen
(5) Line of business Dealings in real estate
2. Fact Arisen to the Company and Its Date
The Company filed an application for voluntary bankruptcy with
the Tokyo District Court on February 28, 2003.
3. Amount of Claims to the Company
Resona Bank: Loans 3.0 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.
4. Impact of This Development on the Forecasted Earnings of
Resona HD
This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2003, which was
announced on February 12, 2003.
AOZORA BANK: Softbank Says SMFG Bid Undervalues Aozora
------------------------------------------------------
Softbank announced that its 49 percent stake in Aozora Bank is
worth about 110 billion yen ($935 million), outstripping the 102
billion yen offer it has received from Sumitomo Mitsui Financial
Group Inc. (SMFG), the Financial Times said on Tuesday.
Masayoshi Son, Softbank's President, confirmed on Tuesday that
the group was negotiating with SMFG for a higher price.
The outcome of the negotiations will have a serious impact on
Cerberus, the US investment fund that is also seeking to
purchase Softbank's stake.
Aozora Bank has a total of 469.7 billion yen in bad loans as of
June end, down 19.9 billion yen from the end of March 2002.
Aozora Bank (formerly Nippon Credit Bank) was the second
Japanese credit bank nationalized in the wake of Asia's
financial crisis after the Long-Term Credit Bank of Japan (now
Shinsei Bank, owned by US investor group Ripplewood Holdings).
Bad loans and Japan's "Big Bang" financial deregulation added to
the bank's troubles.
DAIEI INC.: Opening Two New Outlets
-----------------------------------
Ailing retailer Daiei Inc. plans to open two new supermarkets in
two and a half years, Kyodo News reports. The first supermarket
will be set up in the city of Kitakyushu around April and the
second in Kobe in the fall, the report said. Both stores will
specialize in food items.
It plans to use money from a 60 billion yen ($512 million) fund
set up by the Development Bank of Japan and main creditor banks
in October to aid the Company's restructuring, the Nihon Keizai
Shimbun said.
HITACHI LIMITED: Settles Patent Suit With EMC
---------------------------------------------
Hitachi Limited and EMC Corporation settled a year-old patent
dispute and would share technology in data storage, according to
Reuters and Silicon Valley on Tuesday.
The firms announced a five-year agreement that includes cross
licensing of patents that had been under litigation and payment
of an undisclosed sum by Hitachi to EMC.
Hopkinton-based EMC filed patent infringement claims against
Hitachi and its subsidiary Hitachi Data Systems on April 11, and
Hitachi answered with its own counterclaims against EMC six days
later. The matter will be scheduled next Monday.
The Company agreed to exchange application-programming
interfaces, or APIs, which will allow both companies' customers
to manage products manufactured by the other.
Hitachi Limited announced a restructuring of its operating
framework in China, effective April 1, 2003, the Troubled
Company Reporter-Asia Pacific reported recently . This move is
being taken as part of Hitachi's globalization drive and in
light of the importance the Company attaches to China as one of
the world's key markets.
KTC K.K.: Golf Course Applies for Rehab
---------------------------------------
KTC K.K., which has total liabilities of 13 billion yen against
a capital of 290 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located at Nishisonogi-gun, Nagasaki, Japan.
MITSUBISHI TOKYO: Unveils Issuance of New Shares
------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki), resolved certain matters relating to the
issuance of new shares and the secondary offering of its shares,
as stated below.
1: Issuance of new shares in the offering
1. Number of shares to be issued:
454,000 new shares of the Company's common stock (shares of the
Company's common stock shall be referred to as 'shares' or 'our
shares' hereinafter) which is the sum of (1) and (2) below. (1)
420,000 new shares to be underwritten by purchase by
underwriters in each of the offerings specified below.
Japanese Public Offering 250,000 shares
U.S. Offering 50,000 shares
International Offering 120,000 shares
(2) A maximum of 34,000 shares, which is subject to the
purchase option to be granted to the U.S. Underwriters and the
International Underwriters specified below.
U.S. Offering 10,000 shares
International Offering 24,000 shares
2. Offering price (*1): Japanese yen 475,000 -
3. Total amount of the offering price (*2): Japanese yen
215,650,000,000 -
4. Issue price (*1): Japanese yen 455,600 -
5. Total amount of the issue price (*2): Japanese yen
206,842,400,000 -
6. Portion of the issue price not to be included in stated
capital: Japanese yen 227,800 -
7. Subscription period (for Japanese Public Offering):
The subscription period for the Japanese Public Offering shall
be from March 4, 2003 (Tuesday) to March 6, 2003 (Thursday).
8. Payment day: March 11, 2003 (Tuesday)
(*1) Underwriters shall underwrite by purchase at the issue
price and offer at the offering price.
(*2) Such total amounts reflect the case in which the U.S.
Underwriters and the International Underwriters exercise the
entire purchase option mentioned in 1. (2) above.
2: Secondary offering of shares
1. Number of secondary shares to be sold: 155,027 shares
Japanese Secondary Offering 93,027 shares
U.S. Secondary Offering 18,000 shares
International Secondary Offering 44,000 shares
2. Selling price (*):
The selling price shall be the same as the offering price
mentioned in 2. of 1: Issuance of new shares in the offering,
above.
3. Total amount of the selling price: Japan yen
73,637,825,000 -
4. Sales price (*):
The sales price shall be the same as the issue price mentioned
in 4. of 1: Issuance of new shares in the offering, above.
5. Total amount of the sales price: Japan yen 70,630,301,200
-
6. Selling period (for Japanese Secondary Offering):
The selling period for Japanese Secondary Offering shall be the
same as the subscription period (for Japanese Public Offering)
in 7. of 1: Issuance of new shares in the offering, above.
7. Delivery day: March 12, 2003 (Wednesday)
(*) Underwriters shall underwrite by purchase at the sales
price and sell at the selling price.
3: Secondary offering conducted by exercise of over-allotment
option
1. Number of shares to be sold: 50,000 shares.
2. Selling price:
The selling price shall be the same as the offering price
mentioned in 2. of 1: Issuance of new shares in the offering,
above.
3. Total amount of the selling price: Japan yen
23,750,000,000 -
4. Selling period:
The selling period shall be the same as the subscription period
(for Japanese Public Offering) in 7. of 1: Issuance of new
shares in the offering, above.
5. Delivery day:
The delivery day shall be the same as the delivery day in 7. of
2: Secondary offering of shares, above.
4: Issuance of new shares by allocation to third party
1. Number of shares to be issued: 50,000 shares
2. Issue price:
The issue price shall be the same as the issue price mentioned
in 4. of 1: Issuance of new shares in the offering, above.
3. Total amount of the issue price: Japan yen
22,780,000,000-
4. Portion of the issue price not to be included in stated
capital:
The portion of the issue price not to be included in stated
capital shall be the same as the portion of the issue price not
to be included in stated capital mentioned in 6. of 1:
Issuance of new shares in the offering, above.
5. Subscription period: March 25, 2003 (Tuesday)
6. Payment day: March 26, 2003 (Wednesday)
For further information, please contact:
Kohei Tsushima, General Manager, Public Relations Office
Tel: 81-3-3240-8149
Mitsubishi Tokyo Financial Group Inc. said that latent losses on
domestic shares held by its group banks totaled 723.6 billion
yen at the end of December, amid the protracted slump in the
Tokyo stock market, the Troubled Company Reporter-Asia Pacific
reports.
The total broke down into 464 billion yen for the Bank of Tokyo-
Mitsubishi and 259.6 billion yen for Mitsubishi Trust & Banking
Corporation.
Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors.
SEGA CORPORATION: Sega Denies Possible Sale to Microsoft
--------------------------------------------------------
Sega Corporation denied reports that Microsoft Corporation and
Electronic Arts Inc. are considering the acquisition of the
video game software developer, Kyodo News said on Tuesday. Sega
issued a statement saying the company has yet to receive an
official offer regarding a business tie-up with the U.S. firms.
The Company is currently in talks with the Japanese "pachinko"
pinball machine Company Sammy Corporation on integrating
business operations.
TAKAMIYA COUNTRY: Golf Course Enters Rehab Proceedings
------------------------------------------------------
Takamiya Country Club, which has total liabilities of 42 billion
yen against capital of 100 million yen, recently applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located at Takada-gun, Hiroshima,
Japan.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Names Sole CEO in Restructuring
----------------------------------------------------
Hynix Semiconductor Inc. has named Co-Chief Executive Woo Eui-
jei as the sole Chairman and Chief Executive as part of its
restructuring plan that also includes consolidation of business
units, according to Reuters
The chipmaker has also appointed senior Vice President Oh Choon-
sik, the head of its memory research and development center, as
the New Chief Operating Officer of the memory chip unit.
Hynix, which has made five annual losses in the past six years,
has stumbled from one crisis to the next since late 2000, hit by
the global downturn in the chip industry and huge debts that
required bailouts from lenders.
HYNIX SEMICONDUCTOR: Releases New Memory Chip for Mobile Handset
----------------------------------------------------------------
Hynix Semiconductor Inc. unveiled a new non-memory high-
frequency phase locked loop (PLL) integrated chip and plans to
mass-produce the product beginning next month, AFX Asia reports.
The new product is a core component for mobile handsets, which
should reduce noise compared to its competitors.
The Company has developed the chip using complementary metal
oxide semiconductor technology, which helps cut costs and reduce
power consumption. It has set a target for the product to
achieve more than a 10 percent share of the global market.
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
HYNIX SEMICONDUCTOR: Unveils Aggressive Restructuring
-----------------------------------------------------
Hynix Semiconductor Inc. has carried out an aggressive
restructuring initiative. Under the restructuring plan, the sole
Company Chairman and Chief Executive is Woo Eui-jei. Other
actions include the consolidation of management in the R&D and
operations departments, establishing a Product Development
Center, and reducing the number of executives.
Considering more than half of its products are developed on
site, Hynix plans to consolidate management of its R&D and
operations departments in a move to gain maximum efficiency and
enhance competitiveness by reducing time-to-market.
Hynix also plans to establish the Product Development Center,
which will allow a speedy ramp up of new products through the
consolidation of multiple R&D departments. The Product
Development Center will control the entire process of product
development to mass production.
To cope with the fast changing global semiconductor market
conditions, Hynix appointed senior Vice President Oh Choon-sik,
the head of the memory R&D center, as the new Chief Operating
Officer of the memory chip division.
Following last May's 30 percent executive reduction, Hynix
accepted the resignations of 20 percent of the 40 executives in
the memory chip division to enhance the effectiveness of the
organization.
Since only a few resignations were accepted from the 40
executives who had tendered their resignations last week, Hynix
does not expect any major changes to the current management
structure or any impact on the Company's operations.
Chairman Woo's experience and knowledge gained from his service
on the Hynix Board of Directors, in addition to his previous
experience and expertise as co-CEO, will serve Hynix well as the
Company moves to achieve its objectives.
By realigning its management structure, Hynix is able to
increase its focus on maintaining both cost and technological
competitiveness, on moving faster towards a return to
profitability and continuing to provide satisfaction to its
customers.
Hynix Semiconductor Inc. (HSI) http://www.hynix.comof Ichon,
Korea, is an industry leader in the development, sales,
marketing and distribution of high-quality semiconductors,
including DRAM, SRAM, Flash memory and system IC devices. Hynix
Semiconductor is the world's leading DRAM supplier with thirteen
semiconductor-manufacturing facilities worldwide, and production
capacity of over 300,000 wafer starts per month. In addition,
Hynix is expanding its system IC business unit with leading
technology and added deep sub-micron foundry services to
strategically broaden its overall semiconductor presence and
achieve its goal of leading the global semiconductor market.
Hynix maintains worldwide development, manufacturing, sales and
marketing facilities.
CONTACT: Hynix Semiconductor Inc.
Seong Min Chung, +822-3459-5355
+822-3459-5333 (Fax)
seongmin.chung@hynix.com
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Awaits KLSE's RA Time Extension Decision
---------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Bhd is required to
announce the status of its plan to regularize its financial
condition on the first market day of each month. Accordingly,
Southern Investment Bank Berhad (SIBB), on behalf of Aktif,
wishes to announce that the Company is in the midst of
finalizing and obtaining its creditors' approvals-in-principle
for the proposed restructuring scheme.
Under PN4/2001, Aktif is also required to make an announcement
to the KLSE which contains detailed plans, the implementation of
which will enable Aktif to regularize its financial position
(Requisite Announcement). The Requisite Announcement is to be
made within six (6) months from the date of the First
Announcement, i.e. by 7 November 2002.
An application was made to the KLSE on 31 October 2002 for an
extension of time for a period of three (3) months from 7
November 2002 to 7 February 2003, for Aktif to make the
Requisite Announcement, which was approved by the KLSE vide its
letter dated 3 December 2002. Subsequently, SIBB on behalf of
the Company had on 22 January 2003, submitted an application to
the KLSE for a further extension of time for a period of three
(3) months from 7 February 2003 to 7 May 2003 for Aktif to make
the Requisite Announcement. The approval from the KLSE on the
said application is still pending.
The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.
BERJUNTAI TIN: Awaits KLSE's Reply on RA Time Extension Request
---------------------------------------------------------------
In compliance with Paragraph 4.1(b) of Practice Note 4/2001
issued by the Kuala Lumpur Stock Exchange, the Board of
Directors of Berjuntai Tin Dredging Berhad announced that the
Company is continuing with its efforts in identifying a new
regularization plan, the implementation of which will enable the
Company to return to financial health and ensure a level of
operations that warrants continued trading and/or listing on the
Official List.
The Board of Directors of BTD also wishes to announce that the
Company has submitted an application to the Exchange for an
extension of time of three (3) months to 20 May 2003 to make the
Requisite Announcement and is presently awaiting the Exchange's
response on its application.
BESCORP INDUSTRIES: Moratorium Period Extended to March 2004
------------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (the Exchange) Listing
Requirements whereby Bescorp Industries Berhad (Special
Administrators Appointed), the affected listed issuer is
required to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.
Further to the announcement on 30 January 2003, the Special
Administrators of BIB (SA) wish to inform that on 21 February
2003, the moratorium under Section 41 of the Pengurusan
Danaharta Nasional Berhad Act, 1998 (Danaharta Act), which took
effect from the date of its appointment has been extended to 1
March 2004. The extension is pursuant to Section 41(3) of the
Danaharta 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 Danaharta Act.
The Company wishes to inform that there is no material
development to the Proposed Corporate and Restructuring Scheme
of the Company announced on 27 December 2002, which is currently
pending approvals of the relevant regulatory authorities.
CHASE PERDANA: Finalizing Share Recall Circular
-----------------------------------------------
Further to the announcement made on 5 February 2003, Chase
Perdana Berhad is currently finalizing the Abridged Prospectus
(AP) and Share Recall Circular (SRC). The announcement of Book
Closure Date for the share capital reduction and consolidation
and Rights Issue will be made upon the approval from Securities
Commission and Kuala Lumpur Stock Exchange for the AP and SRC
respectively.
CHASE PERDANA: Updates Default in Credit Facilities Status
----------------------------------------------------------
Further to the Company's announcement made on 5 February 2003,
Chase Perdana Berhad wishes to update on the status of its
default in the repayment of both the principal and interest of
all credit facilities granted by Financial Institutions,
detailed at http://www.bankrupt.com/misc/TCRAP_Chase0306.xls.
An update on the progress of the Company's Proposed Debt
Restructuring Scheme is made separately in another announcement
pursuant to Paragraph 4.1 (b) of Practice Note No. 4/2001 on
even date.
CHIN FOH: Subsidiary Faces Winding Up Petition From Alupanorama
---------------------------------------------------------------
The Board of Directors of Chin Foh Berhad wishes to inform that
Pantech Emco Sdn Bhd (PTEMCO), a company which CFB holds a 51%
effective equity interest, was served a winding-up petition on
28 February 2003 filed in the High Court of Malaya at Kuala
Lumpur (Companies Winding-up No. D6-28-1071-2002) in respect of
an alleged debt of RM91,532.30 claimed by Alupanorama Metals Sdn
Bhd (Alupanorama). The date of the presentation of the winding-
up petition in the High Court was on 15 November 2002.
Alupanorama's claim is in relation to an alleged balance amount
due to Alupanorama for goods sold and delivered to PTEMCO. The
amount claimed does not have any interest rate attached.
After seeking the consultation of its solicitors, the Board of
PTEMCO is of the firm view that the alleged debt claimed by
Alupanorama is not an established debt and represents a debt
towards which PTEMCO has a genuine and bona fide dispute. The
board of PTEMCO has also instructed its solicitors to oppose the
petition.
The total cost of CFB's investment in PTEMCO is RM255,000.
The amount of claim by Alupanorama is relatively small and hence
the Directors are of the opinion that the Winding-Up Petition on
PTEMCO will not have any significant financial and operational
impact on the CFB Group.
The Board does not expect any losses arising from the winding-up
proceedings.
FW INDUSTRIES: Needs More Negotiation Time With White Knight
------------------------------------------------------------
The Board of FW Industries Bhd wishes to inform that the Company
had made progress in negotiating with some major Financial
Institution lenders (FI) but still require more time to complete
the negotiation with the White Knight and other major Financial
Institution lenders and changing the Proposed Corporate and
Debts Restructuring Scheme (PCDR) accordingly.
In view of the time required to complete the negotiations and
modification of PCDR, the Company had on January 30, 2003 via
its adviser, Southern Investment Bank Berhad applied to the
Exchange for further extension of time to make the requisite
announcement (RA) until April 3, 2003. The approval is still
pending and announcement will be made on its outcome upon
receipt of the same.
GENERAL SOIL: In the Midst of Regularization Exercise Evaluation
----------------------------------------------------------------
Further to the announcement dated 5 February 2003, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
announce that the Company is still in the process of formulating
a comprehensive plan to regularize its financial condition.
Currently the Company is in the midst of evaluating and
finalizing various options for the regularization exercise. This
exercise will include, amongst others, the Proposed Revised
Scheme, the Proposed Private Placement and the Proposed Increase
of the Paid-Up Capital to comply with the minimum capital
requirement for listing on the Second Board of the Kuala Lumpur
Stock Exchange (KLSE).
The plan will be announced in due course.
The Company has submitted an application to the KLSE on 26
February 2003, for an extension of time of three (3) months
until 31 May 2003, for the release of the Requisite Announcement
required under Practice note 4/2001 of the KLSE Listing
Requirements.
KELANAMAS INDUST.: Explanatory Statement to Creditors Underway
--------------------------------------------------------------
On 26 November 2001, Kelanamas Industries Berhad had entered
into a Memorandum of Understanding (MOU) with MP Technology
Resources Berhad (MPTR), Tai Seng Plastic Industries Sdn Bhd
(Tai Seng) and other companies, in relation to a proposed scheme
to regularize its financial condition.
Subsequently on 28 February 2002, KIB had entered into a
Restructuring Scheme Agreement (RSA) with MP Technology
Resources Berhad (MPTR) which involves the injection of the
following companies into MPTR.
a) Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
c) Highlight Plastic Machinery Sdn Bhd (HL)
d) VCM Precision Sdn Bhd (VCM)
e) Tralvest (M) Sdn Bhd (Tralvest)
f) MP Plastic Industries Sdn Bhd (MPPI)
(Collectively referred to herein as "New Business")
The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme which is subject to
approval from the authorities and consist of the following
exercises:
a) Proposed Acquisition of KIB;
b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
c) Proposed Scheme of Arrangement;
d) Proposed Acquisition of New Business;
e) Proposed Special Issue;
f) Proposed Offer for Sale;
g) Proposed Acquisition of MPR;
h) Proposed Acquisition of Plastronic;
i) Proposed Transfer of Listing Status;
j) Proposed Disposal/Liquidation; and
k) Proposed General Offer Waiver (GO Waiver)
(Collectively referred to herein as "Proposed Restructuring")
The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.
On 3 May 2002, Am Merchant Bank Berhad has made announcement on
behalf of the Board of Directors of KIB to seek the approval of
KLSE for an extension of time of three (3) months, from 3 May
2002 to 3 August 2002 for KIB to make the submission of its
proposal to the authorities.
On 18 June 2002, Am Merchant Bank has made announcement on
behalf of the Board of Directors of KIB that Kuala Lumpur Stock
Exchange has, vide its letter dated 17 June 2002, approved the
Company's application for an extension of time to make the
required submission to the authorities. The extension of time is
effective from 3 May 2002 to 3 August 2002.
Presently, KIB has submitted the Proposed Restructuring to the
Securities Commission on 30 August 2002. For further details,
kindly refer to the announcements made by Am Merchant Bank
Berhad on behalf of KIB on 2 August 2002 and 30 August 2002.
Kuala Lumpur Stock Exchange has, vide its letter dated 9
September 2002, approved the Company's application for an
extension of time from 3 August 2002 to 30 August 2002 to make
the required submission to the authorities. As previously
announced, the submission had been made to the relevant
authorities on 30 August 2002.
The Foreign Investment Committee has vide its letter dated 21
November 2002, approved the Proposed Restructuring Scheme.
On 14 January 2003, AmMerchant Bank Berhad had announced on
behalf of the Board of directors of KIB that vide a letter dated
14 January 2003, an appeal was made against the Foreign
Investment Committee's (FIC) condition such that MPTR, the
company to assume the listing status of KIB be granted a period
of three (3) years from the date of quotation of MPTR's shares
on the Main Board of KLSE to achieve the 30% bumiputra equity
interest instead of upon listing of MPTR's shares as contained
in FIC's approval letter dated 21 November 2002.
On 20 January 2003, AmMerchant Bank Berhad had announced on
behalf of the Board of directors of KIB that the Ministry of
International Trade and Industry (MITI) has vide a letter dated
15 January 2003 approved the Proposed Restructuring Scheme
subject to conditions.
The Company is in the process of preparing the draft Explanatory
Statement to Creditors/Shareholders, the finalization of which
will be announce shortly.
KEMAYAN CORP.: Awaits Proposed Restructuring Scheme Approval
------------------------------------------------------------
On behalf of Kemayan Corporation Berhad, Public Merchant Bank
Berhad announced that save for the Foreign Investment Committee
approval, the Company is still awaiting approval from the other
relevant authorities in relation to the Company's plan to
regularize its financial condition vide a Proposed Restructuring
Scheme.
Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.
LION CORPORATION: Proposed GWRS Implementation Pending
------------------------------------------------------
In accordance with Paragraph 8.14 of the Listing Requirements of
the KLSE and Paragraph 4.1(b) of Practice Note 4/2001 (PN4), the
Directors of Lion Corporation Berhad announced that as at the
date hereof, the proposed group wide restructuring scheme
announced on 5 July 2000, 8 October 2001 and 26 March 2002
(Proposed GWRS) is now pending implementation following the
occurrence of the events herein below stated:
a) as announced on 6 February 2003, the Company has lodged
the court order with the Companies Commission of Malaysia (CCM)
in respect of an order granted by the High Court of Malaya (High
Court) on 30 January 2003 pursuant to Section 176(3) of the
Companies Act, 1965 (Act) sanctioning the proposed scheme of
arrangement of the Company and its subsidiary company, Lion
Construction & Engineering Sdn Bhd with its scheme creditors;
b) as announced on 17 February 2003, the High Court has
granted an order pursuant to Section 64 of the Act, confirming
the Company's proposed capital reconstruction exercise under the
Proposed GWRS (Order). The Order has been lodged with the CCM on
21 February 2003; and
c) the KLSE had on 28 February 2003 approved in principle the
listing of and quotation for up to 791,019,411 new ordinary
shares of RM1.00 each in the Company to be issued upon the
implementation of the Company's proposed debt and corporate
restructuring scheme.
MBF CAPITAL: Appoints PM Securities as Independent Adviser
----------------------------------------------------------
Pursuant to PN4/2001 in relation to the status of an affected
listed issuer of its plan to regularize its financial position
and further to the announcement dated 17 February 2003, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of MBf
Capital Berhad, announced that, the Company had, on 28 February
2003 appointed PM Securities Sdn Bhd (PM Securities), an
approved Universal Broker, as the Independent Adviser for the
following:
(i) proposed acquisition of 1,694,000 ordinary shares of
RM1.00 each in Leisure Holidays Berhad (LHB), representing
56.48% equity interest in LHB and 986,255 ordinary shares of
RM1.00 each in Leisure Commerce Square Sdn Bhd (LCS),
representing 70.0% equity interest in LCS, from Leisure Holidays
Holdings Sdn Bhd (LHHSB) for a total purchase consideration of
RM121,612,462; and
(ii) proposed exemption to LHHSB from its obligation to
extend a mandatory offer for the remaining shares in Perfect
Utilization Sdn Bhd arising from the exercise of put and call
options pursuant to sub-section 5(b)(i) to (iv) of Practice Note
2.9.1 of the Malaysian Code on Take-Overs and Mergers, 1998.
PM Securities had on 3 March 2003, informed the Securities
Commission (SC) and Kuala Lumpur Stock Exchange (KLSE) of its
eligibility to act as Independent Adviser of MBf Capital for the
proposal under sub-paragraph (i) above.
The appointment of PM Securities as the Independent Adviser of
MBf Capital in relation to the proposed exemption under sub-
paragraph (ii) above is pending the approval of the SC.
Subsequent to the approval of the SC for the proposals, the
Company is currently in the process of seeking the approvals of
its shareholders for the proposals.
Save for the above, there is no further development on the
status of MBf Capital's plan to regularize its financial
condition pursuant to PN4/2001 issued by the KLSE subsequent to
the Company's announcement dated 5 February 2003.
MENTIGA CORPORATION: Proposals Status Remains Unchanged
-------------------------------------------------------
Further to the Company's status report made on 5 February 2003,
Mentiga Corporation Berhad wishes to announce that the status of
the Company's Proposals as announced on 31/12/2002 remains
unchanged. The approval from the Securities Commission for the
Proposals is still pending.
The Company also wishes to inform that the Company has on
February 28, 2003 made an announcement in relation to the Writ
of Summon, which was served to its subsidiary, Lesong Forest
Products Sdn Bhd on 22/2/2003 pertaining to the claim by Hong
Leong Assurance Berhad for RM84,058.88 together with interest.
NCK CORPORATION: Issues Change in Audit Committee Notice
--------------------------------------------------------
NCK Corporation Berhad posted this notice:
Date of change : 28/02/2003
Type of change : Others
Designation : Member of Audit Committee
Directorate : Executive
Name : Ng Cheng Kiat
Age : 49
Nationality : Malaysian
Qualifications : MBA in Finance
Working experience and occupation : He joined NCK Group in 1973
and has been in the hardware industry for the past 30 years as a
Director
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : He is the son of Mr Ng Choo Kwan. He is a
Director and major shareholder of Ng Choo Kwan Holdings Sdn Bhd,
which in turn is a major shareholder of NCK Corporation Berhad
(Special Administrators Appointed)
Details of any interest in the securities of the listed issuer
or its subsidiaries : He has an indirect interest of 46.04% in
NCK Corporation Berhad (Special Administrators Appointed) via
his shareholding in Ng Choo Kwan Holdings Sdn Bhd and a direct
interest of 6.32% in Fook Chuan Hardware Sdn Bhd, a subsidiary
of NCK Corporation Berhad (Special Administrators Appointed)
Composition of Audit Committee (Name and Directorate of members
after change) : 2
Remarks : As the contract of service dated 15 July 1993 between
NCK Corporation Berhad (Special Administrators Appointed) (NCK)
and Mr Ng Cheng Kiat has been terminated on 28 February 2003, he
will cease to be a member of the Audit Committee.
NCK CORPORATION: Defaulted Payment Stands at RM616,451,230
----------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following in regards to the status of credit facilities on which
the NCK Group has defaulted in payment since the Company's
previous announcement dated 30 January 2003.
Total borrowings on which the NCK Group has defaulted in payment
stood at RM616,451,230 as at 31 January 2003 compared to
RM636,303,473 as at 31 December 2002, a reduction of
RM19,852,243 attributed to the following:
RM
Borrowings as at 31 December 2002 636,303,473
Less :
(i) Distribution of 18.62% made to lenders
of NCK Wire Products Sdn Bhd (In Creditors
Voluntary Winding Up) (NCK Wire) (12,194,185)
during Special Administration period
(ii) Waiver of interest accrued in respect
of bank borrowings of NCK Wire (11,904,586)
for period from 1 July 2001 to 31 December 2002
-------------------
612,204,702
Add : Interest accrued for January 2003 4,246,528
-------------------
Borrowings at 31 January 2003 616,451,230
-------------------
REKAPACIFIC BERHAD: Updates Restructuring Proposal Status
---------------------------------------------------------
The Board of Directors of RekaPacific Berhad wishes to make the
following announcement in relation to the status of the
Restructuring Proposal (the Twenty Fifth Monthly Status
Announcement):
1. On 5 February 2003, the Company had announced that it had
been served with a notice from the Kuala Lumpur Stock Exchange
dated 30 January 2003 (Notice To Show Cause) to show cause on
why its securities should not be removed from the Official List
due to failure to regularize its financial condition within the
required timeframe.
2. The Board is currently assessing the impact of the Notice to
Show Cause on the Restructuring Proposal, and will announce the
same once it is ascertained.
3. In respect of the on-going judicial review proceedings
against the Securities Commission and the Exchange, the
developments are as follows:
(i) On 10 February 2003, the Company's application to stay
the hearing of the substantive judicial review application
(Enclosure 9) pending final disposal of the Company's appeal to
the Court of Appeal against the dismissal of its applications
for discovery and interrogatories, and leave to cross-examine
(Enclosure 11 and 18 respectively) was granted by the Courts;
(ii) In view of the above, the hearing date of 19 February 2003
for the substantive judicial review proceedings was vacated
pending the final disposals of the said appeals; and
(iii) On 20 February 2003, the application by the Exchange
for the Company to provide security for costs in the sum of
RM50,000 in respect of the substantive judicial review
application was granted by the Honorable Courts.
SENG HUP: Hires Shamsir Thornton as Independent Audit Firm
----------------------------------------------------------
Reference is made to the 5 February 2003 announcement by
AmMerchant Bank Berhad on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed) with regards to the Company's
plan to regularize its financial condition.
In compliance with Practice Note No. 4/2001 of the Kuala Lumpur
Stock Exchange (KLSE) Listing Requirements (PN4), AmMerchant
Bank Berhad informed that in compliance with one of Securities
Commission's conditions in approving the proposed restructuring
exercise vide its letter dated 26 December 2002, SHCB has
appointed Messrs. Shamsir Jasani Grant Thornton as the
independent audit firm on 26 February 2003 to conduct an
investigative audit on the Company.
Save for the above, there is no other material development to
the status of SHCB's plans to regularize its financial position
since its last monthly status announcement made on 5 February
2003.
SPORTMA CORP.: SC Extends Proposal Implementation Until May 2
-------------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (the Exchange)'s
Listing Requirements whereby Sportma Corporation Berhad (Special
Administrators Appointed), the affected listed issuer is
required to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.
Further to the announcement dated 2 December 2002, the Special
Administrators (SA) wish to announce that the revised Proposed
Corporate and Debt Restructuring Scheme of the Company
(Proposal) which has been approved by the Securities Commission
(SC) vide its letter dated 31 January 2002 and 13 November 2002,
and all relevant authorities, is at the stage of implementation.
In addition, the SC had vide its letter dated 31 October 2002,
approved the extension of time for the implementation of the
Proposal until 2 May 2003.
TAT SANG: Evaluates Restructuring Scheme Proposal
-------------------------------------------------
Pursuant to Practice Note 4/2001 issued by Kuala Lumpur Stock
Exchange, Tat Sang Holdings Berhad has received a proposal
regarding a scheme to restructure the Company.
In that connection, the Board of Directors, in consultation with
the Company's advisers, are presently evaluating the proposal
with a view of entering into a Memorandum of Understanding (MOU)
to regulate and record the basic understanding between relevant
parties in respect of the proposal.
The details of the proposal shall be announced upon the
execution of the said MOU in due course.
UCP RESOURCES: Provides Default in Payment Status Update
--------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad provided an update on
its default in payment, as follows:
(i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 28 February 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM47,644,128 made up of a principal sum of
RM40,508,072 and interest of RM7,136,056;
(ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 28 February 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,438,446 made up of a
principal sum of RM7,936,500 and interest of RM501,946;
(iii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 28 February 2003, defaulted in repayment of
Bankers Acceptance and Overdraft amounting to RM16,354,859 made
up of a principal sum of RM15,347,024 and interest of
RM1,007,835; and
(iv) Universal Concrete Products Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 28 February 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,135,698 made up of a
principal sum of RM3,000,000 and interest of RM135,698.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied. To see details of the default in payment, go to
http://www.bankrupt.com/misc/TCRAP_UCP0306.xls.
=====================
P H I L I P P I N E S
=====================
ALL ASIA: AABDA Willing to Invest to Revive Bank
------------------------------------------------
The All Asia Bank Depositors Association (AABDA) claimed that
they have raised 267 million pesos (US$4.9 million), or 75
percent of their 356-million pesos equity target, in case an
investor is interested in reviving the bank, Business World said
on Tuesday.
AABDA was formed recently to help the bank's former employees
look for a prospective investor that is willing to infuse
capital to rehabilitate the bank.
"We are willing to invest if only to revive the bank," said a
member of the board of trustees.
The report said the association is willing to do their share by
infusing their deposits and additional resources to revive the
bank, which had six branches in Southern Mindanao.
MANILA ELECTRIC: DOE Lauds Decision to Lift 10% Ownership Limit
---------------------------------------------------------------
The Department of Energy (DOE) lauded Manila Electric Co.'s
(Meralco's) decision to lift the 10 percent ownership
restriction of a single shareholder in the Company expect for
the Lopez family.
"We are very pleased that the Meralco board has decided to amend
its Bylaws to remove the 10 percent ownership cap. We believe
that this will allow shareholders to maximize the value and
liquidity of their shareholdings and eventually bring in
additional investments to Meralco," Energy Secretary Vincent S.
Perez, Jr. said.
The DOE together with the Department of Finance have been
advocating for the lifting of the 10 percent ownership ceiling
to create a level playing field among existing investors and
interested investors.
"Meralco as a publicly-listed Company would become a more
attractive investment to a strategic investor to augment
Meralco's strengths. We have seen this happen in PLDT wherein
NTT of Japan owns more than 10 percent stake in telecom firm and
in San Miguel Corp wherein Kirin Brewery holds more than 15
percent share," he added.
Secretary Perez added that this is a welcome development as it
comes at a time that the government through the DOF is preparing
for the privatization of the government shares. The government,
through its different agencies, is the largest investor in
Meralco, owning 24 percent.
PHILIPPINE REALTY: Court Clears Way for Rehabilitation
------------------------------------------------------
The Philippine court has approved the implementation of a
rehabilitation plan for Philippine Realty & Holdings Inc. after
granting an earlier petition for the suspension of the Company's
debt payments, the Philippine Star reports.
In December 2002, the court approved the suspension of
Philrealty's debt payments upon the Company's request, putting
the Company under the supervision of a court-appointed receiver.
The Company's cash flow has been insufficient to fully service
its 3.76 billion pesos liabilities as well as finance its
working capital needs. For the first nine months of 2002, the
Company's losses remained heavy at 168 million pesos, although
this was substantially lower than the 633 million pesos net loss
in the same period last year.
Philrealty is primarily known for its projects in the Ortigas
Center, foremost of which is the Tektite Towers - the
headquarters of the Philippine Stock Exchange.
For a copy of the court order, go to
http://bankrupt.com/misc/tcrap_philrealty0305.pdf
PHILIPPINE LONG: Gokongwei Has No Plans to Revive Bid
-----------------------------------------------------
Filipino-Chinese businessman John Gokongwei Jr. has no plans to
make a new offer to acquire First Pacific Co Ltd.'s controlling
stake in Philippine Long Distance Telephone Co. (PLDT), the
Philippine Star reported.
The Gokongwei group withdrew its offer to acquire PLDT after
failing to conduct due diligence on the telecom firm.
Gokongwei's Digital Telecommunications Philippines Inc. has
launched its mobile phone service, Sun Cellular, which competes
with PLDT's Smart Communications Inc and Ayala Corp's Globe
Telecom Inc.
Moody's Investors Service has a negative outlook on the Company,
indicating it may cut PLDT's rating on senior unsecured debt
from Ba3, three levels below investment grade. Still, it said on
February 12 that the Company's ability to pay debt is
`improving.''
PLDT refinanced $777 million of debt last year at lower
borrowing costs. In addition, PLDT President Manuel Pangilinan
said in December it has paid off $130 million. Debt costs
probably fell to 14.3 billion pesos last year from 14.6 billion
pesos in 2001, Salomon Smith Barney Inc. said in a note to
clients.
The Company doesn't expect to pay dividends on common stock
until at least next year.
=================
S I N G A P O R E
=================
FAILSAFE CORPORATION: Court OKs Winding Up Petition
---------------------------------------------------
The Singapore court has granted the winding up petition of
FailSafe Corporation (Singapore), which abruptly stopped
operating in January, the Business Times reports.
Following a court order, Deloitte & Touche partners Tam Chee
Chong and Jimmy Wee will wind up the Company. The liquidators
are expected to put the Company's assets up for sale soon. The
key assets are believed to be computer hardware that FailSafe
Singapore bought for use in its data recovery business.
FailSafe Singapore was set up in 1999 as a joint venture between
Singapore Telecom and FailSafe Corporation Holdings. It provided
IT outsourcing, web hosting, network management and other
business continuity services. Among FailSafe Singapore's
creditors are Greatearth Construction and SingTel.
The Company owes trade and other creditors some $9.7 million. It
also has lease liabilities of around $121.9 million.
FLEXTECH HOLDINGS: Shareholders Approve $10M Share Issue
-------------------------------------------------------
Flextech Holdings Limited announced that its shareholders have
approved the raising of S$10 million through the issuance of new
shares. Of the S $10 million, the issuance of new shares to
certain management and staff of the Flextech Group will raise S
$1 million.
On 23 September 2003, Flextech announced that it was conducting
a comprehensive review of its group structure, its business
operations and its financial position. The announcement stated
that as part of the restructuring, the Company would undertake
various initiatives, including the following: -
(a) The extension and variation of the Company's Loan Stock;
(b) The divestment of Flextech's 49.41 percent stake in ASTI
Holdings Ltd ASTI;
(c) The securing of additional and/or replacement loan
facilities for the Flextech Group's working capital
requirements; and
(d) The securing of fresh funds from an issuance by Flextech of
new equity to key management staff and investors.
Following the approval by the shareholders at the EGM held
yesterday, Flextech expects to complete the S$10 million fresh
equity injection shortly. The status of the other initiatives is
as follows:
(i) The extension and variation of the Loan Stock was approved
in the meeting of the holders of Loan Stock convened on 11
November 2002. The Loan Stock is to be extended by another 5
years to 23 October 2007.
(ii) The divestment of Flextech's 49.41 percent stake in ASTI
was approved in the extraordinary general meeting held on 27
September 2002. The Company is in the process of seeking
potential purchasers for its ASTI stake, with a view to
maximizing its shareholder value.
(iii) The Company also announced on 28 February 2003 that an in-
principle approval has been reached for the restructuring of the
existing banking facilities with bankers of some of the Flextech
Group companies, in particular, FE Global Electronics Pte Ltd,
which is a principal operating subsidiary FEG.
"With the approval for the placement of S$10 million worth of
new shares, Flextech has come a long way towards achieving its
goals as set out in its announcement of 23 September 2002. We
are well on our way to completing the restructuring exercise of
the Group. Save for the disposal of ASTI shares, we expect to
complete this restructuring exercise by around mid-2003" said
Mr. Joseph Au, Executive Chairman and Acting CEO of Flextech.
"We are delighted with the progress we have made to-date and, in
this respect, we would like to thank our shareholders, loan
stock holders, bankers, business partners and employees for
their support."
"Moving ahead, we will focus on our core businesses carried out
by FEG and Spire Technologies Pte Ltd, which are electronics
components distribution, and semiconductor test services and
material."
On 23 September 2002, Flextech Holdings Limited (FHL)
announced that it is undertaking a comprehensive review and
restructuring of the business, operations and borrowings of the
Company, its subsidiaries and its principal associated companies
(FHL Group). As one of the initiatives of the said
restructuring, additional and/or replacement loan facilities for
the FHL Group's working capital requirements (the New Lendings)
are to be secured. FE Global Electronics Pte Ltd FEG and three
of its subsidiaries (collectively, the FEG Group) are FHL Group
entities for which the New Lendings are to be secured. FEG is
the principal operating subsidiary of the Company.
CONTACT INFORMATION
Flextech Holdings Limited
Joseph Au
Tel: 62953433 Fax: 62955018
Email: josephau@fhl.com.sg
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited (NOL) posted a notice of changes in
shareholder Temasek Holdings (Private) Ltd's interest:
Notice Of Substantial Shareholder's Interests
Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to Company: 03 Mar 2003
Date of change of deemed interest: 26 Feb 2003
Name of registered holder: CDP : DBS VICKERS SEC
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities Lending/Borrowing Transaction
Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 10,000
% of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: -
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: 4,053,304 383,465,362
% 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 of March 7,
2003.
VAN DER HORST: Schedules AGM on March 21
----------------------------------------
On February 11, 2003, the Van Der Horst Limited (under judicial
management), made an application to the Registrar of Companies
and Businesses RCB for an extension of time to hold its next
Annual General Meeting for the financial year ended 30 September
2002. The Company received the rejection of the application for
extension on 25 February 2003 from the RCB.
The Company will now hold its Annual General Meeting on 21 March
2003 and will dispatch its Annual Report to the shareholders on
March 6, 2003.
===============
T H A I L A N D
===============
EASTERN PRINTING: Guaranteed Debt on EXPCO Amounts Bt85.52M
-----------------------------------------------------------
As the Auditor did not express opinion on the Company's
Financials of 2002 and 2001 in its Report dated Feb 7,2003 due
to scope limitation by circumstances and uncertainties on the
matters in the Auditor's Report, EPCO Management Co., Ltd., as
the Plan Administrator of Eastern Printing Public Co.,Ltd.,
clarified and provided additional information, as follows:
1) The long overdue receivable from a foreign related company,
Frye & Smith Inc., was a regular business transaction since
1994. From research and information that the Company acquired,
the said company had ceased its operations more time 3 years ago
and had settled its debts with Banks by turning over its fixed
assets. The Company had engaged a foreign accounting firm to
check status and recoverable assets of this company. There will
be no further loss to the Company as the debt was fully reserved
for.
2) The Company had contingent liabilities from guarantee debts
of two related companies totaling Bt474.54 million with
Principal at Bt285.52 million and Accrued Interest at Bt189.02
million. In accordance with the Company's Rehabilitation Plan,
should default happen, then the Principal amount will be
converted to capital (equity) of the Company and the
interest amount will be waived.
One related company is the Manager Media Group Public Co., Ltd.
and the Principal Debt amount is Bt200 million. The said company
used to be a major shareholder of Eastern Printing Public Co.,
Ltd. with 27.70 percent and 0.99 percent shareholdings at the
end of 2001 and 2002 respectively. The said company is operating
under its own Rehabilitation Plan.
Express Printing Co., Ltd. (EXPCO) used to be a wholly-owned
subsidiary of Eastern Printing Public Co., Ltd. but ceased to
have any relationship since mid 2002. The Guaranteed debt
amount is Bt85.52 million and -the said company is repaying its
debts under its own debt-restructuring plan.
The Company wishes to state that it has operated in compliance
with all conditions as set forth in the Rehabilitation Plan and
will continue to do so. During the year 2002, the Company has
increased its sales amount by Bt28.54 million and operating
profit increases by Bt34.51 million from 2001.
EASTERN WIRE: Posts Reply to Auditor's Disclaimer Opinion
---------------------------------------------------------
Eastern Wire Public Co., Ltd., in reference to the auditor's
disclaimer of opinion for the company's financial report as of
December 2002, replied that that the auditor has some concern of
uncertainty related to the company and its subsidiary's
obligation to the banks as the auditor send letters of
confirmation of the company and its subsidiary's outstanding
balance of loans.
Some creditors replied saying that they would exempt the
company's and its subsidiary's liabilities when they have fully
conform to all conditions stated in restructuring plans. Some
creditors did not reply. The company was unable to force the
creditors to reply as requested due to their own policies.
In addition, the company has requested it be allowed to extend
the process of rehabilitation plan. If the Central Bankruptcy
Court gives an order to the company to comply with the plan,
then the company can conform to it immediately. Besides the
company's subsidiary has already entered into the debt
restructuring plan and has been in negotiation with its
creditors to revise the loan payment term so that the company's
subsidiary will be able to pursue its business operation and
conform to the plan.
JASMINE INTERNATIONAL: SET Lifts `SP', Replaces `NP' Sign
---------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Jasmine International
Public Company Limited (JASMIN) from 3 March 2003 because the
company has publicly submitted to the SET its audited financial
statements for the year ending 31 December 2002 with the
Disclaimer of Opinion on its financial statements. The SET has
been waiting for the clarification about making financial
statements.
JASMIN has now disseminated financial statements and the
abovementioned clarification to investors through the SET, thus,
the SET has lifted the "SP" sign from the company's securities
and also posted "NP" (Notice Pending) sign from the first
trading session of 4 March 2003 until such time as the company
will submit its amended financial statements or it is concluded
that JASMIN is not necessary to amend its financial statements.
KRISDAMAHANAKORN PUBLIC: Explains Decrease in 2002 Net Profit
-------------------------------------------------------------
Krisdamahanakorn Public Co.,Ltd. clarified its operations for
the period ended December 31, 2002, which presented net profit
amounted to Bt1,317 million, compared with the operation for the
prior period which presented net loss amounted to Bt303 million.
The decreased net profit, which amounts to more than 20 percent,
resulted from the Company's debt restructuring, increase in
Reversal of Revenue from sales of property and construction
service, which is due to contract cancellation loss.
M.D.X. PUBLIC: SET Suspends Securities Trading
----------------------------------------------
M.D.X. Public Company Limited (MDX) has publicly submitted to
the Stock Exchange of Thailand its audited financial statements
for the period ending 31 December 2002. Since its auditor issued
a Disclaimer of Opinion on its financial statements, it can be
considered that the numbers (indicating the financial status and
did not reflect the actual position of the company and the
Securities and Exchange Commission (SEC) probably issues an
instruction that MDX is obliged to amend its financial
statements.
The SET has posted `SP' sign for suspended trading on MDX's
securities from 5 March 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.
NATURAL PARK: SET Grants Listed Securities
------------------------------------------
Starting from March 6, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Natural Park Public Company
Limited (N-PARK) to be listed on the SET after finishing capital
increase procedures.
N-PARK is a listed company under REHABCO sector and is in the
rehabilitation process, therefore, the SET has still suspend
trading all securities of N-PARK until the causes of delisting
are eliminated. However, the company could request the SET to
allow continued trading under the REHABCO category after it
completed the conditions specified by the SET.
Name : N-PARK
Issued and Paid up Capital
Old : 10,607,895,970 Baht
New : 201,432,117,320 Baht
Allocate to : Private Placement
Number of Share : 19,082,422,135 common shares
Ratio : -
Price per share : 0.10 Baht
Subscription
/Payment Date : 22 January 2003
NAKORNTHAI STRIP: Explains 2002 Operations Results
--------------------------------------------------
Maharaj Planner Company Limited, in its capacity as the Plan
Administrator of Nakornthai Strip Mill Public Company Limited,
with reference to the Company's financial statement for the year
ended December 31, 2002 and 2001 wherein its showed net losses
of Bt996.17 million and Bt11,853.14 million, respectively,
explained that the major items influencing the above losses are
as under:
1. Gain on reversal of impairment of Fixed Assets
An independent appraisal firm reappraised the Company's fixed
assets. The appraised value of the Company's fixed assets was
greater than their carrying value. As a result, the Company has
recorded a gain on reserve of impairment loss of Bt5,465
million.
2. Sales and Cost of Sales
The Company has suspended the production since 1998. The current
Sale and Cost of Sale represent sales of, subject to expiry
Input materials, under the approval of the Central
Bankruptcy Court.
3. Exchange Gain
The company recorded an increase in relation to exchange gain by
Bt502.30 million, due to stabilization maintained by Thai Baht
to foreign currencies, during 2002 over 2001.
4. Gain on debt restructuring of receivable
Under the process of rehabilitation of a related company, The
Central Bankruptcy Court of Thailand has granted an order in
favor of the company to receive an amount of Bt543.19 million
against the promissory notes issued by the related company. As
per the approved restructuring plan of the related company, the
company has to receive 101,367,153 shares at par Bt10, which
were to be exchanged at a ratio of 1:1 with the shares of
Millinium Steel Public Co., Ltd. at par Bt1. As a result
the company received 101,367,153 shares at par Bt1, in
settlement of the promissory notes.
The company had provided full provision against the said
promissory note including accrued interest on the same, which
were reversed upon receiving of the payment through shares
during 2002. As a net result of the revaluation of the converted
shares such received and the reversal of provisions on the
investment notes and accrued interest, the income statement for
year 2002 recorded a gain of Bt101.37 million.
NAKORNTHAI STRIP: SET Awaits Amended Financial Statements
----------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Nakornthai Strip Mill
Public Company Limited (NSM) from 3 March 2003 because the
company has publicly submitted the SET its audited financial
statements for the year ending 31 December 2002 with the
Disclaimer of Opinion on its financial statements. The SET has
been waiting for the clarification about making financial
statements.
NSM has now disseminated financial statements and the
abovementioned clarification to investors through The SET,
therefore, The SET has posted the "NP" sign on the company's
securities from the first trading session of 5 March 2003 until
such time as the company will submit its amended financial
statements or it is concluded that NSM is not necessary to amend
its financial statements. However, the SET has still suspended
trading all securities of NSM until the causes of delisting are
eliminated.
RATTANA REAL: Omits Dividend Payment, Sets April 1 SGM
------------------------------------------------------
Rattana Real Estate Public Company Limited notified the
resolutions of the Board of Directors Meeting No.1/2003, held on
28 February 2003, as follows:
1. Adoption of the Minutes of the Board of Directors Meeting
No.4/2002l
2. Unanimous approval for appointment of Mr. Surin
Pholyasrisawat as a new director in place of Mrs. Somphorn
Assavasirisuk, the Company director who passed away and also
unanimous approval for appointment of Mr. Surin Pholyasrisawat
as the Chairman of the Audit Committee.
3. Unanimous approval for re-appointment of the existing Audit
Committee of the Company as the Audit Committee of the Company
for another period. Therefore, Names of members of the Audit
Committee are as follows:
3.1 Mr. Surin Pholyasrisawat Chairman of the Audit Committee
3.2 Mr. Chaipipat Nimwattana Audit Committee
3.3 Mr. Supoj Siripornlerdkul Audit Committee
3.4 Miss Kwanruen Kanja Secretary of the Audit Committee
And fixing the term of three years from 1 March 2003 to 28
February 2006.
4. Unanimous approval for submission to the Shareholders Meeting
for adoption and approval of the Balance Sheet and Profit and
Loss Accounts of the Company for the fiscal year ended 31
December 2001.
5. Unanimous approval for submission to the Shareholders Meeting
for no of dividends payment for the performance results of the
fiscal year 2001, due to the operation loss and existence of
accumulated losses.
6. Unanimous approval for submission to the Shareholders Meeting
for re-appointment of new directors to replace Mr. Nattachai
Aramratsameevanit, Mr. Apimorn Purimaporn and Mr. Chaipipat
Nimwattana, being the directors due to retire by rotation in
this occasion.
7. Unanimous approval for submission to the Shareholders Meeting
for consideration of appointing Mr. Ruth Chaowanagawi and/or Mr.
Narong Puntawong and/or Mr. Supachai Phanyawattano and/or Miss
Siraporn Ouaanunkun, the Auditors of Ernst & Young Office
Limited, be appointed as the auditors of the Company for the
fiscal year 2002, and fixing the remuneration of the auditors.
8. Unanimous approval for setting the date of the Ordinary
General Meeting of Shareholders No.1/2003, to be held on 1 April
2003, at 10:00 in the morning at the Conference Room of the
Company, No. 2922/305-306 Charn Issara Tower II, New Petchburi
Road, Kwaeng Bangkapi, Khet Huaykwang, Bangkok Metropolis, and
fixing the agenda for the Ordinary General Meeting of
Shareholders No.1/2003 to be as follows:
Agenda 1. To adopt the Minutes of Extraordinary General
Meeting of Shareholders No.1/2002.
Agenda 2. To approve the performance results of the Board of
Directors for the fiscal year 2001 and the Annual
Report.
Agenda 3. To adopt and approve the balance sheet and the
profit and loss accounts of the Company as at 31
December 2001.
Agenda 4. To acknowledge non-payment of dividends for the
performance results of the fiscal year 2001.
Agenda 5. To consider and appoint the directors in place of
those retiring by rotation.
Agenda 6. To consider and appoint auditors for the fiscal
year 2002 and fix the remuneration.
Agenda 7. Other businesses (if any)
9. Unanimous approval for fixing the closing date of share
registration from 14 March 2003, at 12:00 p.m., until the
Ordinary General Meeting of Shareholders No.1/2003 will adjourn,
whereupon the Shareholders whose names appear in the Share
Register during the closing period will be entitled to attend
the Ordinary General Meeting of Shareholders No.1/2003.
UNION MOSAIC: Releases Auditor's Debts Schedule Report
------------------------------------------------------
Mr. Jadesada Hungsapruk of Dharmniti Auditing Company Limited
has audited the accompanying schedule of long-term debts due at
call, loaned before July 2, 1997 of The Union Mosaic Industry
Public Company Limited as at December 31, 2002. This schedule is
the responsibility of the Company's management. Mr. Hungsapruk's
responsibility is to express an opinion on the schedule based
on its audit. The schedule of such company as at December 31,
2001 was audited by another auditor in my firm whose report
dated March 8, 2002, expressed an unqualified opinion on the
schedule.
Mr. Hungsapruk conducted its audit in accordance with generally
accepted auditing standards. Those standards require that Mr.
Hungsapruk plans and performs the audit to obtain the reasonable
assurance about whether the schedule is free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the schedule.
An audit also includes assessing the accounting principle used
and significant estimates made by management, as well as
evaluating the overall presentation of the schedule.
Mr. Hungsapruk believes that its audit provides a reasonable
basis for opinion.
In Mr. Hungsapruk's opinion, the schedule of long-term debts due
at call referred to above present fairly, in all material
respects, the long-term debts due at call of The Union Mosaic
Industry Public Company Limited as at December 31, 2002 in
accordance with generally accepted accounting principles.
Go to http://www.bankrupt.com/misc/TCRAP_UMI0306.pdf,to see the
Schedule of Long-Term Debts Due at Call as at December 31, 2002
and 2001.
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
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