/raid1/www/Hosts/bankrupt/TCRAP_Public/030402.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 02 2003, Vol. 6, No. 65
Headlines
* A U S T R A L I A *
ACTS NET: Investment Scheme Promoters Plead Guilty
BLACK RANGE: Details of Administrators Appointment
ERG LTD: Selected for Stockholm Transit Fare Collection Project
NAUTILUS AUSTRALIA: Gives $80,804 Lump Sum Compensation to Holt
PASMINCO LIMITED: Directors Resigns From Posts
POWERLAN LIMITED: Continues to Meet Planned Budgets
SOUTHCORP LIMITED: Peter Cleaves Steps Down as CFO
TELEVISION & MEDIA: Releases February Report
* ASX Suspends Listed Companied From Official Quotation
* C H I N A & H O N G K O N G *
CEDAR BASE: Hearing of Winding Up Petition Set
EMPEROR (CHINA): Consolidates Shares
VIDEO EPOCH: Winding Up Sought by All Right
WINFOONG INT'L: 2002 Net Loss Swells to HK$115.978M
WYLEE FASHIONS: Winding Up Hearing Scheduled in January
* I N D O N E S I A *
BAKRIE & BROS: 2002 Net Profit Dips Sharply
MINAMAS PLANTATION: Obtains US$40M Syndicated Term Loan Facility
* J A P A N *
ALL NIPPON: Domestic Passenger Flights Up 4.3% in February
DAIEI INC.: May Miss Profit Target
HANKYU REALTY: JCR Downgrades Rating to BBB+
HITACHI LIMITED: Sells Head Office to Nihon Sogo
JAPAN AIRLINES: Passengers Cancel Flights on War, Virus Outbreak
MITSUBISHI MOTORS: Appoints New Head of Global IT Office
ORIENT CORPORATION: Solicits 300 Early Retirement Applications
ORIENT WATCH: Delists From TSE
SATO KOGYO: Creditors OK Reorganization Plan
* K O R E A *
HYNIX SEMICONDUCTOR: Shares Down 4% Since Start of Iraq War
SK GLOBAL: Auditor Uncovers W480B Hidden Losses
SK GLOBAL: CFO Resigns as Firm Reveals Fresh Debt
SK GLOBAL: Creditors Set Committee Meeting Tuesday
* M A L A Y S I A *
ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
BRIDGECON HOLDINGS: Moratorium Period Extended to April 2004
DATAPREP HOLDINGS: Reaches Debt Settlement With Repvest
EPE POWER: KLSE Grants Regularization Plan Time Extension
FIAMMA HOLDINGS: Ceasing Unit's Operations on May 15
KELANAMAS INDUSTRIES: Issues Regularization Status Update
L&M CORPORATION: Defaulted Payments Amount to RM58,781,894.59
PACIFICMAS BHD: Proposes Renewal of Authority to Buy Own Shares
PANGLOBAL BERHAD: Discloses February Timber Production Figures
PICA (M) CORP.: RM7M Overdraft Facility Hearing Set on April 25
RAHMAN HYDRAULIC: Extends Proposed Corp Exercise Completion Time
SEAL INCORPORATED: March Defaulted Payment Stands RM1.15M
SILVERSTONE CORP.: Unit's Proposed Disposal Approved at EGM
SRIWANI HOLDINGS: FIC Approves Proposals Revision
TAJO BHD: Provides Defaulted Facilities Status Update
TIME ENGINEERING: Enters Proposed Disposal SSA With Renong
WING TIEK: Audit Committee Member Kulanthaivelan Resigns
* P H I L I P P I N E S *
PHILIPPINE LONG: Sells Home Cable to Lopezes
QUEZON POWER: Meralco May Need to Refund Php8-28B to Customers
VICTORIAS MILLING: Tanduay Wins Bidding
* S I N G A P O R E *
CHARTERED SEMICONDUCTOR: May Need More Capital for 2002
FLEXTECH HOLDINGS: Issues Registration Closure of Stock Holders
FLEXTECH HOLDINGS: Narrows FY02 Net Loss to S$22.17M
HUA KOK: Widens FY02 Net Loss to S$15.98M
ISOFTEL LTD: Posts Notice of Shareholder's Interest
* T H A I L A N D *
COUNTRY (THAILAND): Discloses New Registered Address
HEMARAJ LAND: No 2002 Dividend Distribution
ITALIAN-THAI DEVELOPMENT: Business Reorganization Petition Filed
NATURAL PARK: Investment With Sansiri News Groundless
RAIMON LAND: Enters Sublease Assignment Agreement
RATTANA REAL: Incurs Bt40.48M Gain From Debt Restructuring
RATTANA REAL: SET Posts 'SP' Sign
TPI POLENE: Cancels Newly Issued Shares Offering
=================
A U S T R A L I A
=================
ACTS NET: Investment Scheme Promoters Plead Guilty
--------------------------------------------------
Two directors of Acts Net Limited (Acts Net) on Monday pleaded
guilty in the Melbourne County Court to six charges brought by
the Australian Securities and Investments Commission (ASIC).
Mr Graeme Geoffrey Milner, of Mildura Victoria, and Mr Terrence
John Hunter, of Perth Western Australia, both pleaded guilty to
improperly using their positions as an officer of a company and
to offering a prescribed interest without an approved deed.
Acts Net was a Bendigo-based, not-for-profit organization that
claims its principal activities are conducting religious
activities, representations at overseas mission operations and
training religious practitioners.
ASIC alleges that between 1997 to September 1999, Mr Milner and
Mr Hunter dishonestly transferred sums totaling US$222,500 from
funds raised by Acts Net for the benefit of themselves or
another. Acts Net raised over $4.5 million from over 50
investors selling prescribed interests in an overseas investment
program. ASIC also alleges Mr Milner and Mr Hunter arranged for
the investors to purchase prescribed interests in the scheme
without the protection of an approved deed as required by the
Corporations Law. The schemes failed, resulting in the loss of
nearly all of the investors' funds.
Acts Net was placed into liquidation on 24 February 2000 by an
application made by ASIC to the Supreme Court of Victoria.
Mr Milner and Mr Hunter were bailed to appear in the County
Court at Melbourne for a plea hearing on 15 April 2003.
BLACK RANGE: Details of Administrators Appointment
--------------------------------------------------
The Board of Black Range Minerals Limited advised Monday the
appointment of Mr Anthony McGrath and Mr Joseph Hayes of KPMG
as Joint Administrators of the Company.
This coincides with advice from its major creditor, CIBC
Australia Limited, through its the parent organization CIBC
World Markets, (CIBC) that the condition requiring additional
financial accommodation, which provides for an extension of its
current loan facility to June 2004, will not be extended beyond
the current expiry date of 31 March 2003. Consequently, the loan
plus accrued interest falls due in June 2003.
Black Range had two parties interested in further financial
support for the Company, one from Western Australia and another
from North America. Both potential investors sought a variation
from CIBC for their debt facility. However, negotiations over
this restructuring broke down over this last weekend and
resulted in the notice from CIBC on its loan facility.
The Board of Black Range therefore considers that the very
modest cash reserves of the Company are insufficient for the
responsible near-term operation of the Company and thus, in the
interests of all shareholders, protection of the Company's prime
asset the Syerston Nickel/Cobalt/Platinum project will be best
addressed by the appointment of Administrators.
The Board has appointed Mr Anthony McGrath and Mr Joseph Hayes
of KPMG as joint Administrators of the Company.
ERG LTD: Selected for Stockholm Transit Fare Collection Project
---------------------------------------------------------------
ERG Limited posted bellows the media release relating to the
award to ERG of a new smart card project for Stockholm, Sweden
valued at approximately A$58 million, comprising supply of A$49
million and maintenance of A$9 million.
The contract was awarded to ERG against competitors
Schlumberger/Sema and Cubic.
The win in Stockholm strengthens ERG's position in Sweden where
it has already won contracts in Varmland, and Gothenburg which
is currently being upgraded to smart card.
The announcement of the contract in Stockholm follows recent
contract awards in Seattle, Washington DC and Sydney. The total
revenue from these new projects is approximately A$600 million
of which more than half is recurring operating or maintenance
revenue.
On Friday, 28 March 2003, the Company's listed noteholders
approved the conversion of their notes to equity. It is now
important that shareholders support the conversion of the notes
to equity on 30 April 2003. In doing so, shareholders will
support the strengthening of the Company's balance sheet and
position the Group to continue its leadership in winning major
transit smart card projects around the globe.
MEDIA RELEASE
ERG SELECTED FOR STOCKHOLM TRANSIT FARE COLLECTION PROJECT
ERG Group signed on Tuesday a contract with Stockholm's public
transport authority, AB Storstockholms Lokaltrafik (SL), to
implement a smart card based automated transit fare collection
system throughout the city and county of Stockholm. The project,
known as Resekortet (the Travel Card Project), will generate
revenues in excess of A$49 million (SEK 250 million) plus
maintenance to ERG over the term of the system implementation.
The contract involves the upgrade of the current magnetic
ticketing system to ERG's faster, more efficient smart card
platform. The contract provides for the integration using smart
cards across SL's entire public transport network, comprising
150 rail and metro stations and more than 1,800 buses. ERG will
install its central computer processing system to manage the
smart card database, financial reconciliation and management
reporting. The network currently handles over 2.4 million
passenger trips a normal weekday and generates approximately
A$690 million (SEK 3.5 billion) in ticketing revenue annually.
The project calls for the issue of 1 million smart cards within
the next 2(1/2) years. Work is expected to commence on the
project by early April 2003, with revenues flowing from 1 April
2003. The new system is expected to be fully operational by the
fourth quarter of 2005.
ERG's Executive Chairman of European Operations, Mr Franky
Carbonez, said: "Our systems are already delivering efficiencies
to the transport operators and easier journeys for commuters in
Sweden's second largest city, Gothenburg, which ERG is currently
upgrading to smart card. We now look forward to supplying the
citizens of Sweden's capital city with our state-of-the-art
technology.
"Stockholm joins a growing list of cities around the world that
have selected ERG smart card technology and it further
strengthens ERG's presence in Sweden and the rest of
Scandinavia."
Implementing ERG's new system is a major step in SL's endeavors
to give customers a higher quality of travel by providing them
with a system that is quick, convenient and easily accessible,
especially important in the heavily utilized Underground system.
The ERG system will also be able to offer customers more
purchasing opportunities with respect to both the place of
purchase and, in the future, the type of tickets. The ERG system
will also make it possible to introduce tickets and prices that
can encourage new customers to travel by SL.
It is also envisaged that ERG's system will give SL greater
insight into customer travel patterns and provide greater
flexibility in the introduction of new fares and ticket types.
SL placed a priority on a system that minimizes the risks of
ticket forgery.
"I am delighted that this project is now under way and that the
citizens of Stockholm city and county will be provided with a
state-of-the-art ticket system throughout all our various modes
of transport," said Mr Gunnar Schon, Managing Director of SL.
"Furthermore, the new system will also be an important
cornerstone in establishing the Swedish transport smart card
specification (the RKF specification) throughout all of Sweden's
Public Transport Authorities. An equally important cornerstone
will be the possibility to establish a seamless travel card
system in the Malardalen Region, the single biggest public
transport network in Sweden covering 75% of all public transport
in our country."
NAUTILUS AUSTRALIA: Gives $80,804 Lump Sum Compensation to Holt
---------------------------------------------------------------
Holt Street Developments Pty Ltd, a wholly-owned subsidiary of
Sabina Corporation Limited, has settled Monday the conditional
contract signed on 8th February 2003 on the sale of the
industrial warehouse at Eagle Farm for $1,210,000.00 inclusive
of GST. It has also received a lump sum compensation of
$80,804.00 from the bank guarantee provided by the tenant,
Nautilus Australia Limited (Receivers & Managers Appointed)
(Administrators Appointed), for breaching the lease agreement.
"The Directors are very pleased with the outcome of the sale,
especially in view of the fact that the tenant has been placed
in receivership and has also vacated the premises. The
termination of the lease and the disposal of the property have
resulted in a gross cash receipt of $1,290,804.00," said the
Chairman, Mr Chen.
"The cash from the sale has allowed the loan facility with the
bank to be fully repaid and leaves a surplus working capital to
allow the company to carry out due diligence on the $350 million
China World Cultural Theme Park & Resort in the Sunshine Coast
and as well as other preliminary work in respect to new projects
including opportunities in Port Moresby," added Mr Chen.
"Discussions are progressing slowly but satisfactorily with PNG
Government on Sabina's proposal to re-structure the ownership
and management of a newly-completed and unused private hospital,
and the refurbishment of a disused government-owned office
complex. Both buildings are located in the capital, Port
Moresby," Mr Chen said.
CHINA WORD PROJECT
Last month, Sabina Corporation Limited announced the signing of
a conditional contract to acquire the Sunshine Coast 150-acre
site for the China World Project. Already, expressions of
interest have been received from several developers wanting to
participate in the development. The Directors will also be
holding talks with some of the 120 plus Chinese delegates that
are expected to attend the 2003 Asia Pacific Cities Summit in
Brisbane between 13th -16th April. The event is part of Brisbane
City Council's Living in Brisbane 2010 vision and the Queensland
Government's Smart State initiative. The Chinese delegates
represent 8 major cities in China.
"We hope to complete the due diligence by early May 2003, and if
the findings are positive, we shall push ahead with the project
immediately irrespective of the current trouble in the Middle
East. We have already received interest from a financier to fund
the entire the project," said Mr Chen. "This is a unique
project, and as such, our sales strategy has been structured to
specifically cater for the rich Chinese niche market that we
have identified."
PASMINCO LIMITED: Directors Resigns From Posts
----------------------------------------------
Pasminco Limited advised Tuesday that Messrs Mark Rayner, Geoff
Allen and Andrew Guy had resigned as directors of Pasminco
Limited.
Pasminco Limited was placed into voluntary administration on 19
September 2001 and all powers of the directors were transferred
to the Administrators, Messrs John Spark and Peter McCluskey of
Ferrier Hodgson at that time.
At the request of the administrators the directors agreed to
remain in office until March 2003 to facilitate the
administration. Through that period the directors have worked
co-operatively with the administrators and at their own
initiative waived any entitlement to receive fees or other
compensation from the company from the time it entered
administration.
POWERLAN LIMITED: Continues to Meet Planned Budgets
---------------------------------------------------
Software developer and vendor Powerlan Limited is on track for
2002/03 as the business continues to meet planned budgets.
Powerlan made payments of $774,000 to cover legacy debts and
other extraordinary costs in February and received $474,000 in
payments for the sale of its Freight Division and Entercorp.
"We knew receipts would slip in February due to the nature of
our business, however major license receipts are expected in the
coming months," said Theo Baker, Managing Director of Powerlan
Limited.
"However new business deals such as that announced earlier on
Monday with Philippine Long Distance Telephone Company (PLDT)
are strong indicators of future growth.
"The PLDT deal is worth millions of dollars and is phase two of
a major project as the carrier extends its implementation of
Clarity OSS (Operational Support System) software across its
network," said Mr Baker. "Phase one of the project, which was a
$20 million deal, was recently completed on time and on budget."
CONTACT INFORMATION: Theo Baker
MANAGING DIRECTOR
Phone: +612 9925 4602
tbaker@powerlan.com.au
www.watterson.com.au
SOUTHCORP LIMITED: Peter Cleaves Steps Down as CFO
--------------------------------------------------
Southcorp Limited announced Tuesday that it has received the
resignation of Peter Cleaves, Chief Financial Officer. Peter
will work with the company to achieve an effective transition to
his successor.
Executive Chairman, Brian Finn said: "I would like to thank
Peter for the contribution he has made to Southcorp and wish him
well in his future endeavors."
The company will commence a global search for Peter's
replacement.
Later February, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on Southcorp Ltd. to 'BBB' and 'A-3', respectively, following
the wine company's worse-than-expected financial results for the
first half of 2003.
TELEVISION & MEDIA: Releases February Report
--------------------------------------------
Television & Media Services Limited posted its monthly report
for February 2003:
APPENDIX 4C
MONTHLY REPORT
Name of entity
Television & Media Services Limited
ABN Month ended ("current month")
83 004 160 249 February 2003
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Month (8 months)
AUD'000 AUD'000
1.1 Receipts from customers 3,784 75,142
1.2 Payments for
(a) staff costs (1,233) (22,399)
(b) advertising & marketing - (116)
(c) research & development - -
(d) leased assets - (1,203)
(e) other working capital (1,752) (51,004)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received - 103
1.5 Interest and other costs of
finance paid (145) (3,670)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
1.8 Net Operating Cash Flows 654 (3,147)
Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - -
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.10 Proceeds from disposal of:
(a) businesses - 593
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - 19,671
1.11 Loans to other entities - -
1.12 Loans repaid by other entities - -
1.13 Other (provide details if material)
CAPEX (61) (105)
Net investing cash flows (61) 20,159
1.14 Total operating and
investing cash flows 593 17,012
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - -
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings - -
1.18 Repayment of borrowings - (24,129)
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows - (24,129)
Net increase (decrease) in cash held 593 (7,117)
1.21 Cash at beginning of month/
year to date (1,557) 6,163
1.22 Exchange rate adjustments to item 1.20 - (10)
1.23 Cash at end of month (964) (964)
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
Current Month
AUD'000
1.24 Aggregate amount of payments to
the parties included in item 1.2 -
1.25 Aggregate amount of loans to the
parties included in item 1.11 -
1.26 Explanation necessary for an understanding
of the transactions -
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows - None -
2.2 Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest - None -
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
Amount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities 59,446 56,579
3.2 Credit standby arrangements - -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the month (as shown in the month month
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
4.1 Cash on hand and at bank (2,077) (2,670)
4.2 Deposits at call - -
4.3 Bank overdraft - -
4.4 Other (provide details) 1,113 1,113
Total: cash at end of month (item 1.22) (964) (1,557)
ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals
(item 1.9(a)) (Item 1.10(a))
5.1 Name of entity Val Morgan & Co
(Aust) Pty Ltd
5.2 Place of incorporation
or registration Victoria,
Australia
5.3 Consideration for
acquisition or disposal $593,000
5.4 Total net assets $1,988,000
5.5 Nature of business Cinema
Advertising
* ASX Suspends Listed Companied From Official Quotation
-------------------------------------------------------
The securities of the following companies will be suspended from
Official Quotation from the commencement of trading yesterday, 1
April 2003, following failure to lodge their full year accounts
for the period ended 31 December 2002 in accordance with listing
rules.
ASX CODE
AVT Holdings Limited AVT
Canning Energy Limited CNE
Cape Range Wireless Limited CAG
Equatorial Mining Limited EQM
Hudson Investment Group Limited HGL
Hudson Timber & Hardware Limited HTL
MBF Carpenters Limited MBF
Olympus Resources Limited OLP
P.O.S. Media Online Limited PMD
================================
C H I N A & H O N G K O N G
================================
CEDAR BASE: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Cedar Base Electronic Limited is set for
hearing before the High Court of Hong Kong on April 23, 2003 at
9:30 in the morning.
The petition was filed with the court on March 7, 2002 by Dah
Sing Bank Limited whose registered office is situated at 35th
Floor, Dah Sing Financial Centre, 108 Gloucester Road, Wanchai,
Hong Kong.
EMPEROR (CHINA): Consolidates Shares
------------------------------------
Market participants are requested to note that the shareholders
of Emperor (China Concept) Investments Limited (EMPEROR (CHINA))
have approved the consolidation of shares on the basis of 10
then existing ordinary shares (Old Shares) of EMPEROR (CHINA)
into 1 new ordinary shares (New Shares).
Effective from Monday March 31, 2003, a temporary counter under
stock code 2921 and stock short name "EMPEROR (CHINA)" will be
established for trading in board lots of 500 New Shares each to
replace the previous counter (stock code: 296) for trading
in board lots of 5,000 Old Shares each.
The Troubled Company Reporter - Asia Pacific reported that on
14th February, 2003, the Company proposed 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.
VIDEO EPOCH: Winding Up Sought by All Right
-------------------------------------------
All Right Limited (H.K.) Limited is seeking the winding up of
Video Epoch Limited. The petition was filed on March 6, 2003,
and will be heard before the High Court of Hong Kong on April
30, 2003 at 9:30 in the morning.
All Right Limited, formerly known as Weltronics Component
Limited, holds its registered office at Room 506-509, Tower 1,
Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong
Kong.
WINFOONG INT'L: 2002 Net Loss Swells to HK$115.978M
---------------------------------------------------
Winfoong International Limited posted its financial statement
summary with a year-end date of 31/December/2002:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 62,631 77,869
Profit/(Loss) from Operations : (11,257) (15,876)
Finance cost : (17,549) (27,204)
Share of Profit/(Loss) of
Associates : (84,521) (3,420)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (115,978) (46,066)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0928) (0.0673)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (115,978) (46,066)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Turnover and loss from operation
Turnover Loss
HK$'000 HK$'000
From continuing operations 62,631 (11,257)
From discontinued operations - -
--------- -----------
62,631 (11,257)
========= ===========
(2) Loss per share
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$115,978,000
(2001 : HK$46,066,000) and the weighted average of 1,249,489,358
(2001 : 684,416,993) ordinary shares in issue during the year.
The fully diluted loss per share is not shown for both periods
because the effect of any dilution is antidilutive.
WYLEE FASHIONS: Winding Up Hearing Scheduled in January
-------------------------------------------------------
The High Court of Hong Kong will hear on April 23, 2003 at 9:30
in the morning the petition seeking the winding up of Wylee
Fashions Limited
Chan Wai Tong of Room 923, Fu Kwai House, Tai Wo Hau Estate,
Tsuen Wan, New Territories, Hong Kong filed the petition on
March 5, 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
=================
BAKRIE & BROS: 2002 Net Profit Dips Sharply
-------------------------------------------
PT Bakrie & Brothers said its audited 2002 net profit fell
sharply to Rp25.816 billion from Rp955.719 billion due to the
absence of the extraordinary gain that it recorded in 2001, AFX-
Asia reported Tuesday.
In 2001, the company posted the extraordinary gain of Rp3.328
trillion for debt restructuring. Last year, the company saw a
significant turnaround of other income, which offset its lower
operating profit.
The company said operating profit fell to Rp44.987 billion in
2002 from Rp61.416 billion a year earlier, although sales rose
to Rp1.477 trillion from Rp1.363 trillion.
The Troubled Company Reporter - Asia Pacific reported Last year
that Bakrie transferred 95 percent of equity to creditors in
exchange for $1.08 billion in debt. It recorded Rp990 billion
gain as part of the debt restructuring. Its short-term debts
have been reduced to Rp1.01 trillion from Rp9 trillion. Its
long-term debts were reduced from Rp2.45 trillion to Rp1.53
trillion.
PT Bakrie & Brothers Terbuka - http://www.bakrie.co.id/-
produces steel pipes, corrugated metal products, cast iron
products for automotive part industry and fiber cement building
products.
MINAMAS PLANTATION: Obtains US$40M Syndicated Term Loan Facility
----------------------------------------------------------------
Kumpulan Guthrie Berhad is pleased to announce that five
subsidiary companies of its Minamas Plantation Group, Indonesia
has on March 31, 2003 obtained a US$D40 million Syndicated Term
Loan Facility (Facility). This facility will be utilized to
partly re-finance the existing borrowings of the companies in
Indonesia and for additional financing for operational
requirements.
The Financial Institutions involved in the Facility are as
follows:
a) Mandated Arranger: Rabobank, Singapore Branch
b) Co-Arrangers: PT Bank Rabobank International Indonesia,
The Development Bank of Singapore Ltd, Labuan Branch
c) Lead Managers: The Bank of East Asia, Limited, Labuan Branch,
KBC Bank N.V., Labuan Branch, Moscow Narodny Bank Limited,
Singapore Branch, RZB-Austria, Singapore Branch
d) Facility Agent: Rabobank, Singapore Branch
e) Security Agent: PT Bank Rabobank International Indonesia
Kumpulan Guthrie Berhad has provided a corporate guarantee in
respect of the Facility.
=========
J A P A N
=========
ALL NIPPON: Domestic Passenger Flights Up 4.3% in February
----------------------------------------------------------
All Nippon Airways Co.'s domestic passenger flights increased
4.3 percent in February, as air travel demand recovered from the
global slump a year earlier triggered by the September 11, 2001
terrorist attacks in the United States, Bloomberg reports.
Moody's Investors Service recently placed the Ba1 senior
unsecured long-term ratings of Japan Airlines Co., Ltd. (JAL)
and the Ba1 senior unsecured long-term ratings of All Nippon
Airways Co., Ltd. (ANA) under review for possible downgrade. The
review was prompted by Moody's growing concern that the Japanese
airline companies' profitability and financial profile could be
under significant pressure over the intermediate term due to the
war in Iraq and the weak business environment in Japan.
DAIEI INC.: May Miss Profit Target
----------------------------------
Daiei Inc. will probably miss its profit target for the year
ending February 28, due to falling sales, the Nihon Keizai and
Bloomberg reported. According to The Troubled Company Reporter-
Asia Pacific, the retailer will ask leading firms and local
governments in Fukuoka Prefecture to invest in unit Fukuoka
Daiei Real Estate that owns a dome stadium and nearby hotel, so
it can dispose of the unprofitable operations.
HANKYU REALTY: JCR Downgrades Rating to BBB+
--------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the following bonds from A to BBB+.
Issuer: Hankyu Realty Co., Ltd.
Issues Amount (bn) Issue Date Due Date Coupon
Bonds no.3 Y5 / Oct. 4, 1995 / Oct. 4, 2005 / 3.400 percent
Bonds no.6 Y5 / Dec. 17, 1996 / Dec. 15, 2006 / 2.975 percent
Bonds no.7 Y5 / Dec. 17, 1996 / Dec. 17, 2003 / 2.500 percent
Bonds no.8 Y5 / May 12, 1998 / May 12, 2008 / 3.000 percent
Bonds no.9 Y5.5 / Nov. 12, 1998 / Nov. 12, 2008 / 3.000 percent
RATIONALE:
Hankyu Realty is a real estate Company that is wholly owned by
Hankyu Corp. JCR downgraded the rating for Hankyu Realty in
accordance with downgrade of the rating for the parent Company,
Hankyu Corp.
Hankyu Realty's cash flow generation capability over the
intermediate term is expected to be slightly reduced due to
stagnant office building market in Osaka where the Company has
its foothold and increase in securitization of leasing
properties for the purpose of improvement in balance sheet in
general. JCR believes that it is unlikely that the Company's
debt service capability will drop sharply on an unconsolidated
basis because the inventory and interest-bearing debt are also
expected to be reduced. The downgrade reflects the downgrade of
the parent Company, taking into consideration the fact that
Hankyu Realty's creditworthiness is inseparably linked to that
of Hankyu Corp. in view of the 100 percent ownership and its
position as an important real estate segment in the group
management.
According to Wright Investor's Service, at the end of 2002,
Hankyu Corporation had negative working capital, as current
liabilities were 523.49 billion yen while total current assets
were only 292.87 billion yen.
HITACHI LIMITED: Sells Head Office to Nihon Sogo
------------------------------------------------
Hitachi Limited has sold its headquarters building in Tokyo to
real estate investment trust firm Nihon Sogo Fund Co. for 40
billion yen, according to Kyodo News. Nihon Sogo is affiliated
with Mori Trust Company. The electric machinery maker did not
disclose capital gains from the sale, but said it will book them
in closing its books for the year ending Monday.
JAPAN AIRLINES: Passengers Cancel Flights on War, Virus Outbreak
----------------------------------------------------------------
Japan Airlines Co. Limited (JAL) said 10,000 passengers
cancelled bookings for international flights in March because of
the war in Iraq and possibly because of a deadly Severe Acute
Respiratory Syndrome (SARS) outbreak, AFX Asia reports. The
airline will cut the frequency of flights from Tokyo to
Honolulu, London, Hong Kong and Guam by up to 50 percent from
April.
"The Iraq factor is probably larger, but SARS appears to spread
more easily than was thought," said JAL spokesman Hirohide
Ishikawa. "We have to watch whether the impact will get bigger."
SARS has claimed 34 lives in China, 13 in Hong Kong, four in
Vietnam, four in Canada, three in Singapore and one in Thailand.
MITSUBISHI MOTORS: Appoints New Head of Global IT Office
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced the appointment of
Aleksey Beylin as Chief Information Officer and Corporate
General Manager of its Global IT Office as of April 1, 2003.
Beylin, 40, takes over from Bernd Staudinger who will head the
DaimlerChrysler University in Stuttgart, Germany.
Beylin was chosen as Staudinger's successor because of his
global professional experience in the area of information
technology (IT). He was an IT Division general manager for
DaimlerChrysler's head office in Stuttgart and most recently was
Director of IT Service & Computer Operations for DaimlerChrysler
Europe.
Born in Russia and later graduating from university in the
United States of America, Beylin will add vast intercultural
experience to the MMC international management team.
Staudinger was appointed to head the Global IT Office in June
2001. In that position he led the globalization of MMC's IT
activities and played a key role in raising the efficiency of
operations within the Company. He played an important role in
achieving the Company's IT alliance with IBM Japan, and promoted
collaboration between his department and other MMC business
units. Staudinger's new position will include overseeing top
management training programs for Mitsubishi Motors and
DaimlerChrysler.
Aleksey Beylin
Employment
1988 - Joined Chrysler Corporation
1988 - 1998 Management positions in Chrysler Corporation IT
division (Detroit, USA)
1998 - 2001 General Manager in IT division of DaimlerChrysler AG
(Stuttgart, Germany)
2001 - 2003 Director of IT Service & Computer Operations -
Europe, DaimlerChrysler AG
Education
1997 - MBA, Walsh College of Business
Mitsubishi Motors Corporation (TSE: 7211) was established in
1970 and is one of the few automobile companies in the world
that produces a full line of automotive products ranging from
660-cc mini cars and passenger cars to commercial vehicles and
heavy-duty trucks and buses. The Company also operates consumer-
financing services and provides this to its customer base.
Automobile operations accounted for 98 percent of fiscal 2000
revenues and financing business, 2 percent. The Company has one
hundred and eighty nine consolidated subsidiaries worldwide.
Overseas sales accounted for 56.8 percent of fiscal 2000
revenues. Mitsubishi Heavy Industries, Ltd. is the major
shareholder with 25.62 percent of issued stock. For further
information, please visit the Mitsubishi Motors Corporation home
page at: www.mitsubishi-motors.co.jp
According to Japan Credit Ratings Agency (JCR), Mitsubishi
Motors Corporation (MMC) plans to turn the domestic passenger
car business into the black while maintaining the current
earnings level for North American business under the turnaround-
restructuring plan. JCR has been pointing out that it is highly
probable that the turning of the domestic car operation into the
black would be delayed, considering it is difficult to bring
back customers who left MMC due to the recall scandal in such a
short period of time. MMC has now put brakes on deterioration in
the financial structure. The financial structure is expected to
improve gradually along with recovery of the earnings power.
Contact:
Mitsubishi Motors Corporation
Fumio Nishizaki
f-nishizaki@mitsubishi-motors.co.jp
7+81-3-5232-7342
ORIENT CORPORATION: Solicits 300 Early Retirement Applications
--------------------------------------------------------------
Ailing consumer credit Company Orient Corporation will solicit
300 early retirement applications from employees starting May 19
to 30, Kyodo News said on Monday. The Company will target
employees aged 42 to 57, with retirement date set for June 30,
the report said.
The ailing consumer credit company, which saw its capital base
shriveled to 5.6 billion yen at the end of March last year after
years of losses, aims to write off the latent losses of its
asset holdings and speed up its restructuring program by
focusing on auto loan, credit card and other more promising
businesses, TCRAP reported.
ORIENT WATCH: Delists From TSE
------------------------------
Watchmaker Orient Watch Co. will be delisted from the Tokyo
Stock Exchange (TSE) because it has been unable to eradicate its
negative net worth for the third consecutive business year,
Kyodo News reports.
The Company's liabilities exceeded assets by 2.85 billion yen at
a consolidated level as of September 30. It had asked its parent
Company Seiko Epson Corp. for a capital injection, but Seiko had
declined the request, according to TCRAP.
SATO KOGYO: Creditors OK Reorganization Plan
--------------------------------------------
Mizuho Financial Group, Inc. has announced that its wholly owned
subsidiary, Mizuho Corporate Bank, Ltd., has decided to release
Sato Kogyo Co., Ltd. from certain of its debts in response to
the reorganization plan which was approved in the creditors'
meeting on Tuesday. This decision is subject to the approval of
the reorganization plan by Tokyo District Court.
1.Outline of the Company
(1) Address 12-20, Nihonbashi Hon-cho 4-chome, Chuo-ku, Tokyo
(2) Assignee Mr. Shigeru Motoyama, Mr. Go Kajitani
(3) Capital JPY 19,378 million
2.Details of Relevant Developments
March 3, 2002 The Company filed for commencement of corporate
reorganization procedure with the Tokyo District Court.
March 31, 2002 Commencement of corporate reorganization
procedure was decided. March 31, 2003 The reorganization plan
was approved in the creditors' meeting.
3.Claims to be waived by the Bank
Subject to the approval by Tokyo District Court, the Bank will
release the Company from its debts in the amount of JPY 85,525
million.
4.Effect of this Development on Profit/Loss of Mizuho Financial
Group, Inc.
As the Bank has already set aside reserves for the total amount
of the above claims, this development will have no effect on
Mizuho's previously announced earnings estimates for this fiscal
year.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Shares Down 4% Since Start of Iraq War
-----------------------------------------------------------
Hynix Semiconductor Manufacturing Co.'s chip prices have fallen
about 4 percent since the start of the Iraq war, Bloomberg
reports. The benchmark chip on the open market recently traded
at $3.24, below the $4 price needed by memory-chip makers to
remain profitable and almost half the $6.11 the chips traded at
on the first day of the year.
The chipmaker has total debt of 6.2 trillion won ($4.9 billion)
and has been bailed out by creditors for the third time in two
years. The Company has lost about 9.5 billion won over the last
three years.
SK GLOBAL: Auditor Uncovers W480B Hidden Losses
-----------------------------------------------
Young Wha Consulting Co. revealed that the accounting fraud case
at SK Global has reached 2 trillion won, as an external audit of
SK Global has uncovered the firm's hidden losses of 480 billion
won. Prosecutors had earlier charged the firm with accounting
fraud totaling 1.5 trillion won, Digital Chosun said on Monday.
As a result, total losses surpassed its capital by 210 billion
won, in a major setback to its creditors' schedule for
normalizing the firm. Creditors will decide as to whether to
keep the firm going or to liquidate it by the middle of May.
SK GLOBAL: CFO Resigns as Firm Reveals Fresh Debt
-------------------------------------------------
Moon Duk-kyu, the Chief Financial Officer of SK Global, has quit
over an accounting scandal as the Company revealed another
US$400 million of debt, reports Channel News Asia. Trading of
shares was suspended Monday after its independent auditor Ernst
& Young discovered the additional loss.
The auditor said the Company's debt had exceeded its assets by
212.8 billion won (US$169.2 million) at the end of 2002. SK
Global said an additional 500 billion won of debt was the result
of a more conservative bookkeeping policy on long-term trade
receivables.
SK GLOBAL: Creditors Set Committee Meeting Tuesday
--------------------------------------------------
Creditors of SK Global Co. will convene a steering committee
meeting on April 1, to discuss the audit conducted by Young Wha
accounting, Asia Pulse said on Tuesday. The Company will also
look into the negotiations being conducted with foreign
creditors.
Reports on the due diligence being carried out by Samil
Accounting Corp. and UBS Warburg are likely to be reviewed in
the meeting.
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that there have been no changes to the status
in payment since the Company's previous announcement made on 24
February 2003.
The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).
With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.
On 1 November 2002, Public Merchant Bank Berhad (PMBB) , on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal. The Workout
Proposal will address the Company's default in payments.
On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had vide their letters dated
18 December 2002 and 20 December 2002 approved the Company's
Workout Proposal as proposed, subject to certain conditions to
be fulfilled.
BRIDGECON HOLDINGS: Moratorium Period Extended to April 2004
------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
Informed that the moratorium period has been extended from 6th
April 2003 to 5th April 2004 pursuant to Section 41(3) of the
Pengurusan Danaharta Nasional Berhad Act, 1998 which took effect
from the date of its appointment.
The Company also informed that it does not comply with the
Application for the further extension of time until 30 June 2003
to comply with Paragraphs 15.02, 15.10(1)(A) and (B), 15.11,
15.19 and 15.20 of the Listing Requirements and that KLSE has
approved the Company's application for a further extension of
time from 31st December 2002 until 30th June 2003 for complying
with the aforesaid paragraphs of the LR subject to the following
conditions:
(a) An announcement must be made to state that BHB's does not
comply with paragraphs 15.02, 15.10(1)(a) and (b), 15.11, 15.19
and 15.20 of the LR, and that an extension of time for
compliance has been granted by the Exchange. The duration of the
extension of time should also be disclosed;
(b) Quarterly reports to the Exchange as to BHB's efforts or
progress to comply with the aforesaid requirements; and
(c) The majority of BHB's audit committee must comprise non-
executive directors.
DATAPREP HOLDINGS: Reaches Debt Settlement With Repvest
-------------------------------------------------------
The Board of Directors of Dataprep Holdings Bhd announces that
Repvest Sdn Bhd (Repvest) had previously acquired from Dataprep
a 30% equity interest in Solsis (M) Sdn Bhd (Solsis) comprising
5,076,000 ordinary shares of RM1.00 each (Subject Shares).
Solsis' share capital is presently 70% held by Dataprep
(comprising 11,844,000 ordinary shares of RM1.00 each) and 30%
held by Repvest (comprising the Subject Shares).
Repvest presently owes Dataprep the sum of RM5,076,000 (Debt) in
respect of its previous purchase of the Subject Shares. The
Board of Directors of Dataprep announces the Company has on 31st
March 2003 entered into a conditional debt restructuring
agreement with Repvest (DRA) to term-out the repayment of the
Debt by way of 8 equal yearly installments of RM634,500
commencing on 1 April 2004 and ending on 1 April 2011
(Settlement of the Debt) in consideration of, inter-alia,
Repvest agreeing to utilize the dividends and distribution in
specie attributable to the Subject Shares for a trust to be
established and known as 'Datapreneur Bumiputera Trust'
(Bumiputera Trust). The Bumiputera Trust would provide, inter-
alia, financial assistance for the advancement of education,
medical and religious pursuits to eligible Bumiputera employees
of Dataprep and its subsidiary companies.
The Bumiputera Trust, Settlement of the Debt and Call Option (as
defined hereafter) are referred to as the 'Agreements'.
Settlement of the Debt
On 22 April 1998, Dataprep disposed 216,000 ordinary shares of
RM1.00 each in Solsis to Repvest for a consideration of
RM216,000. On 22 December 1999, Dataprep disposed a further
4,860,000 ordinary shares of RM1.00 each in Solsis to Repvest
for a consideration of RM4,860,000. The considerations for both
disposals amounting to RM5,076,000 remain due from Repvest to
Dataprep. The Debt is unsecured.
Dataprep has on 31st March 2003 entered into the DRA with
Repvest to term-out the repayment of the Debt by way of 8 equal
yearly installments of RM634,500 commencing on 1 April 2004 and
ending on 1 April 2011. The Subject Shares shall be pledged to
Dataprep to secure the repayment of the Debt by Repvest upon the
DRA becoming unconditional.
Dataprep has agreed to the aforesaid terming-out of the
repayment of the Debt and not to charge interest on the Debt
premised on the agreement by Repvest to relinquish its rights,
interest and claims to all dividends less taxes and distribution
in specie attributable to the Subject Shares (any bonus shares,
if applicable) for the duration of the Bumiputera Trust (as
particularized in Section 4 hereafter), and for the aforesaid
dividends and distribution in specie to be utilized for the
benefit of eligible Bumiputera employees of the Dataprep and its
subsidiary companies under the Bumiputera Trust.
Call Option
Repvest has on 31st March 2003 entered into a conditional call
option agreement (COA) with Dataprep whereby Repvest grants to
Dataprep or any nominee a call option (Call Option) to
repurchase all or part of the Subject Shares (including any
bonus shares, if applicable) and such other shares in Solsis
which Repvest may acquire or subscribe to subsequent to date of
the COA (collectively referred to as the 'Option Shares') upon
the occurrence of the triggering events.
The exercise price payable on the repurchase of the Option
Shares shall be:
* RM5,076,000 and the value of such other shares in Solsis
which the Repvest may acquire or subscribe to subsequent to the
date of the COA (or in the event that only part of the Option
Shares are repurchased, such proportionate amount of RM5,076,000
and the value of such other shares in Solsis which the Repvest
may acquire or subscribe to the date of the COA). For example if
75% of the Option Shares are to be repurchased, then Dataprep
shall pay Repvest 75% of the aggregate of RM5,076,000 and the
value of such other shares in Solsis which the Repvest acquired
or subscribed subsequent to the date of the COA); or
* the value of the NTA of Solsis based on the management
account as at the end of the month immediately preceding the
exercise of the Call Option, attributable to the Option Shares
to be repurchased,
whichever is lower.
In addition, in the event the Option Shares to be repurchased by
Dataprep upon exercise of the Call Option relates to all or part
of the Subject Shares (including any bonus shares, if
applicable), Dataprep shall settle consideration due to Repvest
by way of net off against the Debt owing by Repvest to Dataprep
at that point in time.
The Call Option may be exercised by Dataprep upon the occurrence
of any of the following events:
* the Ministry of Finance (MOF) revokes the approved
Bumiputera contractor license awarded to Solsis which requires
Solsis to maintain, inter-alia, a 51% Bumiputera majority not
only in terms of equity shareholding; but also in respect of the
board of directors, management team and general employees;
* there is a change in the New Economic Policy introduced by
the Government of Malaysia in relation to the qualification for
an approved Bumiputera contractor license
* the termination of the Trust Deed, whether due to
revocation or expiration;
* Solsis no longer requires a Bumiputera contractor license
for the purposes of carrying out its business; or
* there is a change in the principal activities of Solsis.
Bumiputera Trust
Dataprep agrees that Repvest establish a trust to be known as
'Datapreneur Bumiputera Trust' (Trust) where Repvest agrees to
relinquish its rights, interest and claims to all dividends less
taxes and distribution in specie attributable to the Subject
Shares (any bonus shares, if applicable) for the duration of the
Bumiputera Trust (collectively referred to as the "Subject
Assets), and for the Subject Assets to be utilized for the
benefit of eligible Bumiputera employees of Dataprep and its
subsidiary companies without restrictions and any payment of
consideration to Repvest.
The trustees appointed for the Trust (Trustees) shall initially
comprise Encik Mirzan Bin Mahathir and Dato' Seri Maharaja
Mohamad Rais Zainuddin, who are both Directors of Dataprep.
The funds of the Trust (which shall comprise, inter-alia, the
dividends less taxes attributable to the Subject Shares for the
duration of the Trust) are to be applied as follows:
* financial assistance for the advancement of education to
deserving and suitably qualified beneficiaries to be educated at
educational institutions and for courses approved by the
Trustees;
* for the advancement of religion of the beneficiaries; and
* for the provision of medical benefits for the
beneficiairies.
The Bumiputera Trust shall be for a period of 10 years
commencing from the date of the Trust Deed.
Persons eligible to be considered as beneficiaries under the
Trust shall be as follows (Eligible Persons):
* Bumiputera employees of Dataprep and its subsidiary
companies who have been employed by Dataprep and its subsidiary
companies for a minimum of 1 year after confirmation of their
employment; and
* immediate family members of the beneficiaries, such
entitlement is limited to legal spouse(s) and children below the
age of 18 or children above the age of 18 but below the age of
twenty five (25) who are in pursuit of higher education.
The Trustees may at its discretion at any time and from time to
time as it deems fit, during the existence of the Trust, select
Eligible Persons to be beneficiaries under the Trust taking into
consideration the loyalty, length of service and contribution of
the Eligible Persons.
The Bumiputera Trust shall not form part of or constitute or in
any way be construed as a term or condition of employment of any
Eligible Persons. The Bumiputera Trust shall not confer or be
construed to confer on an Eligible Person any special rights or
privileges over the Eligible Person's terms and conditions of
employment in the Dataprep and its subsidiary companies under
which the Eligible Person is employed.
The Bumiputera Trust shall be constituted by the Trust Deed
dated 31st March 2003 signed by Repvest Sdn Bhd and the
Trustees.
Rationale for the Proposals
Repvest is not in a financial position to pay the Debt. In view
of the foregoing, Repvest had requested for the terming-out of
the repayment of the Debt and the Board of Directors have agreed
to the same as there is a proposal for the Debt (which is
currently unsecured) to be secured via pledging of the Subject
Shares to Dataprep. Further, Repvest has agreed to forgo its
interests to the dividends and distribution in specie
attributable to the Subject Shares and for the same to be used
for the Datapreneur Bumiputera Trust , which would provide,
inter-alia, financial assistance for the advancement of
education, medical and religious pursuits to eligible Bumiputera
employees of Dataprep and its subsidiary companies.
Solsis holds an approved Bumiputera contractor license awarded
by MOF, which inter-alia, requires the equity share capital of
Solsis to be at least 51% held by Bumiputera. Repvest accounts
for 30% of the Bumiputera shareholding in Solsis. With the
approved Bumiputera contractor license, Solsis is eligible to
pursue Government contracts. The Call Option essentially gives
Dataprep the option but not an obligation, to purchase the
Subject Shares from Repvest in event the approved Bumiputera
contractor license awarded by MOF is revoked or Solsis no longer
requires a Bumiputera contractor license for the purposes of
carrying out its business.
Financial Effects
The Agreements will not have any effect on the issued and paid-
up share capital and substantial shareholders of Dataprep.
The Settlement of Debt is not expected to have any material
effect on the earnings and net tangible assets (NTA) of Dataprep
and its subsidiary and associated companies (Dataprep Group) for
the financial year ending 31 March 2003. The full impact of the
Settlement of Debt on the future earnings and the NTA of the
Dataprep Group can only be determined after the final
installment payment date for the Debt. Any potential effect on
the Dataprep Group's earnings and NTA would depend on the amount
of the Debt actually repaid or if applicable, the quantum of
proceeds that is actually raised from the liquidation of the
Subject Shares, and the actual utilization of such proceeds.
The Bumiputera Trust is not expected to have any material on the
earnings and NTA of the Dataprep for the financial year ending
31 March 2003.
The Call Option is not expected to have any effect on the
earnings and NTA of the Dataprep Group, until such time as the
Call Option is exercised. Any potential effect on the earnings
and NTA of the Dataprep Group would depend on the number of the
Subject Shares to be acquired upon exercise of the Call Option
at that point in time as well as the price payable upon the
exercise of the Call Option.
Conditions
The implementation of the Settlement of Debt and the Bumiputera
Trust are not subject to any conditions.
Prior to the exercise of the Call Option, Dataprep shall comply
with all the then prevailing laws including without limitation
the Listing Requirements of the Kuala Lumpur Stock Exchange such
as making the necessary announcements and seeking the prior
approval of shareholders of the Company, if applicable.
Directors and Substantial Shareholders' Interests
Insofar as the Directors of Dataprep are able to ascertain, and
based on Dataprep's Register of Directors' shareholdings and
Register of substantial shareholdings of Dataprep, none of the
Directors or substantial shareholders or persons connected to
them (as defined by Section 122A of the Companies Act, 1965)
have any interest, whether directly or indirectly, in the
Agreements.
Directors Opinion
Having considered all aspects of the Agreements, the Directors
of Dataprep are of the opinion that the Agreements are in the
best and long term interests of the Dataprep Group and its
shareholders.
Other Matters
The DRA, COA and Trust Deed are available for inspection at the
registered office of Dataprep at 11th Floor, Menara Luxor, 6B
Persiaran Tropicana, Tropicana Golf and Country Resort, 47410
Petaling Jaya, Selangor Darul Ehsan during normal business hours
within 2 months from the date of this announcement.
EPE POWER: KLSE Grants Regularization Plan Time Extension
---------------------------------------------------------
Further to the announcement by Commerce International Merchant
Bankers Berhad (CIMB) on 27 February 2003, EPE Power Corporation
Berhad announced that the Kuala Lumpur Stock Exchange has
granted a further extension of two (2) months from 1 March 2003
to 30 April 2003 to EPE to make the Requisite Announcement of
its plan to regularize its financial condition.
Early last month, the Troubled Company Reporter - Asia Pacific
reported that the Company has further defaulted in the payment
of monthly interest of RM676,358.86 due to several financial
institutions (FIs) under its revolving credit (RC) facilities.
FIAMMA HOLDINGS: Ceasing Unit's Operations on May 15
----------------------------------------------------
The Board of Directors of Fiamma Holdings Berhad (Fiamma) wishes
to announce that Sunshine Element Sdn Bhd (Sunshine Element), a
wholly-owned subsidiary of Sunrise Stream Sdn Bhd (Sunrise
Stream), which is in turn a 50.1% subsidiary company of Fiamma,
will cease its business operations with effect from 15 May 2003.
Details of Sunshine Element
Sunshine Element was incorporated on 6 December 1999 and is a
wholly-owned subsidiary of Sunrise Stream Sdn Bhd (Sunrise
Stream), which is in turn a 50.1% subsidiary company of Fiamma.
Sunrise Stream is the special purpose vehicle, which has
assumed, inter-alia, the manufacturing operations of Malaysia
Electric Corporation Berhad.
The authorized share capital of Sunshine Element is
RM10,000,000.00 divided into 10,000,000 ordinary shares of
RM1.00 each and the issued and paid up capital is RM1,000,000.00
divided into 1,000,000 ordinary shares of RM1.00 each.
The principal activity of Sunshine Element is that of
manufacturing and assembling of electrical home appliances.
Rationale for the Cessation
The Board of Directors of Fiamma has reviewed the feasibility of
continuing Sunshine Element's business operations and identified
inter-alia the market dynamics of the manufacturing industry in
general to be the main factor to the increased competitiveness
in producing its main products, namely air-conditioners and
refrigerators. Despite various measures taken by the management
of Sunshine Element to reduce its manufacturing costs, foreign
manufacturers, particularly manufacturers from China are
manufacturing its products at significantly lower costs. The
current on-going market price reduction for Sunshine Elements's
core products, air-conditioners, is anticipated to prolong
indefinitely and this has resulted in intense competition to
Sunshine Element. As a result, sales volume generated by
Sunshine Element is insufficient to support the costs structure
of its manufacturing activities. Hence, it is no longer
competitive for Sunshine Element to manufacture and sell its
products under the current market conditions.
Furthermore, Sunshine Element has chalked up losses totaling
RM6.0 million since the commencement of its operations in 1999
up to 30 September 2002. In this respect, the cessation exercise
is intended to cut losses of the current manufacturing
activities of Sunshine Element.
After considering all aspects of the operations, the Board of
Directors of Fiamma is of the opinion that the cessation is in
the best interest of Sunshine Element and of the Fiamma Group.
Financial Effects of Cessation
As at 30 September 2002, Sunshine Element's total assets amount
to RM6,813,252 and its total liabilities stood at RM11,847,292.
For the year ended 30 September 2002, Sunshine Element recorded
a loss after taxation of RM3,190,939, resulting in deficit
shareholders' funds of RM5,034,040. As a result of the cessation
exercise, Fiamma Group will incur an exceptional loss of
approximately RM1,630,000 (RM816,600 being Fiamma's 50.1% share
of exceptional loss) comprising mainly the write off of assets,
write down of inventories and staff retrenchment costs.
The turnover of Sunshine Element (excluding inter-company sales)
represents 1.5% of the Fiamma Group's annual turnover for the
financial year ended 30 September 2002. The aforementioned
cessation will not have a material impact on the turnover and
the earnings of the Fiamma Group for the financial year ending
30 September 2003 except for the exceptional loss as mentioned
above. However, the earnings of the Fiamma Group is expected to
be enhanced going forward from the cessation of the currently
loss making Sunshine Element (which is expected to continue to
register losses in the foreseeable future if it continues its
operations).
Nothwithstanding the aforementioned cessation, the Fiamma Group
will continue to focus on its core business of sales and
services of electrical home appliances. The sales and services
business segment contributed 97.9% and 155.2% of Fiamma Group's
turnover and profit after taxation respectively for the
financial year ended 30 September 2002.
Directors Interest in the Cessation
None of the Directors or major shareholders of Fiamma and/or any
persons connected with them have any interest, direct or
indirect in the cessation of business operations of Sunshine
Element.
KELANAMAS INDUSTRIES: Issues Regularization Status Update
---------------------------------------------------------
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, AmMerchant Bank Berhad (AmMerchant) has made
announcement on behalf of the Board of Directors of KIB to seek
the approval of Kuala Lumpur Stock Exchange (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, AmMerchant has made announcement on behalf of
the Board of Directors of KIB that KLSE 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.
On 30 August 2002, KIB has submitted the Proposed Restructuring
to the Securities Commission. For further details, kindly refer
to the announcements made by AmMerchant 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 (FIC) has vide its letter dated
21 November 2002, approved the Proposed Restructuring Scheme
subject to MPTR, the vehicle to assume the listing status of
KIB, maintaining at least 30% bumiputra equity interest at the
point of listing. For further details, kindly refer to the
announcement made by AmMerchant on behalf of KIB dated 2
December 2002.
The Securities Commission has vide its letter dated 31 December
2002, approved the Proposed Restructuring Scheme subject to
conditions as stated in the said letter. For further details,
kindly refer to the announcement made by AmMerchant on behalf of
KIB dated 2 January 2003.
On 14 January 2003, AmMerchant announced on behalf of the Board
of Directors of KIB that vide a letter dated 14 January 2003, an
appeal was made against the FIC's 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 the 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 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.
Further to the announcement dated 14 January 2003, AmMerchant
has on behalf of the Board of Directors of KIB announced on 12
March 2003, that the FIC has vide a letter dated 6 March 2003,
granted MPTR a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the KLSE) to
increase its bumiputra shareholding interest to 30%.
L&M CORPORATION: Defaulted Payments Amount to RM58,781,894.59
--------------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd (L&M)
wish to inform that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, as of 28
February 2003 amount to RM58,781,894.59.
As announced earlier, the Foreign Investment Committee and the
Ministry of International Trade and Industry have approved the
Proposed Corporate and Debt Restructuring Scheme ("Proposed
CDRS"). L&M is currently awaiting the approval on its Proposed
CDRS and the application for a waiver from Mandatory General
Offer obligation in respect of the Proposed CDRS from the
Securities Commission.
PACIFICMAS BHD: Proposes Renewal of Authority to Buy Own Shares
---------------------------------------------------------------
At the last Annual General Meeting (AGM) and Extraordinary
General Meeting held on 21 June 2002, Pacificmas Berhad had
obtained its shareholders' approval for:
(a) the Company to purchase and/or hold its own shares of up
to 10% of its issued and paid-up share capital at any given
point in time, if deemed fit and expedient by the Directors of
the Company ; and
(b) the Company and/or its subsidiaries to enter into
recurrent related party transactions of a revenue or trading
nature, from time to time, which are necessary for its day-to-
day operations.
The authority for the two aforesaid mandates will expire at the
conclusion of the forthcoming AGM of the Company to be convened.
Accordingly, the Board of Directors of PacificMas wishes to seek
the shareholders' approval to renew the mandates for:
(a) the Company to purchase and/or hold its own shares of up
to 10% of its issued and paid-up share capital at any given
point in time, if deemed fit and expedient by the Directors of
the Company (Proposed Share Buy-Back) ; and
(b) the Company and/or its subsidiaries to enter into
recurrent related party transactions of a revenue or trading
nature, from time to time, which are necessary for its day-to-
day operations (Proposed Mandate);
at the forthcoming AGM.
A circular containing details of the Proposed Share Buy-Back and
Proposed Mandate will be dispatched to the shareholders in due
course.
PANGLOBAL BERHAD: Discloses February Timber Production Figures
--------------------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of timber of its wholly-owned subsidiary, Limbang Trading
(Limbang) Sdn Bhd for the month of February 2003 was 20,775.46
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.: RM7M Overdraft Facility Hearing Set on April 25
---------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:
1. RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has further fixed 18 April 2003 for further
submission in relation to the Plaintiff's striking out
application. Apart from the above, the legal proceeding is still
pending in court.
2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan
Further to the Company's announcement, the Company wishes to
inform that the Plaintiff's summary judgment application has
been postponed to 1 April 2003. Apart from the above, the legal
proceeding is still pending in court.
3. RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 2 April 2003. Apart from the above, the legal
proceeding is still pending in court.
4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for hearing on 25 April 2003. Apart from the
above, the legal proceeding is still pending in court.
5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank
Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 14 July 2003.
RAHMAN HYDRAULIC: Extends Proposed Corp Exercise Completion Time
----------------------------------------------------------------
Further to the announcement dated 22 January 2003, Public
Merchant Bank Berhad is pleased to announce that both IJM
Corporation Berhad and Rahman Hydraulic Tin Berhad (Special
Administrators Appointed) have mutually agreed to a further
extension of time of two (2) months until the end of May 2003 to
complete the Proposed Corporate Exercise.
SEAL INCORPORATED: March Defaulted Payment Stands RM1.15M
---------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (the Group) since its
announcement dated 28 February 2003.
As at 31 March 2003, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM1.15 million.
SILVERSTONE CORP.: Unit's Proposed Disposal Approved at EGM
-----------------------------------------------------------
Silverstone Corporation Berhad (formerly known as Angkasa
Marketing Berhad) announced that at its Extraordinary General
Meeting held on 28 March 2003, the shareholders of the Company
have approved the following ordinary resolution:
Proposed disposal by Range Grove Sdn. Bhd. (RG), a wholly-owned
subsidiary of AMB Venture Sdn. Bhd., which is in turn a wholly-
owned subsidiary of SCB, of the entire 50% equity interest in
Wuhan Fortune Motor Co., Ltd. (Wuhan Fortune), comprising a
registered capital of United States Dollar 6 million (equivalent
to approximately RM22.8 million) for a cash consideration of
Chinese Renminbi (Rmb) 1 (equivalent to approximately RM0.46)
and proposed settlement of inter-company advances to Wuhan
Fortune amounting to Rmb167.56 million (equivalent to
approximately RM76.93 million) for a cash consideration of
Rmb94.66 million (equivalent to approximately RM43.46 million)
payable by Tri-Ring Group Co. to RG and proposed waiver of the
interest on the inter-company advances to Wuhan Fortune
amounting to Rmb70.82 million (equivalent to approximately
RM32.51 million)
That subject to the fulfillment of the conditions precedent
provided in the Sale and Purchase Agreement dated 30 July 2002
entered into by Angkasa Transport Equipment Sdn. Bhd. (ATE),
Tri-Ring Group Co. (Tri-Ring) and Wuhan Fortune Industry Co.,
Ltd. (WFI) (Agreement), approval be and is hereby given for:
(i) RG, through ATE, to dispose of its entire 50% equity
interest in Wuhan Fortune, to Tri-Ring, for a cash consideration
of Rmb1 (equivalent to approximately RM0.46); and
(ii) the settlement of the inter-company advances to Wuhan
Fortune amounting to Rmb167.56 million (equivalent to
approximately RM76.93 million) (Inter-company Advances) for a
cash consideration of Rmb94.66 million (equivalent to
approximately RM43.46 million) payable by Tri-Ring to RG and for
RG, through ATE, to waive the interest on the Inter-company
Advances amounting to Rmb70.82 million (equivalent to
approximately RM32.51 million);
upon the terms and subject to the conditions contained in the
Agreement (Proposals).
AND THAT the Directors of SCB be and are hereby authorized with
full powers, for the purposes of completing and giving effect to
the Proposals, to assent to any conditions, modifications,
variations and/or amendments as may be required and/or approved
by the relevant authorities and to do all acts, deeds and things
as may be considered by the Directors of SCB to be necessary or
expedient to give full effect to and complete the Agreement.
SRIWANI HOLDINGS: FIC Approves Proposals Revision
-------------------------------------------------
Sriwani Holdings Berhad refers to the announcement dated 15
January 2003 in relation to the Proposals, in which Commerce
International Merchant Bankers Berhad (CIMB) announced the
revision in the purchase consideration for the proposed
acquisition of Winner Prompt Sdn Bhd and Selasih Ekslusif Sdn
Bhd and accordingly, the number of new ordinary shares in SHB to
be issued pursuant thereto.
On behalf of SHB, CIMB hereby announces that the Foreign
Investment Committee has on 26 March 2003 approved the revision
as proposed. The Proposals refers to:
ú Proposed Capital Reduction and Consolidation;
ú Proposed Restricted Issue;
ú Proposed Rights Issue;
ú Proposed Debt Restructuring Scheme;
ú Proposed Assets Injection; and
ú Proposed Additional Issue
TAJO BHD: Provides Defaulted Facilities Status Update
-----------------------------------------------------
Tajo Berhad is pleased to provide an update on the details of
all the facilities currently in default in compliance with
Section 3.1 of Practice Note 1/2001, as tabled at
http://bankrupt.com/misc/TCRAP_Tajo0402.pdf.
REASON FOR DEFAULT IN PAYMENT
Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.
MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS
On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.
On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:
1. Revise its regularization plan;
2. Make a revised Requisite Announcement to KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.
Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:
1st progress report by 15 November 2001;
2nd progress report by 15 December 2001;
3rd progress report by 15 January 2002; and
4th progress report by 15 February 2002.
On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.
On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential 'white knights', which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.
On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.
Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.
On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.
On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.
The KLSE, has vide its letter dated 26 September 2002, granted
its approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.
On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry (MITI) has, vide
its letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.
On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC) has, vide its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.
The Securities Commission vide their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.
On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission vide their letter dated 3
March 2003 had rejected the appeal.
The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.
However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the said properties into Tajo as part of
the proposed restructuring exercise.
The properties that will not be injected into Tajo are as
follows:
1. Property held under MAA
Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as 'Menara MAA' located in Penang
2. Property held by Tokojaya
Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as 'Menara MAA' located in Kota
Kinabalu.
In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group.
Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.
C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT
IN PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S
LIABILITY IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE
AGREEMENTS FOR THE INDEBTEDNESS
The estimated total outstanding as at 28 February 2003, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM193,713,148.
Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.
D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN
STOCKS OR BONDS, THE LINES OF ACTION AVAILABLE TO THE
GUARANTORS OR SECURITY HOLDERS AGAINST THE LISTED ISSUER
Tajo's bonds were unsecured.
E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER
THE DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER
AND MANAGER
As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.
F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS
(CROSS DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE;
AND
The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement 'have not been serviced' (interest and principal)
since December 1998. As such they are all technically in
default.
The creditors have however refrained from serious legal action
other than those, which have been disclosed in its Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.
TIME ENGINEERING: Enters Proposed Disposal SSA With Renong
----------------------------------------------------------
The Board of Directors of TIME Engineering wishes to announce
that it has entered into a Share Sale Agreement with Renong
Berhad (Renong) on 28 March 2003 for the disposal of TIME's
1.11% equity stake in Renong Overseas Corporation Sdn Bhd (ROC)
(Proposed Disposal).
DETAILS OF THE PROPOSED DISPOSAL
The Proposed Disposal involves the sale of 500,000 ordinary
shares of RM1.00 each representing 1.11% of the issued and paid-
up capital of ROC for a nominal consideration of RM1.00 only.
The consideration is arrived at on a willing buyer-willing
seller basis taking into account the unaudited Net Tangible
Asset (NTA) and the earnings of ROC which were both negative as
at 30 June 2001.
INFORMATION ON ROC
ROC was incorporated in Malaysia under the Companies Act 1965 on
25 May 1992 as a private limited company. Presently, the total
issued and paid-up share capital of ROC is RM45,000,007
comprising 45,000,007 ordinary shares of RM1.00 each. ROC is
currently a 93.33% owned subsidiary of Renong.
ROC is principally an investment holding company whose
activities include the provision of reimbursable support
services to the Renong Group in respect of overseas project and
management fees received from related company.
The subsidiaries of ROC are engaged in investment holding,
acquisition and development of land and representation of
holding company in South Africa.
The relevant financial information of ROC is appended in Table 1
at http://bankrupt.com/misc/TCRAP_Renong0402.pdf.
INFORMATION ON TIME
TIME was incorporated in Malaysia on 12 October 1970 as TIME
Engineering Sdn Bhd On 24 June 1983, it was converted into a
public company.
The TIME Group's activities are classified into four strategic
business units namely telecommunications, information
technology, power, engineering and manufacturing. TIME was
listed on the Main Board of KLSE on 12 September 1983.
As at 15 April 2002, TIME has an issued and fully paid-up share
capital of RM746,412,417 comprising 746,412,417 ordinary shares
of RM1.00 each.
RATIONALE FOR THE PROPOSED DISPOSAL
The proposed Disposal serves to limit TIME's expenses and loss
arising from ROC's detracting shareholders' fund.
The NTA of ROC was RM24.3 million in1999. ROC registered a
negative shareholders' fund of RM22.4 million prior to the
Proposed Disposal.
Further, TIME has not utilized ROC's support services for
overseas investments and projects as TIME currently does not
have such investments.
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL
(a) Share Capital and Shareholding Structure
The Proposed Disposal will not have any effect on the share
capital of and the substantial shareholders' shareholdings in
TIME.
(b) NTA
The Proposed Disposal will not have any effect on the NTA of
TIME as diminution in value of the investment has been fully
provided for.
(c) Earnings
The Proposed Disposal has no impact on the earnings for the
financial year ending 31 December 2003.
CONDITIONS OF THE PROPOSED DISPOSAL
The Proposed Disposal does not require the approval of TIME's
shareholders or any other authorities.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
Hatibudi Nominees (Tempatan) Sdn. Bhd. (Hatibudi) and Fibroceil
Manufacturing (Malaysia) Sdn. Bhd. (Fibroceil) (a wholly-owned
subsidiary of Fleet Group Sdn. Bhd.) hold 40.15% and 6.62%
equity interests of TIME respectively. Both Hatibudi and Fleet
Group are wholly-owned subsidiaries of Renong Berhad (Renong).
Renong is 49% equity interests owned by United Engineers
(Malaysia) Berhad, which is turn is wholly-owned by Syarikat
Danasaham Sdn. Bhd. (Danasaham), which in turn is wholly-owned
by Khazanah Nasional Berhad (Khazanah) and ultimately wholly-
owned by Ministry of Finance (Inc).
Elakumari Kantilal and Salmah Sharif, directors of TIME, are
nominee directors of Renong. Elakumari Kantilal is currently the
General Manager (Research and Monitoring) of Khazanah while
Salmah Sharif is the Company Secretary and Legal Adviser of
Khazanah. Since Khazanah has indirect interests in TIME and
Renong through their interests in UEM, Elakumari Kantilal and
Salmah Sharif are deemed interested in the Proposed Disposal.
Ahmad Pardas Senin is currently the Managing Director of TIME
and has also served as the Managing Director and nominee
director of Renong in the last twelve months, thus he is deemed
interested in the Proposed Disposal.
Accordingly, Elakumari Kantilal, Slamah Sharif and Ahmad Pardas
Senin will have to abstain from deliberations and voting during
the Board meetings on the resolution pertaining to the Proposed
Disposal.
Save as disclosed above and as far as the Directors are aware,
none of the directors and/or major shareholders of the TIME
and/or persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.
DIRECTOR'S STATEMENT
The Board after having considered all aspects of the disposal
and the rationale of the Proposed Disposal is of opinion that
the Proposed Disposal is in the best interest of TIME.
WING TIEK: Audit Committee Member Kulanthaivelan Resigns
--------------------------------------------------------
Wing Tiek Holdings Berhad posted this Change in Audit Committee
Notice:
Date of change : 31/03/2003
Type of change : Resignation
Designation : Member of Audit Committee
Directorate : Executive
Name : Dr Ramanathan A/L Kulanthaivelan
Age : 58
Nationality : Malayisan
Qualifications : Registered Medical Practitioner from Madras
University, India in 1971
Working experience and occupation :
1973 to 1976 - Medical Officer with the Ministry of Health
1976 to present - General Practitioner
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : None
Composition of Audit Committee (Name and Directorate of members
after change) :
1) Mr Poh Liong Ban - Chairman, Independent Non-Executive
Director
2) Datuk Nordin Bin Salleh - Member, Executive Chairman
3) Encik Zainal Abidin @ Abd Razak Bin Hashim - Member,
Independent Non-Executive Director
Last month, the Troubled Company Reporter - Asia Pacific
reported that the Company and its subsidiaries had on 18 March
2003 filed an application to the High Court of Malaya at Kuala
Lumpur (Court) to seek Court orders for inter-alia:
(i) WTHB, WTSP, WTMI, WTDIP, WBH and VS to each convene a
separate meeting of their respective Scheme Creditors pursuant
to Section 176 of the Companies Act, 1965 (Act) for the purpose
of approving the respective Proposed Debt Restructuring Scheme;
and
(ii) WTHB to convene a separate meeting of its members
pursuant to Section 176 of the Act for the purpose of approving
the Proposed Share Exchange.
Go to the Troubled Company Reporter - Asia Pacific Tuesday,
September 03, 2002, Vol. 5, No. 174 issue for details of the
Proposed Corporate and Debt Restructuring Scheme.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE LONG: Sells Home Cable to Lopezes
--------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) is planning to
sell an entire stake in its cable television unit Home Cable to
the Lopez Group for an unspecified amount, the Philippine Star
reported yesterday. PLDT's decision to get out of the cable TV
business, which for many years has been losing money, is due to
its failure to push through with its "convergence" plan, which
had as its vital component the purchase of a majority stake in
GMA Network Inc.
PLDT was supposed to purchase a stake in GMA-7 but pulled out to
focus on addressing around 1.3 billion pesos in debts of its
landline business that were maturing between 2002 and 2004.
QUEZON POWER: Meralco May Need to Refund Php8-28B to Customers
--------------------------------------------------------------
The price of the Quezon Power 8.86 percent Bond due 2017 (the
"Bond) has dropped recently to its mid-60 levels from 80 levels
in early November, mainly because of the Supreme Court ruling on
November 15 that Manila Electric Meralco, the sole purchaser of
power from Quezon Power Quezon, might need to refund between 8
billion pesos ($151 million) and 28 billion pesos ($528 million)
to its customers for overcharging since 1994, according to
DebtTraders analyst Daniel Fan (852 2537-4111).
Since Quezon relies substantially on Meralco to purchase power,
DebtTraders believes any change in Meralco's debt profile will
have an effect on Quezon's credit fundamentals. The analyst
believe that the Quezon Power 8.86 percent Bond due 2017 is
worth between 68.3 percent and 92.4 percent based on Meralco's
most likely leverage after treating 50 percent of the refund as
debt, and Quezon Power's high asset coverage, versus the last
offer price of the Bond at 66. DebtTraders also view the
potential takeover of Meralco's management by the government and
a possible change in the purchaser of power from Quezon as
positive credit drivers for the Bond.
VICTORIAS MILLING: Tanduay Wins Bidding
---------------------------------------
Tanduay Holdings Inc. emerged as the winning bidder in the hunt
for a new investor in Victorias Milling Corporation (VMC), the
Philippine Star said on Tuesday. Tanduay offered to inject 300
million pesos in fresh capital to VMC in the form of a loan at
1.5-percent interest rate per annum. The loan will be
convertible to equity at par from the third year onwards. It
will be equivalent to one seat in the 11-man board of directors.
Upon notification of the result, Tanduay put up 30 million pesos
in an upfront cash deposit yesterday and will deliver the
remaining 270 million pesos by next week. Tanduay, the liquor
holding firm of the Lucio Tan Group, bested offers made by JG
Summit Holdings and the Filinvest group, controlled by taipans
John Gokongwei Jr. and Andrew Gotianun, respectively.
VMC has been under a debt relief program with the SEC since mid-
1997 as it incurred heavy losses from operations due to the
prolonged slump in the sugar industry at the time.
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: May Need More Capital for 2002
-------------------------------------------------------
Chartered Semiconductor, the world's third-biggest provider of
made-to-order chips, said in mid-March it will have to raise
more money to meet capital spending plans for next year. Those
plans may be scaled back if not warranted by demand, Bloomberg
reports.
The chipmaker, whose shares declined by about 10 percent in the
quarter ended Monday, has lost $801 million over the last two
years and has forecast a first-quarter loss of $71 million to
$74 million, its ninth consecutive quarterly deficit.
FLEXTECH HOLDINGS: Issues Registration Closure of Stock Holders
---------------------------------------------------------------
The Register and Transfer Books of Loan Stockholders of the
Flextech Holdings Limited will be closed from 10 April 2003 to
11 April 2003 (both dates inclusive) for the purpose of
determining persons entitled to the partial redemption of the
Company's $22,000,000 Principal Amount of Unsecured Loan Stock
(as varied pursuant to the Extraordinary Resolution of the Loan
Stockholders on 11 November 2002) on 23 April 2003.
Duly completed transfers of the Loan Stock received by the
Company's Share Registrar, Lim Associates (Pte) Ltd, 10 Collyer
Quay #19-08 Ocean Building, Singapore 049315 up to 5.00 p.m. on
9 April 2003 will be registered for this purpose.
The attention of Loan Stockholders is also drawn to the
announcement of Flextech Holdings Limited dated 28 March 2003
relating to the variation of the Loan Stocks.
FLEXTECH HOLDINGS: Narrows FY02 Net Loss to S$22.17M
----------------------------------------------------
Flextech Holdings booked a net loss of S$22.17 million in the
year ending in December 31, versus a loss of S$27.86 million a
year earlier, according to Reuters.
Flextech Holdings Ltd, a manufacturer and distributor of
electronic components and semiconductor equipment, said the
reduction in net loss was mainly due to better performance and
contribution from the divestment of FE Global Electronics Group
and Spire Technologies Group. The net loss would have been
further reduced if not for the higher losses from ASTI Holdings
Ltd.
HUA KOK: Widens FY02 Net Loss to S$15.98M
-----------------------------------------
Huak Hok International Limited incurred a net loss of S$15.98
million in the year to December 31, against a loss of S$3.34
million a year earlier, Reuters said on Monday.
The Company makes precast concrete components and is engaged in
building and civil engineering activities. The increase in loss
was mainly due to poor performance of its precast division. The
group expects the loss in the second half to be lower than that
of the first half.
ISOFTEL LTD: Posts Notice of Shareholder's Interest
---------------------------------------------------
Isoftel Limited posted a notice of changes in shareholder Au Sai
Chuen's interest:
Date of notice to Company: 28 Mar 2003
Date of change of interest: 26 Mar 2003
Name of registered holder: The Central Depository (Pte) Ltd
for account of AU SAI CHUEN
Circumstance(s) giving rise to the interest: Others
Please specify details: Pursuant to Sale and Purchase Agreement
dated 20 March 2002 as varied by the Supplemental Agreement
dated 28 October 2002 relating to the shares in Digital
Publishing Solutions Limited
Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 545,733
% of issued share capital: 0.23
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.10
No. of shares held before the transaction: 2,207,930
% of issued share capital: 0.93
No. of shares held after the transaction: 2,753,663
% of issued share capital: 1.17
Holdings of Substantial Shareholder/Director including direct
and deemed interest
Deemed Direct
No. of shares held before the transaction: 36,136,000 2,207,930
% of issued share capital: 15.31 0.93
No. of shares held after the transaction: 36,136,000 2,753,663
% of issued share capital: 15.31 1.17
Total shares: 36,136,000 1.17
Percentage of shareholding calculated based on 236,068,152
shares in issue as at 28 March 2003.
===============
T H A I L A N D
===============
COUNTRY (THAILAND): Discloses New Registered Address
----------------------------------------------------
Property Planner Co., Ltd., Plan Administrator of Country
(Thailand) Public Co., Ltd., notified the Company's new
registered address, as follows:
Address : COUNTRY (THAILAND) PUBLIC COMPANY LIMITED
191/12 29th Floor CTI Tower
Ratchadapisek Road, Klong Toey
Bangkok 10110
Tel No : 02-2613058-60 Ext.110 and 111
Fax. No : 02-2613061
ON February 14, Troubled Company Reporter - Asia Pacific
reported that the company is in the process of transferring
assets as collateral to debtors, as specified in the
restructuring plans. Details of asset transfer for debt
payment, which will decrease the liability amount equivalent to
the estimated transfer value as prescribed in the restructuring
plan, are as follows:
Thailand Asset Management Company(TAMC) Bt1,243,246,188.98
Asia Recovery Mutual Fund 2 Bt103,110,000.00
Total Bt1,346,356,188.98
HEMARAJ LAND: No 2002 Dividend Distribution
-------------------------------------------
The Meeting of the Board of Directors of Hemaraj Land and
Development Public Company Limited No. 2/2003 held at 18th
Floor, UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok on 27th
March, 2003, has resolved as follows:
1. Certify the Minutes of the Board of Directors' Meeting No.
1/2003.
2. Approve the report on the Company's operating results for the
year 2002 and the Directors' Report.
3. Approve the audited balance sheet and profit and loss
statements for the year ended 31st December, 2002.
4. Approve to have no distribution of dividends and no
appropriation of profits for the2002 operating results since the
company still has deficit.
5. Approve the re-election of the directors listed below who
would retire by rotation
1. Mr. Sawasdi Horrungruang;
2. Mr. Vivat Jiratikarnsakul; and
3. Miss Pattama Horrungruang
The director's remuneration would be proposed to the forthcoming
AGM for consideration and approval
6. Approve the appointment of Professor Kasiree Narongdej,
certified public accountant no. 76 of A.M.T. & Associates or
Mrs. Suvanee Kittipanyangam, certified public accountant no.
2899 of Banchikij Co., Ltd. to be the Company's auditors be
approved. The auditors' remuneration would be proposed to the
forthcoming AGM for consideration and approval.
7. Approve the holding of the 2003 Annual General Meeting of
Shareholders on Tuesday 29th April, 2003 at 9:00 a.m. at the
Meeting Room, 18th Floor, UM Tower Building, 9 Ramkhamhaeng
Road, Kwaeng Suanluang, Khet Suanluang, Bangkok, with the
following agenda :
1. To certify the Minutes of the 2002 Annual General Meeting
of Shareholders
2. To consider and approve the year 2002's operating results
of the Company and the Directors' Report.
3. To consider and approve the audited balance sheet and
profit and loss statements ended 31st December, 2002.
4. To consider and approve the non-distribution of dividends.
5. To consider and approve the appointment of directors
replacing those retire by rotation and their remuneration.
6. To consider and approve the appointment of the auditors
and their remuneration.
7. To consider any other business (if any).
8. Approve the closing date of the share register book on
Thursday 10th April, 2003 at 12:00 noon until conclusion of the
meeting in order to determine the right of shareholders to
attend the 2003 Annual General Meeting of Shareholders
ITALIAN-THAI DEVELOPMENT: Business Reorganization Petition Filed
----------------------------------------------------------------
Italian-Thai Development Company Limited (DEBTOR) filed its
Petition for Business Reorganization filed to the Central
Bankruptcy Court:
Black Case Number 919/2544
Red Case Number 845/2544
Petitioner: THAI COMMERCIAL BANK PUBLIC COMPANY LIMITED #1st,
ITALIAN-THAI DEVELOPMENT COMPANY LIMITED #2nd
Planner: I.T.D. PLANNER COMPANY LIMITED
Plan Administrator: I.T.D. PLANNER COMPANY LIMITED
Debts Owed to the Petitioning Creditor : 20,145,402,000Baht
Date of Court Acceptance of the Petition : September 4, 2001
Date of Examining the Petition: September 25, 2001 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner : September 25, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 3, 2001
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : October 18,
2001
Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 18, 2002
Appointment date for the Meeting of Creditors to consider the
Reorganization Plan : December 24, 2001 at 9.30 am. Queensirikit
Convention Center
The Meeting of Creditors had a special resolution accepting the
reorganization plan
Court had issued the order accepting the reorganization plan :
April 4, 2002 and Appointed I.T.D. Planner Company Limited to be
as a Plan Administrator
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited :
April 12, 2002
Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette : April 30, 2002
Court had issued an Order Cancelled the Order for Business
Reorganization since December 16, 2002
Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: December 23, 2002
Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : January 23, 2003
Contact : Mr. Tanawat Tel, 6792525 ext. 123
NATURAL PARK: Investment With Sansiri News Groundless
-----------------------------------------------------
Reference is made to the news published in the Bangkok Business
Newspaper on 27 March 2003, page 19, with some contents quoting
that Natural Park Public Company Limited has the plan to invest
in seven real estate projects of Sansiri Public Company Limited
(Sansiri), i.e., are Bann Narasiri Project, Vacharapol Road,
Bann Narasiri Project (Phase 2), Bann Narasiri Project, Pinklaw,
Bann Sansaran Project, Siripinyo Building Project, Siri
Apartment Project, Wireless Road and Siri Apartment Project, Soi
Sukhumvit 12.
Natural Park Public Company Limited notified and clarified that
the said news is groundless. The Company has no plan to invest
in the real estate projects of Sansiri. As far as the Company
knows, the Company understand the real estate projects of
Sansiri.
RAIMON LAND: Enters Sublease Assignment Agreement
-------------------------------------------------
Raimon Land Planner Co., Ltd., as the Plan Administrator of
Raimon Land Public Company Limited, notified that the Plan
Administrator will arrange for Raimon Land to enter into the
Sublease Assignment Agreement of the Apartment Unit No.
159/16, 7th Floor, Baan Sansiri Building, No. 159/4 Soi
Mahadlekluang 2, Rachadamri Road, Khet Pathumwan, Bangkok
Metropolis, with car park No.703, from Mr. Arthur Hugh
Napolitano, with the following particulars:
1. Date, Month, Year of Transaction: 31 March 2003.
2. Related Parties and Relationship with Raimon Land :
Assignor : Mr. Arthur Hugh Napolitano
Assignee : Raimon Land Public Company Limited
Relationship between the Parties : Mr. Arthur Hugh
Napolitano is one of the authorized directors of Strategic
Property Co., Ltd., in which Raimon Land Public Company
Limited holds 341,544 shares; being equivalent to 55% of
the total issued shares of the Company, and which is
categorized as the connected transaction under the
Notification of the Stock Exchange of Thailand, Re :
Criteria, Procedures and Disclosure on Acquisition or
Disposal of the Assets of Listed Company.
3. Details of the Acquired Assets :
The sublease right in the apartment unit No. 159/16, 7th Floor,
Baan Sansiri Building, No. 159/4 Soi Mahadlekluang 2, Rachadamri
Road, Khet Patumwan, Bangkok Metropolis, including car park
No.703, with the lease term of approximately twenty years and
seven months, expiring on 31 October 2023.
4. Total Value of Consideration and Conditions of Payment :
- Total Value of Transaction : Bt9,950,000 (the
consideration for the assignment of lease right and the
balance advance rental of the lease period paid by the
Assignor, which the Assignor assigned the said right to
the Assignee).
- Payment Term: Payable in two installments as follows:
1) Bt995,000, payable on the signing date of the Agreement.
2) Bt8,995,000, payable on the registration date of the
sublease assignment at the relevant Land Office.
5. Criteria for Determining the Value of Consideration :
Determination of the acquired assets by reference to the market
prices.
6. Details of the Connected Person :
Mr. Arthur Hugh Napolitano is one of the authorized directors of
Strategic Property Co., Ltd. and Kudo Co., Ltd., which Kudo Co.,
Ltd. is a shareholder in Strategic Property Co., Ltd., at the
ratio of 45% of the total issued shares of the Company.
7. Benefits expected to be derived by Listed Company : An
income received from the rental payment and/or profits from
disposal.
8. Sources of Fund for the Transaction : From the working
capital of Raimon Land.
9. General Characteristic of Transaction :
Considering the category and size of the transaction under the
Notification of the Stock Exchange of Thailand, Re : Criteria,
Procedures and Disclosure on Acquisition or Disposal of the
Assets of Listed Companies, the size of the transaction is not
categorized under said Notification of the Stock Exchange of
Thailand, as, upon calculating the Value of the Acquired Assets
compared with the Net Total Assets of Raimon Land as at 31
December 2002; is 100%.
And after considering the category and size of the transaction
under the Notification of the Stock Exchange of Thailand, Re :
Criteria, Procedures and Disclosure of Connected Transaction of
Listed Company, the Total Value of the Consideration as compared
with the Net Assets of Raimon Land as at 31 December 2002, is
100%, categorized as the Connected Transaction which the
approval from the shareholders is required. However, although
Raimon Land could not seek an approval from its shareholders,
the Plan Administrator had sought an opinion from the
independent directors of Raimon Land.
RATTANA REAL: Incurs Bt40.48M Gain From Debt Restructuring
----------------------------------------------------------
Rattana Real Estate Public Company Limited explained that the
loss increase about 20% the financial statements in the second
quarter of 2002, compared with the financial statements in
the second quarter of 2001, certified by the auditor to the
Stock Exchange of Thailand.
In the second quarter of 2001, the Company recorded gain on debt
restructuring amounting to Bt40.48 million, which in the second
quarter of 2002 had net loss result of no recorded extraordinary
item - recorded gain on debt restructuring.
RATTANA REAL: SET Posts 'SP' Sign
---------------------------------
Rattana Real Estate Public Company Limited (RR) has submitted
the SET its three consecutive reviewed financial statements.
Since its auditor was unable to reach a conclusion as a result
of his review of 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 they are obliged to amend its financial
statements.
1. The Quarterly Financial statements as of 31 March 2002.
2. The Quarterly Financial statements as of 30 June 2002.
3. The Quarterly Financial statements as of 30 September
2002.
The SET has posted 'SP' sign for suspended trading on RR
on 2 April 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.
TPI POLENE: Cancels Newly Issued Shares Offering
------------------------------------------------
Reference is made to TPI Polene Public Company Limited (TPIPL)'s
public offering of new shares, which set out to raise a minimum
of US$180 million for the period of March 19-28, 2003.
TPIPL informed that due partly to the effects of the US-Iraq
war, the subscription target has not been reached. In accordance
with the terms of the public offering, all of the appointed
Coordinators, Selling Agents and Banks participating in the
offering will therefore return all money by April 8, 2003.
TPIPL as its own Plan Administrator is still committed to
fulfilling its responsibilities in this role and is currently
exploring a number of options that will let TPIPL raise
sufficient new capital to meet the requirements of TPIPL's
Master Restructuring Agreement.
************
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.
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