/raid1/www/Hosts/bankrupt/TCRAP_Public/030403.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, April 03 2003, Vol. 6, No. 66
Headlines
A U S T R A L I A
A.I. LIMITED: Appoints Frank Woolford as aiAutomotive's CEO
AUSTAR UNITED: Releases 2002 Financial Statements
ERG LIMITED: Discloses Notice Under ASIC Class Order 02/1180
MAXIS CORPORATION: Sells Heartland Subsidiary
MAYNE GROUP: Buys Back Shares
POWERLAN LIMITED: Replies to ASX's February Report Query
REDFLEX HOLDINGS: Small Shareholding Sale Program Completed
TELEVISION & MEDIA: CFO, Secretary Ross Pearson Resigns
TIRA PTY: Federal Court Orders Winding Up
TOWER LIMITED: Hires PwC as Tower Finance's Auditor
C H I N A & H O N G K O N G
GITANES MARINE: Winding Up Petition Pending
MASTER LINK: Winding Up Hearing Scheduled in April 16
PEREGRINE DERIVATIVES: Intends Fourth Dividend Declaration
SOUNDWILL HOLDINGS: Undertakes Share Consolidation
WO HING: Winding Up Sought by Dah Sing
I N D O N E S I A
ASTRA INTERNATIONAL: Incurs 2002 Net Profit of Rp3.637T
* Crash Program Succeeds to Settle 40,241 SME Accounts
J A P A N
FUJITSU LIMITED: Agrees to Combine Flash-Memory Chip Operations
HUIS TEN: Eyes Single Sponsor
NISSHO IWAI: Establishes Holding Firm With Nichimen
TANAKA INTERNATIONAL: Golf Course Enters Rehab Proceedings
TOMEN CORPORATION: Medium-term Management Plan Progresses
TOMEN CORPORATION: S&P Downgrades Rating to 'SDpi'
YONEYASU KOSAN: Enters Special Liquidation Proceedings
K O R E A
HYNIX SEMICON: German Patent Office Cancels Rambus Utility Model
HYNIX SEMICON: US Commerce Subsidy Trade Case "Unjustified"
HYUNDAI CORPORATION: Creditors Assess Financial Status
JINRO CO.: Borrows W1.06T From Abroad
JINRO CO.: Hires Credit Suisse to Sell Assets for Debt Payment
M A L A Y S I A
AOKAM PERDANA: Court Grants RO, Creditors' Meeting Extension
BESCORP INDUSTRIES: Provides Default in Payment Status Update
BUKIT KATIL: OCBC Counter Proposed to Settlement Proposal
GENERAL SOIL: Still Formulating Financial Regularization Plan
LONG HUAT: Enters Proposed Restructuring Scheme SPA With Vendors
MBF HOLDINGS: SC Grants Schemes Implementation Time Extension
NCK CORPORATION: Currently Implementing Restructuring Scheme
OMEGA HOLDINGS: Proposed Restructuring Scheme Approvals Pending
PARIT PERAK: Appoints Chee Long as Audit Committee Member
PICA (M) CORPORATION: KLSE Grants RA One-Month Extension
RAHMAN HYDRAULIC: Seeking Appeal, Stay of Execution
SENG HUP: Units Placed Under Members' Voluntary Winding Up
SILVERSTONE CORPORATION: April 30 Proposals Completion Likely
SPORTMA CORP.: Defaulted Payment Stands RM231,205,334.03
SPORTMA CORPORATION: Proposals Implementation Underway
TAT SANG: Receivers, Managers Announce Units' Cessation
TECHNO ASIA: Regularization Plan Status Remains Unchanged
TIMBERMASTER INDUS: KLSE Grants 6-Month LR Completion Extension
UCP RESOURCES: Issues Defaulted Payment Status Update
UNIPHOENIX CORP.: Submitting Revised Proposed Rescue Scheme
P H I L I P P I N E S
AKLAN ELECTRIC: New Management Trims Debt to P50M
DIGITAL TELECOM: Clarifies FCC Order Report
NATIONAL STEEL: Debt Restructuring Plan Hits Snag
PHILIPPINE LONG: Denies Sale of Beyond Cable
VICTORIAS MILLING: Clarifies Tanduay's Bid Report
S I N G A P O R E
ASTI HOLDINGS: Widens FY02 Net Loss to S$41.8M
EXCEL MACHINE: Issues Group Performance Update
LKN-PRIMEFIELD: Additional Info on 2002 Financial Statement
MEDIASTREAM LIMITED: Ceases Music Distribution Business
T H A I L A N D
HEMARAJ PUBLIC: Posts Assets Disposal Info Memorandum
KRISDA MAHANAKORN: Inks Debt Workout Agreement With Creditors
PICNIC GAS: Explains Bt997.48M Operating Results Variance
SINO-THAI RESOURCES: Exec Meeting Approves Bt10M Loan
THAI CANE: Discloses Shares Sales Results
- - - - - - - -
=================
A U S T R A L I A
=================
A.I. LIMITED: Appoints Frank Woolford as aiAutomotive's CEO
-----------------------------------------------------------
The Board of aiLimited announced that they had appointed Mr
Frank Woolford as Chief Executive Officer of aiAutomotive Pty
Ltd.
Mr Woolford is a Bachelor of Applied Science in Secondary
Metallurgy and is an experienced automotive industry executive
having worked at Holden Ltd for more than 15 years. During this
period Mr Woolford progressed from the position of Production
Manager responsible for large sheet metal stamping, sheet metal
sub assembly and small component manufacturing to a number of
more senior appointments. Mr Woolford, until recently has held
the position of Director of Vehicle Operations, a position
covering all operations at the Elizabeth site including
Fabrication Operations, Plastic Components and Vehicle
Assembly Operations with overall responsibility for
approximately 4,000 employees.
Prior to Holden, Mr Woodford held a variety of senior positions
within the Foundry, Mining and Steel Industries.
Mr Woolford replaces Mr Nick Daly, who, over the last two years,
has led the transformation of the aiAutomotive manufacturing
facility at Woodville from a business limited to the production
of spare parts, to a business offering a full range of products
including OE production, spare parts and sub assembly together
with other engineering services including project management and
productionizing. The Board acknowledged and thanked Mr Daly for
his contribution to the company's development.
According to Wrights Investors' Service, during the 12 months
ending 12 December 2002, the company has experienced losses
totaling A$0.03 per share. These 12-month earnings are lower
than the earnings per share achieved during the last fiscal year
of the company, which ended in June of 2002, when the company
reported earnings of -0.02 per share. The company also reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.
AUSTAR UNITED: Releases 2002 Financial Statements
-------------------------------------------------
Austar United Communications Limited ABN 88 087 695 707 released
its Financial Report for the year ending December 31, 2002.
The Company announced that during 2002 various restructuring
initiatives announced at the end of the fourth quarter of 2001
were completed. As a result of these restructuring initiatives
the Consolidated entity reduced its operating expenditures and
improved its cash flows. As a result of this reduction in
operating expenditure and in view of the lenders to the Facility
continuing to renegotiate the terns of the Facility the
Directors believe that the Consolidated entity will be able to
continue as a going concern. Accordingly the financial report
has been prepared on that basis.
The Consolidated entity recorded a loss from ordinary activities
after income tax expense of $133,341,000 (2001:
$688,803,0003 and a net loss attributable to members of
$130,981,000 (2001: $682,071,000).
Total revenue decreased by $27,501,000 to $344,635,000 for the
year ended 31 December 2002 (2001 : $372,136,000).
The decrease in total revenue is primarily a result of the
deconsolidation of TVSN Limited effective 19 June 2002 and a
decrease in proceeds from the sale of non current assets.
Go to http://bankrupt.com/misc/TCRAP_Austar0403.pdf,to see full
copy of the Financial report, which contains the following:
- Directors' Report
- Statement of Financial Position as at 31 December 2002
- Statement of Financial Performance for the year ended 31,
December 2002
- Statement of Cash Flows for the year ended 31 December,
2002
- Notes to the Financial Statements for the year ended 31,
December 2002
- Directors' declaration
- Independent Audit Report to the Members of Austar United
Communications Limited
- ASX Additional Information
- Corporate Governance, and
- Corporate Directory.
ERG LIMITED: Discloses Notice Under ASIC Class Order 02/1180
------------------------------------------------------------
On 1 April 2003, ERG Limited (ERG) issued 62,499,492 shares in
ERG to holders of ERG listed convertible notes in accordance
with the terms of the April Interest Capitalization approved by
noteholders on 28 March 2003. The April Interest Capitalization
relates to the satisfaction of the interest payment due on the
notes for the period to 1 April 2003 by the issue of shares.
As required under ASIC Class Order 02/1180 (Category 1), ERG
confirms that there is no information to be disclosed of the
kind that would be required to be disclosed under subsection
713(5) of the Corporations Act if a prospectus were to be issued
in reliance on section 713 of the Corporations Act in relation
to an offer of shares in ERG.
MAXIS CORPORATION: Sells Heartland Subsidiary
---------------------------------------------
Maxis Corporation Limited is pleased to announce it has
concluded arrangements for the sale of its Heartland satellite
business. A management buyout team has acquired the business,
including the relevant subsidiary, ARBT Pty Limited.
Maxis will realize a book gain on sale of approximately $600,000
as a result of this transaction.
Shareholders were advised at the AGM on 29 November 2002 that
the business was to be closed or sold, as it was not part of
core operations, represented less than two per cent of both
revenue and assets, and had made no earnings contribution since
inception.
The transaction is effective as at 31 March 2003, subject to
shareholder confirmation at the forthcoming EGM in early May
2003. The Board will recommend the transaction to shareholders.
The management buyout team includes Mr J Reardon, the General
Manager of Heartland. Mr V Sweeney will also participate and
will retire from the Board in due course.
The Chairman of Maxis, Mr R Devries said, "We are very pleased
with the outcome, which retains existing employees at Heartland
and enables Maxis to focus on expanding its core business of IT
outsourced services. Maxis wish the Heartland team a successful
future."
MAYNE GROUP: Buys Back Shares
-----------------------------
Mayne Group Limited posted its Daily Share Buy-Back Notice:
APPENDIX 3E
DAILY SHARE BUY-BACK NOTICE
(EXCEPT MINIMUM HOLDING BUY-BACK AND
SELECTIVE BUY-BACK)
Name of Entity
Mayne Group Limited
ACN or ARBN
56 004 073 410
We (the entity) give ASX the following information.
INFORMATION ABOUT BUY-BACK
1. Type of buy-back On-market
2. Date Appendix 3C was given to 28/08/2002
to ASX
TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY
BEFORE PREVIOUS
PREVIOUS DAY
DAY
3. Number of shares bought 24,787,894 370,000
back or if buy-back is
an equal access scheme,
in relation to which
acceptances have been
received
$ $
4. Total consideration paid 76,333,962 1,087,550
or payable for the shares
5. If buy-back is an on-market
buy-back
Highest price paid Highest price paid
$3.60 $2.94
Date: 07/11/2002
Lowest price paid Lowest price paid
$2.83 $2.93
Date: 27/02/2003
Highest price
allowed under rule
7.33:
$3.10
PARTICIPATION BY DIRECTORS
6. Deleted 30/9/2001 -
HOW MANY SHARES MAY STILL BE BOUGHT BACK.
7. If the company has disclosed 49,842,106
an intention to buy back a
maximum number of shares - the
remaining number of shares to
be bought back
POWERLAN LIMITED: Replies to ASX's Feb Report Query
---------------------------------------------------
In response to the Australian Stock Exchange's facsimile dated 1
April, 2003, Powerlan Limited responded to the questions, as
follows:
1. It is possible to conclude on the basis of the information
providedd that if the Company were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the
Company may only have sufficient cash to fund its activities for
less than 1 quarter. Is this the case, or are there other
factors that should be taken into account in assessing the
Company's position?
As previously advised, the negative cash flow is due to
extraordinary payments made in relation to divested businesses
and legacy debts. These extraordinary payments along with the
ongoing operational expenses will be met from the profitable
trading of core businesses, proceeds still owing to the Company
from the sale of non-core businesses and if required, the
Chairman's loan facility.
2. Does the Company expect that in the future it will have
negative operating cash flows similar to that reported in the
Appendix 4C for the quarter and, if so, what steps has it taken
to ensure that it has sufficient funds in ordinary to continue
its operations at that rate?
Due to the Company's distorted cash flow generated as a result
of software license receipts, that are often paid on a quarterly
or six monthly basis by customers and legacy debt payments
referred to above in Question 1, the Company does expect to
produce negative operating cash flows from time-to-time. However
the business is profitable, excluding the extraordinary
payments, and it is anticipated these profits, the receipt of
monies still owed to Powerlan from the sale of non-core
businesses and if required, the Chairman's loan facility will
enable the business to continue operating and build on the
recent sales successes. Tuesday's announcement regarding
Clarity's new Philippine Long Distance Telephone Company multi-
million dollar contract is an example of continued successes.
It should also be noted that Cash at the end of March had
increased to just under $1.5m. This amount does not include the
$4.25m in license fee and milestone receipts mentioned in the
ASX Announcement on 3 March 2003. These amounts will be received
in the short term.
3. Can the Company confirm that it is in compliance with the
listing rules, and in particular, listing rule 3.1?
The Company is of the view that it is compliant with all the
listing rules and in particular listing rule 3.1.
REDFLEX HOLDINGS: Small Shareholding Sale Program Completed
-----------------------------------------------------------
On April 2, the Directors of Redflex Holdings Limited announced
completion of the Small Shareholding Sale Program, announced on
11 February. The program providedd a non-compulsory share sale
facility to all shareholders with a holding in the company
valued at less than a marketable parcel. The closing date of the
program was 26 March 2003.
The number of holders decreasing from the register is 798,
enabling the company to save on administrative overheads. Under
the program 270,859 shares were sold at $0.52 per share.
Sale proceeds will be paid by no later than 30 April 2003.
TELEVISION & MEDIA: CFO, Secretary Ross Pearson Resigns
-------------------------------------------------------
The Directors of Television & Media Services Limited wish to
announce that Mr Ross Pearson, the Chief Financial Officer and
Company Secretary of the TMS Group, left the company on 31 March
2003.
The Directors wish to record their appreciation for Mr Pearson's
Contribution to the Group over the past seven years and
particularly his work in the recent restructure and
recapitalization of the Group.
Mr Chris Strouthos has been appointed Chief Financial Officer of
the restructured TMS/Global Group and will take up the position
of Company Secretary for the listed company.
On March 19, the Troubled Company Reporter - Asia Pacific
reported that Television & Media is now in the final stages of
its restructuring efforts. The company unveiled its
restructuring plan in October last year. The plan saw the
transfer of the cinema advertising business to creditors, namely
the cinema exhibitors Hoyts, Greater Union and Village in
exchange for the release of cinema rent payables (both current
and future liabilities). The move left the Company solely
focused on the global television business.
TIRA PTY: Federal Court Orders Winding Up
-----------------------------------------
The Australian Securities and Investments Commission (ASIC) has
accepted an enforceable undertaking from former financial
adviser Mr Robert Andrew Street of Mitcham Victoria, that he be
permanently excluded from the financial services industry.
ASIC has also obtained orders by consent in the Federal Court
that Mr Street's company Tira Pty Ltd (Tira) be wound up.
ASIC initiated proceedings in the Federal Court in December 2002
after an ASIC investigation revealed Mr Street had obtained more
than $700,000 from his clients. ASIC suspects Mr Street sent
some of those funds overseas to individuals or entities
connected with a Nigerian letter scam. The money has not been
recovered.
Under the enforceable undertaking, Mr Street undertook that he
would not:
* provided any financial service and in particular, would not
deal in any securities or give investment advice;
* apply for a license to provided any financial service; or
act as a representative of a financial services licensee,
securities dealer or investment adviser.
The Court has appointed Mr Paul Pattison of Pattison's Business
Advisors & Insolvency Specialists, as liquidator of Tira.
Mr Street may apply to ASIC to have the terms of the undertaking
varied or revoked should there be a change in the circumstances,
which led Mr Street to agreeing to be excluded from the
financial services industry.
ASIC's investigation is continuing.
TOWER LIMITED: Hires PwC as Tower Finance's Auditor
---------------------------------------------------
In accordance with the NZSE Listing Rules, TOWER Finance Limited
gives notice of the following:
1 The following directors have retired from the board of TOWER
Finance Limited:
1.1 Sir Colin James Maiden;
1.2 Colin Andrew Nielsen Beyer; and
1.3 Lindsay Cuming AM.
2 The following directors have been appointed to the board of
TOWER Finance Limited:
2.1 Anthony Ian Gibbs; and
2.2 Gary Hilton Weiss.
3 PricewaterhouseCoopers (PwC) has been appointed to replace
Deloitte Touche Tohmatsu as auditor of the company to audit
the company and group financial statements for the financial
year ending 30 September 2003.
================================
C H I N A & H O N G K O N G
================================
GITANES MARINE: Winding Up Petition Pending
------------------------------------------
Gitanes Marine Contractors Company Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong on April 19, 2003 at 10:00 in the morning.
The petition was filed on February 26, 2003 by Wong Sai Hung of
Room 17, 14/F., Oi Chak House, Oi Tung Estate, Shau Kei Wan,
Hong Kong.
MASTER LINK: Winding Up Hearing Scheduled in April 16
------------------------------------------------------
The High Court of Hong Kong will hear on April 16, 2003 at 9:30
in the morning the petition seeking the winding up of Master
Link Development Limited.
Cheung Suk Yee of Flat 29, 7/F., Tai Tak House, Tai Yuen Estate,
Tai Po, New Territories, Hong Kong filed the petition on March
3, 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.
PEREGRINE DERIVATIVES: Intends Fourth Dividend Declaration
----------------------------------------------------------
David R Hague of PricewaterhouseCoopers, Joint & Several
Liquidator of Peregrine Derivatives Limited (In Liquidation)
announced that a fourth dividend is to be declared in the matter
of the Companies Ordinance (Cap 32) in Hong Kong High Court &
The Companies Law (1995 Revision) in Cayman Island High Court in
relation to the Winding-Up No. 22 of 1998.
All creditors of the company must prove their debts by April 4,
2003. Any creditor who does not lodge a claim by that date, will
be excluded from the benefit of any distribution made before
such debts are proved and from objecting to such distribution.
SOUNDWILL HOLDINGS: Undertakes Share Consolidation
--------------------------------------------------
Soundwill Holdings Limited requested market participants to note
that the ordinary shares of HKD0.01 each (Old Shares) in the
capital of the Company was consolidated into ordinary shares of
HKD0.10 each (after capital reduction)(New Shares) on the basis
of 50 into 1 subject to its shareholders' approval at the
Special General Meeting to be held on 03/April/2003.
Upon the proposals becoming effective, a temporary counter under
stock code 2927 and stock short name `SOUNDWILL HOLD' will be
established for trading in board lots of 40 New Shares each to
replace the present counter (stock code: 878) for trading
in board lots of 2,000 Old Shares each effective from Friday,
04/April/2003.
WO HING: Winding Up Sought by Dah Sing
--------------------------------------
Dah Sing Bank Limited is seeking the winding up of Wo Hing
Engineering Limited. The petition was filed on March 7, 2003,
and will be heard before the High Court of Hong Kong on April
23, 2003.
Dah Sing holds its registered office at 35th Floor, Dah Sing
Financial Centre, 108 Gloucester Road, Wanchai, Hong Kong.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Incurs 2002 Net Profit of Rp3.637T
-------------------------------------------------------
PT Astra International Tbk. booked net profit of Rp3.637
trillion in 2002, rose 330.4% compared to previous year, which
is Rp845 billion. It breaks a new record ever in the history of
the company.
Based on the audited consolidated financial report per December
2002, the Company's net revenue in 2002 is Rp30.685 trillion,
increased 1.9% from Rp30.123 trillion in 2001. Operating profit
increased 7.1% from Rp2.623 trillion in 2001 to Rp2.810 trillion
in 2002. Equity income also rose 90.8% from Rp875 billion to
Rp1.669 trillion.
The higher performance is mainly due to increase in profit from
motorcycle business, part of Automotive Division, Financial
Services Division and Agribusiness Division, business
reorganization in Infrastructure Division and foreign exchange
gain of Rp1.144 trillion in 2002. In 2001, the company suffered
loss of Rp985 billion of foreign exchange translation.
Motorcycle sales up 54%
President Director of the Company, Mr. Budi Setiadharma,
explained that the sales of Honda motorcycle jumped to 54%, the
highest record ever in history of motorcycle sales, which is 1.4
million units or 57% of market share from total domestic market,
2.5 million units.
The increase in Honda motorcycle was supported by enhancement of
distribution network of 959 outlets, 1,911 workshops and 3,121
spare-part shops. In addition, new launch product, Honda
Karisma, in 2002 has also strengthened Honda motorcycle sales.
However, Honda Supra remained the most popular product favored
by consumers.
From four-wheeler portfolio, Indonesian car market only showed
slight increase in 2002, which are 299,629 units in 2001 to
317,761 units in 2002. Total sales of Astra car products, such
as Toyota, Daihatsu, Isuzu, Peugeot, BMW and Nissan trucks, is
135,740 units in 2002, slightly declined compared to 138,192
units in 2001.
Astra Group's car market share slightly went down from 46% in
2001 to 43% in2002. In order to lever the market share, the
Company plans to launch new models to fulfill consumer's demand
in the near future.
Financial Services Division, which supports Automotive Division,
demonstrated improved performance. The motorcycle financing
company, PT Federal International Finance (FIF), was able to
finance 424,713 units in 2002. It is higher compared to 264,961
units in 2001. In order to serve the customers better, FIF
continuously develops its network. It currently has 196 point of
service throughout the country.
The car financing company, Astra Credit Company (ACC), provideds
credit facilities to 56,194 units, dropped to 64,667 units
compared to previous year. Presently, ACC has a network of 27
branches in Indonesia.
The agribusiness company, PT Astra Agro Lestari Tbk (AAL),
recorded net revenue of Rp2 trillion in 2002, increase 43%
compared to 2001. It is mainly due to higher Crude Palm Oil's
(CPO) price from Rp2,192/kg (USD 286/ton) to Rp3,077/kg (USD
390/ton). Meanwhile, CPO production rose 4.6% and level of palm
extraction went up from 22.2% to 23.2%.
Budi Setiadharma explained that, in order to face a fiercer
competition in globalization era, the Company continuously
strengthens its strategies in the areas of brand leverage, cross
selling, continuous product development, human capital, good
corporate governance and financial discipline.
* Crash Program Succeeds to Settle 40,241 SME Accounts
------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) has succeeded to draw
in 40,241 accounts in the Small & Medium Enterprise (SME)
Obligation Settlement Program (Crash Program) effective since
1999. Up to the deadline of the Crash Program on 28 February
2003, IBRA obtained total collection of Rp3.52 trillion.
Basically, IBRA conducts 2 (two) programs for settlement of SME
debtor obligations as follows:
Crash Program
Crash Program is an obligation settlement program with a
discount formula. This program offers different discounts among
productive and consumptive debtors. A productive debtor is a
debtor who has used the SME loan for business activities such as
Business Loan. Meanwhile, a consumptive debtor used the loan for
consumptive activities such as Motor Vehicle Loan or Housing
Loan. IBRA offers productive debtors a 25% discount on the
principal, 100 % discount on interest and 100% discount on
penalty. Consumptive debtors deserve a 100% discount on interest
and 100% discount on penalty.
Aside from the Crash Program, IBRA also received debtor
obligation settlement for 24,754 SME accounts valued at Rp0.94
trillion. Total SME account already settled by IBRA has
accordingly reached 64,995 accounts, with total value of Rp4.45
trillion.
SME Disposal Program
IBRA has also carried out Disposal Program to settle SME
obligations. This disposal program, IBRA has managed to put back
305,487 accounts into the banking system with total cash revenue
of Rp21.76 trillion.
As part of the handling of the remaining SME accounts, of which
128,844 accounts worth Rp2.38 trillion have been offered through
Loan Asset Sales Program (PPAK) III. Winners of the sales
program will be announced in April 2003.
IBRA expects the SME accounts be put back to the banking system,
able to revitalize the industrial sector so as to accelerate
economic recovery. The number of SME debtors (portfolio up to
Rp5 billion) is relatively higher than that of commercial
debtors (portfolio above Rp5 billion to Rp50 billion) and
corporate debtors (portfolio above Rp50 billion).
=========
J A P A N
=========
FUJITSU LIMITED: Agrees to Combine Flash-Memory Chip Operations
---------------------------------------------------------------
Fujitsu Limited and Advanced Micro Devices Inc. agreed to
combine their flash-memory chip operations into a new Company, a
to create the world's No. 2 flash maker behind Intel
Corporation, Bloomberg said on Tuesday. The move would help
results by consolidating research and giving them better access
to each other's technology and manufacturing.
Fujitsu Limited will lower wages in all levels of the Company by
reducing the size of standard annual pay hikes, the Troubled
Company Reporter-Asia Pacific reported in March. The move is
expected to affect 30,000 union members, who currently receive
an annual raise of 1 to 1.5 percent of their base pay, which
traditionally increase their employees' base pay automatically
each year. The Company hopes to reduce overhead and improve its
competitiveness in the international arena. This, as the Company
has suffered severely from poor performance in recent months.
HUIS TEN: Eyes Single Sponsor
-----------------------------
Dutch theme park operator Huis Ten Bosch Co. will select one
Company among ten applicants to sponsor its rehabilitation by
July, Japan Times said on Tuesday. The candidates are Ripplewood
Holdings LLC, a U.S. investment fund, and Basic Capital
Management, a Japanese-U.S. investment fund. Mizuho Securities
Co., Orix Corp. and Merrill Lynch & Co. of the United States set
up Basic Capital.
Huis Ten has not decided whether it should sell its business to
a sponsor firm or accept an injection of capital to achieve a
turnaround. Also on Tuesday, the Company re-filed for corporate
protection from creditors with the Tokyo District Court under
the amended Corporate Rehabilitation Law, which took effect the
same day. The Company failed with debts of 228.9 billion yen and
a negative net worth of 3.7 billion yen as of December 31.
NISSHO IWAI: Establishes Holding Firm With Nichimen
---------------------------------------------------
Standard & Poor's Ratings Services said its ratings on general
traders Nichimen Corporation (B+/Watch Neg/C) and Nissho Iwai
Corporation (B-pi) would not be immediately revised due to the
establishment of Nissho Iwai-Nichimen Holdings Corporation on
Tuesday. Standard & Poor's placed its ratings on Nichimen on
CreditWatch with negative implications in December 2002 when the
consolidation plan was announced.
Both firms will operate as subsidiaries under the new holding
Company. Through the consolidation, the two firms intend to take
further measures to streamline unprofitable businesses and
strengthen trading operations, especially in the energy and
automobile sectors. The companies also aim to enhance their
capital by raising equity. However, uncertainties remain over
the management policy of the companies after consolidation,
including the degree of integration in their business and
financial activities. Furthermore, both companies still have
weak financial and business profiles, and could incur additional
losses from asset restructuring even after the capital
enhancement. Nichimen and Nissho Iwai will repay existing debt
and raise funds separately.
TANAKA INTERNATIONAL: Golf Course Enters Rehab Proceedings
----------------------------------------------------------
Tanaka International Co. Limited, which has total liabilities of
28.5 billion yen against a capital of 88 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Yoshiki-gun,
Yamaguchi, Japan.
TOMEN CORPORATION: Medium-term Management Plan Progresses
---------------------------------------------------------
Tomen Corporation announced the progress in the "Tomen Group
Medium-Term Management Plan," as follows:
Under the plan, which began this month (and ends March 2006),
Tomen will strengthen its business structure and establish a
solid management foundation, in order to remain competitive in
the global market. The goal of management integration with
Toyota Tsusho Corporation will be achieved in the coming years.
The progress made in March 2003 is as follows.
1. Sales of real estate subsidiaries
On March 27, 2003, Tomen sold TM Properties Co., Ltd., Tomen's
wholly owned real estate subsidiary, to HD Real Estate Co., Ltd.
At the same time, Tomen sold real estate of seven subsidiaries
at market value to TM Properties.
The seven subsidiaries include Tomen Land Development Co., Ltd.,
Katsuta Golf Club Co., Ltd., TM Resort Co., Ltd., Karuizawa
Development Co., Ltd., Tomen Real Estate Development Co., Ltd.,
Tomen Urban Development Co., Ltd. and Tokarosu Kosan Co., Ltd.
With these transactions, Tomen completed disposing of real
estate as required under new business policies.
2. Debt forgiveness 110 billion yen
Under the "Tomen Group Medium-term Management Plan", Tomen
received financial support of 110 billion yen in debt
forgiveness from UFJ Bank Limited. UFJ Bank executed the
necessary procedure for the debt forgiveness on March 31, 2003.
3. Preferred stock 72 billion yen
Tomen issued preferred stock totaling 72 billion yen to major
financial institutions by a third-party allotment in March 2003
in order to reinforce Tomen's shareholders' equity. Tomen
received the payment on March 28, 2003.The financial
institutions include: UFJ Bank Limited, Sumitomo Mitsui Banking
Corporation, the Bank of Tokyo-Mitsubishi, Ltd., the Chuo Mitsui
Trust and Banking Co., Ltd, the Norinchukin Bank, Resona Bank
and Mizuho Corporate Bank.
4. METI's approval for business restructuring plan for Special
Measures for Industrial Revitalization On March 27, 2003, Tomen
received approval from the Ministry of Economy, Trade and
Industry (METI) for Tomen's business restructuring plan, filed
in compliance with the Law on Special Measures for Industrial
Revitalization. The positive decision by METI will speed up
Tomen's business structure reform.
METI's approval validates Tomen's Medium-term Management Plan,
providing additional support for the three-year restructuring
plan. Because of METI's approval, Tomen also benefits from a
reduction in registration license tax related to the plan.
Information on Tomen's Medium-term Management Plan can be
reviewed on the Investor Relations website:
* Press Release
* Tomen Group Medium-term Management Plan
* Revised Consolidated Financial Statements
About Tomen Corporation
Tomen Corporation was established in 1920 as Toyo Menka Kaisha,
Limited, which originally traded raw cotton, cotton
threads/yarns and fabrics. Today the Company is one of Japan's
major trading houses with particular emphasis on power plants
and agrochemicals. For further information, please visit the
Tomen Corporation home page at: www.tomen.co.jp
Contact:
Tomen Corporation
Hiroaki Nagashima, Manager, Corporate Communications Department
hiroaki_nagashima@tomen.com
+81-3-5288-2084
TOMEN CORPORATION: S&P Downgrades Rating to 'SDpi'
--------------------------------------------------
Standard & Poor's Ratings Services had lowered its rating on
general trading Company Tomen Corporation to 'SDpi' from 'CCpi',
following the completion of 110 billion yen in debt forgiveness
by UFJ Bank Ltd.
The debt forgiveness was part of a financial support package
requested by Tomen from its creditor banks in its midterm
management plan announced at the end of last year. The plan also
included the issue of 72 billion yen in preferred shares to the
Company's creditor banks, which was completed in March 2003.
According to Tomen, these financial measures are expected to
return the Company to solvency.
Tomen's midterm plan also outlines measures for asset
restructuring and increased business ties with the Toyota group.
Standard & Poor's will closely monitor the progress and
effectiveness of the plan.
"The rating on Tomen may be raised to the 'CC' or 'CCC'
categories if Standard & Poor's believes the Company's business
and financial profiles will improve without further debt
forgiveness from its creditors," said Takahiro Saimen, a credit
analyst at Standard & Poor's in Tokyo.
An 'SD' rating is assigned when an obligor has selectively
defaulted on a specific issue or class of obligations but is
expected to continue to meet its payment obligations on other
issues or classes of obligations in a timely manner.
YONEYASU KOSAN: Enters Special Liquidation Proceedings
------------------------------------------------------
Resona Holdings, Inc. announced that Yoneyasu Kosan Co., Ltd.,
which is a customer of its subsidiary bank, Resona Bank, Ltd.
(Resona Bank,' President: Yasuhisa Katsuta), filed an
application for commencement of special liquidation proceedings
with the Osaka District Court. As a result of this development,
there arose a concern that its claims to the Company may become
irrecoverable or their collection may be delayed. Details were
announced as follows:
1. Outline of the Company
(1) Company Name: Yoneyasu Kosan Co., Ltd.
(2) Address: 1-12, Minamihorie 1-chome, Nishi-ku, Osaka
(2) Representative: Yasunari Yoneda
(3) Amount of capital: 50 million yen
(4) Line of business: Real estate business
2. Fact Arisen to the Company and Its Date
The Company filed an application for commencement of special
liquidation proceedings with the Osaka District Court on March
31, 2003.
3. Amount of Claims to the Company
Loans: 9.0 billion yen (Exposure of Resona Bank)
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.
4. Impact of This Development on the Forecasted Earnings of
Resona HD
Resona Bank has already providedd a loan loss reserve that
covers most of the claims mentioned above. Therefore, this
development does not affect the earnings forecast of Resona HD
for fiscal 2002, which was announced on March 11, 2003.
=========
K O R E A
=========
HYNIX SEMICON: German Patent Office Cancels Rambus Utility Model
----------------------------------------------------------------
Hynix Semiconductor announced Saturday that the German Patent
Office cancelled Rambus' German utility model corresponding to
its European Patent No. 0 525 068. The German Patent Office
ruled that Rambus violated German patent law by improperly
trying to extend the scope of protection of the utility model.
Rambus had sued Hynix for infringing the utility model in
Mannheim, Germany. Rambus' efforts to add auxiliary requests,
which amount to amended claims, to its utility model were also
rejected.
The press release can be accessed at
http://www.hynix.com/eng/index.html
HYNIX SEMICON: US Commerce Subsidy Trade Case "Unjustified"
-----------------------------------------------------------
The United States Commerce Department's preliminary
determination that Hynix Semiconductor received countervailable
subsidies from the Korean Government is disappointing," Mr. Oh-
chul Kwon, Vice President, said on Tuesday. "We believe that
this preliminary determination is unjustified on both the facts
and the law."
"Under U.S. law, these additional duties should only be assessed
when the facts prove that a foreign government has been
subsidizing exports of a product," Mr. Kwon stated. Mr. Kwon
noted "in this case Hynix and its Washington counsel and
advisors providedd extensive proof that the Korean government
was not behind the restructuring measures adopted by Hynix's
creditors in 2001 and 2002. Rather, the eviance demonstrated
that the bank restructurings that were the focus of the
allegations in this case were wholly decided by the Hynix's
creditors based on market principles."
Mr. Kwon also noted "this case is far from over." The decision
issued by the Commerce Department was just a preliminary
determination. The Commerce Department is scheduled to issue a
final determination in the middle of June. Mr. Kwon stated that
"it appears that the Commerce Department was overwhelmed with
all the information and data that they received and needs more
time to digest and analyze it." Mr. Kwon stated that he is
confident that the Commerce Department will agree that the
Korean Government was not behind the restructuring efforts after
they have more time to understand all of the complex
transactions.
Mr. Kwon also noted that the Commerce Department's decision is
not that only ruling that maters. Under U.S. law, extra CVD
import duties cannot be imposed unless and until both the
Commerce Department makes a final determination that the Korean
Government providedd impermissible subsidies, and the U.S.
International Trade Commission (ITC) makes final determination
that subsidized exports from Korea caused the U.S. industry to
suffer material injury. The ITC's final determination will not
be made until July 29th.
"I have no doubt," Mr. Kwon stated, "that at the end of this
case Hynix will prevail and no additional import duties will be
imposed on Hynix's shipments."
"Today's determination will not affect Hynix's commitment to
provided our customers with the most advanced, highest quality
products and to remain a world-class competitor. Hynix
Semiconductor Manufacturing will continue to manufacture state-
of-the-art products at home and in our facility in Eugene,
Oregon, where we have invested over $1 billion and employ over
1000 skilled American workers." The decision by the Commerce
Department will have no affect on the ability of our Eugene
facility to supply U.S. customers."
DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1
For a copy of the disclosure, go to
http://www.hynix.com/eng/index.html
HYUNDAI CORPORATION: Creditors Assess Financial Status
------------------------------------------------------
Creditors of Hyundai Corporation will assess the financial
status of the troubled general trading firm as part of its
recovery plan, Asia Pulse reports. Samjong KPMG Inc., a member
of KPMG International, will conduct the due diligence till mid-
May.
Main creditor Woori Bank said creditors had agreed to extend the
maturity of trade-related loans to Hyundai till the end of June.
In return, the creditors asked the trading Company to present a
self-rescue plan, it added. Hyundai's liabilities to creditors
are estimated at around 800 billion won, with 60 per cent of the
debts owed to Woori, Korea Exchange Bank and the Korea
Development Bank.
JINRO CO.: Borrows W1.06T From Abroad
-------------------------------------
Jinro Co. Limited is in the final stage of talks to borrow W1.06
trillion from overseas lenders, Digital Chosun reports. The firm
has been under court mediation procedures since March 1998.
Creditors will discuss ways to reschedule its debts, as the
United States and European investment organizations that the
firm has been meeting with have demanded a rescheduling. As a
result, the firm will be suspending payments of its loan
principal for the time being.
For the year ending September 2002, Jinro posted realized net
sales of 590.4 billion won and an operating profit of 95.9
billion won, but ended up incurring 160.2 billion won in
interest payments.
According to Wright Investor's Service, at the end of 2002,
Jinro Limited had negative working capital, as current
liabilities were 684.28 billion Korean Won while total current
assets were only 258.96 billion Korean Won.
JINRO CO.: Hires Credit Suisse to Sell Assets for Debt Payment
--------------------------------------------------------------
Liquor maker Jinro Co. Ltd. hired Credit Suisse First Boston to
sell 1.06 trillion won ($847 million) of assets to pay debt and
exit a five-year agreement with creditors, Bloomberg reports.
Under the plan, the Company will sell a partial stake in its
headquarters and units, including Jinro Japan. Samsung
Securities Co. will also aid in the debt reorganization plan,
which needs to be approved by Goldman Sachs Group Inc. and 60
other local and foreign creditors.
The Company almost collapsed in 1998 as sales fell amid South
Korea's worst recession in almost half a century. Jinro has paid
841.3 billion won to creditors, though its debt has risen to 1.7
trillion won from 1.64 trillion won in 1998.
===============
M A L A Y S I A
===============
AOKAM PERDANA: Court Grants RO, Creditors' Meeting Extension
------------------------------------------------------------
On behalf of the Board of Directors of Aokam Perdana Berhad,
Southern Investment Bank Berhad (SIBB) wishes to announce that
pursuant to Aokam's application for leave to convene creditors'
meetings and a restraining order pursuant to Section 176 of the
Companies Act, 1965 (Act), Aokam has obtained order-in-terms
(Order) from the High Court of Malaya on 28 March 2003 for the
following:
(i) Aokam and its subsidiaries, namely, Aokam Industries Sdn
Bhd (AISB) and Pembangunan Papan Lapis (Sabah) Sdn Bhd (PPL), to
convene meetings with their respective classes of scheme
creditors pursuant to Section 176(1) of the Act within ninety
(90) days from the date of the Order which was dated 28 March
2003; and
(ii) Restraining Order to restrain all further proceedings in
any action or proceeding whatsoever and howsoever against Aokam
and PPL pursuant to Section 176(10) of the Act for a period of
ninety (90) days from the date of the Order which was dated 28
March 2003.
Events leading to the granting of the Order
On 18 December 2002, SIBB had on behalf of the Board announced
that the Company had on 17 December 2002 entered into a
conditional Definitive Agreement with Amalan Menang Sdn Bhd
(AMSB), Madam Ong Sok Hean and Samudera Sentosa Sdn Bhd
(Samudera) to undertake the following proposals:
(i) Proposed capital reduction of Aokam's existing issued and
paid-up share capital from RM83,415,113 to RM4,170,756 by
cancellation of RM0.95 of the par value of each existing
ordinary share of RM1.00 each and subsequent consolidation into
ordinary shares of RM1.00 each in the proportion of ten (10)
ordinary shares of RM0.05 each into one (1) ordinary share of
RM0.50 each (Shares) (Proposed Capital Reduction and
Consolidation);
(ii) Proposed write off of RM15,543 in the share premium
account of Aokam as at 30 June 2002 against Aokam's accumulated
losses (Proposed Share Premium Reduction);
(iii) Proposed debts restructuring which involves the four
(4) companies within the Aokam Group, namely Aokam, AISB, PPL
and Pacific Wood Products Sdn Bhd (Proposed Debt Settlement);
(iv) Proposed acquisition of the entire issued and paid-up
share capital of Key Heights Sdn Bhd (KHSB) for a total purchase
consideration of RM150 million to be fully satisfied by the
issuance of 300 million new Aokam Shares (Proposed Acquisition);
(v) Proposed special issue of 20,000,000 new Aokam Shares to
Bumiputera investors to be identified later at an issue price of
RM0.50 per Share (Proposed Special Issue);
(vi) Proposed share placement of a sufficient number of Aokam
Shares by the vendors of KHSB to the public to meet the 25%
public shareholding requirement (Proposed Share Placement);
(vii) Proposed amendments to its Memorandum and Articles of
Association to enable the Company to revise the par value of the
ordinary shares of Aokam from RM1.00 to RM0.50 each pursuant to
the Proposed Rescue Scheme (Proposed Amendments);
(viii) Proposed exemption to AMSB, Madam Ong Sok Hean,
Samudera and parties connected to them namely, Mr Sy Choon Yen,
Ms Looh Yen Loo, Mr Loke Kar Wing and Ms Ong Dea Bea from the
obligation to undertake a mandatory offer for the remaining
Aokam Shares not already held by them upon completion of the
Proposed Rescue Scheme under the Malaysian Code on Take-overs
and Mergers, 1998 (Proposed Exemption); and
(ix) Proposed employees' share option scheme for the benefit
of the eligible employees and executive Directors of the Aokam
Group (Proposed ESOS).
The Proposed Capital Reduction and Consolidation, Proposed Share
Premium Reduction, Proposed Debt Settlement, Proposed
Acquisition, Proposed Special Issue, Proposed Share Placement,
Proposed Amendments and Proposed Exemption are collectively
known as Proposed Rescue Scheme.
The Proposed Rescue Scheme and Proposed ESOS are collectively
known as the Proposals.
The Company has submitted application on the Proposals to the
relevant authorities, and received some approvals, as shown in
Table 1 at http://bankrupt.com/misc/TCRAP_Aokam0403.pdf.
Financial and operational impact on the Aokam Group
The Company does not expect the Order to have any material
effect on the financial and operational matters of the Aokam
Group.
Status on the Proposals
The Company has obtained approvals in relation to the Proposed
Rescue Scheme from the authorities as shown in Table 1 below.
The Proposals are still pending the approval of the Securities
Commission.
BESCORP INDUSTRIES: Provideds Default in Payment Status Update
-------------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) hereby provideds an update on its default in payment,
as enclosed at http://bankrupt.com/misc/TCRAP_Bescorp0403.xls.
The default by BIB as at 28 February 2003 amounted to
RM54,975,261.45 made up of a principal sum of RM32,220,139.42
plus RM22,755,122.03 in interest for revolving credit
facilities.
As at 28 February 2003, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn. Bhd. (In Liquidation),
Bescorp Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn.
Bhd. (In Liquidation), Bespile Sdn. Bhd. (In Liquidation),
Farlil Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd.,
defaulted on a total sum of RM97,946,410.59 made up of a
principal sum of RM60,905,258.44 plus RM37,041,152.15 in
interest for revolving credit facilities, term loan, banker's
acceptance, hire purchase and lease facilities, and
RM58,780,343.77 for overdraft facilities.
BUKIT KATIL: OCBC Counter Proposed to Settlement Proposal
---------------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad
wish to inform that OCBC Bank (Malaysia) Berhad (OCBC), has
verbally responded to the revised settlement proposal. OCBC has
counter proposed an up front payment of RM4.0 million to release
the securities pledged and the balance owing to be paid over 12
months. The Board of Directors of BKATIL is now deliberating the
said terms and hope to revise the same in order to comply.
The Board of Directors of BKATIL would like to further provided
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.
Borrowings in default as at 28 February 2003 is tabled at
http://bankrupt.com/misc/TCRAP_Bkatil0403.pdf.
GENERAL SOIL: Still Formulating Financial Regularization Plan
-------------------------------------------------------------
Further to the announcement dated 3 March 2003, the Board of
Directors of General Soil Engineering Holdings Berhad wishes to
announce that the Company is still in the process of formulating
a comprehensive plan to regularize its financial condition.
Currently the Company is in the midst of evaluating and
finalizing various options for the regularization exercise. This
exercise will include, amongst others, the Proposed Revised
Scheme, the Proposed Private Placement and the Proposed Increase
of the Paid-Up Capital to comply with the minimum capital
requirement for listing on the Second Board of the Kuala Lumpur
Stock Exchange (KLSE).
The plans will be announced in due course.
The Company has submitted an application to the KLSE on 26
February 2003, for an extension of time of three (3) months
until 31 May 2003, for the release of the Requisite Announcement
required under Practice note 4/2001 of the KLSE Listing
Requirements. As of the date of this announcement, the Company
has not received any reply from the KLSE.
LONG HUAT: Enters Proposed Restructuring Scheme SPA With Vendors
----------------------------------------------------------------
Long Huat Group Berhad refers to the Requisite Announcement made
on 28 February 2003 in relation to the Proposed Restructuring
Scheme involving:
- Proposed Capital Reconstruction;
- Proposed Scheme of Arrangement;
- Proposed Debt Settlement;
- Proposed Acquisition;
- Proposed Exemption;
- Proposed Disposal;
- Proposed Placement and/or Offer for Sale; and
- Proposed Listing Status Transfer.
On behalf of the Board of Directors of Long Huat Group Berhad,
Southern Investment Bank Berhad wishes to announce that, on 29
March 2003, Lee Swee Kiat Group Sdn Bhd (LSKG), a special
purpose company incorporated to facilitate the implementation of
the Proposed Restructuring Scheme, had entered into a
conditional sale and purchase agreement (Agreement) with LHGB
and the vendors of Lee Swee Kiat Holdings Sdn Bhd (LSKH), namely
Lee Swee Kiat & Sons Sdn Bhd (LSKS) and East Malaysia Growth
Corporation Sdn Bhd (EMGC) to acquire the entire equity interest
in LSKH comprising 4,068,000 ordinary shares of RM1.00 each and
239,200 cumulative convertible redeemable preference shares of
RM1.00 each (CCRPS) (Sale Shares) for a total purchase
consideration of RM69,000,000 to be satisfied by the issuance of
138,000,000 ordinary shares of RM0.50 each in LSKG (LSKG Shares)
at an issue price of RM0.50 per LSKG Share (Proposed
Acquisition).
LSKS and EMGC are collectively known as the LSKH Vendors.
Salient terms and conditions
In addition to the salient terms of the master agreement as
announced on 28 February 2003, the other salient terms of the
Agreement are as follows:
(i) The Sale Shares shall be acquired free from encumbrances
and claims whatsoever and with all rights, benefits and
advantages attaching thereto, including, but without limitation,
all bonuses, rights, dividends and distributions declared made
and paid as from the completion date, which is the date falling
sixty (60) business days from the date upon which all the
conditions precedent have been fulfilled;
(ii) LSKG is only obligated to complete the Proposed
Acquisition if:
(a) the conversion of the CCRPS into ordinary shares of
LSKG pursuant to such terms agreed between the LSKH Vendors have
been completed upon completion of the Proposed Acquisition and
such new LSKG Shares arising from the said conversion shall form
part of the Sale Shares; and
(b) the purchase of all of the Sale Shares is completed
simultaneously.
(iii) There will be no liabilities to be assumed by LSKG
following the Proposed Acquisition apart from the liabilities
that have been incurred during the normal ordinary course of
business; and
(iv) The LSKH Shares shall be acquired free from all liens,
claims, equities, charges, encumbrances or third party rights of
whatsoever nature and with all rights attached thereto,
including the rights to receive all dividend and distribution
declared, made or paid on or after the date of completion for
the Proposed Acquisition.
Further to the above, SIBB, on behalf of the LHGB Board also,
wishes to announce that pending the finalisation of certain
matters, the application to the authorities on the Proposed
Restructuring Scheme will be submitted by 7 April 2003 instead
of 31 March 2003, as announced earlier.
MBF HOLDINGS: SC Grants Schemes Implementation Time Extension
-------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors (Board) of MBf Holdings Berhad, wishes to announce
that the Securities Commission had, via its letter dated 28
March 2003, approved a further extension of another three (3)
month period i.e. till 30 June 2003 for MBf-H to implement the
Proposed Scheme of Arrangement and Proposed Employees' Share
Option Scheme.
For further information on the Proposed Scheme of Arrangement
and Proposed Employees' Share Option Scheme, refer to the
Troubled Company Reporter - Asia Pacific Wednesday, February 19,
2003, Vol. 6, No. 35 issue.
NCK CORPORATION: Currently Implementing Restructuring Scheme
------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
wishes to announce that following the approvals received from
the Securities Commission, the Foreign Investment Committee and
the Ministry of International Trade and Industry for its
Restructuring Scheme, the Restructuring Scheme is currently
being implemented by the Company.
Any further developments to the Restructuring Scheme will be
announced in due course.
For further information on the Restructuring Scheme, refer to
the Troubled Company Reporter - Asia Pacific, Tuesday, July 2,
2002, Vol. 5, No. 129 issue.
OMEGA HOLDINGS: Proposed Restructuring Scheme Approvals Pending
---------------------------------------------------------------
Affin Merchant Bank Berhad, on behalf of the Board of Directors
of Omega Holdings Berhad, wishes to announce that there has been
no change in the status of the Proposed Restructuring Scheme,
which was submitted on 31 January 2003 and announced on 5
February 2003.
The Company is still awaiting approvals from the relevant
authorities for the Proposed Restructuring Scheme.
Refer to the Troubled Company Reporter - Asia Pacific, Friday,
January 31, 2003, Vol. 6, No. 21 issue for further information
on the Proposed Restructuring Scheme.
PARIT PERAK: Appoints Chee Long as Audit Committee Member
---------------------------------------------------------
Parit Perak Holdings Berhad posted this Change in Audit
Committee Notice:
Date of change : 28/03/2003
Type of change : Appointment
Designation : Member of Audit Committee
Directorate : Independent & Non Executive
Name : Chee Yon Long
Age : 45
Nationality : Malaysian
Qualifications : Member of the Malaysian Institute of Accountant
Fellow of the Chartered Accountants of Certified Accountant,
United Kingdom.
Working experience and occupation : More than twenty (20) years
of experiences in auditing, taxation, company secretarial
service and corporate advisory service.
Directorship of public companies (if any) : HIAP AIK
CONSTRUCTION BERHAD (Special Administrators Appointed)
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
Composition of Audit Committee (Name and Directorate of members
after change) :
Dato' Zakaria Bin Bakar (Chairman - Independent Non-Executive
Director)
Dr.Regina Noran Bt Nuruddin (Member - Independent Non-Executive
Director)
Chee Yon Long (Member - Independent Non-Executive Director)
The Troubled Company Reporter - Asia Pacific reported last month
that the Company entered into a supplemental restructuring
agreement with the Vendors (Supplemental Agreement) to vary
certain terms of the Restructuring Agreement in relation to the
financing arrangement to be procured by Liqua Health (M) Sdn Bhd
and Align Matrix Sdn Bhd (collectively, the Promoters) for the
purpose of undertaking the Proposals, which involves:
- Proposed PPHB Acquisition;
- Proposed Liqua Acquisition;
- Proposed Buyback;
- Proposed Put and Call;
- Proposed Restricted Offer for Sale;
- Proposed Debt Settlement;
- Proposed Disposal;
- Proposed Placement;
- Proposed Transfer of Listing Status; and
- Proposed Waiver.
PICA (M) CORPORATION: KLSE Grants RA One-Month Extension
--------------------------------------------------------
Further to Pica (M) Corporation Berhad's announcement on
Practice Note 4, the Company, through its merchant banker CIMB
requested for an extension from Kuala Lumpur Stock Exchange
(KLSE) to make the requisite announcement, on 27 February 2003.
KLSE on 28 March 2003 has approved its request for extension
until 28 April 2003.
Currently, the Company has obtained approval in principal from
majority of the creditors representing approximately 97% of the
total outstanding debts, to participate in the Scheme. The
Company is in the midst of discussion to obtain further approval
from the rest of the creditors.
RAHMAN HYDRAULIC: Seeking Appeal, Stay of Execution
---------------------------------------------------
Reference is made the announcement dated 26 March 2003 in
relation to the Kuala Lumpur High Court Originating Summons No.
D5 24-184-2002 Speed Operations Sdn Bhd & Anor v Rahman
Hydraulic Tin Berhad (Special Administrators Appointed) & 3 Ors.
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
wishes to announce that the Plaintiff's application has been
allowed with costs. The learned Judge has directed that the
Defendants release the sum of RM1.5 million to the Plaintiff,
together with accrued interest, within 14 days from the date of
service of the Order.
RHTB is in consultation with its legal advisers and intends to
file an appeal against the decision of the learned Judge and
also to apply for a stay of execution. Further developments will
be announced in due course.
SENG HUP: Units Placed Under Members' Voluntary Winding Up
----------------------------------------------------------
The Special Administrators of Seng Hup Corporation Berhad
(Special Administrators Appointed) wish to announce that the
following subsidiary companies have been placed under members'
voluntary winding up pursuant to Section 245(1)(b) of the
Companies Act, 1965 on 1 April 2003 and that Mr Chew Chong Eu
has been appointed as the liquidator of these companies:
1. Westpark Development Sdn. Bhd.
2. Budget Lighting Sdn. Bhd.
The Extraordinary General Meeting for these companies were
convened on 1 April 2003.
SILVERSTONE CORPORATION: April 30 Proposals Completion Likely
-------------------------------------------------------------
Silverstone Corporation Berhad refers to the announcements made
on 5 August 2002, 24 September 2002, 2 December 2002, 19
December 2002, 13 March 2003 and 28 March 2003 in relation to
the Proposals, which involves of the following:
* Proposed disposal of 50% equity interest in Wuhan Fortune
Motor Co. Ltd. (Wuhan Fortune) for a cash consideration of Rmb1
(Proposed Disposal); and
* Proposed settlement of inter-company advances to Wuhan
Fortune for a cash consideration of Rmb94.66 million and
proposed waiver of the interest on inter-company advances
amounting to Rmb70.82 million (Proposed Settlement).
OSK, on behalf of the Board of Directors of Silverstone
Corporation Berhad (Board) wishes to inform that, the only
outstanding condition precedent to be fulfilled in respect of
the Proposals is the approval of the Commission of Foreign Trade
and Economic Cooperation of the Peoples' Republic of China.
The Board wishes to announce that in view of the above, the
Proposals are expected to be completed by 30 April 2003 instead
of 31 March 2003 as previously announced.
SCB will inform the Exchange of any further developments in
respect of the Proposals.
SPORTMA CORP.: Defaulted Payment Stands RM231,205,334.03
--------------------------------------------------------
As required by KLSE Practice Note 1/2001, Sportma Corporation
Berhad (Special Administrators Appointed) providedd an estimate
of its default in payment as at 28 February 2003, as attached in
http://bankrupt.com/misc/TCRAP_Sportma0403.xls.
The total default by Sportma on the principal sum plus interest
as at 28 February 2003 amounted to RM231,205,334.03. The default
is in respect of revolving credit facilities, trade financing
and overdraft utilized by Sportma.
There is no further new development on the default of payment of
the Company, since the previous announcement with regard to this
Practice Note.
SPORTMA CORPORATION: Proposals Implementation Underway
------------------------------------------------------
Reference is made to Paragraph 4.1(b) of the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (the Exchange)'s
Listing Requirements whereby the affected listed issuer is
required to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.
Further to the announcement dated 2 December 2002, the Special
Administrators (SA) wish to announce that the revised Proposed
Corporate and Debt Restructuring Scheme of Sportma Corporation
Berhad (Proposal) which has been approved by the Securities
Commission (SC) via its letter dated 31 January 2002 and 13
November 2002, and all relevant authorities, is at the stage of
implementation.
In addition, the SC had via its letter dated 31 October 2002,
approved the extension of time for the implementation of the
Proposal until 2 May 2003.
TAT SANG: Receivers, Managers Announce Units' Cessation
-------------------------------------------------------
The Board of Directors of Tat Sang Holdings Berhad wishes to
inform that the Receivers and Managers, PricewaterhouseCoopers,
had on 31 March 2003 officially announced to cease the
subsidiaries' operation. The subsidiaries affected are Mercuries
& Muar Wooden Furniture Mfg Sdn. Bhd., Techmax Industry Sdn.
Bhd. and Jastaka Sdn. Bhd.
The Company will then focus its activities on kiln drying
services owned by its remaining subsidiary, Purnama Prima Sdn.
Bhd., while awaiting the finalisation of the restructuring
scheme to regularize its financial condition.
The Company had also on 11 March 2003 applied to the KLSE for an
extension of time for a period of six months to make the
Requisite Announcement. The decision in relation to the said
application is still pending from the KLSE. The Company will
announce the outcome of the said application in due course.
The Company will notify its shareholders of any pertinent
development on the Proposed Restructuring Scheme.
TECHNO ASIA: Regularization Plan Status Remains Unchanged
---------------------------------------------------------
Further to the announcements made on 3 March 2003, 11 March 2003
and 19 March 2003, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad), on behalf of Techno Asia
Holdings Berhad (Special Administrators Appointed), wishes to
announce that there had been no other major changes to the
status of TAHB's plan to regularize its financial position.
The main valuation reports requested by the SC (as detailed in
the announcement dated 4 December 2002), have been submitted to
the SC on 12 March 2003 save for the valuation reports for the
subleases which are part of the valuation report for Lot No.
11644 held under H.S.(D) LP 13127, Mukim of Durian Sebatang,
District of Hilir Perak, Perak Darul Ridzuan which are still
outstanding as they are pending confirmation from the SA on the
basis of acceptance of the revised valuation of the subleases.
TIMBERMASTER INDUS: KLSE Grants 6-Month LR Completion Extension
---------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, Timbermaster
Industries Berhad wishes to announce the following:
Further to the announcement dated 3 March 2003, parties are
still in the midst of implementing TMIB's proposed restructuring
scheme as approved by the Securities Commission on 2 December
2002.
In relation to its earlier announcement dated 1 November 2002,
TMIB would like to inform that it had on 26 March 2003, appealed
to the Ministry of International Trade and Industry for a waiver
on the return of Timbermaster Timber Complex (Sabah) Sdn Bhd's
(Special Administrators Appointed) manufacturing license to the
Malaysian Industrial Development Authority.
In addition to the above, TMIB is pleased to announce that KLSE
has via its letter dated 28 March 2003 granted the Company a
further time extension of 6 months up to 30 June 2003 to comply
with Chapter 7 of the KLSE LR.
UCP RESOURCES: Issues Defaulted Payment Status Update
-----------------------------------------------------
In accordance with Practice Note No.1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcements made, UCP Resources Berhad hereby provideds an
update on its default in payment as follows:
i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31st March 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM48,028,218 made up of a principal sum of
RM40,508,072 and interest of RM7,520,146;
ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 31st March 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,505,452 made up of a
principal sum of RM7,936,500 and interest of RM568,952;
iii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31st March 2003, defaulted in repayment of
Bankers Acceptance and Overdraft amounting to RM16,482,218 made
up of a principal sum of RM15,347,024 and interest of
RM1,135,194;
iv) Universal Concrete Products Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31st March 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,156,463 made up of a
principal sum of RM3,000,000 and interest of RM156,463.
For details of the payment in default, go to
http://bankrupt.com/misc/TCRAP_UCP0403.xls.
UNIPHOENIX CORP.: Submitting Revised Proposed Rescue Scheme
-----------------------------------------------------------
Uniphoenix Corporation Berhad refers to the announcement dated
16 January 2003 in relation to the Proposed Rescue Scheme.
Further to the said announcement, Southern Investment Bank
Berhad, on behalf of the Board of Directors of UCB, wishes to
announce that UCB and Irama Spektrum Berhad (ISB) (formerly
known as Irama Spektrum Sdn Bhd (ISSB)) had, on 31 March 2003,
entered into a supplemental agreement to revise certain terms of
the Proposed Rescue Scheme (Proposed Revision).
The Proposed Revision is tabled at
http://bankrupt.com/misc/TCRAP_UCB0403.pdf.
The other components of the Proposed Rescue Scheme announced on
16 January 2003 remain unchanged. Therefore, the changes to the
group structure of UCB before and after the Proposed Revision
taking into account the Proposed Rescue Scheme is illustrated in
Table 1 at http://bankrupt.com/misc/TCRAP_UCB0403.pdf.
The supplemental agreement
The salient terms of the supplemental agreement are as follows:
(a) the deletion of clauses in relation to the conditional
sale of shares agreement dated 14 January 2003 entered into
between HDSB, WTD and ISSB for the acquisition of RISB by ISSB;
(b) the inclusion of clauses in relation to the conditional
sale of shares agreement dated 29 March 2003 entered into
between Tan Kok Sui, Chan Woon Yin @ Chang Woon Yin, Tan Kok
Tuan, Chong Wee Chau, Ng Keng Siong and ISB for the acquisition
of SSB by ISB;
(c) the supplemental agreement is conditional upon all
approvals from all relevant authorities being obtained for the
revised Proposed Rescue Scheme within nine (9) months from the
date of the supplemental agreement subject to an automatic
extension of three (3) months and such further extension(s) as
the parties may agree; and
(d) the new ISB Shares to be issued pursuant to the proposed
acquisition of SSB by ISB shall, upon allotment and issue, rank
pari passu in all respects with the existing issued ISB Shares
except that such new ISB Shares shall not rank for any
dividends, rights, allotments or other distribution declared
prior to the allotment of such new ISB Shares.
Basis of purchase consideration
The purchase consideration of RM1,750,000 for SSB is arrived at
on a willing buyer - willing seller basis and will be based on
the adjusted net tangible assets (NTA) of SSB on the completion
date of the proposed acquisition of SSB, adjusted for the open
market value of the properties held by SSB. SSB is currently
undertaking a revaluation exercise on its properties.
The purchase consideration of RM1,750,000 will be satisfied via:
(i) a cash consideration of RM100,000; and
(ii) the issuance of 1,650,000 new ISB Shares at a proposed
issue price of RM1.00 per ISB Share.
The purchase consideration will be subject to changes based on
the outcome of the due diligence on SSB and the approved open
market valuation of the Securities Commission in relation to the
properties held by SSB.
Information on SSB
SSB was incorporated in Malaysia on 5 October 1990 under the
Companies Act, 1965 as a private limited company. The authorized
share capital of SSB is RM450,000 comprising 450,000 Shares and
the issued and paid-up share capital is RM425,000 comprising
425,000 Shares.
SSB's principal activity is property development. It is
currently developing its Taman Mawar Jaya project in Lot No.
1442 & 1443, Mukim Machap, Daerah Alor Gajah, Melaka. The
project consists of:
(i) 14 units of double storey shophouses; and
(ii) 172 units of single storey terrace houses.
Currently, all the 14 units of double storey shophouses and 102
units of single storey terrace houses have been duly completed
and the Certificate of Fitness Occupancy has been obtained.
Currently, the structure works for the remaining 70 units of
single storey terrace houses have been completed.
Prior to its Taman Mawar Jaya project, SSB completed its Taman
Mas Merah project, which consisted of 95 units of single storey
terrace houses, at Batu Berendam, Daerah Melaka Tengah in 1996.
The summary of the key audited financial data of SSB is set out
in Table 2 at http://bankrupt.com/misc/TCRAP_UCB0403.pdf.
Submission of the Revised Proposed Rescue Scheme
In view of the abovementioned supplemental agreement, the
Company expects to make the submission to the authorities on the
revised Proposed Rescue Scheme no later than 30 June 2003.
Inspection of Documents
The supplemental agreement is available for inspection at the
28th Floor, Wisma Denmark, 86, Jalan Ampang, 50450 Kuala Lumpur
for a period of two (2) weeks from the date of this
announcement.
=====================
P H I L I P P I N E S
=====================
AKLAN ELECTRIC: New Management Trims Debt to P50M
-------------------------------------------------
The new management of Aklan Electric Cooperative (Akelco) has
reduced its debt level from 135 million pesos to 50 million
pesos, the Philippine Star reported Wednesday, citing the
Department of Energy (DOE). Following reports of widespread
corruption, the National Electrification Administration (NEA)
installed in April 2002 a team to temporarily take over the
operations of Akelco.
In March 2002, the National Power Corporation (Napocor) was
forced to disconnect power service in Aklan for two days because
it was unable to pay its debts worth 135 million pesos.
According to Akelco general manager Eric Bucoy, Akelco has paid
30 million pesos in liabilities to its suppliers. The recent
completion of the rehabilitation works of the co-op's
distribution lines and commissioning of new substation helped
cut systems losses as well as improved reliability of power
supply in Aklan province.
DIGITAL TELECOM: Clarifies FCC Order Report
-------------------------------------------
This is in reference to the news article entitled "US telcos
told to resume paying Digitel, BayanTel" published in the April
2, 2003 issue of the BusinessWorld (Internet Edition). The
article reported that the US Federal Communications Commission
(FCC) yesterday directed US carriers to resume payments for
international call services to Digital Telecommunications
Philippines, inc. (Digitel) and Bayan Telecommunications, Inc.
(BayanTel). Digitel and BayanTel both welcomed the FCC order but
the former criticized what it called misrepresentations by US
carrier AT&T Corporation that it had unblocked circuits. It said
the circuits were never blocked in the first place.
Digitel Telecommunications Philippines, Inc., in its letter
dated April 2, 2003, stated that:
"We would like to confirm that, as stated in the said news
article, that FCC Bureau held a public notice which lifted the
suspension of payments in relation to U.S. carrier payments to
DIGITEL."
The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0978_DGTL.pdf
NATIONAL STEEL: Debt Restructuring Plan Hits Snag
-------------------------------------------------
Credit Agricole Indosuez opposed a restructuring deal for
National Steel Corporation's Php18 billion in debt, AFX Asia
reports, citing Trade and Industry Secretary Manuel Roxas II.
Credit Agricole was against the proposed write-off and equity
conversion of the loans and demanded payment for its loan
exposure of nearly 2 billion pesos.
National Steel creditors have agreed to a rehabilitation program
that includes transferring assets to a newly incorporated
special purpose vehicle in preparation for their sale to
investors.
PHILIPPINE LONG: Denies Sale of Beyond Cable
--------------------------------------------
The Philippine Long Distance and Telephone Co. (PLDT) refers to
the Philippine Stock Exchange (PSE) fax letter dated February
27, 2003 requesting for clarification/confirmation of the news
article entitled "PLDT to sell Home Cable to Lopezes" published
in the April 1, 2003 issue of the Philippine Star (Internet
Edition).
PLDT denies that Mediaquest Holdings, Inc. (Mediaquest) is
selling its equity interest in Beyong Cable, Inc., the holding
Company that was created to consolidate the interests in the
Philippine Home Cable Holdings, Inc. (Home Cable) and Sky Vision
Corporation (SKY).
As previously announced, part of the consolidation plan is for
shares of Beyong Cable, Inc. to be offered to a stategic partner
and/or financial investors who are envisaged to providedd added
value to Beyond Cable.
For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0964_TEL.pdf
VICTORIAS MILLING: Clarifies Tanduay's Bid Report
-------------------------------------------------
Tanduay Holdings, Inc. clarified the news article entitled
"Lucio Tan win increases taipan's stake in Victorias" published
in the April 1, 2003 issue of the BusinessWorld. The article
reported "Lucio C. Tan-owned Tanduay Holdings Inc. yesterday
clinched one board seat in Victorias Milling Co. Inc. after
winning a bid to provided the sugar refiner the P300-million in
fresh equity it needs under a rehabilitation plan.
The listed liquor firm offered the loan at a bargain-basement
interest rate of 1.5 percent payable semiannually with the
principal due after five years. The loan is convertible into
equity on the third year and represents a 16 percent stake in
the Bacolod-based miller. Mr. Mier said that while the board
seat was not originally part of the term sheet of Tanduay, it
was nonetheless given as the company rehabilitation plan
approved by the Securities and Exchange Commission (SEC)
provided that parties that infuse equity must be represented in
the board. Once Tanduay's loan is converted into equity, the Tan
group will control 26 percent of the Company.
Tanduay Holdings, Inc. in its letter to the Exchange dated April
1, 2003, confirmed that:
" The Bidding Committee has officially informed us that our bid
to provided Victorias Milling Co., Inc. the loan of 300Million
Pesos at 1.5 percent interest rate per annum, payable semi-
annually in arrears with the principal due after five years won
over all other bids. Tanduay Holdings will have the option to
convert into equity at anytime after the end of the third year.
Further, in accordance with the terms and conditions of the
approved Rehabilitation Plan, Tanduay Holdings is entitled to
one board seat in the company (Victorias)."
For a copy of the disclosure, visit
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0965_TDY.pdf
=================
S I N G A P O R E
=================
ASTI HOLDINGS: Widens FY02 Net Loss to S$41.8M
----------------------------------------------
ASTI Holdings Limited (ASTI) announced a 20 percent fall in
turnover to S$62.7 million for the financial year ended 31
December 2002 due to a delay in the expected recovery of the
global economy and semiconductor industry last year. However,
excluding the effect on foreign exchange, the ASTI Group managed
to reduce its recurring operating losses to S$5.0 million.
Net loss widened from S$12.6 million in 2001 to S$41.8 million
in 2002 after taking into account operating losses and one-time
charges relating to the impending divestment of loss-making
subsidiary Semiconductor Technologies and Instruments, Inc. in
Dallas, USA (S$26.3 million) and closure of the Group's tape and
reel operations in California and equipment facility in Malaysia
(S$5.6 million). In addition, the Group incurred foreign
exchange losses amounting to S$4.9 million due to the weakening
of the US Dollar against the Singapore Dollar during the year.
"We have taken bold steps to restructure our business, shed
loss-making operations and lower our overheads. The one-off
charges incurred are significant but necessary to stem further
losses and position ourselves better for an industry recovery,"
said Mr Charles Cher, Chief Executive Officer of ASTI.
"We are in the third year of the worst semiconductor industry
downturn ever but we hope that the industry's under-investment
in capacity during the downturn could lead to a shortage when
demand recovers which will then benefit our business. Moving
ahead, we will focus our attention and resources on Asia which
is the heart of the global semiconductor manufacturing and where
most of our customers are located."
ASTI, listed on the SGX SESDAQ, is a leading global supplier of
semiconductor inspection and handling instruments,
semiconductors handling services, and carrier tapes. Viewed as
one of the leading semiconductor equipment manufacturers in
Singapore, the ASTI Group develops and owns proprietary vision
systems that it uses in the manufacture of its "STI" brand of
visual mechanical, laser marking, vision inspection and media
transfer equipment. Apart from equipment manufacturing, ASTI
Group is deemed as the largest service providedr in providing
tape and reel, EPROM programming, lead/ball inspection, lead
conditioning, de-taping and baking services. The ASTI Group also
manufactures carrier tapes and plastics reels in close proximity
to their customers to allow for true Just-in-Time deliveries.
ASTI currently has subsidiaries in Singapore, Hong Kong, the
Philippines, Taiwan, India, the United Kingdom, Germany and the
USA. For more information on ASTI's products and services,
please visit our website at www.astigp.com.
ASTI is a trademark of ASTI Holdings Limited. All other
trademarks are the properties of their respective owners.
For more information, contact:
K.K. Woo
ASTI Holdings Limited
Tel : (65) 6394 5207
Email : kkwoo@astigp.com
EXCEL MACHINE: Issues Group Performance Update
----------------------------------------------
In 2002, Excel Machine Ltd.'s businesses were affected by the
depressed conditions for the machine tool industry, exacerbated
by the continuing slowdown in the global economy and geo-
political uncertainties over the then impending U.S.-led
military strike against Iraq.
The Group's manufacturing, trading and project operations were
impacted by various events and factors as explained below:
Despite no satisfactory conclusion to the negotiations with its
creditor banks, which resulted in the withdrawal of banking
facilities, the Group was still able to continue its operations.
With the lack of working capital however, group turnover and
production volume were greatly reduced.
The Group continued to receive orders from customers with the
day-to-day operations partly financed by supplier credit and
customer down payments for orders, coupled with concerted cost-
cutting efforts.
The Group's tight cash flow situation was severely worsened by
the announcement of the joint petition for judicial management
the Petition filed by its creditor banks on 29 November 2002.
Following the announcement, the group experienced unprecedented
cancellation and deferment of orders, as customers adopted a
wait-and-see attitude pending the Petition outcome. Suppliers
also insisted on the repayment of outstanding amounts due and
demanded cash-on-delivery terms for new supplies.
Due to the challenging conditions, the Group reported a gross
profit of S$2.8 million on a turnover of S$34.3 million, as
compared to S$6.4 million in FY2001 on a turnover of S$53.1
million. Distribution costs reduced from S$9.5 million to S$4.9
million as a result of continuing streamlining and cost-cutting
efforts. Other operating expenses however increased by S$6.5
million to S$10.8 million, mainly due to: (i) realized and
unrealized foreign exchange losses of S$4.9 million arising from
unfavorable movements of the US$ and Hungarian Forint (HUF)
against S$ (whereas in FY2001, the exchange gain offset the
losses); (ii) loss on disposal of fixed assets of $0.6 million
(FY2001: nil); (iii) there was also no capitalization of other
operating expenses in FY2002 compared to S$0.9 million
capitalized in FY2001.
The Group reported a pre-tax operating loss of S$23.4 million
(FY2001: S$18.3 million) before exceptional items of S$19.2
million (FY2001: S$5.6 million). Included under exceptional
items were the writing-off of obsolete plant and equipment
(S$5.8 million), intangible assets comprising machine R & D-
related expenditures as no economic benefit is assured (S$4.5
million), and long-term investments that have failed (S$0.8
million); as well as provision for inventory obsolescence (S$2.5
million), loss on disposal of scrapped inventory (S$1.4
million), impairment provision for leasehold properties (S$5.3
million) and a write-back of S$1.4 million liability no longer
payable.
As a result, the Group recorded an after-tax loss attributable
to shareholders of S$42.5 million (FY2001: S$23.0 million loss).
The cost-cutting exercise during 2002 to right-size operations
included the process of divesting all non-core assets and
winding down all non-profitable subsidiaries to free up
financial resources.
Steps have been taken for the cessation of operations of
subsidiaries, namely Excel Advanced Technology Pte. Ltd., Excel
Precision (S) Pte. Ltd., Excel Machine Tools (M) Sdn. Bhd., Tree
Machine Tools, Inc., Excel Precision (Thailand) Ltd and India
Excel Pte. Ltd.
Cost-cutting measures implemented in mid 2002 achieved reduction
in operating costs in Singapore of approximately S$2 million for
the second half of 2002. These savings arose from headcount
reductions from 164 to 121 resulting in a reduction in payroll
by S$1.1 million, voluntary salary cuts of 20 percent by the
management staff and cessation in operation of the trading
subsidiary in Malaysia; as well as downscaling operations to
improve cost effectiveness.
The trading unit in the U.S. has been restructured into a
customer service center; the factory in Shanghai has been sold
and its operations moved to a smaller, rented factory; and the
Group's Singapore headquarters' excess factory / office space
has been rented out to third parties. The Group is in the
process of divesting its other non-core assets.
LKN-PRIMEFIELD: Additional Info on 2002 Financial Statement
-----------------------------------------------------------
LKN-Primefield Holdings refers to the announcement made on 28
March 2003 and the letter from Singapore Exchange Limited dated
1 April 2003. The Company would like to clarify:
a) Item 1(b)(ii)
Please provided details (including quantifying) of the
collaterals.
The Group's secured borrowings were secured on investment
properties ($58.7m), certain development properties ($9.5m), a
joint venture's freehold land and building ($8.3m), and certain
property, plant and equipment ($16.5m). Proceeds from any sale
of certain development projects/shophouses ($17.7m), certain
property, plant and equipment/investment property ($51.1m) are
assigned to certain bondholders in accordance with the Debt
Restructuring Agreement.
b) Item 2
Please advise if the results have been reviewed. If so, please
provide the information required pursuant to paragraphs 2 and 3
of Appendix 7.2 of the Listing Manual.
The figures have not been audited and reviewed by the auditors.
c) Item 7
Please provide the information relating to the net asset value
per share for FY 2002.
Group Company
2002 2001 2002 2001
Net asset/(liabilities) $(0.24) $0.03 $(0.25) $0.00
value per existing issued share
MEDIASTREAM LIMITED: Ceases Music Distribution Business
-------------------------------------------------------
The Board of Directors of MediaStream Limited has decided to
cease the music distribution business of the Group currently
carried out through its subsidiaries, CreAsian Records Pte
Limited and Form Records (Malaysia) Sdn Bhd.
In the Company's announcement dated 26 September 2002 of the
results for the half-year ended 30 June 2002, the Company had
reported that despite a reduction in advertising and promotion
costs and the management of the fixed overheads of the music
distribution business, the MediaStream Group continued to show a
loss before interest and tax of S$455,000 (after exceptional
items being the write-off of Masters and stock obsolescence of
$285,000) in its music and viao product business. There has been
continuing poor consumer demand, both locally and
internationally for music and viao products. Faced with the
drastic downturn in consumer demand in the current economic
environment, the future for the music distribution business
remains uncertain. In the light of this, the Directors of the
Company have decided to cease the music distribution business as
it would not be financially feasible to continue it.
The business of CreAsian Records Pte Limited will be wound down
over the next few months after all the existing distributorship
obligations have been met. It is intended that arrangements will
eventually be made for the liquidation or striking off of
CreAsian Records Pte Limited. In addition, the Company has sold
all the shares held by it in the capital of Form Records
(Malaysia) Sdn Bhd.
The financial impact of the sale of the shares of Form Records
(Malaysia) Sdn Bhd is set out in the announcement issued by the
Company for the said sale. In addition, there would be an
additional provision of stock obsolescence of S$21,780 arising
at the Group level as a result of the cessation of the music
distribution business.
===============
T H A I L A N D
===============
HEMARAJ PUBLIC: Posts Assets Disposal Info Memorandum
-----------------------------------------------------
Hemaraj Land and Development Public Company Limited's Board of
Directors' Meeting No. 2/2003, which was held on 27th March,
2003, resolved to sell 13,300,000 shares in Glow Company Limited
(Glow) to Tractebel S.A.. The detail of the transaction is as
follows:
1. Date of entering into the transaction: 31st March, 2003
2. Contractual Parties: Tractebel S.A., a company which is not
connected to Hemaraj
3. Nature of the transaction:
Hemaraj wishes to sell 13,300,000 shares it holds in Glow to
Tractebel S.A.. Under the Restructuring Agreement, dated 11th
November, 2001 (revised by the Comprehensive Amendment
Agreement, dated 1st August, 2002), Hemaraj has a put option to
sell to Tractebel S.A. all of the shares it holds in Glow at
once or from time to time throughout the option period specified
in the said agreement.
The calculation of the size of the transaction under the SET
regulation concerning the substantial acquisition/disposal of
assets is as follows:
Total sale price x 100 348.955 million X 100 = 16.41%
Total net tangible assets of Hemaraj = 2,126.980 million
The above figure was based on the consolidated balance sheet
of Hemaraj as at 31st December 2002. The exchange rate is
Bt42.66 per USD.
Since the value of the transaction is higher than fifteen
percent but lower than fifty percent, therefore the said sale of
Glow's shares falls within the scope of Class 2 Transaction. As
a result, the Company is required to disclose the information
specified in Schedule (1) and submit the information specified
in Schedule 2 to shareholders as required under the Acquisition
and Disposal of Assets of Listed Companies.
4. Detail of Disposed Asset
13,300,000 ordinary shares in Glow representing 2.68 percent
of Glow's total shares. After the sale of those shares, Hemaraj
still holds 9,299,994 shares in Glow representing 1.87 percent
of Glow's total shares.
Glow currently carries on energy development. Its registered
capital is Bt4,964,924,770. Tractebel S.A. is the major
shareholder of Glow. After the purchase of 13,300,000 shares in
Glow, Tractebel S.A. will hold 487,192,478 shares in Glow
representing 98.13 percent of Glow's total shares.
5. Total Value of the Transaction
US$8,179,921 in aggregate approximately equivalent to
Bt348,955,429.86. Tractebel S.A. made full payment to Hemaraj
on 31st March, 2003.
6. Value of Disposed Assets
Bt91,853,854.11 in aggregate based on the book value as at
31st December, 2002.
7. Basis Used to Determine the Value of the Consideration
Calculating from the Financial Model used for the calculation
of the return on investment of the project as specified in the
relevant agreements between Hemaraj and Tractebel S.A.
8. Expected Benefits to Hemaraj and utilization of the Proceeds
(a) Having immediate funds for business operation.
(b) Expanding the business of the Company.
KRISDA MAHANAKORN: Inks Debt Workout Agreement With Creditors
-------------------------------------------------------------
On March 28,2003, Krisda Mahanakorn Public Company Limited (KMC)
has signed the debt restructuring agreement with the following
two creditors:
* Thai Asset Management Corporation, for the Principle amount
of Bt2,375.96 million is settled by transferring the securities
of debt guarantee value of Bt275.74 million. In additions, the
rest is converted to long term (7-year) loan Bt456.72 million,
182.169 million preferred shares at Bt10 per share, and hair
cut of Bt1,354.48 million.
* Krung Thai Bank Plc., for the Principle amount of
Bt3,914.20 million is settled by transferring the securities of
debt guarantee value of Bt2,432.88 million. In additions, the
rest is converted to loan (1.5 Year) Bt 279.57 million, 118.574
million preferred shares at Bt10 per share, and hair cut of
Bt1,843.74 million.
Therefore, KMC has signed the debt restructuring contract,
totaling 100% of total debt.
PICNIC GAS: Explains Bt997.48M Operating Results Variance
---------------------------------------------------------
In reference to the company's Financial Statements for the year
ended December 31, 2002, which shows a net profit of Bt616.44,
compared to a net loss Bt381.04 million for the same period last
year.
Ultimate Key Co., Ltd., as the Rehabilitation Planer Management
Picnic Gas and Chemicals Public Company Limited, explained that
the variances of Bt997.48 million is due to gain from reduced
liabilities on August 5, 2002. The creditors meeting and order
of the Court approved with the Company's Rehabilitation Plan
thus gained from reduced liabilities totals Bt764.64 million,
which was presented as extraordinary items in statements of
income.
Premiums on shares worth Bt225 million were already deducted on
deficit based on the plan administration.
SINO-THAI RESOURCES: Exec Meeting Approves Bt10M Loan
-----------------------------------------------------
Sino-Thai Resources Development Public Company Limited, in
reference to the Executive Management Meeting No. 7/2003
resolution on March 31, 2003 for approving the Bt10,000,000
loan, submitted the information of the company's financial
support receiving to the Stock Exchange of Thailand.
To see a copy of the Company's Financial Support Receiving
Transactions Announcement, go to
http://bankrupt.com/misc/TCRAP_STRD0403.pdf.
THAI CANE: Discloses Shares Sales Results
-----------------------------------------
Thai Cane Paper Public Company Limited discloses the report form
of its Sale of Shares results held on April 2, 2003:
Name of Company: THAI CANE PAPER PUBLIC COMPANY LIMITED
Date: April 2, 2003
1. Information relating to the share offering
Category of shares offered: Ordinary Shares
Number of shares offered: 100,000,000 Shares
Offered to: Private Placement Basis (THE SIAM PULP & PAPER
PUBLIC COMPANY LIMITED)
Price per share: Bt10
Subscription and payment period: 28 March 2003
2. Results of the sale of shares:
[ / ] totally sold out
[ ] party sold out, with shares remaining.
The company will deal with the remaining shares.
3. Details of the sale
Thai investors Foreign investors
Juristic Natural Juristic Natural Total
persons persons persons persons
Number of persons 1 - - - 1
Number of shares 100,000,000 - - - 100,000,000
subscribed
Percentage of total 100 - - - 100
shares offered for sale
4. Amount of money received from the sale of shares
Total amount: Bt1,000,000,000
Less expenses (specify) -
Net amount received: Bt1,000,000,000
The Company hereby certifies that the information contained in
this report is true and complete in all respects.
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2003. All rights reserved. ISSN: 1520-9482.
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