/raid1/www/Hosts/bankrupt/TCRAP_Public/030417.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 17 2003, Vol. 6, No. 76
Headlines
A U S T R A L I A
A.I. LIMITED: Proposes Institutional Briefing
ADVANCED ENGINE: Issues Market Update
ENVIROSTAR ENERGY: Discloses Annual General Meeting Outcome
ERG LIMITED: Rome Project Expansion Gets Green Light
ONESTEEL LIMITED: Announces US$128M Private Debt Placement
QUIKTRAK NETWORKS: Posts Conversion of Options Notice
QUIKTRAK NETWORKS: Selective Reduction of Capital Effectuated
QUIKTRAK NETWORKS: Sets Selective Capital Reduction Record Date
TELEVISION & MEDIA: Lodges Renounceable Rights Issue Prospectus
UECOMM LIMITED: Earnings Momentum Continues
UTILICORP ASIA: S&P Lowers Ratings After Aquila's Downgrade
VOICENET (AUST): Discloses March Cashflow Report
C H I N A & H O N G K O N G
CHINA TREASURE: 2002 Operations Loss Increases to HK$1.258M
CHINNEY ALLIANCE: Trims 2002 Net Loss to HK$58.407M
EZCOM HOLDINGS: Undergoes Share Consolidation
GR INVESTMENT: 2002 Net Loss Reduces to US$15.350M
HOP LEE KNITTING: Petition to Wind Up Pending
SKY BRIGHT: Winding Up Hearing Scheduled April 30
SOUNDWILL HOLDINGS: Parallel Trading Starts Tuesday
THEME INTERNATIONAL: Operations Loss Swells to HK$23.912M
I N D O N E S I A
ASTRA INTERNATIONAL: Acquires Gaya Motor's Shares From RNI
BANK LIPPO: IBRA to Change Old Management
BANK MANDIRI: IPO Selling 15% Shares
J A P A N
AOZORA BANK: Sale to Cerberus Beneficial, FSA
FUJITSU LIMITED: Expects to Skip Dividend Payments
KUMAGAI CO.: Seeks Debt Relief With Tobishima
TOSHIBA CORPORATION: Board Meeting Set For April 25
TOYOBO CO.: Expects Y7B Loss in 2002
K O R E A
HYNIX SEMICONDUCTOR: Holds W133B in Onse Shares
HYNIX SEMICONDUCTOR: Washington Starts Due Diligence
M A L A Y S I A
DEWINA BERHAD: SC Extends Proposals Implementation Time
HIAP AIK: Defaulted ICULS Payment Status Remains Unchanged
KEMAYAN CORPORATION: Q103 Foreign Shareholdings Level Stands 49%
KRETAM HOLDINGS: JCSB's Winding Up Petition Struck Off
KRETAM HOLDINGS: Unit Disposes Vehicle for RM38,342.61
KSU HOLDINGS: Chief Operating Officer Yip Mun Resigns
NCK CORPORATION: Moratorium Period Extended for a Year
PARIT PERAK: Danaharta Grants Workout Proposal Approval
QUALITY CONCRETE: Proposes Shareholders' Mandate Renewal
RENONG BERHAD: Proposed Acquisitions Completed
SRIWANI HOLDINGS: Issues Change in Boardroom Notice
SUNWAY CONST.: Inks Further Supplemental Restructuring Agreement
SUNWAY CONSTRUCTION: Shareholders OK Proposed Acquisition
TECHNO ASIA: Court Rules Against Unit; Solicitors Filing Appeal
P H I L I P P I N E S
MANILA ELECTRIC: Cuts Capex to Support Debt Plan
MANILA ELECTRIC: Gives 0.50Php/Kwh Rate Discount
MANILA ELECTRIC: Quezon's Power Purchaser to Defer Refund
METRO PACIFIC: Unveils 2002 Results
S I N G A P O R E
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
CHARTERED SEMICON: ERCC Overseas Executive Compensation
CHARTERED SEMICONDUCTOR: First-Quarter Loss Probably Narrowed
CHARTERED SEMICONDUCTOR: Two Directors to Step Down Next Month
KOH BROTHERS: Aims to Restructure Group
L&M GROUP: Winds Up Dormant Unit
MEDIARING LTD: Post Changes in Shareholder's Interests
T H A I L A N D
ITALIAN-THAI: Adjourns AGM to April 28
THAI WAH: Proposes Business Reorganization Plan Amendment
UNION MOSAIC: Submits Amended Financial Statement to SEC
- - - - - - - -
=================
A U S T R A L I A
=================
A.I. LIMITED: Proposes Institutional Briefing
---------------------------------------------
A.I. Limited proposes to present to selected institutional
investors and Stock Brokers. The briefing documents could be
found at http://bankrupt.com/misc/TCRAP_AIE0417.pdf.
The document provides an overview of the Company, and details of
its outlook for the Group, and aiAutomotive in particular.
Included in this presentation are forecasts for the financial
years 2003 and 2004.
The Company advises that as it may not conclude a sale of
Timcast Townsville prior to 30th June 2003, which is expected to
provide an abnormal after tax profit of $1.0 million, the
revised forecast for this financial year is an Net Profit After
Tax of $2.2 million, as set out in the attached document. The
sale of Timcast Townsville will continue to be pursued.
ADVANCED ENGINE: Issues Market Update
-------------------------------------
The Directors of Advanced Engine Components Limited wish to
announce that further to the company's announcement dated the
14th January 2003 regarding "$9 Million Capital Raising" that an
extension of terms under the Share Subscription and Loan
agreements has been agreed by Advanced Engine Components Limited
(AEC) and Commonwealth Equity, Ltd (CEL) to the 31st of May
2003.
This extension will allow the parties to complete the proposed
share issue, subject to shareholder and regulatory approval. The
Directors anticipate calling a general meeting of shareholders
as soon as practicable to vote on issues pertaining to the share
subscription agreement.
The Directors believe that the agreements will continue to
provide AEC with the platform to advance the commercialization
of its patented NGVS and Sprintex technologies and allow the
expansion of the Bullet Super car program.
The Company has now received the final draw down of the $1.5
million working capital facility as provided under the Loan
Agreement with CEL.
The working capital facility has been used to supplement the
cash income received by the Company under its Irisbus contract
in France, DPI of WA contract in Perth and the delivery of six
Bullet Super cars with further deliveries scheduled.
The Company has also recently relocated its Perth registered
office and operations to new premises in Malaga.
AEC continues to pursue a number of contracts with other
parties, both within Australia and overseas for its "NGVS"
natural gas technology.
The Company intends to apply for re-quotation on the ASX
immediately after the shareholders general meetings to approve
the CEL Share Subscription and Annual Meeting.
The Company is in receipt of a notice from a shareholder under
section 203D of the Corporations Act seeking to restructure the
existing board of AEC, including the removal of certain
directors and the appointment of additional directors. The
Company is in the process of taking advice in relation to the
notice, and to the extent it is obligated to convene such a
meeting it will do so within the requisite notice period.
ENVIROSTAR ENERGY: Discloses Annual General Meeting Outcome
-----------------------------------------------------------
In accordance with Listing Rule 3.13.2 of the Australian Stock
Exchange Limited and Section 251AA of the Corporations Act 2001,
N D Seaton, Joint & Several Deed Administrator of Envirostar
Energy Limited, provided the following details of the outcome of
the resolutions put to the Annual General Meeting of the Company
held on April 15, 2003:
RESOLUTION OUTCOME
1. Issue of shares in the Company Passed on a show of hands
2. Change of company name Passed as a special resolution
on a show of hands
3. Election of Alfred Wong as a Passed on a show of hands
director
4. Election of Richard Nott as a Passed on a show of hands
director
5. Election of Danny Au Yeung as a Passed on a show of hands
director
6. Re-election of Alfred Herbert Defeated on a show of hands
Smith as a director
7. Election of Christopher Steven Defeated on a show of hands
Coudounaris as a director
8. Election of Malcolm Anthony Defeated on a show of hands
Carson as a director
In respect of each resolution passed on a show of hands the
total number of proxy votes exercisable by all proxies validly
appointed and the total number of proxy votes in respect of
which the appointments specified that:
a) the proxy was to vote for the resolution; and
b) the proxy was to vote against the resolution; and
c) the proxy was to abstain on the resolution; and
d) the proxy was able to vote at the proxy's discretion
are set out in the table below:
a) b) c) d)
FOR AGAINST ABSTAIN DISCRETION
PROXIES SHARES PROXIES SHARES PROXIES SHARES PROXIES SHARES
1 60 9,869,002 - - - - 8 76,575
2 60 9,869,002 - - - - 8 76,575
3 55 9,771,077 - - 5 97,925 8 76,575
4 55 9,771,077 - - 5 97,925 8 76,575
5 55 9,771,077 1 25,000 4 72,925 8 76,575
6 22 2,934,281 33 6,860,681 5 74,040 8 76,575
7 21 2,890,396 35 6,880,681 5 97,925 8 76,575
8 22 2,910,396 34 6,885,681 4 72,925 8 76,575
ERG LIMITED: Rome Project Expansion Gets Green Light
----------------------------------------------------
ERG Group (ERG) announced Wednesday that an in principle
agreement has been reached between ERG, ATAC (operator of the
Rome metropolitan transit system) and Cotral (the major
transport operator in the Lazio region surrounding the Rome
metropolitan area) allowing the Phase Two expansion of the Rome
transit ticketing contract to proceed.
The Phase Two expansion involves the rollout of ERG's smart card
based automated fare collection system into the Lazio region
surrounding Rome. The expansion will generate revenues of
approximately Euro 25 million (A$44.5 million) to ERG over
approximately 18 months.
ERG's CEO, Mr Peter Fogarty, said "We are looking forward to
putting the delays in this project behind us and generating
profitable revenue streams for the Group.
"In addition, the adoption of ERG's technology as the standard
for Rome and Lazio significantly strengthens our position for
further transit contracts and other smart card applications in
Italy.
"It follows our recent contract wins in Seattle, Sydney,
Stockholm and Washington DC which together show that ERG's smart
card systems are the preferred technology globally."
Under the terms of the original contract, ERG contracted with
ATAC to deliver a smart card based automated fare collection
system for Rome and the surrounding region of Lazio. However,
due to political change and issues outside ERG's control, it has
not been possible to proceed with the Phase Two rollout into the
Lazio region in accordance with the timeframe originally
contemplated.
The agreement between ATAC, Cotral and ERG allows Cotral to
contract directly with ERG for the rollout of its automated
smart card fare collection system in the Lazio region.
Accordingly, ERG and Cotral have entered into a separate
agreement under which Cotral will own the equipment, which is
expected to be delivered and installed by ERG over the next 18
months.
ERG's automated smart card fare collection system has been
successfully operating in Rome since April 2001; however, the
delay in rolling out the Lazio part of the contract had a
negative impact on ERG's profitability since that time. ERG is
separately negotiating a claim with ATAC, the party to the
original contract, for the losses caused by this delay.
ERG already has approximately 500,000 smart cards on issue in
Rome and an additional 400,000 are proposed for Cotral.
ONESTEEL LIMITED: Announces US$128M Private Debt Placement
----------------------------------------------------------
OneSteel Limited Managing Director Bob Every announced Wednesday
that OneSteel has successfully completed a US private debt
placement. OneSteel accepted investor bids for seven and 12-year
tranches totaling US$128 million.
Bob Every stated: "It is pleasing that the company's first bond
issue has been very successful and OneSteel's strategy of
improving the business to generate cash and pay down debt has
clearly assisted the placement. It was well received by large
reputable US investors with the issue oversubscribed and
competitively priced."
"OneSteel took the opportunity to extend the maturity profile of
its debt to better align it with the long life of its assets and
to diversify its funding sources. The company examined a number
of different options to achieve this outcome and undertaking a
US private placement was deemed the most appropriate method."
The proceeds of the placement have been swapped into Australian
dollars. The funds will be used to pay down existing bank
facilities and to extend OneSteel's debt maturity profile.
Lead placement agent to the transaction was Banc of America
Securities and Westpac Institutional Bank was co-placement
agent.
QUIKTRAK NETWORKS: Posts Conversion of Options Notice
-----------------------------------------------------
Quiktrak Networks Limited posted this notice:
NEW ISSUE ANNOUNCEMENT
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX
become ASX's property and may be made public.
Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.
Name of Entity
Quiktrak Networks Limited
ACN or ARBN
44 008 718 867
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).
1. Class of securities issued Ordinary
or to be issued
2. Number of securities issued 500
or to be issued (if known)
or maximum number which
may be issued
3. Principal terms of the securities Rank pari passu
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)
4. Do the securities rank equally Yes
in all respects from the date
of allotment with an existing
class of quoted securities
If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend , (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend , distribution or
interest payment
5. Issue price or consideration 10c
6. Purpose of the issue (if Conversion of options expiring
issued as consideration for 31/12/2004
the acquisition of assets,
clearly identify those
assets)
7. Dates of entering securities 14/04/2004
into uncertified holdings
or dispatch of certificates
NUMBER CLASS
8. Number and class of all 1,150,639,015 Ordinary
securities quoted on 631,714,746 Options exp 31/12/2004
ASX (including the
securities in clause
2 if applicable)
NUMBER CLASS
9. Number and class of all 11,500,000 Options exp 30/06/2007
securities not quoted 4,500,000 Options exp 30/06/2005
on ASX (including the
securities in clause 2
if applicable)
10.Dividend policy (in the case Rank pari passu
of a trust, distribution
policy) on the increased
capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
34. Type of securities (tick one)
(a) x Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)
Tick to indicate you are providing the information or documents
35. If the securities are equity securities, the names of
the 20 largest holders of the additional securities,
and the number and percentage of additional securities
held by those holders
36. If the securities are equity securities, a distribution
schedule of the additional securities setting out the
number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over
37. A copy of any trust deed for the additional securities
(now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been
Arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.
2. We warrant the following to ASX.
* The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.
* There is no reason why those securities should not be
granted quotation.
* An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.
* Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.
* We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.
* If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.
3. We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4. We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
Last week, the Troubled Company Reporter - Asia Pacific reported
that Quiktrak Networks Limited is restructuring its business
model in Australia to reflect that already in place in its UK
operations.
QUIKTRAK NETWORKS: Selective Reduction of Capital Effectuated
-------------------------------------------------------------
Participating Organizations are advised that the selective
reduction of capital for QuikTrak Networks Limited by way of an
in specie distribution of shares in QuikTrak Networks PLC
(Quiktrak PLC) will be effective from Thursday 17 April 2003.
The distribution will be of approximately 37,000,000 Quiktrak
PLC shares distributed on a pro rata basis with shareholders to
receive 1 Quiktrak PLC share for every 31 shares held in the
Company.
It is a condition of the distribution that shares allotted will
be escrowed for a period of time following QuikTrak Plc listing
on AIM. To date the escrow period is unknown.
Any shareholder with less than 31,000 shares will be entitled to
a holding of less than 1,000 QuikTrak Plc shares. This will
result in significant number of shareholders with unmarketable
parcels. Such shareholdings will be `pooled' and at the expiry
of the escrow period, the total `pooled' holding will be sold on
the UK Exchange and the proceeds distributed pro rata to the
beneficial shareholders.
Fractions will be disregarded.
The following timetable will apply.
4 April 2003 Shareholder approval
17 April 2003 Trading in securities on an "ex return of
capital basis commences.
ASX CodeQTK
28 April 2003 Record date for identifying shareholders
entitled to participate in the return
of capital.
QUIKTRAK NETWORKS: Sets Selective Capital Reduction Record Date
---------------------------------------------------------------
Quiktrak Networks Limited wishes to advise that 14 days have
elapsed since lodgment of Form 205 with ASIC, in respect of the
resolutions approving the above at General Meetings held on 2
April 2003.
Hence, the record date to determine shareholders entitled to
participate in the reduction will be 28 April 2003.
Wrights Investors' Service reports that at the end of 2002, the
Company had negative working capital, as current liabilities
were A$57.88 million while total current assets were only
A$55.48 million. It has paid no dividends during the last 12
months and company also reported losses during the previous 12
months.
TELEVISION & MEDIA: Lodges Renounceable Rights Issue Prospectus
---------------------------------------------------------------
Television & Media Services Limited is making a renounceable
rights issue offer of approximately 454.4 million ordinary
shares at a price of 2.5 cents per new share. The offer is by
way of a renounceable rights issue of five new fully paid shares
for every two existing shares, to raise a maximum of $11.36
million which will be used to reduce bank debt, pay other
creditors for the release of liabilities and for working
capital.
The offer does not require shareholder approval however at a
general meeting of TMS held on 15 April 2003 shareholders passed
a resolution approving various transactions and the issue of
ordinary shares and options over ordinary shares (in addition to
the shares to be issued pursuant to the rights issue) (Placement
Shares and Placement Options).
A Prospectus detailing the renounceable rights issue was lodged
by TMS with the Australian Securities & Investments Commission
on 15 April 2003. Go to
http://bankrupt.com/misc/TCRAP_TMS0417.pdfto see copies of:
1. a prospectus for the offer to all existing shareholders of
the Company of the right to acquire 5 additional ordinary shares
for every 2 shares held at an issue price of $0.025 per share;
and
2. a prospectus for the offer of shares and options in the
Company to Australia & New Zealand Banking Group Limited,
Publishing & Broadcasting Limited, The Ten Group Pty Limited and
Consolidated Press Holdings Limited (the Prospectuses).
Copies of the Prospectuses are also being lodged with the
Australian Securities & Investments Commission on Wednesday.
The current proposed timetable for the rights issue is as
follows:
22 April 2003 Rights trading opens
29 April 2003 Record date to determine entitlements to
Rights
2 May 2003 Prospectus and Acceptance forms
dispatched to shareholders
2 May 2003 Offer opens
16 May 2003 Rights trading closes
23 May 2003 Offer closes
No later than 16 June 2003 Issue of new shares
No later than 17 June 2003 New shares quoted on the ASX
UECOMM LIMITED: Earnings Momentum Continues
-------------------------------------------
Uecomm Limited, the specialist broadband carrier, announced
Wednesday that it had recorded revenue for the first three
months of 2003 of $12 million and an EBITDA result of $3.4
million.
Chief Executive Officer, Mr Peter McGrath, said that the Company
was pleased with the result. "Last year was an important year
for us. We signed $86 million in sales contracts and generated
revenue of $43.7 million. This year is off to an excellent
start. Revenue and EBITDA have both increased substantially in
the first quarter and we have continued our new business success
with a high level of sales contracts signed."
"Our total revenue was $12 million for the first quarter, a 50%
increase over the same period last year. Total revenue was made
up of recurring revenue of $9.5 million, with the majority of
the balance derived from connection fees for the provisioning of
contracts signed in 2002 and early 2003. Our monthly recurring
revenue moving into the second quarter is $3.4 million and is on
track to grow to more than $4 million a month by the end of the
year. Operating costs of $8.6 million are in line with
expectations."
FINANCIAL HIGHLIGHTS 1st QTR 2003 1ST QTR 2002 FULL YEAR 2003
(Unaudited) (Unaudited) (Guidance)
Total Revenue $12.0m $8.1m $55m - $60m
Earnings before
interest, tax,
depreciation and
amortisation $3.4m $0.5m At least $17m
Capital expenditure $8.1m $4.0m Up to $40m
Total of funding
facility drawn $39.5m $28.3m Up to $55m
OPERATIONAL HIGHLIGHTS
For the first quarter 2003 Uecomm has signed $14.7 million in
sales contracts.
Mr McGrath commented that, "In the current economic climate this
is very encouraging. A number of these contracts were with
existing customers, which is a reflection on the quality of our
product suite and of the level of importance we place on
providing superior customer service. Our first quarter results
show that we haven't lost the momentum gained in 2002."
Total capital expenditure of $8.1 million is in line with
expectations. The majority of this capital expenditure is for
provisioning customer networks, which will provide an increase
in future revenue and profitability. Provisioning of the NSW
Department of Education and Training contract signed in 2002
commenced during the quarter and is proceeding on track.
In December 2002 Uecomm announced that it had entered into an
agreement with Western Power for the sale of our Perth network.
Completion of this agreement has not yet occurred. The Company
expects to finalize the transaction in the next few weeks.
Uecomm's Annual General Meeting will be held at on 23 April 2003
at 11:00am at the Melbourne Exhibition Centre.
CONTACT INFORMATION: Melissa Frost
INVESTOR RELATIONS MANAGER
Phone: 03 9941 4521
Mobile: 0412 153 145
E-mail: mfrost@uecomm.com.au
UTILICORP ASIA: S&P Lowers Ratings After Aquila's Downgrade
-----------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that its long-
term ratings on the debt issuances by UtiliCorp Asia Pacific
Pty. Ltd., UtiliCorp Australia (Gas) Finance Pty. Ltd., and
UtiliCorp Australia Finance Pty. Ltd. were lowered to 'B' from
'B+' on April 11, 2003. The action follows the downgrade of the
long-term credit rating on Aquila Inc (formerly UtiliCorp United
Inc.) to 'B' from 'B+', and the assignment of a negative outlook
to the rating. Aquila unconditionally and irrevocably guarantees
all the debt issued by the aforementioned three Australian
holding companies. The three companies are wholly owned
subsidiaries of Aquila and are funding vehicles for the
parent's equity interests in Asia-Pacific.
The rating downgrade on Aquila was driven by concerns
surrounding the company's reliance on asset sales to reduce debt
levels and its projected weak cash flows from operations. The
negative outlook on Aquila's rating reflects uncertainties
regarding the timely execution of its asset sales, the level of
debt reduction achievable from the proceeds of asset sale,
and the company's ability to restructure its business.
VOICENET (AUST): Discloses March Cashflow Report
------------------------------------------------
Voicenet (Aust) Limited posted this notice:
QUARTERLY REPORT FOR ENTITIES
ON BASIS OF COMMITMENTS
Name of entity
Voicenet (Aust) Limited
ABN Quarter ended (current quarter)
- 01/03/2003 - 31/03/2003
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (3 months)
AUD'000 AUD'000
1.1 Receipts from customers - -
1.2 Payments for
(a) staff costs (14) (29)
(b) advertising & marketing - -
(c) research & development - -
(d) leased assets - -
(e) other working capital (200) (337)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 1 2
1.5 Interest and other costs of
finance paid (4) (4)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
1.8 Net Operating Cash Flows (217) (368)
Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - -
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.10 Proceeds from disposal of:
(a) businesses - -
(b) equity investments - 437
(c) intellectual property - -
(d) physical non-current assets 2 2
(e) other non-current assets - -
1.11 Loans to other entities - -
1.12 Loans repaid by other entities (12) (367)
1.13 Other - Loss of cash holdings on loss
of control of subsidiaries - (42)
Net investing cash flows (10) 30
1.14 Total operating and
investing cash flows (227) (338)
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. 128 468
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings - -
1.18 Repayment of borrowings - -
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows 128 468
Net increase (decrease) in cash held (99) 130
1.21 Cash at beginning of quarter/
year to date 333 111
1.22 Exchange rate adjustments to item 1.20 - (7)
1.23 Cash at end of quarter 234 234
================================
C H I N A & H O N G K O N G
================================
CHINA TREASURE: 2002 Operations Loss Increases to HK$1.258M
-----------------------------------------------------------
China Treasure (Greater China) Investments Limited disclosed its
results announcement summary for the year-end date of
31 December 2002:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 14/09/2001
to 31/12/2002 to 31/12/2001
Note ($) ($)
Turnover : 469,875 N/A
Profit/(Loss) from Operations : (1,258,317) (280,000)
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (1,258,317) (280,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0144) (0.321)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (1,258,317) (280,000)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
LOSS PER SHARE
The calculation of the basic loss per share is based on the net
loss for the year of HK$1,258,317 (14.9.2001 to 31.12.2001:
HK$280,000) and the weighted average number of 87,109,589
(14.9.2001 to 31.12.2001: 871,233) ordinary shares in issue
during the year.
No diluted loss per share is presented as the Company did not
have any potential ordinary shares in issue during the
year/period.
CHINNEY ALLIANCE: Trims 2002 Net Loss to HK$58.407M
---------------------------------------------------
Chinney Alliance Group Limited released its results announcement
summary for the year-end date December 31, 2003:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000) ('000)
Turnover : 828,252 687,671
Profit/(Loss) from Operations : (44,681) (98,856)
Finance cost : (7,988) (10,984)
Share of Profit/(Loss) of
Associates : (2,280) (18,789)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (58,407)
(129,052)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.018) (0.047)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (58,407)
(129,052)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period up
B/C Dates for Other
Distribution : N/A
Remarks:
1. Loss from operating activities is arrived at after charging:
Year ended 31 December
2002 2001
HK$'000 HK$'000
Amortization of goodwill 415 134
Depreciation 3,799 3,790
Loss on deemed disposal of interest in an associate
- 1,539
Provision for impairment in values of properties held for resale
27,000 5,785
Revaluation deficits of leasehold land and buildings
- 7,408
Staff costs (including directors' emoluments)
54,527 48,911
Unrealized holding losses on other investments
11,830 26,339
Provision for corporate guarantee for an associate
9,480 21,156
Provision for impairment of goodwill - 12,628
======================
2. Loss per share
The calculation of basic loss per share is based on the net loss
attributable to shareholders of HK$58,407,000 (2001:
HK$129,052,000) and on the weighted average of 3,272,844,299
shares (2001: 2,755,994,984 shares) in issue during the year.
Diluted loss per share for the years ended 31 December 2002 and
2001 have not been disclosed as the share options outstanding
during these years had an anti-dilutive effect on the basic loss
per share for these years.
EZCOM HOLDINGS: Undergoes Share Consolidation
---------------------------------------------
Market participants are requested to note that the ordinary
shares of HK$0.10 each (Old Shares) in the capital of Ezcom
Holdings Limited will be consolidated into ordinary shares of
HK$0.01 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 17 April 2003.
Upon the proposals becoming effective, a temporary counter under
stock code 2933 and stock short name "EZCOM HOLDINGS" will be
established for trading in board lots of 40 New Shares each to
replace the present counter (stock code: 312) for trading in
board lots of 2,000 Old Shares each effective from Tuesday,
22/04/2003.
On January 27, the Troubled Company Reporter - Asia Pacific
reported that the Company is proposing a capital restructuring
and to make an open offer of shares to its shareholders, amongst
other things, which may involve a `whitewash waiver' application
under the Hong Kong code on Takeovers and Mergers.
GR INVESTMENT: 2002 Net Loss Reduces to US$15.350M
--------------------------------------------------
GR Investment International Limited posted its results
announcement summary for the year end date of December 31, 2002:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ($) ($)
Turnover : 3,944,254 4,513,864
Profit/(Loss) from Operations : (1,964,552) (7,961,410)
Finance cost : (23,331) (45,722)
Share of Profit/(Loss) of
Associates : (5,478,519) 723,165
Share of Profit/(Loss) of
Jointly Controlled Entities : (6,115,690) (3,953,743)
Profit/(Loss) after Tax & MI : (15,350,894) (12,882,682)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.017) (0.014)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (15,350,894) (12,882,682)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. (LOSS) PER SHARE
The calculation of loss per share is based on the loss
attributable to shareholders of HK$15,350,894 (2001: loss of
HK$12,882,682) and 899,900,000 (2001: 899,900,000) shares in
issue during the year.
2. FINANCE COSTS
2002 2001
HK$ HK$
Bank charge 23,331 24,612
Interest on other borrowings and loans
wholly repayable within five years - 21,110
-----------------------
23,331 45,722
======================
3. Certain comparative figures have been re-classified to
conform with the current period presentation.
HOP LEE KNITTING: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Hop Lee Knitting Factory Limited is
scheduled for hearing before the High Court of Hong Kong on
April 30, 2003 at 9:30 in the morning.
The petition was filed with the court on March 12, 2003 by Wong
Hiu Wan of Room F, 25th Floor, Block 15, Kunming House, Tsuen
Wan Centre, Tsuen Wan, New Territories, Hong Kong.
SKY BRIGHT: Winding Up Hearing Scheduled April 30
-------------------------------------------------
The High Court of Hong Kong will hear on April 30, 2003 at 10:00
in the morning the petition seeking the winding up of Sky Bright
Engineering Limited.
Heung Moon Hung of Room 1022, Nam On House, Nam Shan Estate,
Kowloon, Hong Kong filed the petition on March 19, 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
SOUNDWILL HOLDINGS: Parallel Trading Starts Tuesday
---------------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Soundwill Holdings Limited will
commence at 9:30 a.m. on Tuesday, 22 April 2003 under the
following particulars:
Stock Code Stock Short Name Board Lot Certificate Color
---------- ---------------- --------- -----------------
878 SOUNDWILL-NEW 2,000 shares Pink
2927 SOUNDWILL-OLD 40 shares Yellow
Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.
THEME INTERNATIONAL: Operations Loss Swells to HK$23.912M
---------------------------------------------------------
Theme International Holdings Limited disclosed its Results
Announcement Summary on 14 April 2003:
(stock code: 990)
Year end date: 31/12/2002
Currency: HK Dollar
Auditors' Report: Unqualified
(Audited) (Audited)
15-month 18-month
Period Period
from 1/10/2001 from 1/4/2000
to 31/12/2002 to 30/9/2001
('000) ('000)
Turnover : 250,733 308,728
Profit/(Loss) from Operations : (23,912) (14,677)
Finance cost : (3,963) (3,264)
Share of Profit/(Loss) of Associates : - 1,304
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Non-operating income : - 4,031
Profit/(Loss) after Tax & MI
& Non-operating Income : (27,932) (12,724)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (1.1 cents) (0.6 cent)
-Diluted : N/A N/A
Profit/(Loss) after Non-operating income : (27,932) (12,724)
Final Dividend per Share : NIL NIL
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Loss per share
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the period of HK$27,932,000
(Period ended 30th September, 2001: HK$12,724,000) and the
number of 2,508,329,402 (Period ended 30th September, 2001:
weighted average of 1,983,090,718) ordinary shares in issue
during the period.
The diluted loss per share for the periods from 1st October,
2001 to 31st December, 2002 and from 1st April, 2000 to 30th
September, 2001 have not been calculated as the Company's
convertible notes would have had an anti-dilutive effect.
2. Non-operating income
The prior period's non-operating income represented debts waived
by the holding company.
3. Change of Accounting Year End Date
On 27th June, 2002, the Board of Directors resolved to change
the Group's financial year-end date from 30th September to 31st
December in order to make no differences in its financial year-
end date and the financial year-end date of their major
subsidiaries in the People's Republic of China. These audited
financial statements were prepared for the fifteen months ended
31st December, 2002.
The Company previously changed its financial year-end date from
31st March to 30th September on 11th September, 2000 in order to
make its financial year coterminous with that of High Fashion
International Limited (High Fashion) after High Fashion became
the holding company of the Company on 31st August, 2000.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Acquires Gaya Motor's Shares From RNI
----------------------------------------------------------
PT Astra International Tbk (Astra) and PT Rajawali Nusantara
Indonesia (RNI) signed a purchase agreement. RNI agreed to sell
its entire stocks at PT Gaya Motor to Astra.
The signing ceremony took place at Astra Building, in Sunter,
North Jakarta. Mr. Prijono Sugiarto, Director, represented Astra
and Mr. Rama Prihandana, President Director, represented RNI to
execute the agreement.
Upon execution of the purchase agreement, Astra's share
ownership at PT Gaya Motor became 100%, previously it was 75.92
percent.
By selling RNI's shares at PT Gaya Motor, Rama Prihandana said
that the Board of Directors has re-affirmed the focus of
company's business development. RNI currently puts priority to
its core business in agro-industrial supported by trading,
pharmacy and medical equipments.
General Assembler
PT Gaya Motor is a prominent general assembler and one of the
biggest among manufacturers in South East Asia. In 2002, the
company assembled 35.797 car units of various vehicles and
brands, i.e. BMW, Peugeot, Daihatsu, Isuzu and Nissan Diesel
trucks. Total amount of production in 2000 was 31,300 units, in
1999 was 11,649 units and in 1998 was 12,374 units. PT Gaya
Motor assembles 55.8 percent commercial vehicles, 38.1 percent
multipurpose vehicles and 6.1 percent passenger cars.
Established in 1969, today PT Gaya Motor's capacity is 60,000
units per year with total employees 1,041 people.
"In the future, in line with open markets in AFTA region, I
expect PT Gaya Motor will become a reliable and leading general
assembler for export cars. I am confident that PT Gaya Motor
will continuously improve its performance in order to respond
the recovery of the national economy," said Prijono Sugiarto
after the signing ceremony.
CONTACT INFORMATION: Dindin Machfudz or Niratih Ngastreni
Corporate Communication
PT Astra International Tbk
62-(021)-6530-4956
BANK LIPPO: IBRA to Change Old Management
-----------------------------------------
Indonesia Bank Restructuring Agency wants to replace some
directors and commissioners of publicly listed PT Bank Lippo,
Bisnis Indonesia reported Tuesday, citing IBRA Chairman
Syafruddin Arsyad Temenggung. The Chairman added IBRA would
place its representatives as the President Director and Vice-
President Director of Bank Lippo in the Extraordinary
Shareholders General Meeting (RULBPS).
The agency also added that it will retain some of the directors
and commissioners.
"Change all government's representatives. They should work for
the people, not for their own interests to become banking
commissioner. All old directors and commissioners should also be
changed entirely. It is only these measures that can recover the
tarnished image of Bank Lippo," Economist Faisal Basri said.
Related to the appointment of Bank Lippo's directors and
commissaries, Head of Capital Market Supervisory Agency
(Bapepam) Herwidayatmo said any candidate coming from a self-
regulatory organization (SRO) should resign from his or her post
if the RULBPS elected him or her as a director or commissary.
This measure is aimed at avoiding conflicts of interest.
BANK MANDIRI: IPO Selling 15% Shares
------------------------------------
The government will probably sell only 15 percent of its Bank
Mandiri shares instead of the initially planned 30 percent,
Bisnis Indonesia reports. The government revised the plan as it
predicted that the market would not be able to absorb a higher
amount.
"We think in the IPO of Bank Mandiri we just want to sell 15% of
Bank Mandiri's shares. We think it is not necessary for us to
sell a big amount if the market condition is bad," the State
Minister of State Owned Enterprise (SOE) Laksamana Sukardi said.
On the other hand, he said, the government should consider Bank
Mandiri's price to book value. "If the ratio was low, it was
better for the government not to sell Mandiri shares through an
IPO."
A director of Bank Mandiri, I Wayan Pugeg, confirmed that Bank
Mandiri would sell only 15% of its shares in its IPO as the
market condition is considered bad.
Pugeg said the government will now consider choosing one of the
two options. "Initially we planned to sell 30% shares of Bank
Mandiri. But now we are talking [about] whether to sell 15% or
30% shares of Mandiri."
=========
J A P A N
=========
AOZORA BANK: Sale to Cerberus Beneficial, FSA
---------------------------------------------
The sale of Aozora Bank to Investment fund Cerberus Partners LP
would have many benefits because of the current Japanese economy
and the situation of major banks in Japan, the Financial Times
reports, citing Hirofumi Gomi, the head of supervision at the
Financial Services Agency (FSA).
A Cerberus victory would send out a positive message to many
international observers on the willingness of the Japanese
authorities to welcome foreign participation in the country's
financial industry, he added. Softbank Corporation has put a 49
percent stake in Aozora up for sale. Among the contenders are
Cerberus Capital Management, a U.S. fund, and Japanese bank
Sumitomo Mitsui Financial Group.
Aozora Bank has a total of 469.7 billion yen in bad loans as of
June, down 19.9 billion yen from the end of March 2002.
FUJITSU LIMITED: Expects to Skip Dividend Payments
--------------------------------------------------
Fujitsu Limited is not expected to pay dividends for fiscal
year 2002, Kyodo News reports. The Company will formally
announce the plan on April 25 when it releases its earnings
results for the year that ended in March.
Because of the slump in the flash-memory market, Fujitsu's
semiconductor division posted an operating loss of about 10
billion yen (US$84.8 million) in the year just ended, The
Troubled Company Reporter-Asia Pacific reported recently. By
merging the development, Fujitsu expects to be able to cut costs
and conduct its flash memory business in a more dynamic fashion.
KUMAGAI CO.: Seeks Debt Relief With Tobishima
---------------------------------------------
Construction firms Kumagai Gumi Co. and Tobishima Corporation,
set to merge their businesses by April 2004, will ask their
major lenders Sumitomo Mitsui Banking Corporation and Mizuho
Corporate Bank, for more than 330 billion yen in debt relief,
according to Kyodo News on Wednesday. The bailout package
includes 250 billion yen in debt write-off and 30 billion yen in
debt-for-equity swap between Kumagai and Sumitomo Mitsui.
TOSHIBA CORPORATION: Board Meeting Set For April 25
---------------------------------------------------
The meeting of the board of directors of Toshiba Corporation
will be held on April 25, 2003, in order to convene the ordinary
general meeting of shareholders for the 164th fiscal period
ended March 31, 2003 and to decide its agenda including the
proposal of the dividend payment and the report of the profits
or losses for the period.
The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen ($636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.
TOYOBO CO.: Expects Y7B Loss in 2002
------------------------------------
Spinning Company Toyobo Co. expects a consolidated net loss of 7
billion yen for fiscal 2002 that ended in March, a reversal from
a profit of 5 billion yen it forecast last November, Kyodo News
said on Wednesday. The Company blamed the net loss for the
second consecutive year on a valuation loss of 21 billion yen on
shareholdings.
The Company will suspend operations at three of its domestic
textile spinning and weaving factories by end of June, the
Troubled Company Reporter-Asia Pacific reported recently. The
move comes after losing profitability due to imports of lower-
priced textile and fabric products.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Holds W133B in Onse Shares
-----------------------------------------------
Hynix Semiconductor Inc. holds 133 billion won worth of shares
or 28.3 percent stake of Onse Telecom, which filed for court
receivership over the weekend. The chipmaker said its
shareholdings in Onse are currently valued at 26.2 billion won,
however, when adjusted in accordance with losses from equity
ties with the Internet service provider. Hynix added that it
would keep a close eye on the unfolding of Onse Telecom issue.
HYNIX SEMICONDUCTOR: Washington Starts Due Diligence
----------------------------------------------------
A team of U.S. Department of Commerce officials will visit Seoul
and launch a due diligence on Hynix Semiconductor, its creditor
banks and related government ministries from April 21, the Korea
Times said on Wednesday, citing Ministry of Foreign Affairs and
Trade (MOFAT). The due diligence comes after the U.S. Commerce
Department's announcement in a preliminary ruling on April 1
that certain semiconductors imported from South Korea are
unfairly subsidized.
It set a penalty tariff of 57.37 percent on imports from the
chipmaker. It also required Hynix to post a bond to cover
potential tariffs to be decided in a final ruling, expected
around June 16, as the investigation continues into subsidies
granted by the government to Hynix.
===============
M A L A Y S I A
===============
DEWINA BERHAD: SC Extends Proposals Implementation Time
-------------------------------------------------------
Dewina Berhad refers to the announcement made on 11 July 2002 by
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of the Company with regards to
the granting of an approval by the Securities Commission (SC)
for an extension of time to implement and complete the Proposals
by 6 March 2003.
AmMerchant Bank, on behalf of the Company, wishes to announce
that the SC has, via its letter dated 10 April 2003, approved a
proposed further extension of time up to 31 July 2003 for the
Company to implement and complete its Proposals, which comprises
the following:
ú Rights Issue With Warrants;
ú Subscription of Approximately 99.99% of the Enlarged Issued
and Paid-Up Share Capital of Dewina Holdings Sdn Bhd by Aji
Brahim Bin Haji Ahmad, Subsequent to an Internal
Reorganization by Dewina;
ú Acquisition of Mtd Prime Sdn Bhd;
ú Waiver From Undertaking a Mandatory General Offer;
ú Increase in the Authorized Share Capital; and
ú Transfer From Second Board to the Main Board of the Kuala
Lumpur Stock Exchange.
HIAP AIK: Defaulted ICULS Payment Status Remains Unchanged
----------------------------------------------------------
Further to the announcements pertaining to the default in
payment in relation to Practice Note No. 1/2001, Hiap Aik
Construction Berhad (Special Administrators Appointed) wishes to
announce that there is no change to the status in respect of the
default in payment in registered holders of 8% Irredeemable
Convertible Unsecured Loan Stocks 2001/2006.
For additional information on the status of the defaulted ICULS
payment, refer to the Troubled Company Reporter - Asia Pacific,
Thursday, July 18, 2002, Vol. 5, No. 141 issue.
KEMAYAN CORPORATION: Q103 Foreign Shareholdings Level Stands 49%
----------------------------------------------------------------
In pursuant to the Securities Industries (Central Depository)
Foreign Ownership Regulations 1996, the Board of Directors of
Kemayan Corporation Berhad wishes to announce the following
information on the level of foreign shareholdings as at 31 March
2003:
1) The percentage shareholdings of entitled foreigners as at
31 March 2003 is 49%; and
2) The percentage shareholdings of non-entitled foreigners as
at 31 March 2003 is 6.91%
Kemayan had already approved awarding non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.
On March 6, the Troubled Company Reporter - Asia Pacific
reported that Kemayan Corporation is still awaiting approval
from the other relevant authorities in relation to the Company's
plan to regularize its financial condition via a Proposed
Restructuring Scheme.
KRETAM HOLDINGS: JCSB's Winding Up Petition Struck Off
------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad wishes to
announce that the Winding-Up Petition (no. S 28-04 of 2002)
served under Section 218 of the Companies Act, 1965 on Jeffa
Construction Sdn Bhd (JCSB), effectively a 51%-owned subsidiary
of KHB, by Pembinaan LEC Sdn Bhd has been struck out with costs
to JCSB, at the hearing by the High Court of Sabah and Sarawak
at Sandakan on 15 April 2003.
The Troubled Company Reporter - Asia Pacific reported on
February 8 that the Company is implementing the capital
reduction of its existing issued and paid-up share capital of
RM105,253,500 comprising 105,253,500 ordinary shares of RM1.00
each to RM52,626,750 comprising 105,253,500 ordinary shares of
RM0.50 each, by canceling RM0.50 of the par value of each
existing ordinary share of RM1.00 each in KRETAM and thereafter
the 105,253,500 ordinary shares of RM0.50 each will be
consolidated into 52,626,750 ordinary shares of RM1.00 each.
KRETAM HOLDINGS: Unit Disposes Vehicle for RM38,342.61
------------------------------------------------------
Jeffa Construction Sdn Bhd (JCSB), a 51%-owned subsidiary of
Kretam Holdings Berhad, on 15 April 2003, disposed of a vehicle
owned by JCSB under registration number ACY864 to Tuan Sayed
Jaafar bin Sayed Ibrahim who is a shareholder and director of
JCSB.
The disposal is a full and final settlement of his outstanding
remuneration of RM38,342.61 payable by JCSB pursuant to his
termination as an employee with effect from 29 October 2002. The
expected completion date of the transaction is 15 April 2003.
The consideration of RM38,342.61 of the said disposal is based
on the market value of the 1993 model and the net book value of
RM1.00.
The transaction will not have any effect on the share capital,
earnings and net tangible assets of Kretam.
None of Kretam's Directors or substantial shareholders has any
interest, direct or indirect in the transaction.
The Directors of Kretam are of the opinion that the said
transaction is in the best interest of the Kretam Group.
KSU HOLDINGS: Chief Operating Officer Yip Mun Resigns
-----------------------------------------------------
KSU Holdings Berhad wishes to announce the resignation of Mr.
Yip Kam Mun as Chief Operating Officer with effect from 15 April
2003.
Last week, the Troubled Company Reporter - Asia Pacific reported
that the Board of Directors of KSUH provided an update on the
details of all the facilities currently in default, as
enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_KSU0410.pdf.
The default by KSUH as at 31 March 2003 amounted to
RM106,315,379.17 of principal sum and RM21,550,656.82 of
interest for term/bridging loans and overdraft facilities.
According to Wrights Investors' Service, the company reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.
NCK CORPORATION: Moratorium Period Extended for a Year
------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
wishes to announce that the moratorium, for NCK, under Section
41 of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the
Act) which took effect from the date of the appointment of the
Special Administrators on 16 April 2001, has been extended to 15
April 2004.
The extension is pursuant to Section 41(3) of the Act. During
the period of the moratorium, no creditor may taken action
against the Company except in accordance with Section 41 of the
Act.
PARIT PERAK: Danaharta Grants Workout Proposal Approval
-------------------------------------------------------
On 18 November 2002, Alliance Merchant Bank Berhad (Alliance)
had on behalf of Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that the Company had
formulated a plan to regularize its financial condition by
implementing certain proposals (Proposals) which include,
amongst others, the proposed acquisition of 100% equity interest
in Liqua Health Marketing (M) Sdn Bhd (Liqua) by Liqua Health
Corporation Sdn Bhd (formerly known as Joycity Holdings Sdn Bhd)
(LHCB) and proposed listing of and quotation for the entire
issued and paid-up share capital of LHCB on the Main Board of
the Kuala Lumpur Stock Exchange (KLSE) in place of PPHB.
On 19 November 2002, Alliance further announced that the
relevant applications have been made to the Securities
Commission (SC) and Foreign Investment Committee (FIC) for their
approval of the Proposals. It was respectively announced on 12
March 2003 and 6 January 2003 that the SC had given its approval
for the Proposals, with conditions attached, and that the FIC
had no objections to the Proposals.
On behalf of PPHB, Alliance now wishes to announce that
Pengurusan Danaharta Nasional Berhad (Danaharta) had via its
letter dated 14 April 2003 approved the workout proposal for
PPHB which encompasses the Proposals.
The Proposals collectively refers to the following:
ú Proposed PPHB Acquisition;
ú Proposed Liqua Acquisition;
ú Proposed Buyback;
ú Proposed Put and Call;
ú Proposed Restricted Offer for Sale;
ú Proposed Debt Settlement;
ú Proposed Disposal;
ú Proposed Placement;
ú Proposed Transfer of Listing Status; and
ú Proposed Waiver.
QUALITY CONCRETE: Proposes Shareholders' Mandate Renewal
--------------------------------------------------------
Pursuant to paragraphs 10.8 and 10.09 of the Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE), and
Practice Note 12/2001 issued by KLSE, the Board of Directors of
Quality Concrete Holdings Berhad wishes to announce that the
Company proposes to seek the approval from the shareholders on
the proposed renewal of Shareholders' Mandate on Recurrent
Related Party Transaction of a Revenue or Trading Nature which
are necessary for the day-to-day operations in the ordinary
course of business.
The above proposal will be tabled for shareholders' approval at
the forthcoming Annual General Meeting to be convened later.
A Circular to the Shareholders, detailing the Proposal will be
sent together with the Notice of Annual General Meeting in due
course.
According to the Wrights Investors' Service, for the 52 weeks
ending April 11, 2003, the stock of the Company was down 26.2
percent to RM1.27. During the past 13 weeks, the stock has
fallen 11.2 percent. The corporate information agency added that
the company has paid no dividends during the last 12 months and
has not paid any dividends during the previous 3 fiscal years.
RENONG BERHAD: Proposed Acquisitions Completed
----------------------------------------------
Further to the announcements dated 11 March 2003 and 25 March
2003, Renong Berhad wishes to announce that the Proposed
Acquisition of Renong Overseas Corporation Sdn Bhd (ROC) shares
from Faber Group Berhad (FGB) were completed on 14 April 2003.
The "Proposed Acquisitions" collectively refers to:
* The Proposed Acquisition by Renong of 500,000 Ordinary
Shares in Renong Overseas Corporation Sdn Bhd (ROC) from United
Engineers (Malaysia) Berhad (UEM) for a Cash Consideration of
RM1.00
* The Proposed Acquisition by Renong of 500,000 Ordinary
Shares in ROC from Kinta Kellas Public Limited Company (KK) for
a Cash Consideration of RM1.00
* The Proposed Acquisition by Renong of 500,000 Ordinary
Shares in ROC from Cement Industries of Malaysia Berhad (CIMA)
for a Cash Consideration of RM1.00
* The Proposed Acquisition by Renong of 500,000 Ordinary
Shares in ROC from Faber Group Berhad (FGB) for a Cash
Consideration of RM1.00.
SRIWANI HOLDINGS: Issues Change in Boardroom Notice
---------------------------------------------------
Sriwani Holdings Berhad issued this notice:
Date of change : 15/04/2003
Type of change : Resignation
Designation : Director
Directorate : Independent & Non Executive
Name : Wu Tern Yue
Age : 38
Nationality : Malaysian
Qualifications : LL.B. (Hons), University of Malaya, 1989
Working experience and occupation:
1989 to 1990: Pupillage and Practicing Law as Legal Assistant,
Lloyd Fernando & Associates, Kuala Lumpur
1990: Admitted to Roll of Advocates and Solicitors, High Court
of Malaya
1991: Practicing Law as Head of Litigation Department, KC Yap
Kamaludin & Partners, Kuala Lumpur
1992 to present: Practicing Law as Proprietor, Wu & Co., Johor
Bahru
Directorship of public companies (if any) : Independent and Non-
Executive Director of Kuantan Flour Mills Bhd.
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
The Troubled Company Reporter - Asia Pacific reported that
Sriwani Holdings has obtained the approval of all the financial
institution lenders for an extension of time to 28 June 2003 for
fulfillment of all condition precedents as stipulated in the
Debt Restructuring Agreement dated 28 June 2002.
SUNWAY CONST.: Inks Further Supplemental Restructuring Agreement
----------------------------------------------------------------
Hwang-DBS Securities Berhad (Hwang-DBS), on behalf of the Board
of Directors of Sunway Construction Berhad (SunCon) wishes to
announce that SunCon, Sunway Building Technology Berhad
(Suntech), Sunway Holdings Incorporated Berhad, Mr. Huang Jen
Soong, Mr. Lim Beng Keat and Dolomite Berhad (collectively, to
be referred to as "Parties to the Restructuring Agreement") had
on 14 April 2003 entered into a further supplemental
restructuring agreement (Further Supplemental Restructuring
Agreement).
With the execution of Further Supplemental Restructuring
Agreement, the Parties to the Restructuring Agreement have
confirmed and mutually agreed to extend the period and cut-off
date for the fulfillment of the conditions precedents as
provided in the Restructuring Agreement dated 13 May 2002 (as
amended, modified and supplemented by the Supplemental
Restructuring Agreement dated 27 June 2002) for a period of
three (3) months, from 12 May 2003 to 12 August 2003.
A copy of the Further Supplemental Restructuring Agreement is
available for inspection at the registered office of SunCon at
Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway,
46150 Petaling Jaya, Selangor Darul Ehsan during normal business
hours from Mondays to Fridays within 3 months from April 15,
2003.
SUNWAY CONSTRUCTION: Shareholders OK Proposed Acquisition
---------------------------------------------------------
Sunway Construction Berhad wishes to announce that the
shareholders of SunCon have approved and passed the ordinary
resolutions in relation to the Proposed Acquisition of Sunway
Machineries Services Sdn Bhd and Transfer of Sunway Building
Technology Berhad's Liabilities, as set out in the Notice of EGM
dated 31 March 2003, at the Company's Extraordinary General
Meeting (EGM) held on 15 April 2003.
TECHNO ASIA: Court Rules Against Unit; Solicitors Filing Appeal
---------------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
(Special Administrators Appointed) wish to announce that
Westmont Power (Kenya) Limited (WPKL) has been informed by its
solicitors that the High Court of Kenya at Nairobi pursuant to a
Nairobi High Court Civil Case No. 1700 of 2001 has delivered a
ruling in favor of Continental Traders & Marketing in respect of
the latter's claim for an alleged sum of KShs100,756,500 against
WPKL.
WPKL is awaiting further confirmation from its solicitors
regarding the basis of the ruling and shall instruct its
solicitors to take the necessary steps to resist any execution
proceedings. Pending receipt of this confirmation, WPKL has been
informed that its solicitors have proceeded to file a Notice of
Appeal against the ruling.
WPKL, a company incorporated in Kenya, is a subsidiary company
of Westmont Offshore Sdn. Bhd., which in turn is wholly-owned by
the Company.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Cuts Capex to Support Debt Plan
------------------------------------------------
The Manila Electric Company (Meralco) will further reduce
capital expenditures (capex) and cut expenses to meet its debt
obligations, Reuters said Tuesday. The Company had total
outstanding debts of about 70.2 billion pesos ($1.34 billion) at
the end of 2002.
Meralco's biggest blow came on April 10 when the Supreme Court
stood by its decision that Meralco had over-billed its customers
for years and asked for a refund, which reportedly could reach
28 billion pesos. Meralco is controlled by Philippine government
agencies and a joint venture between First Philippine Holdings
and Union Fenosa, Spain's third-biggest power firm.
MANILA ELECTRIC: Gives 0.50Php/Kwh Rate Discount
------------------------------------------------
The Manila Electric Co., National Power Corporation (Napocor),
and National Transmission Corporation (Transco) have signed an
agreement that will give some 900 industrial and commercial
power users a rate discount of up to 0.50 pesos per
kilowatthour, AFX Asia reported Wednesday.
Napocor, however, decided to reduce the discount to 0.50 pesos
per kWh due to increased fuel costs over the past months.
Napocor will provide the 0.40 pesos per kWh discount, while
Transco will shoulder the 0.10 pesos per kWh balance, to be
passed on by Meralco to its industrial customers.
MANILA ELECTRIC: Quezon's Power Purchaser to Defer Refund
---------------------------------------------------------
Quezon Power's power purchaser, Manila Electric Company
(Meralco), decided to wait for legal opinions before making a
refund of 28.15 billion pesos ($534 million) to its customers,
according to BusinessWorld and DebtTraders. The Philippine
government will decide on the disposal of its 23.8 percent stake
in Meralco after the ERC's decision on the terms of the refund.
DebtTraders believes the government is basically trapped. If the
terms of the refund is unfavorable, it is unlikely that the
government is able sell its stake. As such, DebtTraders believes
the government needs to resolve the entire issue in a bigger
picture. Due to the upcoming election next year, the government
still has time to figure out a total solution.
METRO PACIFIC: Unveils 2002 Results
-----------------------------------
Metro Pacific Corporation (Metro Pacific) announced an un-
audited consolidated operating loss of Pesos 1.4 billion, an
improvement from its 2001 loss of Pesos 2.1 billion (audited),
attributed to significant progress realized from the Company's
debt reduction and restructuring program, aggressive cost
management and improved performance from individual business
units. In addition, Metro Pacific has made non-cash provisions
totaling Pesos 10.6 billion, of which Pesos 8.7 billion
represent parent Company provisions against anticipated losses
and the prospective sale of shares it owns in Bonifacio Land
Corporation (BLC).
For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1163_MPC.pdf
=================
S I N G A P O R E
=================
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Boustead Singapore Limited posted a notice of changes in
substantial shareholder Chew Leong Chee's interests:
Date of notice to Company: 14 Apr 2003
Date of change of deemed interest: 11 Apr 2003
Name of registered holder: Macondray & Company, Inc
Circumstance(s) giving rise to the interest: Open market
purchase
Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction: 5,000
% of issued share capital: 0.003
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.370
No. of shares held before the transaction: 10,173,000
% of issued share capital: 5.49
No. of shares held after the transaction: 10,178,000
% of issued share capital: 5.49
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 17,993,000 1,500,000
% of issued share capital: 9.71 0.81
No. of shares held after the transaction: 17,998,000 1,500,000
% of issued share capital: 9.71 0.81
Total shares: 17,998,000 1,500,000
Mr. Chew Leong Chee has a deemed interest in the shares held by:
Macondray & Company, Inc - 10,178,000 shares
Representations International (H.K.) Ltd - 6,400,000 shares
ARC Ventures Limited - 1,420,000 shares
Therefore Mr. Chew Leong Chee's total interest (including deemed
interest) is 19,498,000 shares (10.52 percent)
No. of Warrants: 180,000
No. of Options: Nil
No. of Rights: Nil
No. of Indirect Interest: 1) Macondray & Company, Inc 500,000
warrants
2) Representations International (H.K.) Ltd 1,520,000 warrants
CHARTERED SEMICON: ERCC Overseas Executive Compensation
-------------------------------------------------------
The Executive Resource and Compensation Committee (ERCC) of the
Board of Directors oversees executive compensation and
development in Chartered Semiconductor Ltd. In carrying out this
role, it establishes the overall executive compensation
strategies to attract, retain and reward executive officers to
grow and position the Company as a top-tier and world-class
semiconductor foundry. The ERCC periodically reviews its
approach to executive compensation.
The compensation strategies are built around a multi-faceted
approach that includes cash-based and long-term equity-based
compensation. The combination of these components in the
compensation packages for executive officers is designed to
reward each executive officer according to the Company's
financial and operational performance, as well as the
individual's performance. The Company also has a policy on
healthcare and welfare benefits for executive officers that is
consistent with what is generally available to executives from
the semiconductor industry. The policy is periodically reviewed
to maintain its competitiveness.
The compensation philosophy of the Company is to provide a
comprehensive, competitive and attractive total remuneration
package for each executive officer that will motivate him to
plan, drive and execute the business and operational strategies
of the Company to maximize financial returns and shareholder
value.
EXECUTIVE COMPENSATION
The total cash-based compensation for each executive officer is
comprised of a base salary and discretionary bonuses in
accordance with the Company's quarterly performance bonus plan,
annual economic value-added (EVA) bonus plan and executive
business plan bonus.
The ERCC establishes the base salary for each executive based on
the Company's expectation of his or her performance and
potential and industry benchmarks.
The quarterly performance bonus plan is open to all employees
except our President and Chief Executive Officer and is paid
after concluding the previous quarter's performance. The plan is
based on performance criteria that reflect execution of key
business focus areas, including revenues from existing and new
customers, operational and cost improvement and technology
development programs, when measured against established targets.
Under the plan, a bonus is payable if the financial performance
for the quarter exceeded the pre-determined targets and a
maximum of 2 months of an individual's base salary may be paid
every year, subject to any revision of the limit by the ERCC.
The plan also empowers our President and Chief Executive Officer
to set aside a bonus pool (subject to an annual limit approved
by the ERCC) to reward extraordinary individual performances
during the year.
Implemented in 1999, the EVA bonus is paid annually to all
eligible employees for the Company's performance during the
previous fiscal year when measured against the absolute EVA
results for that year and the EVA change from the previous year.
The EVA plan uses these indicators to create the bonus pool for
distribution to employees (including executive officers). For
the fiscal year ended December 31, 2002, eligible employees
received a bonus equal to 0.5 month of their base salary under
the EVA bonus plan.
The executive bonus plan is an incentive plan established to
motivate executive officers to strive to meet and exceed the
targets set in the Company's annual business plan. Implemented
in 1999, the incentive plan rewards executive officers according
to the Company's performance and the individual's performance
and contributions. Subject to actual performance against the
targets, the executive bonus is paid once a year after the close
of the last fiscal year.
The long-term equity compensation plan is administered through
the Option Plan. The Option Plan was adopted by Shareholders on
March 30, 1999 to offer employees of the Company and its
affiliates (who satisfy certain eligibility criteria) an
opportunity to acquire a proprietary interest in the success of
the Company, or to increase such an interest, by exercising
options to purchase the Company's shares. Options granted to
executive officers may be exercised over a specified period of
time (up to ten years), thereby creating a long-term incentive
for the executive officers to manage the Company from the
perspective of an owner with an equity stake in the business.
The ERCC maintains a set of guidelines for the determination of
the grant of share options to executive officers. The guidelines
take into account the individual's performance, current position
and promotion during the performance review period. The relative
weight given to each of these factors is left to the discretion
of the ERCC and the size of a grant is generally set at a level
that is intended to create a meaningful opportunity for share
ownership in the Company. The ERCC may grant share options more
than once a year.
To ensure that the executive compensation packages are
competitive enough to attract, retain and reward talent, the
ERCC keeps itself up to date by referring to data and advice
from external compensation consultants, as and when it deems
necessary.
CHARTERED SEMICONDUCTOR: First-Quarter Loss Probably Narrowed
-------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. may report a loss of
$72.6 million for the three months ending in March 31, versus a
loss of $127 million a year earlier, Bloomberg reports, citing
analysts. Sales may have climbed 34 percent to $102 million from
a record low $76 million, the survey said.
The Company will report its ninth straight unprofitable quarter
amid sluggish global chip sales, which rose less than 2 percent
last year. Travel restrictions tied to a deadly virus known as
"severe acute respiratory syndrome" or SARS may limit the
Company's ability to win business from new customers, analysts
said.
CHARTERED SEMICONDUCTOR: Two Directors to Step Down Next Month
--------------------------------------------------------------
Chartered Semiconductor Manufacturing announced that two of its
directors will step down at the Company's annual general meeting
(AGM) on May 14, the Straits Times said on Wednesday. This will
leave 12 directors on the board, including Chairman James
Norling, according to Chartered's annual report as of Dec 31,
2002.
Directors James Van Tassel and Aubrey Tobey 'are over the age of
70 years, their appointments to our board will expire at the AGM
in accordance with Section 153 of the Companies Act'. They 'have
decided not to seek re-appointment to the board.
DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.2 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1
KOH BROTHERS: Aims to Restructure Group
---------------------------------------
The Board of Directors of Koh Brothers Group Limited announced
that the Group is looking at restructuring the Group in the
coming months. In initiating this re-engineering process, the
Group is reviewing options which could include the possibility
of merging Koh Brothers and G&W Group (Holdings) Limited, a
subsidiary of Koh Brothers.
In making this announcement, Mr T C Koh, Koh Brothers' Managing
Director and Chief Executive, said: "Given the consolidation
within the property development and construction industry in
Singapore, we have to be nimble enough to re-engineer ourselves
to achieve better group synergies and enhance our
competitiveness in the current depressed business environment.
Over the next few months, we will be going through the rigorous
process of re-strategizing the entire Group's corporate
structure and directions. "
Mr Koh added that the decision on the specific option for
restructuring the Koh Brothers Group would be made in the second
half of FY2003.
Mr Francis Koh, who was recently re-designated as Executive
Director of Koh Brothers, will focus on the Group's property
development division. Mr T C Koh, an industry veteran with more
than 20 years' experience, will spearhead the overall business
growth of Koh Brothers Group, particularly into overseas markets
such as China.
Assisted by a strong and capable management team at both Koh
Brothers and G&W, Mr T C Koh is confident of driving the growth
of the Group's businesses which range from real estate, oil and
gas, leisure and hospitality to construction and building
materials.
Said Mr T C Koh, "The board of directors and management of the
Koh Brothers Group will continue to work together to achieve our
business objectives and deliver value to our stakeholders."
About Koh Brothers Group
Listed on the Mainboard of the SGX in 1994, the Koh Brothers
Group is engaged in five different business activities
comprising:
- Construction;
- Building materials;
- Real estate;
- Leisure and hospitality; and
- Oil and gas.
In addition to its own group of subsidiaries, the Koh Brothers'
business activities are conducted through its two listed
subsidiaries -- Mainboard-listed G&W Group (Holdings) Limited,
which was listed in 1997 and SESDAQ-listed Oakwell Engineering
Limited, which was listed in 1994. Through these subsidiaries,
the business operations of the Koh Brothers Group span several
countries, including Singapore, China, rest of Asia, USA and
Europe.
For the financial year ended December 31, 2002, Koh Brothers
recorded a group net profit of S$3.9 million on the back of
group turnover of S$316.9 million.
For further information, please contact:
Stratagem Consultants Pte Ltd
Ms Gwen W Ling/Ms Tham Moon Yee
Tel: 62270502
Fax: 62275663
L&M GROUP: Winds Up Dormant Unit
--------------------------------
Further to the announcement made by L&M Investments Ltd on the
11 April 2003, the Board of Directors of the Company announced
that L&M International Ltd is a dormant Company and there is no
financial impact on the Company arising from the winding up of
the subsidiary.
MEDIARING LTD: Post Changes in Shareholder's Interests
------------------------------------------------------
Mediaring Limited posted a notice of changes in substantial
shareholder Innomedia Pte Ltd.'s interests:
Date of notice to Company: 10 Apr 2003
Date of change of interest: 09 Apr 2003
Name of registered holder: Innomedia Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion
Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction: 100,000
% of issued share capital: 0.01
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.08
No. of shares held before the transaction: 38,967,680
% of issued share capital: 5.23
No. of shares held after the transaction: 38,867,680
% of issued share capital: 5.22
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 38,967,680
% of issued share capital: 5.23
No. of shares held after the transaction: 38,867,680
% of issued share capital: 5.22
Total shares: 745,110,865
===============
T H A I L A N D
===============
ITALIAN-THAI: Adjourns AGM to April 28
--------------------------------------
Reference is made to the scheduled date of Annual General
Shareholders Meeting No.1/2546 on Friday, 25th April 2003 at
9:30 at the Meeting Room, 37th Floor, Ital-thai Tower, New
Petchburi Road, Kwaeng Bangkapi, Khet Huay Kwang, Bangkok.
Italian-Thai Development Public Company Limited informed it
desire to adjourn such meeting date and time to be on the 28th
of April 2003 at 2:30 at the same venue.
THAI WAH: Proposes Business Reorganization Plan Amendment
---------------------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company limited, pursuant to
the Central Bankruptcy Court order on February 14, 2001
approving the Company's Business Reorganization Plan, reported
the result of the Creditors' Meeting held on April 3, 2003:
1. The Creditors meeting passed a special resolution to adopt
the motion to amend the Business Reorganization Plan
proposed by Class B directors of the Plan Administrator.
A summary of the amendments can be found in section no.
1.2.3 in form 56-1 for the year 2002 submitted by the
Company.
2. The Creditors, Debtor and the Plan Administrator are now
awaiting notification from the official receiver on the
date the Central Bankruptcy Court will consider the said
motion.
UNION MOSAIC: Submits Amended Financial Statement to SEC
--------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of The Union Mosaic Industry
Public Company Limited (UMI) from 5 March 2003 because the
company has submitted to the SET its audited financial
statements for the year ending 31 December 2002 with the
Disclaimer of Opinion from auditor on UMI's financial
statements. The SET was waiting for the conclusion whether the
company has to amend its financial statements.
The Securities and Exchange Commission (SEC) has now informed
the SET that UMI amended its financial statements on the issue
that the SEC has stated, therefore, the SET has posted the `NR'
(Notice Received) sign on UMI's securities on 16 April 2003 to
announce that the SET has received the conclusion from the SEC.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
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