/raid1/www/Hosts/bankrupt/TCRAP_Public/030502.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
Friday, May 02 2003, Vol. 6, No. 86
Headlines
A U S T R A L I A
AMP LIMITED: Former Agent Committed to Stand Trial
AMP LIMITED: Requests Trading Halt
AMP LIMITED: S&P Places Ratings on CreditWatch Negative
AMP LIMITED: Undergoes Demerger, Capital Raising Exercise
AUSTAR UNITED: AGM Scheduled on May 30
AUSTAR UNITED: Discloses Top Twenty Shareholders
AUSTAR UNITED: Reduces $2.7M Investing Activities Expense
BALLARAT GOLDFIELDS: Small Shareholdings Sale Completed
CHAOS GROUP: Incurs 1Q03 Negative Cash Flow of $329K
FLOWCOM LIMITED: Debt to Equity Conversion Approved
HORIZON ENERGY: Obtains $500M Loan Repayment Time Extension
MAXIS CORPORATION: Posts Quarter Report on Commitments Basis
MIGHTY RIVER: S&P Rates NZ$200M Bond Program 'BBB'
STRAITS RESOURCES: Issues Q103 Activities Summary Report
UNITED ENERGY: Scheme Meeting to be Held With AGM
C H I N A & H O N G K O N G
EARNEST INVESTMENTS: Reduces 2002 Net Loss to HK$2.439M
GOLDEN COME: Winding Up Hearing Scheduled on May 21
HI SUN: 2002 Operations Loss Increased to HK$38.665M
NORTH LANTAU: Winding Up Sought by Mak Kee
YANION INT'L: Widens Net Loss to HK$322.718
I N D O N E S I A
ASTRA AGRO: Q103 Sales Revenue Jumps to Rp604.2B
J A P A N
ALL NIPPON: Predicts Return to Profitability This Year
ALL NIPPON: Unveils Financial Results for Fiscal 2002
GUNMA PRESS: Golf Course Enters Rehab Proceedings
HUIS TEN: Court Allows Rehabilitation
KING SANGYO: Real Estate Firm Enters Bankruptcy
TOKYO ELECTRON: Net Loss Widens to Y41.55B
TOMEN CORPORATION: Joins Intel's Beijing R&D Facility
WAKODENKI CO.: Consumer Electronics Retailer Goes Under
K O R E A
DAEWOO ELECTRONICS: Enters Manufacturing Agreement With US Firm
JINRO CO.: Goldman Sachs Denies Being an Adviser to Distiller
SK GLOBAL: Removed From MSCI Indexes
M A L A Y S I A
ABRAR CORPORATION: Default in Payment Status Remains Unchanged
BUKIT KATIL: Appeal Hearing Postponed to May 6
COUNTRY HEIGHTS: Bondholders OKs Revised Bonds Redemption Date
HOTLINE FURNITURE: SC OKs Proposed Restructuring Scheme
L&M CORPORATION: Explains Q103 Report, Audited F/S 10% Variance
L&M CORPORATION: March Defaulted Payment Stands RM59.189M
LAND & GENERAL: Supplemental Agreement Executed
LIEN HOE: Enters Debt Settlement Agreement With Four Debtors
MBF CAPITAL: Seeks Proposed Scheme of Compromise Approval
PICA (M) CORP.: Provides Defaulted Facilities Status Update
PICA (M) CORPORATION: Requests Two Months RA Time Extension
PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged
PROMET BERHAD: June 30 Scheme Application Submission Likely
SASHIP HOLDINGS: Issues Restructuring Status Update
TIME DOTCOM: All 6th AGM Resolutions Approved
TONGKAH HOLDINGS: Enters 2nd Supplemental Share Sale Agreement
TRANSWATER CORPORATION: Owns 100% Equity Interest in HBSB
UNITED CHEMICAL: Clarifies Audited, Unaudited Results Variance
UNITED CHEMICAL: Inks Proposed Disposal Agreement With ATFSB
WING TIEK: Court Grants Separate Scheme Creditors' Meeting
P H I L I P P I N E S
MANILA ELECTRIC: Complies With Supreme Court Refund Order
MANILA ELECTRIC: Expects Php3B Loss in 2003
MANILA ELECTRIC: DOF Okays CLMP Plan
MANILA ELECTRIC: Systems Losses Up 10.85% in 2002
MANILA MIDTOWN: Closing Down by End of May
S I N G A P O R E
ASIA PULP: Debt Deal Will Take More Time, Says IBRA
CHARTERED SEMICON: Implements Adexa's Plant Planning Solution
EXCEL MACHINE: Requests Trading Suspension
FLEXTECH HOLDINGS: Appoints Chow Kek Tong as New CFO
NEPTUNE ORIENT: Clarifies Sale Report
THAKRAL CORP.: Enforces Put Option Obligations
T H A I L A N D
ABICO HOLDINGS: Reports 2003 Shareholders' Meetings Resolutions
ASIA HOTEL: 2002 Dividend From Operational Results Omitted
JUTHA MARTIME: Shareholders OK Financial Restructuring
PICNIC GAS: Appoints E&Y as New Auditor
TCJ ASIA: Directors Step Down From Posts
THAI CANE: Accumulated Loss Causes Dividend Payment Suspension
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
AMP LIMITED: Former Agent Committed to Stand Trial
--------------------------------------------------
Mr Harold Frederick Baxter Moses, a former AMP Superannuation
agent, has been committed to stand trial in the Sydney District
Court on six charges laid by the Australian Securities and
Investments Commission (ASIC) under the NSW Crimes Act.
Mr Moses appeared before Magistrate Ellis at the Downing Centre
Local Court in a two-day committal hearing. Mr Moses will appear
in the Sydney District Court on 9 May 2003 to enter a plea.
Mr Moses has been charged with four counts of cheating and
defrauding his clients while a director, and two counts of
obtaining money through false or misleading statements.
Mr Moses operated a superannuation intermediary business through
his company Baxters Holdings Pty Ltd.
ASIC alleges Mr Moses cheated and defrauded his clients between
1993 and 1998, by accepting $334,000 in compulsory employer
superannuation contributions but failing to pass the
contributions on to the relevant superannuation funds (AMP,
Mercantile Mutual and Host-Plus).
Mr Moses resigned as an AMP agent in June 1994 but continued to
receive the superannuation contributions from his clients.
AMP and Mercantile Mutual have compensated Mr Moses' clients for
the losses they suffered.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
AMP LIMITED: Requests Trading Halt
----------------------------------
The securities of AMP Limited (AMP) and AMP Reset Preferred
Securities Trust (AMKPA) will be placed in pre-open at the
request of the Companies, pending the release of announcement by
the Companies.
Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Monday, 5 May 2003 or when the announcement is released to the
market.
AMP LIMITED: S&P Places Ratings on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said on May 1, 2003 that it
placed on CreditWatch Negative the 'AA-' insurer financial
strength and counterparty credit ratings on AMP Life Ltd., the
Australian operating subsidiary of AMP Ltd. AMP Ltd. is a
Sydney-based life insurance and funds management group, with
operations in Australia and the U.K. At the same time, the 'A-'
counterparty credit ratings, and related debt ratings, on AMP
Group Holdings Ltd. and AMP Bank Ltd. were also placed on
CreditWatch Negative.
The CreditWatch ratings action follows AMP Ltd.'s announcement
on May 1, 2003 that the group will sell its equity investments
held in its U.K. operations, and that the group expects a
substantial write-down in asset values, a capital raising of
A$1.5 billion, and the legal separation of the U.K. and
Australian businesses.
"Standard & Poor's will assess the extent to which write-downs
will weaken the financial strength of the AMP Ltd. group, and
signal lower group earnings going forward," said Kate Thomson,
credit analyst, Financial Services Ratings.
"Positive features of the restructuring plan include the influx
of fresh capital of up to A$1.5 billion, a reduction in debt
improving leverage and interest cover, and reduced equity
exposures in the U.K. However, these positive factors are
balanced by a reduction in capital resources under the
substantial write-downs announced, and some diminution in U.K.
operations in a difficult market environment," said Ms. Thomson.
Standard & Poor's believes that should the ratings on AMP Life
Ltd., AMP Group Holdings Ltd. and AMP Bank Ltd. be lowered, they
would unlikely be lowered below 'A+' for AMP Life and 'BBB+' for
AMP Group Holdings Ltd. and AMP Bank Ltd. The ratings for Pearl
Assurance PLC (rated 'BBB+'), NPI Ltd. (rated 'A'), and National
Proviant Life Ltd. (rated 'BBB+') will likely be in the 'BBB'
range. Standard & Poor's expects to resolve the CreditWatch
shortly as more detailed information becomes available.
AMP LIMITED: Undergoes Demerger, Capital Raising Exercise
---------------------------------------------------------
AMP Limited has announced on May 1, 2003 a major strategic
initiative to set the company on a new path to long-term
shareholder value through the creation of two separate,
regionally focused listed entities.
The strategic initiative has three elements:
* A demerger of AMP's businesses along geographic lines -
Australasia and the United Kingdom;
* Reducing the equity market risks in the UK Life Services
(UKLS) business through the sale of equities, protecting
policyholder benefits and shareholder equity in the UK; and
* An equity raising to facilitate the demerger combining a
A$1 billion institutional placement and a A$500 million share
purchase plan for Australian and New Zealand retail
shareholders.
As part of the demerger process, and particularly the reduction
of risk in UKLS, book writedowns of approximately 1 billion
(A$2.6 billion) are expected. These writedowns have no
regulatory solvency impact or impact on cashflow (other than 100
million of expenses).
AMP Chairman Peter Willcox said the sweeping changes being
announced on Thursday were the culmination of the strategic
review commenced six months ago by Chief Executive Officer
Andrew Mohl.
"These changes address the outstanding issues facing the company
and are in the best interests for shareholders, customers,
planners and employees," Mr Willcox said.
""These issues were four-fold:
* Establishing solid platforms for growth for Australian
Financial Services and Henderson;
* Providing a permanent solution to the equity market risks
in our UK life and pensions business;
* Protecting and enhancing our quality businesses in the
Australian and UK markets; and
* Optimizing the value from AMP's existing portfolio of
assets and providing investors with a clear choice about
investing in those businesses.
"One of the key findings of the strategic review was that there
was no longer a compelling reason to keep AMP's current mix of
businesses together, but powerful reasons to separate them.
"While this represents a major shift in strategic direction,
this is the right step at the right time for AMP. The proposal
has followed an exhaustive review by management and advisors and
has the full support of the Board."
THE DEMERGER PROPOSAL
The proposed demerger will create two new regionally focused
listed companies.
The Australian-based company will be named AMP and:
* Comprises Australian Financial Services (which includes New
Zealand), Henderson's Australian and New Zealand operations and
Gordian/Cobalt;
* Will be a regionally focused wealth management company. It
will be well capitalized, targeting a strong 'A' financial
strength rating, have strong market positions and robust growth
potential focused on Australasian markets; and
* The Chairman will be Peter Willcox with Andrew Mohl as CEO.
The UK-based business will be named Henderson and:
* Comprises Henderson's northern hemisphere asset management
operations, UK Life Services, UK Contemporary Financial
Services, and AMP's 50 per cent stake in Virgin Money;
* It will be a wealth management business, with a disciplined
run-off life business focused on cost management and future
capital releases. Henderson is a highly regarded brand in the
UK, well positioned to participate in the benefits of future
industry consolidation. It will have a conservative capital
structure and target a 'BBB' financial strength rating,
consistent with its run-off business; and
* The Chairman will be current AMP Director Pat Handley and
the CEO will be current AMP Director and Henderson Managing
Director Roger Yates.
Following the demerger, shareholders will hold shares in both
companies. Both companies will be listed on the Australian Stock
Exchange, with the possibility of a future listing of Henderson
on the London Stock Exchange to broaden its investor base.
The demerger will most likely be effected by way of a
distribution of shares to AMP shareholders. Full details of the
demerger proposal will be proviad to shareholders for their
approval in the fourth quarter of 2003. The transaction is also
subject to regulatory approval.
"The two companies will have simpler, more transparent corporate
structures, with different business strategies, risk profiles,
customer bases and growth prospects," AMP CEO Andrew Mohl said.
AMP is being advised on the demerger by Caliburn Partnership and
UBS Warburg.
CAPITAL RAISING
To facilitate the demerger, AMP is undertaking a A$1.5 billion
capital raising, comprising a A$1 billion institutional
placement and a A$500 million Share Purchase Plan for Australian
and New Zealand retail investors. The capital raising has been
fully underwritten by UBS Warburg.
The capital raised will be used to:
* Repay internal debt between the de-merged entities and
reduce the level of external debt. This will eliminate the
financial inter-dependencies between the Australian and UK
businesses;
* Establish the UK-based business on a standalone basis,
consistent with a BBB rating; and
* Establish the Australian-based business on a standalone
basis, consistent with a strong A rating.
No further equity capital raising is required to facilitate the
demerger.
AMP has requested a trading halt in its shares, Reset Preferred
Securities and Income Securities to enable the capital raising
to take place. All securities are expected to re-commence
trading on Monday 5 May 2003, following the announcement of the
outcome of the institutional capital raising.
A Share Purchase Plan (SPP) will allow AMP's Australian and New
Zealand retail shareholders to participate in the capital
raising, providing them the opportunity to subscribe for up to
A$5,000 of shares in AMP. The SPP will be priced at the lower
of:
* the institutional placement price; or
* a 5 per cent discount to the average market price during a
15 day period after the close of the offer.
The offer period is expected to commence 21 May 2003 and will
close 13 June 2003. The record date will be Monday 5 May 2003.
Further details on the SPP will be sent to shareholders.
In addition, the Board has resolved that shares that were
allocated to participants and institutional sub-underwriters
under the Dividend Reinvestment Plan (DRP) on 28 April 2003 will
be repriced at the lower of the DRP pricing and the
institutional bookbuild price. Any adjustment will be made
through the issue of additional DRP shares to participating
shareholders.
OPERATIONAL UPDATE
On 26 February 2003 AMP said that if global markets,
particularly in the UK, weakened further or remained at current
levels, the group's profitability would be adversely affected.
While markets have recovered in recent weeks, equity markets
ended the first quarter of 2003 at lower levels than the final
quarter of 2002. Market volatility also continues to impact
investor sentiment.
These two factors, combined with traditional first quarter
seasonal weakness in Australia, have contributed to lower year-
to-date results for all business units.
Business Unit operating margins in the 2003 first quarter
totaled A$109 million. Results for UK Life Services and UK
Contemporary Financial Services were particularly hard hit in
the quarter by a combination of factors, including the loss of
Service Company fee from with-profits funds (A$147 million in
2002 year), temporary cost overhang from the closure of the
Direct Sales Force, lower equity markets and actions to reduce
equity exposure.
While tough markets are impacting AMP, both the Australian
Financial Services and Henderson businesses remain strong,
resilient businesses that will benefit from an improvement in
market conditions. AMP continues to manage its business closely
to reflect difficult market conditions.
REDUCING THE EQUITY RISK IN UK LIFE SERVICES
Another outcome of the strategic review was to seek a solution
to the protection of long-term policyholder benefits and
shareholder capital in the UK by reducing the equity market
risks in the UK Life Services (UKLS) businesses. While the
derivative strategy put in place continues to provia protection
from market volatility, this does not provia a long-term
solution.
There was a clear decision to be made - either improve the
ability of UKLS to manage the equity market risks of its
business by increasing its capital base, or reduce the market
risk itself by minimizing its exposure to equities and more
closely matching asset and liability profiles.
A key driver of this decision was the obligation to ensure that
the financial health of the life funds and the associated
policyholder benefits are protected.
Another driver of the decision was the fact that the risk for
shareholders of providing capital so the with-profits fund can
stay in equities is unacceptably weighted to the downside. In
the absence of a significant policyholder surplus, if equity
markets fall, shareholders bear a high proportion of the fall
(up to 100 per cent). If equity markets rise, shareholders
receive a return that is disproportionately small compared with
the risk they are bearing, because a large proportion of the
rise goes to policyholders. This makes further investment a high
risk, low return use of shareholder capital.
AMP has been progressively selling equities for some time. A
strategic decision has now been made to permanently reduce the
size of the equity component of the UK investment portfolios
supporting with-profits funds. Funds will be reinvested in lower
risk portfolios, with corresponding lower volatility and more
security for policyholders and shareholders.
"Overall, this is a prudent move to protect the long-term
interests of both policyholders and shareholders. It creates a
more stable asset for the new UK-based company, which will
release significant amounts of capital over the medium to long
term," Mr Mohl said.
WRITEDOWNS
As a result of the strategic initiatives and reduction of risk
in UKLS, writedowns of approximately 1 billion (A$2.6 billion)
are expected, subject to audit and actuarial review.
Mr Mohl said the writedowns were a result of:
* Risk reduction initiatives:
- reducing equity exposure in with-profits funds, leading
to writeoff of contingent loans to London Life and National
Proviant Life (GBP 300 million/A$800 million); and
- provisioning for potential future losses arising from a
range of operating risks within UKLS (GBP 200 million/A$520
million).
* Strategic initiatives:
- writing off most of Towry Law and NPI/Service Company
goodwill in response to AMP's new strategy (GBP 400 million/
A$1,050 million); and
- provisioning for UK demerger and transaction costs (GBP
100 million/A$260 million).
These writedowns eliminate essentially all of the
goodwill/intangibles relating to the UK Life business and provia
a robust balance sheet going forward.
The embedded value of the UK Life and Contemporary Financial
Services business has been revalued post the strategic
initiatives and writedowns at around GBP 1.54 billion. The
corresponding figure at the end of 2002 was GPB 1.98 billion.
"While the embedded value of the UK business has been reduced,
this is a direct result of the significant reduction in
portfolio risk," Mr Mohl said.
"In terms of the writedowns, they will reduce uncertainty and
volatility in the future earnings capacity of the UK business."
SHAREHOLDER INFORMATION
The AMP Board will ensure that shareholders are kept fully
informed about the proposed demerger as further information is
available. All shareholders will receive a letter from the
Chairman outlining Thursday's announcements, and advertisements
will run in Australian and New Zealand daily newspapers over the
next few days to explain the changes.
In the interim, shareholders with questions can contact:
Shareholder information line: Australia: 1 300 135 859
New Zealand: 0800 448 062
United Kingdom: 0800 783 3315
Shareholders can also access information about this initiative
via AMP's website at www.ampgroup.com.
CONCLUSION
Mr Mohl said that until the proposal is put to shareholders and
the demerger complete, AMP would continue to be managed as one
company. It will be business as usual, with a small, dedicated
team working on the demerger proposal and transition issues.
"While the proposed changes are complex, our strategic review
has culminated in an initiative that will return AMP in
Australasia to its roots, and provia the UK-based company with a
more logical set of assets and the ability to focus on its
already strong asset management business," Mr Mohl said.
"The last year has been an extremely difficult one but this
solution represents a turning point in the fortunes of AMP.
"It is a fresh start for AMP and will create a new, more certain
path to delivering better returns.
"The new strategy for AMP will unlock the real value of the
company and is the best outcome for our shareholders, our
customers, our planners and our employees."
CONTACT INFORMATION: Karyn Munsie
Telephone: 9257 9870
Mobile: 0421 050 430
The shares offered in the placement and the SPP have not been,
and will not be, registered under the US Securities Act of 1933,
as amended, and may not be offered or sold in the United States
absent registration or an exemption from registration.
This announcement is not an offer of securities for sale in the
United States. Securities may not be offered or sold in the
United States without registration under the Securities Act of
1933, as amended, or an exemption from registration. This
announcement is not for distribution or release in the United
States.
AUSTAR UNITED: AGM Scheduled on May 30
--------------------------------------
Notice is given of an Annual General Meeting of Austar United
Communications Limited (Company)to be held at 9:00 am Friday,
30 May 2003 at Austar's National Customer Operations Centre,
35 Robina Town Centre Drive,Robina,Queensland 4226.
ORDINARY BUSINESS
1 ANNUAL FINANCIAL, DIRECTORS' AND AUDITOR'S REPORTS
To receive and consider the annual financial report, directors'
report and auditor's report for the year ended 31 December 2002.
2 RE-APPOINTMENT OF MR MICHAEL T FRIES AS A DIRECTOR
To consider and, if thought fit, pass the following resolution:
"That Mr Michael T Fries, who retires by rotation in accordance
with the Company's constitution, be re-appointed as a director
of the Company."
3 RE-APPOINTMENT OF MR WILLIAM D FERRIS, AO AS A DIRECTOR
To consider and, if thought fit, pass the following resolution:
"That Mr William D Ferris, AO, who retires in accordance with
the Company's constitution, be re-appointed as a director of the
Company."
4 RE-APPOINTMENT OF MR DAVID F JONES AS A DIRECTOR
To consider and, if thought fit, pass the following resolution:
"That Mr David F Jones, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."
5 RE-APPOINTMENT OF MR HOWARD D MORGAN AS A DIRECTOR
To consider and, if thought fit, pass the following resolution:
"That Mr Howard D Morgan, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."
6 RE-APPOINTMENT OF MR LEONARD M HARLAN AS A DIRECTOR
To consider and, if thought fit, pass the following resolution:
"That Mr Leonard M Harlan, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."
SPECIAL BUSINESS
7 RE-APPOINTMENT OF MR GENE W SCHNEIDER AS A DIRECTOR
To consider and, if thought fit, pass the following resolution
as a special resolution:
"That Mr Gene W Schneider, who has turned 76 years of age, be
re-appointed as a director of the Company to hold office until
the conclusion of the next annual general meeting of the
Company."
AUSTAR UNITED: Discloses Top Twenty Shareholders
------------------------------------------------
Austar United Communications Limited discloses the top 20
holders of its shares:
DISTRIBUTION OF SHAREHOLDERS AS AT 28 FEBRUARY 2003
NUMBER OF SHAREHOLDERS
SHAREHOLDER ORDINARY OPTIONS
1 1,000 4,324
1,001 5,000 3,152 1
5,001 10,000 896 11
10,001 100,000 1,136 20
100,001 and over 102 28
9,610 60
TWENTY LARGEST SHAREHOLDERS (AS AT 28 FEBRUARY 2003)
NAME NUMBER OF PERCENTAGE
ORDINARY OF CAPITAL
SHARES HELD HELD
United Austar Inc 576,074,817 80.67
Westpac Custodian Nominees Limited 13,801,106 1.93
Sasktel Holding (New Zealand)Inc 9,550,574 1.34
Commonwealth Custodial Services Limited 6,958,155 0.97
ANZ Nominees Limited 6,006,189 0.84
UBS Nominees Pty Limited (Prime Broking A/c) 4,802,765 0.67
United Asia/Pacific Communications Inc 4,285,715 0.60
Mircoage Australia Pty Limited 2,681,000 0.38
JP Morgan Nominees Australia Limited 2,500,882 0.35
Weresyd Proprietary Limited 2,500,000 0.35
Cranport Pty Limited 2,300,000 0.32
National Nominees Limited 1,983,405 0.28
Horizon Investment Australia Pty Limited 1,650,000 0.23
MM &E Capital Pty Limited 1,600,000 0.22
Citicorp Nominees Pty Limited 1,554,671 0.22
Cangara Pty Limited 1,500,000 0.21
Mr Emmanouel Giannakakis 1,199,975 0.17
Double Eagle Pty Limited 1,181,500 0.17
Tom Hadley Enterprises 1,000,000 0.14
Mr David Allen and Mrs Mary Allen (DavMar S/A
Fund A/c) 850,000 0.12
AUSTAR UNITED: Reduces $2.7M Investing Activities Expense
---------------------------------------------------------
Austar United Communications Limited filed on April 30, 2003 its
Appendix 4C statement of cashflows for the quarter ended 31
March 2003, as required by the Australian Stock Exchange. A full
copy of the said report could be found at
http://bankrupt.com/misc/TCRAP_AUN0502.pdf.
A full statement of the company's financial results for the
quarter will be released in mid-May 2003.
The statement shows that net cash used in operating and
investing activities during the quarter ended 31 March 2003 was
$0.9 million, representing a $2.7 million reduction from the
previous quarter.
Capital expenditure for the quarter was $9.6 million,
representing a $0.9 million increase from the previous quarter.
Cash on hand at 31 March 2003 was $30.9 million. In addition,
$31.0 million was held in the United Contingent Cash Account
proviad by UnitedGlobalCom (UGC). Pursuant to the renegotiation
of AUSTAR's Bank Facility completed on 17 April 2003, UGC agreed
to underwrite a portion of a Rights Offering and UGC was granted
approval to withdraw the proceeds in the United Contingent Cash
Account. The Rights Offering and the withdrawal of the United
Contingent Cash Account are expected to occur in mid 2003.
CONTACT INFORMATION: Emma Foster
Corporate Affairs Manager
Austar United Communications
Telephone: 02 9295 0139
E-mail: efoster@austar.com.au
BALLARAT GOLDFIELDS: Small Shareholdings Sale Completed
-------------------------------------------------------
Ballarat Goldfields NL posted the significant highlights of its
report for the quarter ended 31st March 2003:
SIGNIFICANT HIGHLIGHTS
* Substantial new Gold Potential identified at Ballarat.
* Completion of the first stage of the geological model over
a 3.5 x 3.5km square area from Ballarat East to West, has
identified additional prospective targets close to the old
Ballarat East field.
* Successful completion of a 584m exploration trench between
East and West Ballarat has identified the presence of a major
anticline (the Yarrowee Creek line). This considerably upgrades
the prospectively in an area previously thought to be barren.
Located under alluvial sediments, the Yarrowee line would have
been masked from surface prospecting. To date there has been no
drill exploration along the Yarrowee Creek line or any eviance
of historical workings.
* An external advisory panel, of geological and mining
experts has been established to review and comment on our work
plan and outcomes. This panel has met and begun its review of
the geological model.
* The sale of small shareholdings has been successfully
completed, reducing the company register from approximately
8,900 to 4,300 Shareholders. This will significantly reduce
future shareholder administration costs.
* Successful completion of the sale of Highlake Resources.
BGF will participate in a 1% royalty on any future production.
* Finalization of sale of Oztrak. BGF will participate in up
to 55% of any future recovery from legal proceedings still
ongoing in Germany.
* All employees are now based at the mine site offices off
Brittain Street, Ballarat.
Wrights Investors' Service reports that at the end of 2002,
Ballarat Goldfields had negative working capital, as current
liabilities were A$3.40 million while total current assets were
only A$1.10 million. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding. However, negative working capital in and
of itself is not necessarily bad, and could indicate that the
company is very efficient at turning over inventory, or that the
company has large financial subsidiaries.
The company has paid no dividends during the last 12 months and
reported losses during the previous 12 months, Wrights
Investors' added.
CHAOS GROUP: Incurs 1Q03 Negative Cash Flow of $329K
----------------------------------------------------
Chaos Group Limited has reported sales receipts of $3.5M and
negative operating cash flows of ($329K) for the March quarter.
The result reflected both the seasonally slower sales period
across all divisions and particularly difficult trading
conditions for retail and wholesale operations in light of the
war in Iraq.
In order to maintain cash reserves and improve earnings growth
the Chaos board recently announced its decision to focus on its
high margin data management business Microview and exit the
Company's retail and label businesses through a management
buyout. Prospects for the data storage business going forward
are positive with strong sales already in the pipeline for
Microview scanning and data management software solutions.
Go to http://bankrupt.com/misc/TCRAP_CHS0502.pdfto see
Commitments Test Entity - Third Quarter Report.
For further information regarding this announcement please
contact Tracy Ellerton at Chaos Group on 61-3-8662 4225, or via
email tracye@chaosgroup.org.
FLOWCOM LIMITED: Debt to Equity Conversion Approved
---------------------------------------------------
Flowcom Limited released its Commitments Test Entity - Third
Quarter Report:
APPENDIX 4C
QUARTERLY REPORT FOR ENTITIES
ON BASIS OF COMMITMENTS
Name of entity
FlowCom Limited
ABN Quarter ended (current quarter)
085 462 362 31/03/2003
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (9 months)
AUD'000 AUD'000
1.1 Receipts from customers 4,843 15,342
1.2 Payments for
(a) staff costs (1,507) (4,002)
(b) advertising & marketing - -
(c) research & development - -
(d) leased assets (113) (182)
(e) other working capital (note 4) (5,061) (13,836)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 2 19
1.5 Interest and other costs of
finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) (13) (13)
1.8 Net Operating Cash Flows (1,849) (2,672)
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 - -
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.11 Loans to other entities - -
1.12 Loans repaid by other entities - -
1.13 Other (provia details if material) - -
Net investing cash flows - -
1.14 Total operating and
investing cash flows (1,849) (2,672)
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - -
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings 1,292 2,487
1.18 Repayment of borrowings - -
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows 1,292 2,487
Net increase (decrease) in cash held (557) (185)
1.21 Cash at beginning of quarter/
year to date 840 468
1.22 Exchange rate adjustments to item 1.20 - -
1.23 Cash at end of quarter 283 283
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
Current Quarter
AUD'000
1.24 Aggregate amount of payments to
the parties included in item 1.2 -
1.25 Aggregate amount of loans to the
parties included in item 1.11 -
1.26 Explanation necessary for an understanding
of the transactions -
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows N/A
2.2 Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest N/A
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
Amount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities 15,568 15,568
3.2 Credit standby arrangements - -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
4.1 Cash on hand and at bank 283 840
4.2 Deposits at call - -
4.3 Bank overdraft - -
4.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 283 840
ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals
(item 1.9(a)) (Item 1.10(a))
5.1 Name of entity - -
5.2 Place of incorporation
or registration - -
5.3 Consideration for
acquisition or disposal - -
5.4 Total net assets - -
5.5 Nature of business - -
COMPLIANCE STATEMENT
1. This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.
2. This statement does give a true and fair view of the matters
disclosed.
NOTE 4: DETAILS OF OTHER WORKING CAPITAL (1.2(e))
Cost of sales - telecommunications 2,555
Cost of sales - other 279
Rent - sites and offices 913
Insurance 126
Net GST 95
Contractors 124
Commission to agents 28
Audit fees 73
Legal fees 42
Other 826
Total 5,061
POST 31 MARCH 2003 EVENT - DEBT RESTRUCTURE
On April 17, 2003 the company held a General Meeting at which a
debt restructure, including a substantial conversion of debt to
equity, was approved. Subsequently, the company announced
completion of a placement raising $1 million at three cents
($0.03) per share.
HORIZON ENERGY: Obtains $500M Loan Repayment Time Extension
------------------------------------------------------------
The Directors of Horizon Energy Investment Management Limited
(HEIML), the manager and responsible entity for Horizon Energy
Investment Group (Horizon), released on April 30, 2003 the
quarterly update for the three months ended 31 March 2003.
OPERATING PERFORMANCE
Horizon's only investment is its 25% interest in the Loy Yang
Power partnership (LYP). LYP's key operating results for the
period are shown in the table below:
3 MONTHS TO 3 MONTHS TO
31 MAR '03 31 MAR '02
Generation revenue $131.0 m $131.1 m
Other revenue $13.9 m $12.0 m
TOTAL REVENUE $144.9 m $143.1 m
Available Capacity Factor (ACF)(1) 99.6% 69.2%
Generation Sold 3,750 GWh 2,740 GWh
Average generation revenue per MWh $34.93 / MWh $47.85 / MWh
(1) ACF represents the proportion of nameplate plant capacity
which was available to meet demand over the period.
The key observations to be noted are:
* LYP's generation revenue for the March 2003 quarter of $131.0
million was 0.1% lower than the previous corresponding period.
Although generation revenue was comparable to that recorded in
the March 2002 quarter, average generation revenue per MWh of
electricity sold of $34.93 per MWh was 27.0% below the previous
corresponding period, when Unit 4 was offline. This reflected
more subdued pool prices coupled with greater exposure to the
pool market.
* Plant ACF of 99.6% was significantly above the previous
corresponding period, when Unit 4 was offline for the duration
of the quarter.
LOY YANG POWER FINANCIAL RESULTS FOR PERIOD ENDED 31 DECEMBER
2002
Loy Yang Power on April 30, 2003 approved its annual financial
report for the year ended 31 December 2002. The partnership
recorded an operating loss before tax for the year of $787
million primarily due to charges related to the making of
provisions for write downs of recoverable asset amounts. Prior
to the inclusion of these significant items Loy Yang Power's
operating profit before tax was $39 million.
As a result of the write downs, the net assets of Loy Yang Power
at balance date were $451 million (meaning that Horizon's 25%
share of these assets was $113 million).
However, Horizon has already progressively written down its
investment in Loy Yang Power over a number of reporting periods.
As at 31 December 2002, the carrying value of the investment in
Loy Yang Power in Horizon's books was $85 million.
The recoverable amount of Loy Yang Power's non-current assets
was determined by discounting the net cash flows from its
continued use at a discount rate reflecting market conditions at
balance date. This amount may therefore be different from that
implied by the proceeds of any sale of Loy Yang Power by Horizon
and its partners.
ELECTRICITY MARKET DEVELOPMENTS
The demand weighted average pool price for the March 2003
quarter was $23.97 per MWh, 9.9% below the March 2002 quarterly
average of $26.59 per MWh. The reduction in pool prices reflects
the limited number of high demand events caused by extreme
temperature and the high level of plant availability during the
quarter. This was in spite of higher overall demand levels and a
significant spike on 19th March due to reduced flow on the
Latrobe Valley to Melbourne electricity transmission lines as a
result of bush fires.
Flat load contract prices for the 2004 and 2005 calendar years
remained in a fairly stable of range of $35 - 36 per MWh during
the quarter despite relatively subdued pool prices. LYP's
contracting activity was moderate, with limited natural forward
buying interest from market participants.
OUTLOOK
The Loy Yang Power partnership have received confirmation that
lenders have obtained internal credit approvals to grant a two
month extension on the $500 million loan repayment (Bullet A) of
debt facilities, subject to execution of satisfactory
documentation, which is expected to be achieved. The debt was
due on 12 May 2003.
Loy Yang Power's financial position is still uncertain at the
date of this report. At expiry of the initial extension, should
neither the sale nor the restructure have been completed and
should a further extension not be granted, Bullet A will become
due and payable, and will be unable to be repaid. At this time
the Loy Yang Power lenders will be in a position to exercise
their security under the Loy Yang Power financing documentation.
CONTACT INFORMATION: Dennis Eagar
MANAGER INVESTOR RELATIONS, HEIML
Phone: (02) 8232 6771
Mobile: (0414) 345 176
Email: dennis.eagar@macquarie.com
MAXIS CORPORATION: Posts Quarter Report on Commitments Basis
------------------------------------------------------------
Maxis Corporation Limited posted this notice:
APPENDIX 4C
QUARTERLY REPORT FOR ENTITIES
ON BASIS OF COMMITMENTS
Name of entity
Maxis Corporation Limited
ABN Quarter ended (current quarter)
52 009 239 285 31/03/2003
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (9 months)
AUD'000 AUD'000
1.1 Receipts from customers 3,366 8,196
1.2 Payments for
(a) staff costs (1,172) (3,340)
(b) advertising & marketing - (18)
(c) research & development - -
(d) leased assets (12) (68)
(e) other working capital (2,008) (4,352)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 18 63
1.5 Interest and other costs of
finance paid (4) (60)
1.6 Income taxes paid - -
1.7 Other (provide details if material) 1 1
1.8 Net Operating Cash Flows 189 422
Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - -
(b) equity investments - (79)
(c) intellectual property - -
(d) physical non-current assets - (257)
(e) other non-current assets - -
1.10 Proceeds from disposal of:
(a) businesses - -
(b) equity investments - 47
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.11 Loans to other entities - (951)
1.12 Loans repaid by other entities 249 249
1.13 Other (bond on office premises) - (180)
Net investing cash flows 249 (1,171)
1.14 Total operating and
investing cash flows 438 (749)
Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - 2,160
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings - -
1.18 Repayment of borrowings - (606)
1.19 Dividends paid - -
1.20 Other (provide details if material) - -
Net financing cash flows - 1,554
Net increase (decrease) in cash held 438 805
1.21 Cash at beginning of quarter/
year to date 1,675 1,308
1.22 Exchange rate adjustments to item 1.20 - -
1.23 Cash at end of quarter 2,113 2,113
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
Current Quarter
AUD'000
1.24 Aggregate amount of payments to
the parties included in item 1.2 83
1.25 Aggregate amount of loans to the
parties included in item 1.11 -
1.26 Explanation necessary for an understanding
of the transactions Nil
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows Nil
2.2 Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest Nil
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
Amount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
4.1 Cash on hand and at bank 1,556 104
4.2 Deposits at call 557 1,571
4.3 Bank overdraft - -
4.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 2,113 1,675
ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES
Acquisitions Disposals
(item 1.9(a)) (Item 1.10(a))
5.1 Name of entity N/A N/A
5.2 Place of incorporation
or registration - -
5.3 Consideration for
acquisition or disposal - -
5.4 Total net assets - -
5.5 Nature of business - -
COMPLIANCE STATEMENT
1. This statement has been prepared under accounting policies,
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.
2. This statement does give a true and fair view of the matters
disclosed.
Wrights Investors' Service reports that at the end of 2002,
Maxis Corporation Limited had negative working capital, as
current liabilities were A$2.82 million while total current
assets were only A$2.56 million. It has also reported losses
during the previous 12 months and has not paid any dividends
during the previous 2 fiscal years.
MIGHTY RIVER: S&P Rates NZ$200M Bond Program 'BBB'
--------------------------------------------------
Standard & Poor's Ratings Services on April 30, 2003 assigned
its 'BBB' long-term rating to the proposed NZ$200 million, fixed
rate, five-to-ten-year bond program of Mighty River Power
Ltd., the New-Zealand based hydroelectric generator and
retailer. The bonds were assigned a preliminary rating earlier
this month and confirmation of the rating follows the final
pricing and execution of the documents. The proceeds from the
bond issue will be senior-unsecured obligations of the company,
and will rank pari passu with its existing debt obligations. The
bonds will replace some of the company's existing indebtedness.
Mighty River Power's corporate credit rating is 'BBB/Stable/A-
2', and the rating on the bonds reflects the long-term rating on
the company. The presale report on Mighty River Power,
explaining the rationale for the company's creditworthiness, can
be found on RatingsDirect, Standard & Poor's Web-based credit
analysis system. It can also be found on Standard & Poor's
Australian and New Zealand Web site at
www.standardandpoors.com.au. Select 'Fixed Income', then 'News &
Analysis'.
STRAITS RESOURCES: Issues Q103 Activities Summary Report
--------------------------------------------------------
Straits Resources Limited issued a summary of its Quarterly
Report For The Period Ended 31 March 2003:
SUMMARY
* Completion of Nifty sale
* Coal resources and reserves at Sebuku have been increased
by 1.9 million tonnes and by 3.6 million tonnes respectively
since December 2002. This gives the mine a remaining life of
approximately five years.
* Farm-in agreement reached for the Cowra Gold/Base Metal
Project, with Gateway Mining NL.
* Positive results received from drilling at the 100% owned
Bushranger Project.
* Agreement reached to form a Joint Venture with Abelle
Limited in relation to the exploration and possible
recommencement of the Mt Muro Gold Project in Kalimantan,
Indonesia.
* Copper cathode production of 333 tonnes from Girilambone
for the quarter.
* Coal sales of 529,000 tonnes for the quarter.
UNITED ENERGY: Scheme Meeting to be Held With AGM
-------------------------------------------------
United Energy Limited has obtained from the Australian
Securities and Investments Commission an extension of time to 31
July 2003 within which to hold its Annual General Meeting for
the financial year ended 31 December 2002. This will enable
United Energy to hold its AGM on the same day as the
Extraordinary General Meeting to consider the proposed Scheme of
Arrangement, announced by United Energy on 23 April 2003. United
Energy currently expects to hold the meetings in late June/early
July.
CONTACT INFORMATION: Andrew Gould
General Manager Corporate Development
Phone: (+61 3) 9222 8559
Mobile: 0404 009 427
Fax: (+61 3) 9222 9161
e-mail: agould@ue.com.au
================================
C H I N A & H O N G K O N G
================================
EARNEST INVESTMENTS: Reduces 2002 Net Loss to HK$2.439M
-------------------------------------------------------
Earnest Investments Holdings Limited issued a summary of its
financial statement for the year end date December 31, 2002:
(stock code: 00339 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ($) ($)
Turnover : 1,175,000 1,378,656
Profit/(Loss) from Operations : (2,438,703) (11,397,010)
Finance cost : (978) (1,956)
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 : (2,439,681) (11,398,966)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0077) (0.038)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit/(Loss) after ETD Items : (2,439,681) (11,398,966)
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 Annual
General Meeting : 20/05/2003 to 26/05/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Principal Accounting Policies and Basis of Preparation
The financial statements have been prepared in accordance with
all Statements of Standard Accounting Practice (SSAPs) and
Interpretations issued by the Hong Kong Society of Accountants,
accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance.
These financial statements also comply with the applicable
disclosure provisions of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited. In the
current year, the Company adopted the following SSAPs which are
effective for accounting periods commencing on or after 1
January, 2002:
SSAP 1 (revised) : Presentation of financial statements
SSAP 11 (revised) : Foreign currency translation
SSAP 15 (revised) : Cash flow statements
SSAP 34 : Employee benefits
The effects of adopting these new SSAPs has no material effect
on the Company's prior year financial statements.
2. All of the Company's operations are classed as continuing.
3. Taxation
No provision for Hong Kong profits tax has been made as the
Company had no assessable profits arising in Hong Kong for the
current year and the prior year.
No provision for deferred taxation has been made as the Company
did not have any material potential liabilities arising on
timing differences at the balance sheet dates.
4. Loss Per Share
The calculation of basic loss per share is based on the net loss
for the year of HK$2,439,681 (2001: HK$11,398,966) and on the
weighted average of 318,410,959 ordinary shares in issue during
the year (2001: 300,000,000 shares as retrospectively adjusted
for the effects of subdividing each of the then existing issued
and unissued shares of the Company having a par value of HK$0.10
each into five shares having a par value of HK$0.02 each).
No diluted loss per share is presented for the current and prior
year as the exercise of the share options of the Company is
anti-dillutive.
GOLDEN COME: Winding Up Hearing Scheduled on May 21
---------------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 9:30 in
the morning the petition seeking the winding up of Golden Come
Holdings Limited.
Leung Mei Lin of Room 918, Ko Yuen House, Ko Yee Estate,
Kowloon, Hong Kong filed the petition on March 26, 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.
HI SUN: 2002 Operations Loss Increased to HK$38.665M
----------------------------------------------------
Hi Sun Group Limited posted a summary of its results
announcement 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 : 369,996 35,475
Profit/(Loss) from Operations : (38,665) (8,312)
Finance cost : (2,140) (5,094)
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 : (40,828) 342,965
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.19) 2.01
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (40,828) 342,965
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 Annual
General Meeting : 23/05/2003 to
26/05/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Basis (loss)/earnings per share
The calculation of basic (loss)/earnings per share is based
on the Group's loss attributable to shareholders of
HK$40,828,000 (2001: profit of HK$342,965,000) and on the
weighted average number of 215,119,396 (2001: 170,356,666)
ordinary shares in issue during the year.
The weighted average number of shares in issue used to
calculate the basic (loss)/earnings per share for the years
ended 31st December 2002 and 2001 has been adjusted for the
effect of the Company's bonus issue and rights issue.
There were no dilutive effects on the basic (loss)/earnings
per share for the years ended 31st December 2002 and 2001.
NORTH LANTAU: Winding Up Sought by Mak Kee
------------------------------------------
Mak Kee Limited is seeking the winding up of North Lantau
Dredging Limited. The petition was filed on March 11, 2003 and
was heard before the High Court of Hong Kong on April 30, 2003.
Mak Kee Limited, a company duly incorporated under the laws of
Hong Kong Special Administrative Region, holds its registered
office at Ground Floor, 76 Cherry Street, Kowloon, Hong Kong.
YANION INT'L: Widens Net Loss to HK$322.718
-------------------------------------------
Yanion International Holdings Limited released its financial
statement summary for the year end date December 31, 2002L
(stock code: 00082)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Qualified
(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 : 185,187 175,486
Profit/(Loss) from Operations : (315,336) (72,478)
Finance cost : (1,279) (3,344)
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 : (322,718) (76,201)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.588) (0.192)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (322,718) (76,201)
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. ANALYSIS OF TURNOVER AND PROFIT/(LOSS)
All turnover and profit/(loss) were arising from continuing
operations.
2. LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$322,718,000 (2001 (restated): HK$76,201,000) and
the weighted average of 549,059,440 (2001: 397,849,029) ordinary
shares in issue during the year. Diluted loss per share amounts
for the years ended 31 December 2002 and 31 December 2001 have
not been shown as the share options outstanding during both
years had an anti-dilutive effect on the basic loss per share
for both years.
3. PROFIT/(LOSS) AFTER TAXATION & MI
(a) The loss after taxation and MI is including the provision
for impairment in value of investment HK$250 million (2001:
Nil), provision for impairment in value of fixed assets of
HK$6.6 million (2001: HK$3.5 million), provision for impairment
in value of goodwill of HK$14 million (2001: HK$21 million), and
amortization of goodwill of HK$11.1 million (2001: HK$5.7
million).
(b) the Group has changed the estimated useful life of moulds
and tools from 1 January 2002. The principal annual rates of
moulds and tools used for the calculation of depreciation on
straight-line basis has changed from 10% to 33 1/3%. The
financial impact is that depreciation of HK$4,146,000 is further
charged to the Profit and Loss accounts for the
year ended 31 December 2002.
4. AUDITORS' REPORT
Because of the changes of auditors in 2002, the new auditors
are not able to carry out the audit procedures they consider
necessary, includes a review of prior year audit files of the
previous auditors, so as to confirm the accuracy of the figures
brought forward as at 1 January 2002 and the comparative figures
in the financial statements for the year ended 31 December 2001.
In the opinion of the auditors the financial statements give
a true and fair view of the state of affairs of the Company and
the Group as at 31 December 2002 and, except for any adjustments
that might have been found to be necessary had the auditors been
able to obtain sufficient evidence to ascertain whether or not
opening balances as at 1 January 2002 are free from errors or
misstatement, of its loss and cash flows of the Group for the
year then ended and have been properly prepared in accordance
with the Companies Ordinance.
5. COMPARATIVE FIGURES
Due to the adoption of certain new and revised Statements of
Standard Accounting Practices during the year ended 31 December
2002, the accounting treatment and presentation of certain items
and balances in the financial statements have been revised to
comply with the new requirements. Accordingly, certain
comparative amounts have been restated or reclassified to
conform with the current year's presentation.
=================
I N D O N E S I A
=================
ASTRA AGRO: Q103 Sales Revenue Jumps to Rp604.2B
------------------------------------------------
Supported by an increase in the average selling price of palm
products (crude palm oil (CPO), kernel, olein and stearin) and
CPO sales volume, PT Astra Agro Lestari Tbk (AALI)s sales
revenue in first quarter of 2003 grew sharply by 43.2 percent,
from Rp421.9 billion in the same period last year to Rp604.2
billion.
During this period, AALI's CPO was traded at Rp3,570 per kg, an
increase of 24.2 percent YoY, while its sales volume rose by
26.5 percent to 122,763 tons, due to an improvement in the
production output. By the same comparison, the average selling
price of kernel, olein and stearin improved by 24.5 percent,
16.5 percent and 30.9 percent respectively.
=========
J A P A N
=========
ALL NIPPON: Predicts Return to Profitability This Year
------------------------------------------------------
All Nippon Airways (ANA) incurred a net loss of 28 billion yen
($235 million) in 2002, but forecast a return to profitability
this year with the help of further cost cutting measures, the
Financial Times reports. The airline blamed the weakening of the
United States economy, deflation and slow economic activity in
Japan for its disappointing performance last year.
ANA also warned that the outbreak of Severe Acute Respiratory
Syndrome (SARS) would put pressure on its results. However, the
carrier plans to implement further measures to remove about 10
billion yen in costs.
ALL NIPPON: Unveils Financial Results for Fiscal 2002
-----------------------------------------------------
The ANA Group reported a consolidated net loss of Y28.2 billion
(US$235.4 million) for the fiscal year 2002, which ended March
31, 2003. This compares with operating revenues of Y1,215.9
billion (US$10.1 billion), an actual year on year increase of
+0.9 percent. Operating loss was Y2.5 billion (US$21.6
million), and recurring loss was Y17.2 billion (US$143.6
million).
Consolidated results refer to the ANA Group as a whole,
including subsidiaries that are not directly related to air
transport, such as ANA Hotels. The total number of companies
included in these results is 133.
On a non-consolidated basis, referring to ANA (All Nippon
Airways Co Ltd) alone, the airline reported a net loss for the
period of Y17.0 billion (US$ 142.0 million). Operating revenues
were Y940.5 billion (US$7.8 billion), showing a year on year
increase of 2.8 percent. An operating loss of Y8.2 billion
(US$68.8 million) was reported, and recurring loss ran at Y20.0
billion (US$ 167.1 million).
These results reflect the harsh operating environment of severe
price competition in the wake of the Japan Airlines/ Japan Air
System merger, and the cost of increased promotional campaigns
to stimulate falling demand. This is figured against a
background of depressed economic activity in Japan as a whole.
The double blow of the Iraq war and the severe acute respiratory
syndrome (SARS) outbreak at the very end of the final quarter of
the financial year had a negative impact on international
passenger numbers, which from September 2002 had actually shown
a sharp increase, after initial slow growth in the first half of
the financial year.
Passenger numbers for the ANA Group Airlines* for the period
under discussion were 47.1 million on domestic routes, and 3.8
million on international, demonstrating an increase of 2.9
percent and 10.1 percent respectively; total passengers carried
were 50.9 million, an increase of 3.4 percent. Available Seat
Kilometers (ASK) for the period were up 2.6 percent on domestic
routes to 62,565,065 (thousand seat km), and down -3.5 percent
on international routes to 25,974,398 (thousand seat km).
Domestic and international load factors were up 1 percent and 6
percent to 64.6 percent and 72.1 percent respectively.
ANA Group Airlines carried almost 580 thousand tons of cargo, an
increase of 7.3 percent. Broken in to international and
domestic operations, the respective figures are 195.6 thousand
tons (+27.9 percent) and 384 thousand tons (-0.8 percent). This
reflects strong demand, particularly from the Chinese market, in
response to which ANA began cargo freighter operations to China
in September 2002.
Mail services by Group airlines saw an overall decline of 3.2
percent to 89.5 thousand tons. This can be broken down into
11.2 thousand tons on international routes (+54.7 percent) and
78.3 thousand tons on domestic (-8.2 percent).
All comparisons are year on year.
Looking to the present fiscal year (ending March 2004), ANA will
continue to press ahead with its three year cost reduction and
reform plans, which are based on improvements in network, the
streamlining of the fleet and other moves to realize greater
efficiency and cost savings. Although world economic
uncertainty still remains following the end of the war with Iraq
and the continuing effect of the outbreak of Severe Acute
Respiratory Syndrome, mid to long term the demand for
international flights to China and other parts of Asia is
expected to grow. Demand in Japan has also shown a stable
recovery and appears to continue to grow despite the
deflationary spiral. As a group, ANA expects to achieve a
consolidated net income of Y15.0 billion (US$125.0 million), and
a recurring profit of Y15.0 billion (US$125.0 million) in fiscal
2003.
*ANA Group airlines
Domestic routes: ANA (All Nippon Airways), ANK (Air Nippon), ADK
(Air Hokkaido), ANN (Air Nippon Network)
International routes: ANA (All Nippon Airways), ANK (Air
Nippon), AJX (Air Japan)
The ANA Group comprises All Nippon Airways Co., Ltd (ANA) and
its 143 subsidiaries and 41 affiliates. Of those companies, 109
are consolidated subsidiaries and 24 are accounted for by the
equity method. The Group's operations are classified into four
business segments: air transportation, travel services, hotel
operations, and other businesses.
GUNMA PRESS: Golf Course Enters Rehab Proceedings
-------------------------------------------------
Gunma Press Country Club K.K., which has total liabilities of
80 billion yen against a capital of 28.7 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The golf course is located in Annaka-shi, Gunma,
Japan.
HUIS TEN: Court Allows Rehabilitation
-------------------------------------
Dutch theme park operator Huis Ten Bosch Co. received an
approval from the Tokyo District Court for its application for
protection from creditors, allowing the Company to seek
rehabilitation. "The court has concluded we have a good chance
of rehabilitation," Deputy Administrator Atsushi Toki said at a
press conference.
KING SANGYO: Real Estate Firm Enters Bankruptcy
-----------------------------------------------
King Sangyo K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Kooriyama-shi, Fukushima, Japan has 10 million yen in capital
against total liabilities of 6.1 billion yen.
TOKYO ELECTRON: Net Loss Widens to Y41.55B
------------------------------------------
Tokyo Electron Ltd. widened its net loss to 41.55 billion yen in
the business year ending March 31 from 19.94 billion yen the
previous year amid the chip industry slump, Kyodo News said on
Wednesday. The maker of semiconductor manufacturing equipment
attributed the deterioration to an extraordinary loss of 20.63
billion yen connected mainly to business restructuring costs.
TOMEN CORPORATION: Joins Intel's Beijing R&D Facility
-----------------------------------------------------
Tomen Corporation is joining forces with Intel Corporation to
provide leading-edge users of technology in China with testing
facilities to evaluate emerging interconnect standards for use
on Intel architecture server platforms. Tomen is supplying
Intel's I/O (Input and Output) Interconnect Labs - part of
Intel's Research and Development center in Beijing - with
switching infrastructure solutions that enable 10 Gbps
communication between servers at latency levels that are ideal
for database clustering and high performance computing
applications.
These systems deliver Agilent Technologies' 10Gbps integrated
circuit (IC) technology embedded in InfiniCon Systems' next
generation high speed interconnect system for Intel architecture
server platforms. Intel, the world's largest chipmaker, is also
a leading manufacturer of computer, networking and communication
products. The first lab, located at Intel's Beijing R&D
facility, is a joint effort between Tomen and Intel.
Initial technology configurations offered in the Interconnect
Lab will focus on Intel architecture server clustering solutions
featuring InfiniBandTM architecture. InfiniBand architecture has
emerged as a leading clustering technology with multiple data
centers in initial deployment of the technology in China.
Currently the lab features InfiniBand technology products such
as ASIC/controller technology from Agilent, and shared I/O and
clustering technology from InfiniCon Systems, to provia the
intelligent fabric for users to build multi-node, InfiniBand-
based server clusters that can also connect into storage and
communication networks.
"InfiniBand technology on Intel architecture sever platforms
enables Tomen to introduce confidently next-generation
networking capabilities to our customers in China and Japan,
offering them higher performance levels and the infrastructure
they will need to support operations", said Morihiko Tashiro,
President of Tomen Corporation. He continued, "China is the
world's fastest growing nation in terms of spending on
information and communication technology. Our relationship with
Intel positions us to establish an early foothold on the initial
opportunities in the Chinese market."
"Customers have shown an acute interest in testing the latest
I/O technology on Intel architecture server platforms," said Jim
Pappas, director of initiative marketing for Intel's Enterprise
Platform Group. "With new enterprise interconnects including
InfiniBand architecture and PCI Express technology becoming
available on our server platforms over the next year there is a
need for lead users to have an easy access point to testing our
latest server clustering configurations. We're pleased to work
with Tomen to deliver the first I/O Interconnect Lab in
Beijing."
Tomen is playing an important role to promote the InfiniBand
solution in Japan and China. Tomen provides a "one-roof-
solution" from IC to system components to major server platform
venders including Fujitsu, NEC and Langchao.
MORE
In July 2002, Tomen and the RedSwitch Division of Agilent
Technologies, Inc. (formerly RedSwitch Inc.) signed a
distribution agreement of high performance InfiniBand switch
ASICs (Application Specific Integrated Circuits) and solutions,
and in conjunction with the solutions, entry into the high
performance computing and storage system market in Japan and
China. By the agreement, Tomen entered the market of growing
high performance systems in Japan and China through distribution
of the entire line of InfiniBand related solutions. RedSwitch's
solution is designed to be fully compliant with the InfiniBand
Trade Association's standard.
In February 2003, Tomen announced a strategic agreement with
InfiniCon Systems of Pennsylvania, U.S.A., the premier provider
of shared I/O and switching solutions for next-generation server
networks. As a result, Tomen will distribute InfiniCon's InfinIO
7000TM family of InfiniBand switching and shared I/O solutions -
- which includes the software stack needed to enable and
optimize clustering applications -- to computer and storage
companies in the Chinese and Japanese markets.
About Tomen Corporation
Tomen is an international Company with 80 offices worldwide and
is headquartered in Japan. It is listed on the Tokyo, Osaka and
Nagoya stock exchanges. It maintains a leadership position in
foodstuffs, textiles, electronics and computer networking
equipment, chemicals, energy and plant project business fields,
where it seeks to provide innovative services to its customers
and business partners. Tomen Group's Tomen Electronics
(www.tomen-ele.co.jp) and Shanghai Hong Ri International
Electronics Co., Ltd., are the leading distributors of
semiconductors in Japan and China.
About Intel Corporation (www.intel.com/press room)
Intel Corporation (INTC) is the world's largest chipmaker and a
leading manufacturer of computer, networking and communications
products.
About Agilent Technologies Inc. (www.agilent.com)
Agilent Technologies Inc. (NYSE:A) is a global technology leader
in communications, electronics and life sciences. The Company's
35,000 employees serve customers in more than 110 countries.
Agilent had net revenues of $6 billion in fiscal year 2002.
About InfiniCon Systems, Inc.(www.infinicon.com)
InfiniCon is the premier provider of shared I/O and switching
solutions for next-generation server networks. The Company is an
active member of the InfiniBand Trade Association, the Storage
Network Industry Association, the Direct Access File System
(DAFS) Collaborative, and the Server Blade Trade Association.
Last month, 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.
Contact:
Tsutomu Mori
Assistant General Manager
IB Solution Business Unit
Electronics and Information Department
Tomen Corporation
Phone:81-3-5288-2735
Fax: 81-3-5288-9143
E-mail: tsutomu_mori@tomen.com
WAKODENKI CO.: Consumer Electronics Retailer Goes Under
-------------------------------------------------------
Consumer electronics retailer Wakodenki Co. filed Monday for
court protection from creditors with 30 billion yen in
liabilities, falling victim to increasing competition in the
consumer electronics retail market, Kyodo News reports. The
Osaka-based Company said it took the legal action under the
Civil Rehabilitation Law with the Osaka District Court.
=========
K O R E A
=========
DAEWOO ELECTRONICS: Enters Manufacturing Agreement With US Firm
---------------------------------------------------------------
Maytag Corporation and Daewoo Electronics Corporation announced
they have entered into an exclusive agreement under which Daewoo
will manufacture top-freezer refrigerators for Maytag. Daewoo
Electronics is a manufacturer of household appliances and
electronic products with worldwide manufacturing facilities.
Maytag is a major home and commercial appliance producer for
North America and select international markets.
Maytag announced last fall it was investigating a more cost-
effective manufacturing solution for top-freezer refrigerators,
which are currently produced at the company's plant in
Galesburg, Ill. Production at that facility will begin phasing
out later this year, and the plant will be closed in late 2004.
In addition, side-by-side refrigerators produced in Galesburg
will be redesigned and produced at Maytag's plant in Amana,
Iowa, and at a new manufacturing facility being built in
Reynosa, Mexico.
"Our new refrigeration production strategy is designed to
improve Maytag's future profitability and return on investment
in this important product category," said Ralph F. Hake,
chairman and CEO of Maytag Corporation. "Daewoo is a leading
manufacturer of appliances with vast resources and capabilities.
We're very pleased with this manufacturing agreement, and we
look forward to working with Daewoo as this part of our
refrigeration strategy unfolds."
Daewoo Electronics Corporation CEO Choong Hoon Kim, said,
"Daewoo Electronics is delighted to partner with Maytag and to
be working closely with a company that is at the forefront of
the refrigerator market. We believe that Maytag's expertise in
design and engineering coupled with Daewoo Electronics'
commitment to manufacturing and implementation of innovative
technology, will enable us to achieve our goal of providing a
high quality product to our customers."
Under the new agreement, Daewoo will custom manufacture newly
designed top-freezer refrigerators to Maytag specifications.
Exclusively Maytag through its normal distribution channels will
market the products.
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North
America and in international markets. The corporation's
principal brands include Maytag, Amana, Jenn-Air, Hoover and
Dixie-Narco.
Daewoo Electronics Corporation is a worldwide manufacturer of
household electronic appliances. The company's global network is
strategically located all around the world including Korea,
Europe, the United States and the Middle East. Daewoo
Electronics Corporation plans to lead health and environment-
friendly home appliance markets with highly technological
products and diversify its marketing.
Forward-Looking Statements: Certain statements in this news
release, including any discussion of management expectations for
future periods, constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results to differ materially from the future results expressed
or implied by those statements. For a description of such
factors, refer to "Forward Looking Statements" in the
Management's Discussion and Analysis section of Maytag's Annual
Report on Form 10-K for the year ended December 31, 2002, and
each quarter's 10-Q.
Daewoo Electronics Co. will graduate from its debt workout
program before the end of this year, TCRAP reports, citing
Company President Kim Choong-hoon said. Seven years after
leaving the former Daewoo Group as head of its French
operations, Kim was picked to head the new electronics
Company.
Maytag Media Contact: Daewoo Media Contact:
Kevin Waetke Dae Gwon
Maytag Communications Daewoo Electronics
Communications Dept.
641-787-8853 (822) 360-8002
kevin.waetke@maytag.com dhgwon@web.dwe.co.kr
Additional Information:
www.maytagcorp.comwww.dwe.co.kr
JINRO CO.: Goldman Sachs Denies Being an Adviser to Distiller
-------------------------------------------------------------
Goldman Sachs denied that it had served as an adviser to Jinro
Co., which has accused Goldman of misusing confidential
information, the New York Times reports. Both firm are in a
dispute over Jinro's failure to meet a deadline to repay $1.4
billion in debt.
Goldman has asked a Seoul court to put Jinro into receivership,
while Jinro has asked the court to seize $270 million worth of
Jinro bonds held by Goldman. Jinro has accused Goldman of
misusing information it obtained as an adviser during the 1997-
1998 financial crisis in Asia and of preventing the Company from
finding new investors.
According to an unnamed Jinro spokesman, Jinro and Goldman had a
confidentiality agreement and that led Jinro to give Goldman
inside information. Goldman denied it had worked as an adviser
and said that Jinro's lawsuit was an attempt by a discredited
management to retain control of the Company.
SK GLOBAL: Removed From MSCI Indexes
------------------------------------
SK Global Co. will be removed from the Morgan Stanley Capital
International Inc. (MSCI)'s indexes of global stocks, Bloomberg
reported Tuesday. The move, which take effect May 30, may
depress the price of the Company.
MSCI indices are the most widely used benchmarks by global
portfolio managers. According to a survey conducted by Pensions
& Investments, over 90 percent of international institutional
equity assets in the USA are benchmarked to MSCI Indices. MSCI
estimates that it has a similar market share in Asia. In Europe,
MSCI is the index provider of choice for two thirds of
Continental European fund managers compared to other cross-
border index providers, according to Merrill Lynch/Gallup
surveys.
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Default in Payment Status Remains Unchanged
--------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that there have been no changes to the status
in payment since the Company's previous announcement made on 31
March 2003.
The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).
With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.
On 1 November 2002, Public Merchant Bank Berhad (PMBB), on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal.
On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had via their letters dated
18 December 2002 and 20 December 2002 approved the Company's
proposed corporate debt restructuring scheme (the Proposed
Restructuring Scheme), subject to certain conditions to be
fulfilled.
The Company's Proposed Restructuring Scheme, once implemented,
will address the Company's default in payments.
BUKIT KATIL: Appeal Hearing Postponed to May 6
----------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad wish to
inform that further to the on-going negotiations with OCBC Bank
(Malaysia) Berhad, the Company's notice of appeal which came for
hearing on 7 April 2003 has been adjourned to 6 May 2003 for
decision. Bkatil however is pursuing to settle this matter
amicably.
The Board of Directors of Bkatil would like to provide a further
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 31 March 2003 are detailed at
http://bankrupt.com/misc/TCRAP_Bkatil0502.pdf.
COUNTRY HEIGHTS: Bondholders OKs Revised Bonds Redemption Date
--------------------------------------------------------------
The Board of Directors of Country Heights Holdings Berhad is
pleased to announce that the Bondholders of the Company had on
23 April 2003 via a resolution in writing, approved, subject to
all relevant consents, approvals and agreements from all
relevant parties and regulatory authorities, the revision of the
redemption dates for the outstanding RM200 Million Nominal Value
Redeemable Unsecured Bonds 1996/2005 in the following manner:
Redemption by the Company of RM100,000,000 nominal amount of the
Bonds on 31 December 2004 and the remaining RM100,000,000
nominal amount on 31 December 2005.
In addition, the Bondholders have also agreed that all
application of the provisions of the Trust Deed dated 26 April
1996 (as supplemented) relating to non-payment of the first
partial redemption payment of RM50 million on 31 December 2002
will be irrevocably waived and will not apply to that non-
payment.
An application will be made to the Securities Commission for the
proposed revision of the redemption dates.
Tan Sri Lee Kim Yew is presently the beneficial owner of
RM168,000,000 nominal amount or 84% of the Bonds.
HOTLINE FURNITURE: SC OKs Proposed Restructuring Scheme
-------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Hotline Furniture Berhad, wishes to announce that the Company
had on 21 February 2003 addressed further enquiries by the
Securities Commission (SC) which inter-alia, include a proposed
restricted issue of 6,600,000 new Mahajaya Shares to be issued
to certain vendors of the Acquiree Companies, namely Tan Ming
Wai and Tan Ming Ban (Tan Brothers) (Proposed Restricted Issue)
where the proceeds of the Proposed Restricted Issue will be
utilized for the working capital of the Mahajaya Group. The
salient terms of the Proposed Restricted Issue and the effect to
the share capital, earnings, net tangible assets and
shareholding structure of the HFB and the Mahajaya Group are set
out hereunder.
Further thereto, PMBB, on behalf of the Board of HFB, is pleased
to announce that the SC had via its letter dated 23 April 2003
(which was received on 25 April 2003) approved the Proposed
Restructuring Scheme as follows:
(i) Restricted Issue of 6,600,000 new ordinary shares of
RM1.00 each in Mahajaya at par to Tan Ming Wai and Tan Ming Ban;
(ii) Acquisitions of the following companies by Mahajaya at
an aggregate purchase consideration of RM245,605,000 to be
satisfied by the issuance of 196,482,000 new Mahajaya Shares at
par and RM49,123,000 nominal value of ICULS. Details set at
http://bankrupt.com/misc/TCRAP_Hotline0502a.pdf.
(iii) Settlement of debts owing by the HFB Group to the
financial institutions and trade creditors of RM105,616,908 by
way of, inter-alia, issuance of up to 19,600,000 new Mahajaya
Shares at par and payment of cash of up to RM900,000;
(iv) Scheme of arrangement between HFB, the shareholders of
HFB and Mahajaya under Section 176 of the Companies Act, 1965,
whereby, 21,788,000 HFB Shares will be exchanged for 2,178,800
new Mahajaya Shares on the basis of one (1) new Mahajaya Share
for every ten (10) existing HFB Shares held;
(v) Transfer of the listing status of HFB on the Second Board
of KLSE to Mahajaya;
(vi) Transfer listing of Mahajaya from the Second Board of
KLSE to the Main Board of KLSE; and
(vii) Listing of and quotation for the new Mahajaya Shares
and ICULS to be issued pursuant to the proposals above and the
new Mahajaya Shares to be issued pursuant to the conversion of
the ICULS on the KLSE.
The approval for the Proposed Restructuring Scheme is subject to
the following conditions:
(i) The Proposed Restricted Issue has to be implemented
before the listing of Mahajaya on the KLSE in place of HFB;
(ii) Placements of the Mahajaya Shares by the Vendors of the
Acquiree Companies for the purpose of meeting the 25% public
shareholding spread has to be implemented before the listing of
the Mahajaya Shares on the KLSE and the price of the shares to
be placed out should not be more than RM1.00 per share. Details
of the placement are to be furnished to the SC;
(iii) The Vendors of the Acquiree Companies who will become
the substantial shareholders of Mahajaya after the completion of
the Proposed Restructuring Scheme of HFB, are required to resign
from their directorships in all other companies with similar
activities as that of the Acquiree Companies;
(iv) Mahajaya is required to adhere to all the conditions
that are imposed on the properties of the Acquiree Companies as
set out in Table 1 at
http://bankrupt.com/misc/TCRAP_TCRAP_Hotline0502.doc;
(v) HFB is required to appoint an independent investigative
auditor (with experience in conducting investigative audit) who
is not the previous or existing auditor of HFB, within 2 months
from the date of this approval letter to carry out an
investigate audit on the past losses of the HFB Group. HFB is
also required to take the necessary steps to recover the past
losses that were incurred. Based on the results of the
investigative audit, HFB is required to report to the relevant
authorities should there be any violation of any law, rules,
guidelines and/or the relevant memorandum and articles of
association of HFB by the Board of Directors of HFB and/or any
other parties who had caused HFB to incur the losses.
In relation thereto, the investigative audit should be completed
within six (6) months from the date of appointment of the
independent audit firm and the findings of the investigation
thereon should be announced. Two (2) copies of the investigative
audit reports are to be furnished to the SC after the completion
of the investigative audit;
(vi) As proposed, details on the moratorium on disposal of
the Mahajaya Shares and ICULS to be issued to the Vendors of the
Acquiree Companies to be imposed, can be found at
http://bankrupt.com/misc/TCRAP_Hotline0502a.pdf.
In connection thereto, the Vendors are not allowed to sell,
transfer or assign the rights of the Mahajaya Shares and ICULS
that are placed under moratorium for a period of one (1) year
from the listing of the Mahajaya Shares and ICULS on the KLSE;
(vii) All the fixed deposits of the Acquiree Companies, which
are presently registered in the names of certain directors, are
required to be transferred to the names of relevant companies
respectively before the implementation of the Proposed
Restructuring Scheme;
(viii) KMSB is required to relinquish itself as guarantor for
all hire purchase facilities granted to third parties before the
implementation of the Proposed Restructuring Scheme;
(ix) Details of all outstanding hire purchase/banking
facilities of Mahajaya and the Acquiree Companies are to be
fully disclosed in the circular to the shareholders of HFB;
(x) The relevant Acquiree Companies, which have irredeemable
unconvertible preference shares (IUPS), are required to change
the terms of the IUPS from non-redeemable to redeemable and any
other changes to the terms of the IUPS should not be detrimental
to the relevant Acquiree Companies;
(xi) Should JPSB fails to obtain new financing facilities to
retire the existing facilities taken from Bank Kerjasama Rakyat
Malaysia Berhad (Bank Rakyat) or should PPKL-Actacorp Sdn Bhd
(PPKL) fails to obtain the approval from Bank Rakyat to
restructure the existing financing facilities before the listing
of the Mahajaya Shares on the KLSE, PMBB, as the Adviser, is
required to furnish a confirmation that Tan Ming Wai and Tan
Ming Ban had provided the required advances to PPKL to enable it
to repay the entire outstanding borrowings to Bank Rakyat to
avoid the possibility of any foreclosure action before the
implementation of the Proposed Restructuring Scheme of HFB. In
connection thereto, PMBB/HFB/Mahajaya is required to ensure that
all terms of the advances provided by Tan Ming Wai and Tan Ming
Ban are not detrimental to JPSB;
(xii) Mahajaya and the Acquiree Companies are required to
regularize all the banking and hire-purchase facilities before
the allotment of the Mahajaya Shares pursuant to the Proposed
Acquisitions;
(xiii) Detailed disclosure is required to be made in the
circular to the shareholders of HFB on:
* whether there is sufficient cashflow to meet the
financial needs of the enlarged Mahajaya Group ; and
* how Mahajaya will provide for the cashflow requirements
of the enlarged Mahajaya Group.
(xiv) Detailed discussion is required to be made in the
circular to the shareholders of HFB on the capability of the
Directors of Mahajaya in managing Mahajaya, as a public listed
company and the Acquiree Companies;
(xv) Detailed disclosure is required to be made in the
circular to the shareholders of HFB on the risk factors and
effects on the turnover, profit after tax and the net tangible
assets of the Acquiree Companies if the debts due from the trade
debtors of the Acquiree Companies which have been outstanding
for more than six (6) months are not collected;
(xvi) Any tax liabilities of the Acquiree Companies for the
previous financial years up to the date of the completion of the
Proposed Acquisitions are to be borne by the relevant Vendors;
(xvii) The Vendors of the Acquiree Companies are required to
place the relevant quantum of Mahajaya Shares which is
equivalent to the total of the following:
(a) provision of RM1,635,779 as recommended by the
Reporting Accountants, Messrs Ernst & Young, on the audited
accounts of JPSB, KMSB, MDRSB and SSB for the financial year
ended 30 June 2002; and
(b) debts due from trade debtors of the Acquiree Companies
which have been outstanding for more than 120 days (excluding
the retention sum);
in a trust account to be supervised by PMBB. The Vendors are not
allowed to deal with these shares until 30 June 2004. On 30 June
2004, if the Vendors have not paid the relevant Acquiree
Companies for items (a) and (b) as set out above, Mahajaya,
under the supervision of PMBB, is required to sell the Mahajaya
Shares that are placed in the trust account and the proceeds
from the sale of the Mahajaya Shares will be used to pay the
Mahajaya Group for items (a) and (b) above;
(xviii) In relation to the approval by the SC on the issuance
of the ICULS:
(a) the approval from the SC should be obtained should
there be any changes made to the terms and conditions of the
ICULS;
(b) before the issuance of the ICULS, PMBB is required to
furnish the FMF/JPB Form to the SC and Bank Negara Malaysia; and
(c) before the issuance of the ICULS, PMBB is required to
furnish the executed copy of the trust deed to the SC;
and
(xix) HFB/Mahajaya is required to comply with all the
relevant requirements in relation to the implementation of the
proposals as set out above in accordance with the SC's Policies
and Guidelines on the Issue/Offer of Securities (SC Guidelines),
in particular, Chapters 17, 18, 22 and 25 of the SC Guidelines.
PMBB/HFB/Mahajaya and any other relevant parties are required to
provia written confirmations that all the terms and conditions
as imposed above have been fully complied with after the
implementation of the Proposed Restructuring Scheme.
HFB, Mahajaya and the Vendors are deliberating on the above
conditions imposed by the SC on the Proposed Restructuring
Scheme and the outcome of their decisions will be announced in
due course.
DETAILS OF THE PROPOSED RESTRICTED ISSUE
On 21 February 2003, PMBB had on behalf of HFB, addressed
further enquiries by the SC which inter-alia, include a proposed
restricted issue of 6,600,000 new Mahajaya Shares to be issued
to certain vendors of the Acquiree Companies, namely the Tan
Brothers.
The salient features of the Proposed Restricted Issue are as
follows:
1.1 Terms of the Proposed Restricted Issue
The Proposed Restricted Issue will involve the offer of
6,600,000 new Mahajaya Shares to the Tan Brothers. The Proposed
Restricted Issue is conditional upon the completion of the
Proposed Restructuring Scheme and will be undertaken immediately
after the implementation of the Proposed Acquisitions, the
Proposed Debt Settlement and the Proposed Share Exchange.
The new Mahajaya Shares to be issued pursuant to the Proposed
Restricted Issue will be undertaken at RM1.00 per Mahajaya
Share, i.e. the proposed issue price of all the other new
Mahajaya Shares to be issued pursuant to the Proposed
Restructuring Scheme.
The new Mahajaya Shares to be issued pursuant to the Proposed
Restricted Issue will rank pari passu with the existing Mahajaya
Shares and the new Mahajaya Shares to be issued pursuant to the
Proposed Restructuring Scheme save and except that they shall
not be entitled to any dividends, rights, allotments and/or
other distributions, the entitlement date (namely the date as at
the close of business on which the shareholders must be
registered in order to be entitled to any dividends, rights,
allotments and/or distributions) of which is prior to the date
of the allotment of Mahajaya Shares.
Based on the issue price of RM1.00 per Mahajaya Share, the
Proposed Restricted Issue will raise total gross proceeds of
approximately RM6,600,000 which will be utilized for working
capital of the enlarged Mahajaya Group.
The Proposed Restricted Issue has been proposed to provia
additional funds to the enlarged Mahajaya Group for utilization
as working capital upon completion of the Proposed Restructuring
Scheme.
Effects of the Proposed Restricted Issue
Share capital
The effects of the Proposed Restructuring Scheme and the
Proposed Restricted Issue on the issued and paid-up share
capital of HFB and Mahajaya as at 31 May 2002 and 30 June 2002
respectively are set out in Table 2 at
http://bankrupt.com/misc/TCRAP_Hotline0502.doc.
Earnings
The Proposed Restricted Issue will not have any impact on the
earnings of the HFB Group nor the enlarged Mahajaya Group as the
proceeds from the Proposed Restricted Issue will be used as
working capital for the enlarged Mahajaya Group. However, the
Proposed Restricted Issue is not expected to materially effect
the earnings of HFB Group or the enlarged Mahajaya Group for the
financial year ending 31 May 2003 and 30 June 2003 respectively
as it is expected to be completed only in October 2003. However,
earnings from the Acquiree Companies are expected to contribute
positively to the earnings of the enlarged Mahajaya Group in the
financial year ending 30 June 2004.
NTA
The proforma effects of the Proposed Restructuring Scheme and
the Proposed Restricted Issue based on the latest audited NTA of
the HFB Group and Mahajaya as at 31 May 2002 and 30 June 2002
respectively are set out in Table 3 at
http://bankrupt.com/misc/TCRAP_Hotline0502.doc.
Substantial shareholders
The effects of the Proposed Restructuring Scheme and the
Proposed Restricted Issue on the shareholdings of the
substantial shareholders of HFB and Mahajaya as at 31 May 2002
and 30 June 2002 respectively are set out in Table 4 at
http://bankrupt.com/misc/TCRAP_Hotline0502.doc.
Approvals required
The Proposed Restricted Issue is subject to the following
approvals being obtained:
(i) the SC, which approval was obtained on 23 April 2003;
(ii) the FIC;
(iii) the MITI;
(iv) the KLSE (for the listing of and quotation for the new
Mahajaya Shares to be issued pursuant to the Proposed Restricted
Issue);
(v) the shareholders of HFB; and
(vi) the shareholders of Mahajaya.
FIC had on 30 January 2003 approved the Proposed Restructuring
Scheme. Pursuant thereto, PMBB will, on behalf of the Board of
Directors of HFB, furnish the details of the Proposed Restricted
Issue for FIC's approval. PMBB, will also on behalf of the Board
of Directors of HFB furnish the details of the Proposed
Restricted Issue to MITI for its approval.
The approval of the shareholders of HFB and Mahajaya for the
Proposed Restricted Issue will be sought at a general meeting to
be convened.
The Proposed Restricted Issue will be conditional upon the
completion of the Proposed Acquisitions, the Proposed Debt
Settlement and the Proposed Share Exchange.
Directors' and substantial shareholders' interests
None of the Directors and/or substantial shareholders of HFB
and/or persons connected with them have any interest, direct or
indirect, in the Proposed Restricted Issue.
L&M CORPORATION: Explains Q103 Report, Audited F/S 10% Variance
---------------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd (L&M)
wish to announce that the audited results of L&M deviate by more
than 10% from the quarterly report. This was mainly due to an
over provision in the quarterly report for liabilities and
charges, under corporate guarantee, of RM10 million and finance
costs of RM7.6 million.
Year-to-date
RM'000
Loss after tax (per quarterly report) 98,112
Less: Provision for liabilities and charges (10,091)
Finance costs (7,606)
Others (120)
Add: Other operating expenses 1,572
--------
Loss after tax (per audited financial statements) 81,867
========
L&M CORPORATION: March Defaulted Payment Stands RM59.189M
---------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd wish to
inform that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 31 March 2003 was RM59,189,539.28.
As announced earlier, the Foreign Investment Committee and the
Ministry of International Trade and Industry have approved the
Proposed Corporate and Debt Restructuring Scheme (Proposed
CDRS). The Workout Proposal of L&M was approved by Pengurusan
Danaharta Nasional Berhad on 23 April 2003. L&M is currently
awaiting the approval on its Proposed CDRS and the application
for a waiver from Mandatory General Offer obligation in respect
of the Proposed CDRS from the Securities Commission.
Remarks: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.
LAND & GENERAL: Supplemental Agreement Executed
-----------------------------------------------
Land & General Berhad refers to the announcement dated 3 March
2003, wherein Commerce International Merchant Bankers Berhad
(CIMB) announced on behalf of the Board of Directors of L&G that
the last date for the implementation of the Composite Debt
Restructuring Scheme was 28 February 2003 and that L&G had prior
to the aforesaid date applied to its Scheme Creditors (as
defined in the announcement dated 28 February 2002) for an
extension of time to implement the Composite Debt Restructuring
Scheme.
On behalf of the Board of Directors of L&G, CIMB wishes to
announce that L&G, the Scheme Creditors and BDO Binder, acting
as Account Agent, have executed a Supplemental Debt
Restructuring Agreement (Supplemental Agreement) on 30 April
2003. The Supplemental Agreement which supplements the Debt
Restructuring Agreement dated 28 February 2002 (DRA) between the
aforesaid parties, serves to amend and vary certain terms of the
DRA and the manner of implementing the Composite Debt
Restructuring Scheme as follows:
(i) To extend the last date for purposes of satisfying the
conditions precedent to the DRA to 30 May 2003 or such later
date as the Majority Lenders (as defined in the announcement
dated 28 February 2002) may agree; and
(ii) To vary the security in respect of certain unencumbered
assets to be divested under the asset disposal programme forming
part of the Composite Debt Restructuring Scheme.
An application in respect of the revisions to the Composite Debt
Restructuring Scheme incorporating revisions to the DRA and
details of the terms and conditions of the Supplemental
Agreement will be made to the relevant regulatory authorities in
due course.
LIEN HOE: Enters Debt Settlement Agreement With Four Debtors
------------------------------------------------------------
The Board of Directors of Lien Hoe Corporation Berhad has
entered into a settlement agreement with four debtors, namely
Classic Venue Sdn Bhd, Bondmark Capital Sdn Bhd, Wong Chin Hee
and Teoh Kim Loon to cause the transfer to the Company of a
piece of freehold land bearing title no CT 15434 for lot 1845,
Mukim of Tebrau, District of Johor Baru (the Land) as settlement
of the monies totaling RM10 million due and owing by the said
debtors.
The Land, which has a titled land area of 5.431 acres, lies
about 8 kilometers north of Johor Baru city center or more
specifically is located at the junction of Jalan Temenggong and
Jalan Kangar Tebrau. It is a well profile high ground
residential zoned plot and is strategically situated within the
active Tebrau - Kota Tinggi development corridor. The land is
presently vacant and grown with trees and light vegetation. A
market value of RM10 million has been ascribed to the Land by
Chenfoo Property Consultants, a firm of registered valuers, in
its report dated 27 February 2003 by using the comparison method
of valuation.
The Land shall be transferred to the Company free from
encumbrances save for the legal charge granted in favor of a
bank for an existing credit facility of the Company.
The above transaction has no material effect on the net assets
value and earnings of the Company.
None of the Directors and substantial shareholders of the
Company, and persons connected with them, have any interest,
direct or indirect, in the above transaction.
MBF CAPITAL: Seeks Proposed Scheme of Compromise Approval
---------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Capital Berhad, wishes to announce that the
Securities Commission, had via its letter dated 28 April 2003,
given the approval for MBf Capital to obtain the approval of its
shareholders for the proposed exemption to Leisure Holidays
Holdings Sdn Bhd from the obligation to extend a mandatory offer
from the exercise of the put and call options (Proposed
Exemption) simultaneously when MBf Capital seeks the approval of
its shareholders for the Proposed Scheme of Compromise.
The Proposed Scheme of Compromise is also subject to the
approval of the independent shareholders of Perfect Utilization
Sdn Bhd (PUSB) for the Proposed Exemption. Further, MBf
Capital/PUSB shall obtain the approvals of the shareholders of
MBf Capital/PUSB for the Proposed Exemption prior to the
implementation of the Proposed Scheme of Compromise.
MBf Capital shall also disclose the full details of the Proposed
Exemption in the circular to shareholders in relation to the
Proposed Scheme of Compromise.
PICA (M) CORP.: Provides Defaulted Facilities Status Update
-----------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad issued an
update on its defaulted credit facilities:
1. RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has fixed 13 May 2003 for further mention in
relation to the Plaintiff's striking out application. Apart from
the above, the legal proceeding is still pending in court.
2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 21 May 2003. Apart from the above, the legal
proceeding is still pending in court.
3. RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 30 April 2003. Apart from the above, the legal
proceeding is still pending in court.
4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for hearing on 25 April 2003. The Senior
Assistant Registrar was on leave on that date and the matter
will be fixed for hearing on a further date. Apart from the
above, the legal proceeding is still pending in court.
5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank
Further to the Company's announcement, the Company wishes to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 14 July 2003. Apart from the above,
the legal proceeding is still pending in court.
PICA (M) CORPORATION: Requests Two Months RA Time Extension
-----------------------------------------------------------
Further to the Company's announcement on Practice Note 4, the
Board of Directors of Pica (M) Corporation Berhad announced that
through its advisor CIMB, has requested for a further extension
of two months to make the Requisite Announcement (RA).
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. While
some progress has been noted, the remaining two creditors have
yet to revert to the Company with their final decisions.
PILECON ENGINEERING: Defaulted Payment Status Remains Unchanged
---------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 27 March 2003 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company wishes to
hereby announce that there have not been any changes to the
status of default since then.
The steps undertaken by the Company to rectify the default are
comprised in the Proposed Scheme of Arrangement pursuant to S176
of the Companies Act, 1965. Please refer to the announcement
made by the Company on 21 February 2003 for more details of the
Proposed Scheme of Arrangement.
PROMET BERHAD: June 30 Scheme Application Submission Likely
-----------------------------------------------------------
Promet Berhad wishes to inform that pending the finalization of
several matters, the application to the authorities on the
Proposed Restructuring Scheme would be submitted by 30 June 2003
instead of 28 April 2003 as announced in the Requisite
Announcement.
The Proposed Restructuring Scheme refers to the following:
* Proposed Capital Reconstruction;
* Proposed Share Exchange;
* Proposed Debt Settlement;
* Proposed Acquisitions;
* Proposed Exemption;
* Proposed Disposal;
* Proposed Placement and/or Offer for Sale; and
* Proposed Listing Status Transfer.
SASHIP HOLDINGS: Issues Restructuring Status Update
---------------------------------------------------
Mr. Lim Tian Huat, Mr. Chew Cheng Leong and Encik Raja Ali bin
Raja Othman of Messrs. Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Special Administrators of Saship Holdings Berhad
and its subsidiary, Sabah Shipyard Sdn. Bhd. (the Companies) on
28 April, 2003 pursuant to Section 24 of the Pengurusan
Danaharta Nasional Berhad Act (Amendment) 2000 (Danaharta Act).
In order to preserve the assets of the Companies until the
Special Administrators are able to complete their task, a 12-
month moratorium will take effect from the date of appointment.
During that period, no creditor may commence and/ or continue
any legal proceedings against the Companies.
With the appointment of Special Administrators, the powers of
the Board of Directors are effectively suspended and only the
Special Administrators can deal with assets and affairs of the
Company. Pursuant to the provisions of the Danaharta Act, the
Special Administrators shall be entitled to exercise all the
functions of the Board of Directors.
In the course of the administration, the Special Administrators
will carry out an assessment on, inter-alia the viability of the
operations and business of the Company and will thereafter
prepare a workout proposal as soon as reasonably practicable.
TIME DOTCOM: All 6th AGM Resolutions Approved
--------------------------------------------
On behalf of TIME dotCom Berhad (TdC), AmMerchant Bank Berhad
{formerly known as Arab-Malaysian Merchant Bank Berhad}
(AmMerchant Bank) is pleased to announce that all resolutions as
set out in the Notice of AGM dated 8 April 2003 and tabled at
the Sixth AGM of TdC held on April 30, 2003 at Ballroom 2 & 3,
Level 2, Nikko Hotel, Jalan Ampang, 50450 Kuala Lumpur were duly
passed.
In addition, at the Company's EGM held immediately after the
conclusion of the aforesaid AGM, the shareholders of TdC have
approved the resolutions as set out in the Notice of EGM dated 8
April 2003 relating to the following:
(a) proposed disposal of TdC's 100% equity interest in
TIMECel Sdn Bhd (TIMECel) comprising 1,293,884,000 ordinary
shares of RM1.00 each (TIMECel Shares) to Maxis Communications
Berhad (Maxis) for a cash consideration of up to RM1.475 billion
comprising RM1.325 billion for the TIMECel Shares and up to
RM150.0 million for the repayment of the inter-company loans
(Proposed Disposal); and
(b) proposed capital repayment to the shareholders of TdC via
a cash distribution of RM1,265,387,500 from the proceeds
receivable by TdC pursuant to the Proposed Disposal on the basis
of 50 sen cash for every one (1) existing ordinary share held in
TdC at a date to be determined later.
(Collectively to be referred to as "Proposals")
As mentioned in the Company's Circular on the Proposals dated 8
April 2003, the Proposed Disposal is also conditional upon the
execution of the migration agreements relating to the plan on
the integration of TIMECel's business operations into Maxis
(Migration Agreements) after completion of the Proposed
Disposal. In this respect, on behalf of TdC, AmMerchant Bank is
pleased to announce that the TdC group of companies and Maxis
have on 30 April 2003 entered into the Migration Agreements
which encompass the areas of intellectual property, distribution
channels, customer care and billing systems, customer service
support and use of call centre, network, employees, domestic
roaming and other services, rights, assets or materials provided
by TdC or its relevant related corporations to TIMECel.
TONGKAH HOLDINGS: Enters 2nd Supplemental Share Sale Agreement
--------------------------------------------------------------
Reference is made to the Proposed Restructuring Scheme of
Tongkah Holdings Berhad, which inter-alia, includes, the
proposed acquisition by Harbour-Link Group Berhad (HLG) (which
will assume the listing status of THB upon the completion of the
Proposed Restructuring Scheme) of 4,000,000 ordinary shares of
RM1.00 in Eastern Soldar Engineering & Construction Sdn Bhd
(ESEC) (ESEC Shares) from the vendors of ESEC for a purchase
consideration of RM45,000,000 to be satisfied via issuance of
45,000,000 new ordinary shares of RM1.00 each in HLG (HLG
Shares) (Proposed Acquisition of ESEC) which was announced on 30
September 2002.
The Securities Commission (SC), the Foreign Investment Committee
(FIC) and the Ministry of International Trade and Industry
(MITI) had on 29 January 2003, 30 December 2002, and 11 April
2003 respectively, approved the Proposed Acquisition of ESEC.
In connection thereto, Public Merchant Bank Berhad (PMBB), on
behalf of the Board of THB, wishes to announce that one of the
vendors of ESEC, namely, Wong Ah Fatt had on 29 April 2003
entered into a sale and purchase agreement to dispose of his
entire shareholding in ESEC comprising 1,333,334 ESEC Shares,
representing approximately 33.33% in ESEC, to the two other
remaining vendors of ESEC, namely Toh Guan Seng and Hooi Yen
Peng of 666,680 and 666,664 ESEC Shares respectively (Disposal).
The Disposal was completed on 29 April 2003.
Following the Disposal, HLG, Toh Guan Seng and Hooi Yen Peng had
on 29 April 2003 entered into a second supplemental share sale
agreement to give effect to the Disposal on the Proposed
Restructuring Scheme and to extend the original agreed time for
the completion of the Proposed Restructuring Scheme from 31
March 2003 to 30 September 2003 (2nd Supplemental Share Sale
Agreement).
THB, HLG, Enricharvest Sdn Bhd (being the vendor of Harbour-Link
Malaysia Sdn Bhd (HLM)), United Joy Sdn Bhd (being the vendor of
Harbour Agencies Sarawak Sdn Bhd (HAS)), Toh Guan Seng and Hooi
Yen Peng had also on 29 April 2003 entered into a second
supplemental master agreement to give effect to the 2nd
Supplemental Share Sale Agreement and to extend the original
agreed time for the completion of the Proposed Restructuring
Scheme from 31 March 2003 to 30 September 2003.
HLG has also agreed to extend the original agreed time for the
completion of the share sale agreements for the proposed
acquisition by HLG of the entire issued and paid-up share
capital of HLM and HAS by way of letters of extension.
RATIONALE FOR THE DISPOSAL
Wong Ah Fatt, aged 57, being one of the founders of ESEC, chose
to retire from his position in ESEC as a director and had on 31
December 2002 resigned from the Board of ESEC. Prior to his
resignation from the Board of ESEC, he was involved in the
control of the workshop activities and equipment maintenance.
However, in the past 2 years, he has gradually relinquished his
role in the management of ESEC to Toh Guan Seng and Hooi Yen
Peng, the other vendors of ESEC and no longer played an active
role in the running of the business and operations of ESEC.
Premised on the above, the Disposal will not have any material
impact on the operations of ESEC as the existing shareholders
will still continue to run the day to day business operations of
ESEC.
EFFECTS OF THE DISPOSAL ON THE PROPOSED RESTRUCTURING SCHEME
Save as disclosed below, the Disposal will not have any effect
on the Proposed Restructuring Scheme.
New HLG Shares to be issued to the vendors of ESEC and
moratorium condition
Toh Guan Seng and Hooi Yen Peng will provide the relevant
undertakings that they will adhere to the moratorium condition
imposed by the SC on those new HLG Shares to be issued to them
pursuant to the disposal of their interests in ESEC to HLG as
set out above based on their revised shareholdings as set out
above.
Profit guarantee
Pursuant to the Disposal, Wong Ah Fatt will cease to be a
shareholder of ESEC and will be released from and discharged of
all obligations and liabilities under the Master Agreement dated
30 September 2002. As such the profit guarantee given by, inter
alia, the vendors of ESEC to HLG as set out in the said Master
Agreement will be borne by Toh Guan Seng and Hooi Yen Peng
proportionately to their shareholdings in ESEC after the
Disposal.
APPROVALS REQUIRED
Given that the SC, FIC and MITI have approved the Proposed
Acquisition of ESEC as part of the Proposed Restructuring
Scheme, PMBB will, on behalf of the Board of Directors of THB
inform these authorities of the Disposal.
TRANSWATER CORPORATION: Owns 100% Equity Interest in HBSB
---------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Transwater Corporation
Berhad, is pleased to announce that TCB has received FULL
ACCEPTANCES from all the shareholders of Hyundai-Berjaya Sdn Bhd
(HBSB) holding the remaining 49% shares in HBSB (HBSB Minority).
Hence, pursuant to Section 24(1) of the Malaysian Code On Take-
overs and Mergers, 1998, the Offer is deemed closed prior to the
closing date of 16 May 2003 as stated in the Offer Letter dated
24 April 2003. As such, the Offer has closed at 5:00 p.m.
(Malaysian Time) on 29 April 2003 (Closing Date).
Details of the level of acceptances received by TCB as at the
Closing Date are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Transwater0502.doc.
Following the full acceptances of the Offer by the HBSB
Minority, the following events have taken place:
(a) TCB effectively owns 100% equity interest in HBSB on 29
April 2003; and
(b) TCB has allotted 49,000,000 new TCB ordinary shares of
RM1.00 each (Shares) to the HBSB Minority in consideration of
the full acceptances of the Offer. Notices of allotment for the
new TCB Shares will be posted by ordinary mail to the HBSB
Minority or their agents at their own risk within 21 days from
the date of the Offer Letter, and the 49,000,000 new TCB Shares
allotted and to be issued will be subsequently credited to the
Central Depository Securities Account of the HBSB Minority as
maintained with Malaysian Central Depository.
COMPANY PROFILE
Based in Selangor, Transwater Group of Companies are specialist
engineers and contractors for water and waste water works, for
the supply and installation of pumping equipment, industrial
machinery, process equipment and systems, cooling towers and oil
and gas equipment and systems.
Following its classification in February 2001 as an `affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition. On 4 September 2001, KLSE
granted Transwater a two-month extension to 22 October 2001 for
it to release the requisite announcement detailing its proposal
to restore its financial viability.
CONTACT INFORMATION: No.83, Jalan SS25/2
Taman Bukit Emas
47301 Petaling Jaya
Selangor
Tel : 03-703 3131
Fax : 03-703 9989
UNITED CHEMICAL: Clarifies Audited, Unaudited Results Variance
--------------------------------------------------------------
Further to the announcement made to the Exchange on the group's
unaudited results on 28 February 2003, the Board of Directors of
United Chemical Industries Berhad wishes to announce that the
audited results of the Group deviate from the unaudited results.
The reconciliation of the deviation, the explanations thereof,
as well as the results due to the RM8,639,441 difference in the
Group's loss after tax and minority interest between unaudited
and audited results, are set in the table at
http://bankrupt.com/misc/TCRAP_UCI0502b.pdf.
The significant variation between the audited and the unaudited
results were due to the different basis of preparation between
the two sets of financial statements.
UCI's Board had on 26 March 2003 resolved that to avoid further
operating losses, the operations of the group would cease
effective from 1 April 2003.
Arising from the cessation of the principal activities of the
Company and its subsidiary company (collectively "the Group") on
1 April 2003 and the intention to dispose of all the principal
operating assets of the Company and its subsidiary company
without intention to resume business operations and the net
deficiency in shareholders' funds of the Company and the Group
as at 31 December 2002, the preparation of the financial
statements on the going concern basis as at 31 December 2002 is
no longer appropriate.
As such, adjustments have been made to financial statements of
the Company and the Group to reduce the carrying value of assets
to their estimated recoverable amounts, to provide for losses
and liabilities that may arise as a result of the cessation and
to reclassify properly, plant and equipment and other non-
current assets and non-current liabilities as current assets and
current liabilities respectively.
In the preparation of the financial statements, the Directors
have made certain estimates and assumptions that affect the
amount of assets and liabilities at the date of the financial
statements and the results reported during the financial period.
Actual results and the subsequent realizable amounts could
differ from those estimates.
UNITED CHEMICAL: Inks Proposed Disposal Agreement With ATFSB
------------------------------------------------------------
United Chemical Industries Berhad wishes to announce that the
Company, had on 30 April 2003 entered into a conditional
agreement (Agreement) for the proposed disposal of its
machineries, including all spare parts and laboratory equipment
(Machineries), sale of its business goodwill with the existing
customers and the rental of its manufacturing property to
Advance Technical Fabric Sdn Bhd (ATFSB).
THE PROPOSED DISPOSAL
On 30 April 2003, UCI, had entered into an Agreement to dispose
of its Machinery for a total cash consideration of RM2,500,000
to ATFSB.
The Machineries are used by UCI's subsidiary, Geotextiles (M)
Sdn Bhd (Geotextiles) for the manufacturing of polypropylene and
polyethylene woven bags together with its allied products. The
Machineries shall be disposed of free from all encumbrances. UCI
will utilize the proceeds of the sale consideration of
RM2,500,000 or any part thereof to defray the essential expenses
in relation to the cessation of UCI Group's operations, and to
partly settle the debts due to the financial institutions
(Lenders) against which the Machineries are charged as
securities.
Barring any unforeseen circumstances, the Proposed Disposal is
expected to be completed by the end of 2003.
The Proposed Disposal does not depart from the Securities
Commission (SC)'s Policies and Guidelines on the Issue/Offer of
Securities.
As part of the Agreement, the following has also been agreed
between UCI and ATFSB:
(a) Sale by UCI of its business goodwill with the customers
by transferring the existing customers' orders to ATFSB for a
total cash consideration of RM500,000; and
(b) Rental by UCI of its manufacturing property to ATFSB for
a monthly rental sum of RM30,000 for a minimum period of one (1)
year (Rental Period) from 1 April 2003 or such other date
mutually agreed upon between UCI and ATFSB (Effective Date).
Salient terms of the Agreement
The salient terms of the Agreement are as follows:
(a) The total sale consideration for the Proposed Disposal is
payable as follows:
* 10% of the purchase price, equivalent to RM250,000
(Deposit) within fourteen (14) days from the unconditional date
of the Agreement (Unconditional Date); and
* 90% of the balance purchase price, equivalent to
RM2,250,000 in three (3) months from the Unconditional Date.
(b) The purchase price for the business goodwill of UCI of
RM500,000 shall be paid by ATFSB in full within fourteen (14)
days from the Unconditional Date.
(c) ATFSB shall within fourteen (14) days from the Effective
Date, deposit with the UCI's solicitors a bank guarantee of
RM750,000 as security for the payments ATFSB to UCI of the
Deposit and the purchase price of business goodwill.
(d) The Proposed Disposal is conditional upon the procurement of
approvals from the approving authorities by UCI prior to six (6)
months from the Effective Date (Condition Period). In the event
any of the approvals is not obtained by the expiry of the
Condition Period, the Condition Period shall be automatically
extended to another six (6) months commencing from the date
following the expiry of the initial Condition Period. In the
further event any of the approvals is not obtained by the expiry
of the extended Condition Period of six (6) months from the
Condition Period, UCI and ATFSB shall mutually agree to further
extend the Condition Period after the expiry of the extended
period of six (6) months to a date to be mutually agreed upon
(Last Day).
(e) In the event any of the approvals is not obtained by the
expiry of the Last Day or rejected by any of the approving
authorities prior to the expiration of the Last Day, the
Agreement shall automatically be converted to a rental agreement
for the rental of Machineries of UCI by ATFSB at a monthly
rental of RM5,000 to be calculated from the Effective Date to
the Last Day. Thereafter, the rental of the Machineries shall
continue the ATFSB shall further pay UCI until the expiry of the
Rental Period, as the case may be.
(f) UCI shall obtain from the Lenders their respective
redemption statements and undertakings to execute and release
the discharge documents upon the receipt of the relevant
redemption sum payable to the Lenders;
(g) The Agreement and the Proposed Disposal shall be deemed
completed upon the full payment by ATFSB and delivery of the
discharge documents to UCI's solicitors.
Basis of determining the sale consideration
The sale consideration was arrived at on a willing-buyer and
willing-seller basis, after the negotiation between UCI and
ATFSB. The Proposed Disposal was in response to a Letter of
Offer dated 20 March 2003 and 2 letters issued by Intan Kuala
Lumpur Sdn Bhd (ILK) to UCI to purchase the Machineries on its
own or through a party nominated by IKL (Offer). ATFSB is a
nominated party of IKL. By a letter of acceptance dated 1 April
2003, the Offer was accepted by UCI.
Based on the valuation commissioned by the independent
professional valuer, Suleiman & Co, on 30 November 2002 using
the Depreciated Replacement Cost Method of valuation, the open
market value and forced sale value of the Machinery are
RM4,169,000 and RM2,084,000, respectively.
The net book value of the Machineries based on the audited
consolidated accounts of UCI for the financial year ended 31
December 2002 is RM 2,144,149.
Original cost of investment
UCI acquired the Machineries between 1977 and 1999 for a total
consideration of RM 28,997,534. The spare parts have been valued
at RM 281,409 as at 31 December 2002.
Based on the audited consolidated accounts of UCI as at 31
December 2002, the Proposed Disposal will result in a small gain
on disposal of RM 74,432 to the UCI Group.
Liabilities to be assumed by ATFSB
ATFSB will not assume any liabilities pursuant to the Proposed
Disposal.
BACKGROUND INFORMATION
UCI
UCI was incorporated on 31 May 1965 in Malaysia under the
Companies Act, 1965 as a private limited company under the name
United Chemical Industries Ltd. The Company changed its name to
United Chemical Industries Sdn Bhd on 2 October 1970 and assumed
its present name on 28 June 1977 upon conversion into a public
limited company. The Company was listed on the Second Board of
the KLSE on 20 December 1990. The authorized share capital of
UCI is RM30,000,000 comprising 30,000,000 ordinary shares of
RM1.00 each of which RM18,500,000 ordinary shares of RM1.00 each
have been issued and paid-up.
The principal activities of UCI are the manufacturing and sale
of polypropylene and polyethylene woven bags together with its
allied products.
Geotextiles
Geotextiles was incorporated on 21 September 1982 in Malaysia
under Companies Act, 1965 as a subsidiary of UCI. The authorized
share capital of Geotextiles is RM 5,000,000 comprising
5,000,000 ordinary shares of RM1.00 each of which 4,700,000
ordinary shares of RM1.00 each have been issued and paid-up.
The principal activities of Geotextiles are the manufacturing
and sale of geotextile fabrics together with its allied
products.
RATIONALE FOR THE PROPOSED DISPOSAL
On 21 June 2001, UCI was classified as an affected listed issuer
under Practice Note 4/2001 of the Kuala Lumpur Stock Exchange
(KLSE) Listing Requirements. As an affected listed issuer which
had, on 18 December 2002 announced to the KLSE and on 14
February 2003 submitted to the SC and other relevant authorities
its proposed restructuring scheme (Proposed Scheme), the
Proposed Disposal is not inter-conditional with the Proposed
Scheme but will form part of the Proposed Scheme.
The Proposed Disposal will help reduce the borrowings of UCI
Group's, and therefore the level of outstanding debts for
settlement pursuant to the Proposed Scheme, in such that the
proceeds from the Proposed Disposal will be utilized to partly
settle the debts owed to the Lenders by UCI.
Utilization of Proceeds
UCI will receive proceeds totaling RM2,500,000 from the Proposed
Disposal and RM500,000 from the sale of its business goodwill.
The proceeds will be utilized for the part settlement of the
amount owed to the Lenders of UCI Group.
FINANCIAL EFFECTS
Share capital
The Proposed Disposal will not have any effect on the issued and
paid-up share capital of UCI.
Earnings
The Proposed Disposal will result in a small gain on disposal to
the UCI of RM 74,432.
Net tangible liabilities
The proforma effect of the Proposed Disposal on the net tangible
liabilities of the UCI Group is set out in Table 1 at
http://bankrupt.com/misc/TCRAP_UCI0502.pdf.
Shareholding structure
There will be no impact on the shareholding structure of UCI as
a result of the Proposed Disposal.
APPROVALS REQUIRED
The Proposed Disposal is subject to inter-alia, the approvals of
the following:
(a) the SC;
(b) the shareholders of UCI;
(c) the Lenders;
(d) the High Court (as UCI has been granted a Restraining
Order);
(e) the Foreign Investment Committee, if necessary; and
(f) any other relevant authorities and/or parties, if
necessary.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the existing Directors and/or substantial shareholders
of UCI and persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.
DIRECTORS' OPINION
After due consideration of all aspects of the Proposed Disposal,
the directors of UCI are of the opinion that the Proposed
Disposal is in the best interest of the stakeholders of the
Company.
APPLICATION TO THE SC
The application to the SC for the Proposed Disposal will be made
within a timeframe that is considered appropriate by the
directors of UCI, at their sole discretion.
DOCUMENTS FOR INSPECTION
The Agreement and valuation report are available for inspection
at the registered office of UCI at 20th Floor, East Wing, Plaza
Permata, Jalan Kampar, Off Jalan Tun Razak, 50400 Kuala Lumpur
during normal business hours from Monday to Friday (except for
public holidays) for a period of fourteen (14) days from the
date of this announcement.
WING TIEK: Court Grants Separate Scheme Creditors' Meeting
----------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad wishes to
announce that the High Court has on 30 April 2003 granted an
order for the following:
(i) WTHB, WTSP, WTMI, WTDIP, WBH and VS to each convene a
separate meeting of their respective Scheme Creditors pursuant
to Section 176 of the Companies Act, 1965 (Act) for the purpose
of approving the respective Proposed Debt Restructuring Scheme;
and
(ii) WTHB to convene a separate meeting of its members
pursuant to Section 176 of the Act for the purpose of approving
the Proposed Share Exchange.
For consistency, the abbreviations used throughout this
announcement shall have the same meaning as previously defined
in the Company's announcement dated 30 August 2002.
Refer to the Troubled Company Reporter - Asia Pacific Tuesday,
September 03, 2002, Vol. 5, No. 174 issue, for more information
on the Proposed Corporate and Debt Restructuring Scheme.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Complies With Supreme Court Refund Order
---------------------------------------------------------
Manila Electric Co. (Meralco) will comply with the Philippine
Supreme Court order to refund its customers 29 billion pesos,
but warned it could affect its cash flow and operational
viability, ABS-CBN News said on Thursday, citing Meralco
President Jesus Francisco. The high court on Wednesday threw out
an appeal by Meralco to reconsider an earlier ruling that it
repays customers overcharges for four years from 1994.
"Our commitment to the Energy Regulatory Commission is within a
week from our receipt of the order, we will be submitting to
them the various options that can follow for the purpose of
implementing the refund," Francisco added. Meralco officials are
set to meet with creditors and shareholders to come up with a
"financial plan that will allow us to proceed with the refund
and yet remain operationally viable," he said.
MANILA ELECTRIC: Expects Php3B Loss in 2003
-------------------------------------------
Manila Electric Co. (Meralco) expects losses of as much as 3
billion pesos in 2003 from last year's 2.01 billion pesos loss
after the Supreme Court decided it will no longer entertain
pleas to review its decision asking Meralco to refund customers
28 billion pesos worth of overcharges, reports the Malaya
Newspaper.
Meralco has said it does not have the resources to make a refund
of that magnitude and has warned it risks defaulting on around
10 billion pesos worth of debt due this year if it is forced to
pay. It has long- and short-term debt of about 38 billion pesos.
The Philippine government, which has a 25 percent stake in
Meralco and guarantees about a third of its long-term debt, is
looking at several repayment options to soften the impact of the
refund on the utility. Meralco is a 60:40 joint venture of First
Philippine Holdings and Spanish power firm Union Fenosa SA holds
the second-largest stake at 22.86 percent.
MANILA ELECTRIC: DOF Okays CLMP Plan
------------------------------------
The Department of Finance (DOF) was initially satisfied with the
comprehensive liability management plan (CLMP) presented by
Manila Electric Co. (Meralco), saying that government need not
intervene in its rehabilitation, reports the Philippine Star.
Under the plan, Meralco needed to raise money in order to secure
its unsecured creditors over assets covered by mortgage trust
indenture. The Company also needed new financing to address
funding needs for working capital, capital expenditures, debt
financing and other requirements. Meralco has been unable to
obtain loans because of its difficulty in convincing creditors
that it was a good investment despite its inability to convince
government about a badly needed rate hike.
Meralco was also considering the possibility of declaring a
suspension on the payment of its debt, which would pave the way
for the implementation of a rehabilitation plan approved and
accepted by its creditors.
MANILA ELECTRIC: Systems Losses Up 10.85% in 2002
-------------------------------------------------
Manila Electric Co. (Meralco) Chief Finance Officer Daniel
Tagaza said the Company's higher systems losses, provisions for
probable losses, weak sales and the absence of a tariff increase
were behind its 2 billion pesos net loss last year, AFX Asia
said on Wednesday. Systems losses in 2002 increased 10.85
percent compared with a 10.39 percent rise in 2001, resulting in
total non-recoverable purchased power costs of 1.35 billion
pesos.
MANILA MIDTOWN: Closing Down by End of May
------------------------------------------
In a disclosure to the Philippine Stock Exchange, Robinsons Land
Corporation, (RLC) assistant corporate secretary Rosalinda
Rivera said the Company's board has "authorized the cessation of
hotel operations of Manila Midtown Hotel effective May 31,
2003." The 581-room Manila Midtown Hotel, a landmark in the
Ermita tourist area, will permanently close down by the end of
this month due to its continued poor business performance.
Manila Midtown, which opened in 1976, is one of the hotel units
of the Gokongwei-owned RLC. The hotels division contributes
about 22 percent to RLC's total revenues, which remains anchored
on the commercial centers and high-rise office/condominium
buildings. In the fiscal year ending September 2001, RLC hotels
brought in P752 million in revenues, a slight improvement from
P746 million the previous year but much lower than the P805
million and P894 million revenues in 2000 and 1999,
respectively.
=================
S I N G A P O R E
=================
ASIA PULP: Debt Deal Will Take More Time, Says IBRA
---------------------------------------------------
Reaching a multi-billion dollar debt deal involving Asia Pulp &
Paper (APP) will take more time, according to Reuters, citing
the Indonesia Bank Restructuring Agency (IBRA). "We have not
reached an agreement but each has submitted a new proposal. It
is very close," IBRA deputy Chairman Mohammad Syahrial told
reporters.
APP, one of Asia's largest corporate debtors, is in the middle
of complex debt restructuring talks with banks, fund managers,
export credit agencies, trading houses and IBRA. It has a total
debt of $13.9 billion. APP is headquartered in Singapore and has
some operations in China but the bulk of its cash comes from its
four Indonesian units PT Indah Kiat Pulp & Paper, PT Tjiwi
Kimia, PT Lontar Papyrus Pulp & Paper and PT Pindo Deli Pulp &
Paper Mills.
CHARTERED SEMICON: Implements Adexa's Plant Planning Solution
-------------------------------------------------------------
Adexa, Inc., a leading provider of supply chain and enterprise
business planning solutions, announced that Chartered
Semiconductor Manufacturing, one of the world's top three
silicon foundries, has implemented Adexa's plant planning
solution at four of its wafer fabrication facilities.
The Adexa solution is now in use at Chartered's minority-owned
joint venture Fab, Silicon Manufacturing Partners (SMP or Fab
5), and two of its wholly owned facilities -- Fab 2, Fab 3 and
Chartered's joint venture Fab, Chartered Silicon Partners (CSP
or Fab 6).
Chartered and Adexa collaborated on the initial stages of
implementation, during which Adexa imparted product knowledge
and implementation experiences. This enabled Chartered to
implement the remaining rollout across Chartered facilities with
minimal external consulting support.
The deployment of Adexa's plant planning solution enables
improved communication internally, as well as with external
parties, resulting in faster customer response time and better
overall customer service.
About Adexa
Founded in 1994, Adexa delivers solutions that synchronize
corporate planning with operations planning and execution, to
ensure assets are utilized to achieve strategic objectives.
Adexa helps companies reduce the cost of goods sold, shorten
lead-times for orders, and reduce inventory costs through
improved supply chain collaboration and management.
Adexa's global customer base includes AMD, Firmenich, General
Motors, Mannington Mills, Maytag, Philips, Pulse, Samsung,
Siemens, TSMC, and Unilever. For more information, visit
www.adexa.com.
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
CONTACT INFORMATION : Adexa, Inc.
Randy Burgess, 613/825-9944
rburgess@adexa.com
EXCEL MACHINE: Requests Trading Suspension
------------------------------------------
The Board of Directors of Excel Machine Tools Ltd. requested for
the suspension of the trading of the Company's shares on The
Singapore Exchange Securities Trading Limited with effect from
9.00 am on 2 May 2003 pending the outcome of the hearing of the
adjourned Joint Petition for judicial management order.
FLEXTECH HOLDINGS: Appoints Chow Kek Tong as New CFO
----------------------------------------------------
The Board of Directors of Flextech Holdings Limited (FHL)
announced that Mr. Kok Tat Onn would be stepping down as Chief
Financial Officer, Executive Director and Company Secretary of
the Company with effect from 1 May 2003. With his resignation as
director, Mr. Kok will also cease to be a member of the Audit
Committee and the Investment Committee.
The Board takes this opportunity to thank Mr. Kok for his
service and contributions to FHL and the group and wishes him
the best in his future endeavors.
At the same time, the Company is pleased to announce that Mr.
Chow Kek Tong will assume the position as Chief Financial
Officer of FHL and the group with effect from 1 May 2003. Mr.
Chow Kek Tong is currently the Chief Financial Officer of FE
Global Electronics Pte Ltd, which is the main operating
subsidiary of the FHL group of companies.
The details of Mr. Chow Kek Tong will be released via MASNET in
a separate announcement.
NEPTUNE ORIENT: Clarifies Sale Report
-------------------------------------
Clarifications on the articles relating to Neptune Orient Line
(NOL)'s sale (the Sale) of American Eagle Tankers Inc. Limited
(AET) as reported in the Business Times (BT Article), Straits
Times (ST Article) and Lian He Zao Bao (the Chinese Article) on
April 30, 2003.
In response to two points of clarification sought by the
Exchange, the Company confirms and/or clarifies as follows:
(i) That the amount of about US$1 billion mentioned in the BT
Article and ST Article included assumption by Malaysia
International Shipping Corporation Berhad (the Purchaser) of all
indebtedness owed by AET to (i) to the Company (and its
affiliates), (ii) guaranteed by the Company (and its affiliates)
and (iii) debts that would be triggered by a change in ownership
of AET. The Purchaser's obligation on (i) and (ii) are condition
precedents to the closing of the transaction pursuant to the
conditional Stock Purchase Agreement signed between the
Purchaser and Seller on 29 April 2003 as set out in the MASNET
announcement made by the Company on 29 April 2003 in relation to
the Sale, at paragraph (vii), under the section entitled
"Conditions Precedent".
(ii) The Chinese Article has not quoted Mr Cheng Wai Keung in
full. Mr Cheng Wai Keung stated, and the Company's position is,
that barring unforeseen circumstances and premised on the
proceeds from the Sale, improved container freight rates and
cost cutting measures, the NOL Group is expected to return to
profitability for the financial year ending 31 December 2003.
THAKRAL CORP.: Enforces Put Option Obligations
----------------------------------------------
The Directors of Thakral Corporation Ltd. announced that the
Company, the Put Option Companies, the Put Option Guarantors,
the Share Escrow Agent and the Participating Creditors have
entered into a standstill agreement on 30 April 2003 under which
the Participating Creditors have agreed, subject to the terms
and conditions therein, not to enforce the Put Option
obligations of the Put Option Companies.
The relevant Participating Creditors have also granted a limited
waiver of the event of default under the Terms and Conditions of
Sustainable Long-Term Debt in relation to the Put Option, in
favor of the Company, pending discussions to restructure the
Scheme.
===============
T H A I L A N D
===============
ABICO HOLDINGS: Reports 2003 Shareholders' Meetings Resolutions
---------------------------------------------------------------
Abico Holding Public Company Limited, in reference to the 2003
Annual General Meeting of Shareholders held on April 29, 2003 at
Abico Bldg., 6th Floor, 401/1 Moo 8 Phaholyothin Road.,
Lumlookka, Pathumthani, has resolved the following:
1. The Minutes of the 2002 Annual General Meeting of
Shareholders, held on April 30, 2002, be certified.
2. That the operating results of the Company in respect of the
year of 2002, be acknowledged and the Directors Annual Report,
the balance sheet and the profit and loss statement for the year
ended 31 December 2002, be approved.
3. That the non-distribution of dividend in respect of the year
2002, be approved.
4. That the appointment of the directors who retire by rotation
were Ms. Sutthinee Supachit, Ms. Kanda Ngancharoen and Mrs. Yupa
Visetpanich and the remuneration for the board of directors of
not more than Bt1,280,000 be approved.
5. That the appointment Ms. Susan Eiamvanicha, Certified Public
Accountant No.4306 of Accountants and Management Consultants
Co., Ltd. as the Company auditor for the year 2003 accounting
period and the remuneration Bt400,000, be approved.
6. That the loan to the subsidiaries and affiliated companies
and guarantee to the subsidiaries and affiliated companies in
the year of 2002, be certified.
7. That the loan to the subsidiaries and affiliated companies
not more than million Bt100 and guarantee to the subsidiaries
companies not more than Bt200 million the year of 2003, be
approved.
ASIA HOTEL: 2002 Dividend From Operational Results Omitted
----------------------------------------------------------
Asia Hotel Public Company Limited reported on the resolutions
made at the shareholders' ordinary meeting no. 41 held on 29
April 2003 from 3:15pm to 3:45p.m. The details of the
resolutions are as follows:
1. Certify the minutes made at the AGM no. 40 on 25 April
2002.
2. Approve the directors' annual report for the year 2002.
3. Approve the Financial Statements for the year ended 31
December 2002 and the auditor's report of the Company and
its subsidiaries.
4. 4.1) Not to appropriate funds for 2002 legal reserves.
4.2) Omit the annual dividend from 2002 operational
results.
5. Re-appoint the directors whose tenure have ended as
follows:
1. Major General Serm Ruhsakul
2. Mr. Sombut Pupipathirunkul
3. Mr. Dhani Jaroenchaiyapongs
4. Mrs. Suvimol Techaruvichit
The members of the new board of directors are:
Name Position
1. Mr. Kumpol Techaruvichit Chairman and Managing
Director
2. Mr. Amorn Techaruvichit Deputy Managing Director
3. Mr. Surapol Techaruvichit Assistant Managing
Director
4. Mr. Surapong Techaruvichit Assistant Managing
Director
5. Mrs. Suvimol Techaruvichit Director
6. Mr. Piyawudh Senapoopitaksa Director (Independent
Director) & Audit
Committee Member
7. Mr. Sombut Pupipathirunkul Director (Independent
Director) & Audit
Committee Member
8. Mr. Suwat Dusitrojanawongse Director & Audit
Committee Member
9. Major General Serm Ruhsakul Director (Independent
Director) & Audit
Committee Chairman
10. Mr. Dhani Jaroenchaiyapongs Director & Audit
Committee Member
11. Mr. Sutipong Ittipong Director
12. Mrs. Pornpun Tanariyakul Director
6. Approve directors' remuneration fees as follows:
6.1) 2003 meeting remuneration shall be given to each
Director at the rate of Bt2,500 except to the
Chairman and to the Vice Chairman at the rate of
Bt5,000 andBt3,750, respectively.
6.2) Directors' bonus shall be Bt400,000 for the year
2002.
7. Appoint the following person as the auditor for fiscal
period 2003 Mr. Suwanee Kittipanya-ngam (CPA # 2899) of
Bunchikij Co., Ltd. Or Mrs.Yongyoo Krasaesindhuwanond (CPA
# 2517) of Bunchikij Co., Ltd., and fix 2003 auditing fee
budget Bt643,000 which is the same rate as the preceding
year.
JUTHA MARTIME: Shareholders OK Financial Restructuring
------------------------------------------------------
Jutha Maritime Public Company Limited has held an Ordinary
Shareholders' Meeting #28 on 29th April 2003 at Mano Tower, 6th
floor, 153 Soi 39, Sukhumvit Road, Klongton Nua, Wattana,
Bangkok and the following resolutions have been unanimously
passed:
1. To certify the minutes of an ordinary shareholders'
meeting #27 held on 26th April 2002.
2. To acknowledge the operational result of the year ended
2002.
3. To approve the balance sheet and profit/loss account as of
1st January 2002 for period ended 31st December 2002.
4. To conclude that no profit allotment is paid.
5. To re-appoint following directors whose tenure has ended:
1. Mr. Sirichai Sakornratanakul
2. Mr. Adul Chandhanachulaka
3. Mr. Sarun Phenjati
The new 8 directors of the board are as follows:
1. Rear Admiral Chano Phenjati
2. Mr. Sukri Kaewcharoen
3. Mr. Sirichai Sakornratanakul
4. Mr. Mr. Adul Chandanachulaka
5. Mr. Maitri Horatanachai
6. Mr. Seranee Phenjati
7. Mr. Sarun Phenjati
8. Mr. Chanet Phenjati
Whereas two independent directors are:
1. Mr. Sukri Kaewcharoen
2. Mr. Maitri Horatanachai
6. To appoint the following persons as auditors for a period
of 1st January 2003 to 31st December 2003 and to approve
remuneration for both test and audit at a total sum of
Bt540,000 for the period:
Name CPA No Auditing Firm
Mr. Pradit Rodloytuk 218 AST Master Co Ltd
Mr. Wichai Chaaturanond 1431 AST Master Co Ltd
7. To approve restructuring of the company's financial
structure by issuing 38,000,000 new shares at the par
value of Bt10 per share as debt repayment to Mrs.
Pariyanat Phenjati (Yung) in the amount of 95,000,000
shares at the price of Bt2.50 per share in order to
convert the debts to equity.
8. To approve increase of the company's registered capital
from Bt480,000,00 to Bt860,000,000 by issuing of
38,000,000 new common shares at par Bt10 each and
approve amendment in the company's Memorandum of
Association clause 4 to comply with the increase of the
registered capital
9. To approve allotment of 38,000,000 new common shares to
Mrs Pariyanat Phenjati (Yung) at the price of Bt2.50 each
to convert debts to equity, to approve the exemption of
making tender offer of all the company's securities and to
approve the connected transactions.
PICNIC GAS: Appoints E&Y as New Auditor
---------------------------------------
The Board of Directors of Ultimate Key Company Limited, as the
Plan Administrator of Picnic Gas and Chemicals Public Company
Limited, at a meeting No.10/2546 (2003) had appointed Ernst &
Young Office Limited as a new auditor of Picnic Gas and
Chemicals Public Company Limited.
TCJ ASIA: Directors Step Down From Posts
----------------------------------------
TCJ Asia Public Company Limited informed that the following
Directors had resigned from the company since 28 April 2003
onwards:
1. Mr. Pakorn Thavisin Chairman
2. Mr. Prida Kalavantavanich Independent Director and
Audit Committee Member
3. Mrs. Nuanchan Boonpoijanasoontorn Independent Director and
Audit Committee Chairman
Early this week, the Troubled Company Reporter - Asia Pacific
posted the Company's Rehabilitation schedule, as follows:
Item Date Management Procedure
1 24 Mar 03 Bankruptcy Court has given the order for a
Business Rehabilitation and appointed
"Ms. Srivilai Chatjuthamard" to be the
Planner.
2 21 Apr 03 At the Creditor's Meeting, the Legal
Advisor and the Financial Advisor has been
appointed to help the Creditors in
inspecting the application for repayment
debt as well as the Plan.
3 24 Apr 03 The Official Receiver will publish the
order for a Business Rehabilitation and
appoint the Planner in the Newspaper.
4 08 May 03 The Official Receiver will announce the
order for a Business Rehabilitation
and appoint the Planner in the
Government Gazette.
5 20 May 03 The Creditors will conclude the Plan given
by the Planner.
6 08 Jun 03 Due date for the creditors to submit the
Application for repayment debt.
7 22 Jun 03 Due date for any objections against the
Application for repayment debt.
8 Jul- 06 Aug 03 Join the meeting and consider the Plan
which was agreed from both the
Planner and the Creditors before
sending to the Official Receiver.
9 08 Aug 03 The Planner will send the Plan to the
Official Receiver to arrange the
Creditors' meeting for voting rights.
THAI CANE: Accumulated Loss Causes Dividend Payment Suspension
--------------------------------------------------------------
Thai Cane Paper Public Company Limited reported the resolutions
of the Annual General Meeting of Shareholders for the year 2003
held on April 29, 2003, as follows:
1. Unanimously resolved to certify the minutes of Extraordinary
General Meeting of Shareholders No. 3/2002 held on November 15,
2002;
2. Unanimously resolved to certify the report on the Company's
operating results for the year 2002;
3. Unanimously resolved to approve the Balance Sheet, Profit and
Loss Statement of the Company, and report of the independent
auditor for the fiscal year ending December 31, 2002.
4. Unanimously resolved to approve the suspension of dividend
payment for the year 2002 as the Company retained the
accumulated loss;
5. Unanimously resolved to approve the re-appointment of three
directors retired by rotation and the appointment of a new
director as the replacement to a retired director, as follows:
5.1 Miss Shawn Soderberg
5.2 Mr. Kent M. Blumberg
5.3 Mr. Sobhon Dhammapalo
5.4 Mr. Somboon Chuchawal as the replacement to
Mr. Chavalit Uttasart
6. Unanimously resolved to approve the payment of meeting
allowance remuneration to the directors as follows:
- Remuneration to the Board of Directors amounting to
Bt90,000 per year;
- Meeting allowance for the Chairman of the Board amounting
to Bt30,000 and for the director amounting to Bt15,000 for
each meeting.
- Except the directors who are the members of the Audit
Committee will receive remuneration amounting to Bt180,000
per year;
- Meeting allowance for the Chairman of the Audit Committee
amounting to Bt45,000 and for the Audit Committee member
amounting to Bt30,000 for each meeting;
Nevertheless, directors who are in the position of an
administrative of the Company shall receive neither remuneration
nor meeting
7. Unanimously resolved to approve the appointment of Mr. Sopon
Permsiriwonlop, Auditor License No. 3182 or Miss Wissuda
Jariyathanakorn, Auditor License No. 3853 or Miss Sumalee
Reewarabandith, Auditor License No. 3970 of [Ernst & Young] as
the Company's auditor for fiscal year 2003.
Remuneration for the audit and review of the financial statement
of the Company shall be Bt1,000,000 per year.
8. Unanimously resolved to approve the appointment of Mr. Kan
Trakullhoon as the replacement director to Mr. Pichit
Suntornwarangkana and Mr. Vinij Ongnegnun as the new directors
of the Company.
Last month, the Troubled Company Reporter - Asia Pacific
reported that the Board of Director's Meeting No. 4/2546
resolved to approve the Company entering into a Master
Restructuring Agreement with the Company's creditors. The major
term of which is that the Company would use the proceeds derived
from the sale of new shares to Siam Pulp and Paper Public
Company Limited to repay debts owed to its unsecured creditors
and, if there remains proceeds available, to its secured
creditors.
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
----- ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 1.25 - 2.25 +0.25
Asia Pulp & Paper 11.75% due 2005 33.0 - 36.0 0.0
APP China 14.0% due 2010 32.5 - 34.5 0.0
Asia Global Crossing 13.375% due 2006 12.5 - 14.5 0.0
Bayan Telecom 13.5% due 2006 16.0 - 21.0 +1.0
Daya Guna Sumudera 10.0% due 2007 1.5 - 4.5 0.0
Hyundai Semiconductor 8.625% due 2007 71.0 - 73.0 0.0
Indah Kiat 11.875% due 2002 32.0 - 34.0 +2.0
Indah Kiat 10.0% due 2007 30.0 - 32.0 +1.0
Paiton Energy 9.34% due 2014 85.0 - 87.0 +1.0
Tjiwi Kimia 10.0% due 2004 26.5 - 28.5 +1.5
Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***