/raid1/www/Hosts/bankrupt/TCRAP_Public/030606.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, June 6 2003, Vol. 6, No. 111
Headlines
A U S T R A L I A
AMP SHOPPING: Panel Publishes Reasons for Declining Orders
AUSTAR UNITED: Takeovers Panel Publishes Grounds for Rejection
AUSTRALIAN MAGNESIUM: Leighton Responds to Media Article
AUSTRALIAN MAGNESIUM: Requests Suspension from Quotation
MIM HOLDINGS: Won't Bid if Scheme is Rejected, Xstrata Says
MIM HOLDINGS: Seeking Trading Halt Today
NEWMONT YANDAL: Selectively Defaults on Hedge Contracts
POWERTEL LIMITED: Proposes Capital Raising
VOICENET (AUST): Changes Name to "Aft Corporation Ltd"
VOICENET (AUST): Mr Dalco Replaces Mr Palmer as Director
C H I N A & H O N G K O N G
EVERGREEN ENGINEERING: Petition to Wind Up Set for July
GOLDEN LABEL: Winding Up Hearing Scheduled on June 11
L&M QUALITY: Winding Up Petition Pending
SMARTCON TECHNOLOGIES: Winding Up Sought by Mak Hang
PCCW LIMITED: Requests Trading Suspension
WORLD CLASS: Hearing of Winding Up Petition Set
I N D O N E S I A
KOPITIME DOT: JSX to Abandon Shares by July 7
TEXMACO GROUP: IBRA Prepares Asset Settlement Options
J A P A N
HOKKAIDO INTERNATIONAL: Posts First Profit in Seven Years
ISUZU MOTORS: May U.S. Vehicle Sales Off 43.1%
KOYO SANGYO: Steel Manufacturer Enters Bankruptcy
RESONA HOLDINGS: Auditors to Appear in Japan Parliament
RESONA HOLDINGS: Government Buys 5.6B Common Shares
RESONA HOLDINGS: Takenaka Denies FSA Meddling in Audit
TOMEN CORP.: US Unit Seeks FDA Clearance For Glycemic Monitor
K O R E A
SK GLOBAL: Government Staying Out of SK Issue
SK GLOBAL: Sovereign Challenges SK Rescue Plan
* FTC Investigates Six Large Business Groups
M A L A Y S I A
AKTIF LIFESTYLE: Still Obtaining Approvals From White Knight
ARUS MURNI: KLSE Lifts Securities Trading Suspension
ASSOCIATED KAOLIN: MITI's Proposed Revisions Approval Pending
BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
CHASE PERDANA: Posts Defaulted Credit Facilities Update
EMICO HOLDINGS: SC Extends Proposals Implementation Until Dec 24
GEAHIN ENGINEERING: Replies KLSE's Financial Results Query
GENERAL LUMBER: Court Convened Meeting Set on June 23
HAP SENG: Voluntarily Liquidates Denmark Unit
HIAP AIK: KLSE Grants Three-Month Scheme Extension
MBF CAPITAL: AGM to be Held on June 26
MBF HOLDINGS: Unit Proposing Revised Scheme of Arrangement
NAUTICALINK BERHAD: Appeals KLSE's De-listing Decision
PROMET BERHAD: Submits Proposed Restructuring Scheme to SC
SCK GROUP: In Final Negotiation Stage With Lenders
TIMBERMASTER INDUSTRIES: June 27 AGM Scheduled
TECHNO ASIA: Proposed PMMSB Asset Disposal Completed
TRANS CAPITAL: Scheme Sanction Hearing Set on Monday
UCP RESOURCES: Provides Default in Payment Status Update
WOO HING: Explains Audited, Unaudited F/S Variance
P H I L I P P I N E S
MANILA ELECTRIC: Furnishes PSE a Copy of ERC Orders
NATIONAL BANK: BSP Asks to Sign Target MOU
NATIONAL POWER: Study Reveals Inadequate Power Provisions
NATIONAL POWER: Postpones US$250M Bond Issue to July
PHILIPPINE LONG: Cuts Debt by US50M in First Quarter
REYNOLDS PHILIPPINES: Convinces Creditors to Accept Revamp Deal
S I N G A P O R E
BLU INC.: Dissolves Dormant UK Unit
L & M GROUP: Posts Notice of Shareholder's Interest
THAKRAL CORPORATION: Responds to Trading Query
WEE P0H: Issues Recapitalization Plan Update
T H A I L A N D
BANGKOK RUBBER: Releases Shares Offering Results
EMC PUBLIC: SET Suspends Securities Trading
MILLENNIUM STEEL: Announces Preferred Shares Conversion Exercise
SINO-THAI RESOURCES: Listed Securities Granted
THAI PETROCHEMICAL: Creditor Committee Supports TAL Appointment
THAI WIRE: Rehabilitation Plan Hearing Set on June 23
THAI WIRE: SET Clarifies Securities Trading Schedule
TUNTEX (THAILAND): Will Not Need to Amend Financial Statements
* DebtTraders Real-Time Bond Pricing
- - - - - - - -
=================
A U S T R A L I A
=================
AMP SHOPPING: Panel Publishes Reasons for Declining Orders
----------------------------------------------------------
The Takeovers Panel advises that the AMP Centro 02 Review Panel
has published its reasons for declining to vary the orders made
by the AMP Centro 01 Panel in relation to the affairs of the AMP
Shopping Centre Trust (ART). The Panel published its decision on
26 May 2003.
On 13 May 2003, the AMP Centro 01 Panel made a declaration of
unacceptable circumstances in relation to the affairs of ART.
The AMP Centro 02 Panel has declined to vary the AMP Centro 01
Panel order (A1 Order) that AMP Life Limited (AMP Life), and
other Co-Owners in shopping centers with ART, not exercise
certain aspects of Pre-Emptive Rights which (if they exist)
would allow ART's interests to be bought out of five major
Shopping Centres solely because AMP Henderson Global Investors
Ltd (AMPH) is removed as Responsible Entity of ART following a
successful takeover bid for ART (Change of Responsible Entity).
CPT Manager Limited (as responsible entity for Centro Property
Trust) (Centro) announced a takeover bid for ART on 18 March
2003.
The AMP Centro 01 Panel found that the possible effect of the
Pre-Emptive Rights had not been adequately disclosed to the
unitholders of ART or the market, and that the unitholders had
not consented to the Pre-Emptive Rights, especially given that
they would effectively deter any takeover bid for ART by any
person who wasn't acceptable to the AMP group. AMP Life did not
seek review of that part of the AMP Centro 01 Panel's decision,
only the order it made.
AMP Centro 02 Review Panel Decision
AMP Life's review application centered on whether the AMP Centro
01 Panel lacked the power to make the A1 Order if it interfered
with a third party's property rights, and whether the A1 Order
unfairly prejudiced AMP Life and the other Co-Owners.
AMP Life failed to establish those arguments.
The Panel does not consider that the AMP Centro 01 Panel made
any error in determining that the A1 Order would not unfairly
prejudice any person given:
a) any activation of the Pre-Emptive Rights on a Change of
Responsible Entity which related to the effect of a successful
takeover and change of the management of ART would be a windfall
benefit to the Co-Owners, to the detriment of ART unitholders.
That benefit :
i) appears not to have been known of, or intended by, the
Co-Owners in 1997 (although AMP Life, for the Co-
Owners, asserts that it knew and intended that a change
of trustee would activate the Pre-Emptive Rights under
the prescribed interests regime);
ii) does not appear to be a benefit that the Co-Owners and
the ART unitholders bargained for in 1997;
iii) appears to have been an unintended side effect of the
MIA; and
iv) was not clearly disclosed to, or consented to by, the
ART unitholders.
To deprive the Co-Owners of this windfall and return it to the
ART unitholders would not be unfair;
b) the degree of knowledge of AMP Life concerning the
underlying arrangements and its participation in:
i) the initial prospectus for ART in 1997. The AMP Centro
01 Panel found, and this Panel agrees, that for the
purposes of the Panel considering these proceedings,
the Prospectus did not adequately disclose the effect
of a change of trustee on the Pre-Emptive Rights. In
saying this, the Panel considers that the ART 1997
prospectus was, effectively, the float by AMP Life of a
portion of its shopping center assets. On that basis,
the Panel does not believe that AMP Life, or
alternatively its investment manager (AMPH), was not in
a position to have significant influence on the content
of the 1997 prospectus;
ii) the entry into the Deeds of Confirmation of the Co-
Owners Agreements in 1999 (which should have given AMP
Life cause to consider how transition to the MIA might
have affected the operation of the Co-Owners Agreements
and whether disclosure to, or consent by, ART
unitholders by AMPH was then needed if AMP Life was
going to rely on the changed operation of the Co-Owners
Agreements in the future); and
iii) the absence of subsequent disclosure or consent for the
change in the operation of the Pre-Emptive Rights
resulting from the introduction of the MIA regime
(despite the various points in time which the AMP
Centro 01 Panel considered as being potential prompts
for AMP Life or AMPH to consider disclosure to ART
unitholders of the changed operation).
c) AMP Life had the opportunity to disclose, or to cause ART
to disclose, or to take action to protect the Pre-Emptive
Rights, which would have been sensible and prudent behavior, if
AMP Life had seriously considered the Pre-Emptive Rights were
worth the amount of prejudice it is now alleging losing them
would cause. AMP Life's lack of doing this suggests strongly
that it was not aware of the potential for the Pre-Emptive
Rights to be activated, or did not consider that the Pre-Emptive
Rights would be activated, in the event of a Change of
Responsible Entity, or did not value such benefits enough to
seek to protect them; and
d) the fact that revoking the A1 Order would cause the
prejudice to fall on the unitholders in ART who have not
contributed to it, rather than AMP Life which either contributed
to it, or in circumstances where it ought to have been aware of
all relevant facts, it failed to take any steps to prevent the
prejudice to ART unitholders.
In making the statements it has above, the Panel does not imply
that AMP Life (not being a disclosing entity) had any statutory
obligation under the continuous disclosure provisions of the
Act, or the ASX Listing Rules, in relation to the ART
unitholders. However, if AMP Life wishes to rely on, and
exploit, the Pre-Emptive Rights in the way they operate under
the MIA regime, the Panel considers that AMP Life had the
opportunity to ensure that adequate disclosure was made, well
before now, of the way it now contends that they operate,
whether by persuading AMPH to do so as Responsible Entity for
ART, or by doing so itself. Similarly, if AMP Life now wants to
rely on or exploit the Pre-Emptive Rights as it contends they
operate under the MIA regime, it would have been prudent to have
persuaded ART to seek the approval of ART unitholders at the
time of the transition from the MIA regime.
The Panel notes that its legislation expressly requires it to
consider whether its orders would unfairly prejudice a person.
Mere prejudice is not something, which would stop the Panel
making orders to protect the interests of ART unitholders. For
the reasons outlined above the Panel was not satisfied that the
A1 Order would be unfairly prejudicial to AMP Life.
The President of the Panel appointed Michael Tilley, Karen Wood
and Denis Byrne to constitute the Panel for the AMP Centro 02
Review application.
The Panel's reasons for its decision are available at
http://www.takeovers.gov.au/Content/Decisions/2003/amp_030603.as
p.
CONTACT INFORMATION: Nigel Morris
Director
Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
AUSTAR UNITED: Takeovers Panel Publishes Grounds for Rejection
--------------------------------------------------------------
The Takeovers Panel on Wednesday published its reasons it
declined to make a declaration of unacceptable circumstances in
relation to an application by Pondale Properties Pty Limited on
28 February 2003. The Panel announced its decision on 18 March
2003.
The application was in connection with the acquisition by CHAMP
SPV Pty Limited and its related entities (CHAMP Group) of a
relevant interest of approximately 81% in Austar United
Communications Limited. The CHAMP Group acquired the relevant
interest in Austar through funding a US Chapter 11 debt
restructure of a subsidiary of United Asia/Pacific
Communications, Inc.
Pondale alleged that unacceptable circumstances existed because
the market was not adequately informed about the ultimate
ownership and control of the CHAMP Group. It alleged that the
acquisition by the CHAMP Group of a controlling interest in
Austar would not take place in an efficient, competitive and
informed market.
The Panel declined the application although it considered that
the applicant had made out some of its concerns. The Panel
believed that those concerns were addressed by additional
detailed disclosures by the CHAMP Group during Panel
proceedings.
The application raised serious concerns about the issue of
applications being made to advance the interests of a person but
the identity of that person not being disclosed. Pondale had
been instructed to make the application on behalf of another
entity, Wattle Park Partners Pty Ltd. Wattle Park was acting on
a general retainer from Seven Network Limited. Seven was aware
of Pondale's application and its subsequent actions. However,
Pondale disclosed none of these details to the Panel at the time
the application was made, nor in any public disclosure.
The Panel may decline to commence proceedings in future
applications where the identity of the person on whose behalf
the application is made is not disclosed.
The Panel's reasons for its decision are available on its
website at:
http://www.takeovers.gov.au/Content/Decisions/2003/austar_040603
.asp
The sitting Panel comprised Nerolie Withnall (sitting
President), Alice McCleary and Michael Ashforth.
CONTACT INFORMATION: Nigel Morris
Director
Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
AUSTRALIAN MAGNESIUM: Leighton Responds to Media Article
--------------------------------------------------------
Leighton Holdings Limited writes in response to the article
appearing on page 1 of Wednesday's Australian Financial Review
entitled '$1.5bn Qld project collapses', which refers to
Australian Magnesium Corporation Limited's (AMC) Stanwell
Magnesium project.
Leighton advises that its wholly owned subsidiary Leighton
Contractors Pty Limited, under its EPC contract with AMC, has
been paid all monies due until the end of May.
AUSTRALIAN MAGNESIUM: Requests Suspension from Quotation
--------------------------------------------------------
The securities of Australian Magnesium Corporation Limited will
be suspended immediately, at the request of the Company, pending
receipt of an announcement by the Company with respect to the
status of its Stanwell Magnesium Project.
Below is the Company's request letter for suspension:
I refer to our telephone conversation and confirm that
Australian Magnesium Corporation Limited (ASX code ANM, ANMNA,
ANMO) requests the suspension of its securities pursuant to
Listing Rule 17.2.
The Company is reviewing the status of the Stanwell Magnesium
Project pending the outcome of ongoing discussions with its
major stakeholders, following the unsuccessful engagement of a
new corporate partner within the timeframe imposed by the
Company.
The Company expects to make an announcement with respect to the
status of the Stanwell Magnesium Project by Thursday, 12 June
2003.
Accordingly the Company expects that the ending of the
suspension would be dependent upon the successful outcome of
these discussions.
MIM HOLDINGS: Won't Bid if Scheme is Rejected, Xstrata Says
-----------------------------------------------------------
MIM Holdings Limited is aware of media reports in the past week
of statements by Xstrata representatives that if the Scheme of
Arrangement were rejected by MIM shareholders, Xstrata would
`walk away'.
MIM on Wednesday became aware of the existence of a document
prepared by Xstrata's advisers investigating possible means by
which Xstrata could launch an on market bid for MIM if the
proposed Scheme of Arrangement was rejected by MIM shareholders.
Xstrata has not proposed or indicated to MIM that it intends to
make such a bid if the Scheme fails. MIM has asked Xstrata for
an explanation in relation to the Xstrata adviser's document.
Xstrata has responded that the Xstrata Board and the Executive
Committee have neither discussed nor approved any option, which
may have been prepared by its advisers, relating to an on market
bid. Xstrata has confirmed that it has no present intention of
making such a bid if the Scheme is rejected.
CONTACT INFORMATION: Allan Ryan
PRINCIPAL ADVISER
Investor Relations
Bus: +61 (0)7 3833 8295
Mobile: +61 (0) 419 781 380
MIM HOLDINGS: Seeking Trading Halt Today
----------------------------------------
MIM Holdings Limited advises that it will seek a trading halt
from the ASX effective from commencement of trading on 6 June
2003 until announcement of the outcome of the vote of
shareholders to be held on 6 June 2003.
CONTACT INFORMATION: Collin Myers
GENERAL MANAGER CORPORATE AFFAIRS
Bus: +61 (0) 7 3833 8285
Mobile: +61 (0) 419 703 145
NEWMONT YANDAL: Selectively Defaults on Hedge Contracts
-------------------------------------------------------
Standard & Poor's Ratings Services said Thursday the acceptance
by six of the seven hedge counterparties to take U.S. 50 cents
on the dollar for Newmont Yandal Operations Ltd.'s (Yandal) gold
hedge book, for a total cash payment of US$77 million,
constitutes a selective default by the company, as the
obligations under the hedge contacts rank pari passu with the
outstanding bonds. The offer was made by Yandal's parent
company, Newmont Mining Corp. (Newmont, BBB/Stable/-).
Yandal's corporate credit rating is lowered to 'selective
default' (SD), from 'CC'. However, the issue rating on its
US$300 million senior notes, due April 2008, remains at 'CC'
until nonpayment of interest or acceptance by noteholders of a
previous offer by
Newmont to acquire all notes for consideration of U.S. 50 cent
on the dollar of the outstanding principal amount not held by
Newmont (US$237.2 million).
Standard & Poor's will continue to monitor the outcome of the
offer to noteholders. However, if the offer is accepted by
noteholders, then Yandal's corporate credit rating and issue
rating will be lowered to 'D'.
POWERTEL LIMITED: Proposes Capital Raising
------------------------------------------
PowerTel Limited recently announced to the Australian Stock
Exchange a proposal under which the Roslyndale Syndicate will
acquire a major shareholding in PowerTel from the current major
shareholder, WilTel Communications Pty Ltd (WilTel), and support
a new capital raising to revitalize PowerTel's business and
restructure its balance sheet.
The Roslyndale Syndicate is a syndicate of Australian private
investors comprising Roslyndale Pty Limited and the other
entities and persons set out in section 2.2 of the Explanatory
Statement. The Roslyndale Syndicate will be making its
investment through a special purpose company called Data
Investments Pty Limited.
Under the proposal:
* WilTel will convert all of its preference shares (including
its accrued but unpaid preference dividends) into ordinary
shares, and the Roslyndale Syndicate will then purchase all of
WilTel's PowerTel shares, giving it 520,117,263 shares
representing about 47.9% of PowerTel;
* The Roslyndale Syndicate will also purchase the
subordinated and inter-company debt, which PowerTel owes to
WilTel Communications LLC (formerly Williams Communications LLC)
and Williams International Services Company, having a total face
value of $21.3 million (excluding accrued interest). The accrued
interest on the debt will be written off. The debt will be made
convertible into 880,165,289 ordinary shares at 2.42 cents per
share, with conversion into ordinary shares on or before 31
March 2007;
* The Roslyndale Syndicate will nominate three new directors
replacing the WilTel appointed directors; and
* PowerTel will make a pro-rata renounceable rights issue of
new shares to all shareholders at 1 cent per share to raise
approximately $16.3 million. The Roslyndale Syndicate will
commit to take up its own 47.9% entitlement, and will underwrite
the balance at no cost to PowerTel. This offer will be made in a
separate prospectus, and shareholders do not need to take any
action at this stage.
The proposal involves restructuring PowerTel's secured loan
facility with its syndicate of senior bank lenders. Prior to the
General Meeting, the bank syndicate is expected to agree to
varying certain financial covenants and other terms of the loan
facility to PowerTel's benefit, as a result of the Roslyndale
Syndicate investment.
The enclosed documents include a Notice of General Meeting and
Explanatory Statement for the purpose of seeking shareholder
approval to the proposal. WilTel, the Roslyndale Syndicate and
their associates are not entitled to vote on the resolutions. If
shareholders cannot attend the meeting in person, please
complete the enclosed Proxy Form and return it to PowerTel.
PowerTel's independent director Mr Richard Griffin AM recommends
that shareholders vote in favor of the proposal.
PowerTel appointed PricewaterhouseCoopers Securities Ltd to
prepare an Independent Expert's Report on the proposal, which is
also included in this document. The independent expert concludes
that the proposal is both fair and reasonable to, and in the
best interests of, non associated shareholders in the absence of
a more attractive alternative offer capable of being accepted
and completed.
The directors are supportive of this proposal and the benefits
it will bring to PowerTel and all of its shareholders. The
Directors urge shareholders to consider the following material
carefully.
To see a copy of the Independent Experts Report re the
Roslyndale Syndicate, go to
http://bankrupt.com/misc/TCRAP_PWT0605.pdf.
VOICENET (AUST): Changes Name to "Aft Corporation Ltd"
------------------------------------------------------
Please be advised that shareholders of VOICENET (AUS.) LTD at
General Meeting on 30 May 2003 approved by a majority the change
of name of the Company to AFT CORPORATION LTD and the Australian
Securities & Investments Commission issued a Certificate of
Change of Name on the same day.
The Company is advised by the Australian Stock Exchange Ltd that
the new company name and market code AFT may not become
effective until later in the week commencing 2 June 2003.
VOICENET (AUST): Mr Dalco Replaces Mr Palmer as Director
--------------------------------------------------------
At the Annual General Meeting of Voicenet (Aust) Limited held on
30 May 2003 Mt J T Palmer informed the Board that for personal
reasons he wished to withdraw his nomination for re-election as
a Director of the Company, and accordingly the resolution was
withdrawn by the Chairman, Mr L C Sanford at the Meeting.
Mr Sanford expressed regret and wished Mr Palmer well for his
future.
The meeting was also advised that the Board intended to appoint
Mr J T Dalco, having consented, to the Board immediately after
the conclusion of the meeting, and this was done.
================================
C H I N A & H O N G K O N G
================================
EVERGREEN ENGINEERING: Petition to Wind Up Set for July
-------------------------------------------------------
The petition to wind up Evergreen Engineering Services Limited
is set for hearing before the High Court of Hong Kong on July
16, 2003 at 9:30 in the morning.
The petition was filed with the court on May 21, 2003 by Chan
Ning of Flat A2503, 25/F., Kwong Shung House, Kwong Fuk Estate,
Tai Po, New Territories, Hong Kong.
GOLDEN LABEL: Winding Up Hearing Scheduled on June 11
-----------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 9:30
in the morning the petition seeking the winding up of Golden
Label Development Limited.
Kwan Man Shing of Room 3, 4/F., 133 Electric Road, Hong Kong
filed the petition on April 11, 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.
L&M QUALITY: Winding Up Petition Pending
----------------------------------------
L&M Quality Coatings And Engineering Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong on June 11, 2003 at 9:30 in the morning.
The petition was filed on March 21, 2003 by Hip Shing Aluminum
Supplies Company operated by Hinsen Development Limited whose
registered office is situated at Ground Floor, 34 Gillies
Avenue, Hong Kong.
SMARTCON TECHNOLOGIES: Winding Up Sought by Mak Hang
----------------------------------------------------
Mak Hang Kei (Hong Kong) Construction Limited is seeking the
winding up of Smartcon Technologies Limited . The petition was
filed on May 2, 2003, and will be heard before the High Court of
Hong Kong on June 18, 2003.
Mak Hang is a company incorporated in Hong Kong.
PCCW LIMITED: Requests Trading Suspension
-----------------------------------------
At the request of PCCW Limited, trading in its shares has been
suspended with effect from 9:30 a.m. on Friday (05/06/2003)
pending an announcement in relation to Cable & Wireless Plc's
interest in the Company.
Accordingly, the following derivative warrants have also been
suspended:
Stock Code Stock Short Name
---------- ----------------
9421 CS-PCCWL@EP0306
9637 CS-PCCWL@EC0311
9641 SG-PCCWL@EC0307
9652 KC-PCCWL@EP0306
9662 MB-PCCWL@EC0309
9709 SG-PCCWL@EP0307
9762 KC-PCCWL@XC0410
9766 SG-PCCWL@EC0311
9791 CS-PCCWL@EC0403
WORLD CLASS: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up World Class Promotions (H.K.) Limited is
scheduled for hearing before the High Court of Hong Kong on July
9, 2003 at 10:00 in the morning.
The petition was filed with the court on May 15, 2003 by Citic
Ka Wah Bank Limited whose registered office is situated at No.
232 Des Voeux Road Central, Hong Kong.
=================
I N D O N E S I A
=================
KOPITIME DOT: JSX to Abandon Shares by July 7
---------------------------------------------
The Jakarta Stock Exchange (JSX) decided to abandon the shares
of PT Kopitime Dot Com Tbk by July 7 this year, Bisnis Indonesia
reports.
The bourse abandoned Kopitime as the company did not book any
income from July 2002 to September 2002. So far Kopitime did not
submit its 2002 audited financial report. The Company also had
closed its websites since June 2002.
On July 30 2002 Kopitime promised to audit its financial report
and revaluate the value of the website.
On the other hand Kopitime never met the projection written in
its prospectus.
The bourse had been suspending the shares of Kopitime before
abandoning the shares. The suspensions persisted until June 6.
Starting on June 9 the shares holders of Kopitime might sell
their shares in the negotiation market. The JSX open the
negotiation market until July 7 2003, but PT Kliring Penjaminan
Efek Indonesia (KPEI) would not support the transaction.
TEXMACO GROUP: IBRA Prepares Asset Settlement Options
-----------------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) is preparing
three options to settle Texmaco Group's problems in case
Marimutu Sinivasan is unable to meet his promise to inject US$25
million in working capital to Texmaco new company (newco) by the
end of June, Bisnis Indonesia reports, citing Raymond van
Beekum, IBRA's Communication Division Head.
Raymond revealed the following options:
* IBRA would take over the Texmaco Engineering PT Jaya
Perkasa Engineering and Texmaco Textile PT Bina Prima Perdana.
The IBRA controls 70% of PT Bina Prima's shares (textile newco),
while Marimutu Sinivasan owns 30%. And Texmaco Group controls
100% of Jaya Perkasa's shares (engineering newco).
* Sinivasan was asked to submit his assets to the IBRA.
* IBRA will conduct partial asset settlement on the good
Sinivasan's assets.
Specifically on the second option, Raymond said the IBRA would
appraise the assets of Sinivasan. "If the assets were not
adequate, Sinivasan would be asked to provide personal guarantee
to meet the remaining values. On the other hand, if the asset
values exceeded what was required, the margin would belong to
Sinivasan."
Raymond informed that at the meeting last Wednesday among Bank
Negara Indonesia (BNI), Texmaco, and the IBRA, Sinivasan
complained there was no bank willing to provide him with loans.
"The IBRA still gives a chance to Sinivasan to meet his
commitment as stated in the agreement dated April 14, 2003 among
the debtor, the IBRA and BNI. In the agreement, the former owner
of Texmaco promises to meet the working capital requirement of
Texmaco worth US$25 million by the end of June 2003."
The MoU stipulates that Sinivasan should meet the obligation
from his own pocket.
=========
J A P A N
=========
HOKKAIDO INTERNATIONAL: Posts First Profit in Seven Years
---------------------------------------------------------
Hokkaido International Airlines Co., widely known as Air Do,
posted a net profit of 1.25 billion yen in the year ending in
March 31, its first profit since its establishment in 1996,
Kyodo News said on Thursday. The struggling airline wiped out
cumulative losses by tapping all of its capital and obtaining a
3.7 billion yen debt waiver from its main creditors.
ISUZU MOTORS: May U.S. Vehicle Sales Off 43.1%
----------------------------------------------
Isuzu Motors Ltd.'s United States sales of cars and light trucks
in May 2003 versus the same year-earlier month and for the year
to date are as follows:
May 2003 May 2002 % Change
All Vehicles 2,844 4,811 -43.1%
Domestic Car 0 0 N.A.
Domestic Truck 2,657 3,485 -26.6%
Import Car 0 0 N.A.
Import Truck 187 1,326 -86.4%
Dom+Imp Cars 0 0 N.A.
Dom+Imp Trucks 2,844 4,811 -43.1%
Domestic Vehicles 2,657 3,485 -26.6%
Imported Vehicles 187 1,326 -86.4%
Yr-to-Date Prev Year % Change
All Vehicles 13,877 21,003 -34.4%
Domestic Car 0 0 N.A.
Domestic Truck 12,704 16,957 -25.7%
Import Car 0 0 N.A.
Import Truck 1,173 4,046 -71.2%
Dom+Imp Cars 0 0 N.A.
Dom+Imp Trucks 13,877 21,003 -34.4%
Domestic Vehicles 12,704 16,957 -25.7%
Imported Vehicles 1,173 4,046 -71.2%
Percent changes are based on the daily sales rate, and reflect
27 selling days this month vs. 26 in the month last year, and
128 this year to date versus 127 last year to date.
Isuzu Motors Ltd. posted a net loss of 144.30 billion yen for
2002 ending in March 31 due to sluggish sales and expenses
connected to the liquidation of some United States operations,
the Troubled Company Reporter-Asia Pacific reported. The
carmaker booked a net loss 42.99 billion yen the previous year.
The Company will continue to pay no dividend for the just-ended
fiscal year.
KOYO SANGYO: Steel Manufacturer Enters Bankruptcy
--------------------------------------------------
Koyo Sangyo Co., Ltd. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The steel firm manufacturer
located at Chuo-ku, Tokyo, Japan has 250 million yen in capital
against total liabilities of 15 billion yen.
COMPANY PROFILE:
Name: Koyo Sangyo Co., Ltd.
TEL: +81-865-65-1555
FAX: +81-865-65-1560
E-mail: info@koyosangyo.com
President: Takashi Kitayama
Established: 1955
Staff: 79
Annual sales: 1,500,000,000 yen
Products - Steel for general construction (JIS G 3101, SS400,
SS490)/flat steel (3 to 9 mm, thickness 16 to 65 mm), I shaped
steel (5-3-25 to 44), round steel (radius 8 to 12 mm) and sharp
steel.
Sales structure Pressing process - 60 percent
Heat process - 40 percent
RESONA HOLDINGS: Auditors to Appear in Japan Parliament
-------------------------------------------------------
Officials from Resona Holdings Inc.'s auditor Shin Nihon & Co.
and former auditor Asahi & Co. will appear before the Lower
House fiscal and financial committee next week, Reuters reports.
The auditors had been co-auditing Resona until Asahi refused to
sign off on the banks' accounts, leaving Shin Nihon with the
task of revealing a gaping hole in the bank's capital. Former
Resona President Yasuhisa Katsuta and Shigemitsu Miki, head of
the Japanese Bankers' Association, will also be on hand to take
questions.
RESONA HOLDINGS: Government Buys 5.6B Common Shares
---------------------------------------------------
The Japanese government is set to acquire 5.6 billion common
shares in Resona Holdings Inc., giving it a stake of around 50
percent, the Asahi Shimbun and Reuters said on Thursday. Last
week Resona asked the government for 1.96 trillion yen ($16.5
billion) of public funds after its capital fell below the levels
needed to do business.
The government will also buy preferred shares to bring the
bank's capital ratio to around 12.2 percent. The exact details
of the capital infusion, including the price at which the new
shares will be issued to the state, have still to be decided. It
should become clear around June 27, the date set for a
shareholders' meeting to discuss the restructuring.
RESONA HOLDINGS: Takenaka Denies FSA Meddling in Audit
------------------------------------------------------
Japan Financial Services Minister Heizo Takenaka on Wednesday
denied allegations that the Financial Services Agency (FSA)
indirectly pressed Resona Bank's auditor for leniency in
calculating the bank's capital for the year ended March 31,
Kyodo News said on Thursday. Takenaka has confirmed through
hearings with Financial Services Agency (FSA) officials that the
FSA did not put pressure, either directly or indirectly, to
change the auditing on the bank's capital.
TOMEN CORP.: US Unit Seeks FDA Clearance For Glycemic Monitor
-------------------------------------------------------------
Tomen America Inc. and Nippon Kayaku Co. Ltd. announced recently
the submission of a 510(k) Premarket Notification to the U.S.
Food and Drug Administration. Marketing clearance is being
sought for the GlycoMark(TM) test as an in vitro diagnostic
product to monitor glycemic control (measurement of overall
glucose control over time) in patients with diabetes.
The GlycoMark(TM) test is a quantitative measurement of
1,5-anhydroglucitol (1,5-AG), the 1-deoxy form of glucose in
blood serum or plasma. Although this test is currently not
available in the U.S., it has been used clinically in Japan for
over a decade as an index of glycemic control in diabetic
patients. FDA clinical trials were recently completed at
Washington University in St. Louis WUSTL under the direction of
Dr. Janet McGill, Associate Professor of Medicine, Division of
Diabetes, Endocrinology, and Metabolism at WUSTL School of
Medicine.
"Fructosamine has been somewhat disappointing as a measure of
short-term glycemic control due to its inherent variability and
time course," said Dr. Steve Edelman, Professor of Medicine at
the University of California, San Diego. "The availability of
GlycoMark(TM) would certainly be a welcome addition to the tools
available to monitor glycemia."
About Glycemic Monitoring of Diabetic Patients:
According to the American Diabetes Association, monitoring of
glycemic status, as performed by patients' health care
providers, is considered a cornerstone of diabetes care.
Results of glycemic monitoring are used to assess the efficacy
of therapy and to guide adjustments in medical nutrition
therapy, exercise, and medications to achieve the best possible
blood glucose control.
About Nippon Kayaku and Tomen America Inc:
Nippon Kayaku is a Japanese pharmaceutical / specialty chemical
manufacturer. Bleomycine was introduced as an anti-cancer drug
in 1969 as an initial breakthrough. The Company has since
developed a powerful product line in the pharmaceutical arena
and their products are being distributed to over 80 countries
around the world including the U.S.
Tomen America Inc. is the principal U.S. subsidiary of Tomen
Corporation, a major Japanese trading house, and has been
actively seeking medical and biotech opportunities in the U.S.
Trading house Tomen Corporation incurred a consolidated net loss
of 66.97 billion yen in the year to March, versus a profit of
4.71 billion yen a year earlier, the Troubled Company Reporter-
Asia Pacific reported recently. Its group net balance fell into
the red in fiscal 2002 due mainly to huge one-off restructuring
expenses. In April, 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.
=========
K O R E A
=========
SK GLOBAL: Government Staying Out of SK Issue
---------------------------------------------
Financial Supervisory Commission Chairman Lee Jung-Jae on
Tuesday reiterated his remarks that the government will keep its
nose out of the ongoing SK Global issue, the Korea Herald
reports. Lee added that that all pending issues facing SK Global
Co. should be addressed between SK Global's creditors and the SK
Group.
The SK Group has been under pressure from creditors of its
trading unit, SK Global, to submit a more "reliable and
agreeable" bailout plan. SK Global admitted to having inflated
its 2002 earnings by 1.5 trillion won ($1.25 billion) in March.
SK GLOBAL: Sovereign Challenges SK Rescue Plan
----------------------------------------------
The Sovereign Asset Management, the largest shareholder of SK
Corporation, opposed any bailout measure offered by SK
Corporation for its unit SK Global, Digital Chosun reported
Wednesday.
In a press handout on May 4, Sovereign claimed that there are no
legal grounds to permit the group to conduct negotiations with
creditors on the behalf of SK Corporation or for forcing SK
Corporation to follow the rescue plan worked out between the
creditors and the group. Sovereign added that it has appointed a
Korean law firm to find out ways of legally confronting the
creditors and the group.
* FTC Investigates Six Large Business Groups
--------------------------------------------
Despite steady efforts to eradicate undue intra-group
transaction in large business groups since 1998, there still
remain such activities in Korea, as we have witnessed in the
recent SK Global scandal, the Korea Fair Trade Commission said
in a statement.
Therefore, by rooting out undue intra-group transaction in large
business groups, which have huge influence in the Korean
economy, unfair activities and transaction against competitors
and potential competitors should be prevented, creating fair
competition in the market. Not only that, independent business
management focusing on core capability and corporate
restructuring should be encouraged and boosted.
The investigation into undue intra-group transaction in large
business groups is expected to enhance market efficiency,
transparency in business management, and external credibility.
Neglecting the problem for the concerns of temporary burden on
companies will rather delay restructuring and lower foreign
investors' credibility in Korea's business transparency.
Transparent business management by eliminating undue intra-group
transaction is projected to bring improved corporate value and
share prices, which have continuously faced the "Korea
Discount".
2. Investigation Plans
The investigation period: June 9th ~ July 31st 2003.
Six large business groups including 20 affiliates are planned to
face the probe.
- Samsung Group: Samsung Electronics, Samsung Everland,
Samsung Life Insurance, Samsung Securities and Samsung Heavy
Industries
- LG Group: LG Electronics, LG Chemical, Dacom, LG
Construction, LG Investment & Securities
- SK Group: SK Corporation, SK Telecom, SK C&C, SK Life
Insurance, SK Shipping
- Hyundai Motor: Hyundai Motor, Hyundai Mobis
- Hyundai Group: Hyundai Corporation, Hyundai Securities
- Hyundai Heavy Industries: Hyundai Heavy Industries
Business activities of these six large business groups from
January 1st 2000 to December 31st 2002 will be examined.
The KFTC will investigate whether there is
- Undue support or transfer of capital/asset to affiliates,
controlling shareholder or controlling family/relatives.
- Undue intra-group transaction in goods and services.
- Undue intra-group transaction of the un-notified case,
which was identified by the KFTC's review over implementing
notification of intra-group transaction last year.
1. What is undue intra-group transaction?
It means undue transaction, which is likely to hamper fair
competition in the market, by providing capital, assets or human
resources to controlling shareholder, controlling
family/relatives, or other affiliates for free or through more
favorable conditions.
2. Activities falling under undue intra-group transaction
It doesn't mean that all intra-group transactions are undue
transaction violating the competition law. Some intra-group
transactions have positive effects, such as enhancing economic
efficiency through transaction costs reduction. Such case does
not violate the law.
Followings are more specific cases
- If the quality of intermediate product made by the
affiliate is much better than others in the market concerned,
the company can purchase the product at a high price to maintain
the best quality of its final goods.
- If the company cannot get financing in good conditions at
the appropriate time due to an immature capital market, it can
get financial support from its affiliates.
Followings are typical cases for undue intra-group transaction
- Affiliates of business group "A" deposit capital to its
financial affiliate. Then the financial affiliate lends the loan
to the above affiliates at a lower interest.
- By purchasing the commercial paper issued by the insolvent
affiliate at a favorable condition, the company can give
financial support to the above affiliate.
- When the insolvent affiliate constructs the new building,
other affiliates pay the rent deposit in advance. This enables
the insolvent company easily secures the capital for
construction and does not bear the burden of interest payment.
- When the financially distressed affiliate tries to
increase the capital, no investor will help such move for its
lack of investment incentives. However, other affiliates, which
had had no share ownership in the above affiliate, invest their
capital, thereby supporting the financially distressed
affiliate.
- A company sells off its own shares or its shares in other
affiliates at a lower price to its controlling shareholder or
controlling family/relatives. Support them, by selling off bond
with warrant or BW at a much lower price than the normal price.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Still Obtaining Approvals From White Knight
------------------------------------------------------------
Aktif Lifestyle Corporation Berhad refers to the announcement
made to the KLSE on 28 May 2003 in respect of the KLSE's
approval for the Company's application for an extension of time
of two (2) months from 8 May 2003 to 7 July 2003 for Aktif to
make its Requisite Announcement.
On behalf of the Board of Directors of Aktif, Southern
Investment Bank Berhad wishes to announce that the Company is
still in the midst of procuring the approvals-in-principal of
the major lenders of Aktif and the White Knight pursuant to its
proposed restructuring scheme, details of which was announced on
7 May 2003.
The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.
ARUS MURNI: KLSE Lifts Securities Trading Suspension
----------------------------------------------------
The Board of Directors of Arus Murni Corporation Berhad
announced that it has received a letter dated 3 June 2003 from
the Kuala Lumpur Stock Exchange (KLSE), that KLSE has approved
the Company's application for an upliftment of suspension of
trading upon fulfillment of all the conditions as follows:
(i). AMCB to obtain approval from the shareholders of AMCB
for the Proposed Acquisition of the entire equity interest of
Jernih Makmur Sdn Bhd (JMSB) and Consistent Harvest Sdn Bhd
(CHSB) at an Extraordinary General Meeting to be convened and
announcement thereof;
(ii). AMCB to announce the status of the Proposed
Acquisitions of JMSB and CHSB, in particular:
* Approval from the State Government of Kelantan (the State
Government) in respect of the transfer of interest and rights as
contained in the Timber Concession Agreement dated 27 October
1999 (the Agreement);
* Approval from the State Government or the relevant
authorities to extend the log concession period as contained in
the Agreement or to increase the licensed annual concession area
to enable the extraction of logs from all concession areas prior
to the expiration of the original agreement.
The Company informed that AMCB is in the process of working
towards the above mentioned and will make further announcements
when its obligations fall due.
ASSOCIATED KAOLIN: MITI's Proposed Revisions Approval Pending
-------------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, Associated Kaolin
Industries Berhad (Special Administrators Appointed) wishes to
announce that:
(i) the Foreign Investment Committee (FIC) had via its letter
of 3 April 2003 stated that the FIC has no objection for AKI to
undertake the revisions to the Proposed Rights Issue, Proposed
SBI, Proposed Debt Restructuring and Proposed Waiver (Proposed
Revisions to the Proposals as announced on 17 January 2003 and
10 March 2003;
(ii) the Securities Commission (SC) had via its letter dated
7 May 2003 approved the Proposed Revisions subject to several
conditions as detailed in AKI's announcement on 12 May 2003; and
(iii) the approval from the Ministry of International Trade
and Industry for the Proposed Revisions is still pending.
BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
------------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) hereby provided an update on its default in payment,
as enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_Bescorp0606.xls.
The default by BIB as at 30 April 2003 amounted to
RM55,839,913.90 made up of a principal sum of RM32,220,139.42
plus RM23,619,774.48 in interest for revolving credit
facilities.
As at 30 April 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn. Bhd. (In Liquidation), Bescorp
Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn. Bhd.
(In Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil
Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd. , defaulted
on a total sum of RM98,839,467.24 made up of a principal sum of
RM60,905,258.44 plus RM37,934,208.80 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities and RM59,380,770.98 for overdraft
facilities.
CHASE PERDANA: Posts Defaulted Credit Facilities Update
-------------------------------------------------------
Chase Perdana Berhad wishes to update on the status of its
default in the repayment of both the principal and interest of
all credit facilities granted by Financial Institutions detailed
in the Appendix A attached at
http://bankrupt.com/misc/TCRAP_Chase0606.xls.
The Company also announced that the Securities Commission has on
26 May 2003 given its approval in principle for the registration
of the Prospectus relating to the Rights Issue and Conditional
Restricted Issue (RI and CRI). An announcement on the book
closure date for the RI and CRI will be made followed by the
dispatch of the Prospectus in due course.
EMICO HOLDINGS: SC Extends Proposals Implementation Until Dec 24
----------------------------------------------------------------
Further to the announcements dated 8 August 2001, 23 August
2001, 28 February 2002, 1 July 2002 and 24 December 2002, Affin
Merchant Bank Berhad(Affin Merchant), on behalf of Emico
Holdings Berhad, wishes to announce that Affin Merchant has
submitted an application for extension of time to the Securities
Commission on 4 June 2003 to extend the deadline to complete the
implementation of the Proposals from 25 June 2003 to 24 December
2003.
The application was made to give more time for Emico to finalize
the necessary documentation required pursuant to the Proposals,
comprising:
-Proposed Debt Restructuring Scheme;
-Proposed Rights Issue;
-Proposed Bonus Issue; and
-Proposed ESOS.
GEAHIN ENGINEERING: Answers KLSE's Financial Results Query
----------------------------------------------------------
GEAHIN Engineering Berhad, in reply to Query Letter by KLSE
reference ID: NS-030602-37450 on the Variance Between Audited
and Unaudited Consolidated Financial Results for the Year Ended
31 December, 2002, furnished herewith the explanation for the
variance as follows:
Unaudited Loss after taxation as previously reported : (23,437)
Audit adjustments put through by the auditors incorporating the
following:
i) Overstatement of contract revenue from existing
projects (2,179)
ii) Additional contract wages ( 31 )
iii) Provision for foreseeable losses on existing projects (
5,754 )
iv) Additional provision for doubtful debts long
outstanding ( 652 )
v) Development expenditure written off ( 100 )
vi) Reversal of EPF contributions 58
vii) Fixed Assets written off ( 379 )
viii) Provision for permanent diminution for value in
investments ( 178 )
ix) Provision in impairment losses of property, plant and
equipment ( 722 )
x) Reversal of Socso 3
xi) Staff recruitment and levy fees written back 353 (
9,581)
Loss after taxation as per audited income statement : (33,018)
KLSE's Query Letter content:
We refer to your Company's Annual Audited Accounts 2002 received
on 30 April 2003. We note that the group's loss after taxation
for the year ended 31 December 2002 amounts to RM33,018,000.
However, your Company's announcement of unaudited results dated
28 February 2003, showed a loss after taxation and minority
interests of RM23,437,000 for the abovementioned financial year.
In accordance with the Exchange's Listing Requirements, kindly
furnish the Exchange immediately with your detailed explanation
of the above difference for public release.
Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
TYE/NZ
GENERAL LUMBER: Court Convened Meeting Set on June 23
-----------------------------------------------------
PM Securities Sdn Bhd, on behalf of the Board of Directors of
General Lumber Fabricators & Builders Bhd wishes to announce
that the High Court of Malaya in Ipoh (Court) had on 30 May 2003
granted an order pursuant to Section 176(10) of the Companies
Act, 1965 restraining further proceedings in any action or
proceeding against the Company for a further period of ninety
(90) days from 2 June 2003, except with leave and subject to
such terms as may be imposed by the Court. The aforementioned
order shall, within seven (7) days be lodged with the Registrar
of Companies and a notice of the said order shall be published
once in the Star.
Apart from the abovementioned Court order and the development of
the Proposed Restructuring Scheme as announced on 6 May 2003 and
29 May 2003, there has been no further development on the
Proposed Restructuring Scheme of GLFB. As announced on 29 May
2003, the Court Convened Meeting in relation to the Proposed
Share Exchange and the Extraordinary General Meeting in relation
to the Proposed Restructuring Scheme of GLFB have been scheduled
to be held on 23 June 2003.
The Proposed Restructuring Scheme comprises of:
(i) Restraining Order Pursuant to Section 176(10) of the
Companies Act, 1965 (RO)
(ii) Compliance with Practice Note No. 4/2001 (Pn4) in relation
to Paragraph 8.14 of the Listing Requirements of the Kuala
Lumpur Stock Exchange (KLSE).
HAP SENG: Voluntarily Liquidates Denmark Unit
---------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad
wishes to announce that the Company has been advised by its
Danish solicitors, Messrs Hjulmand & Kaptain that its wholly
owned subsidiary in Denmark, Skagen Fishing Network A/S [SFN],
has been liquidated with the issuance of the Certification of
Dissolution by the Danish Registrar of Companies.
SFN is a private limited company incorporated in Denmark on 1
July 1996 with an authorized share capital of Danish Kroner
600,000. SFN has been inactive since its incorporation.
Other than the liquidation expenses, the Liquidation is not
expected to give rise to any financial effect on the net
tangible assets and earnings per share of HSCB.
HIAP AIK: KLSE Grants Three-Month Scheme Extension
--------------------------------------------------
Reference is made to the announcement made by AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank) on 9 April 2003 in relation to the Proposed
Restructuring Scheme.
AmMerchant Bank, on behalf of Hiap Aik Construction Berhad
(Special Administrators Appointed), wishes to inform that the
Kuala Lumpur Stock Exchange has, via its letter dated 3 June
2003, approved an extension of three(3) months from 20 May 2003
to 19 August 2003 to enable the Company to obtain all the
necessary approvals from the regulatory authorities for the
implementation of the Proposed Restructuring Scheme.
MBF CAPITAL: AGM to be Held on June 26
--------------------------------------
Please be informed that the Twelfth Annual General Meeting of
MBf Capital Berhad will be held at Ballroom 2 (Lower Ground
Floor), Eastin Hotel, No. 13 Jalan 16/11, Pusat Dagang Seksyen
16, 46350 Petaling Jaya, Selangor Darul Ehsan on Thursday 26
June 2003 at 10:00 a.m.
Go to http://bankrupt.com/misc/TCRAP_MBF0606.docto see a copy
of the Notice to convene the meeting.
MBF HOLDINGS: Unit Proposing Revised Scheme of Arrangement
----------------------------------------------------------
MBf Holdings Berhad informed that MBf Hotels (M) Sdn Bhd will
convene a creditors' meeting on Wednesday, 25 June 2003 at 10:30
in the morning at Damai 1 room, Kelab Century Paradise, Jalan
Melati 3, Taman Melawati, 53100 Kuala Lumpur to present a
Proposed Revised Scheme of Arrangement to compromise the debts
due to its creditors under Paradise Malacca Village Resort.
NAUTICALINK BERHAD: Appeals KLSE's De-listing Decision
------------------------------------------------------
The Board of Directors of Nauticalink Berhad is pleased to
announce its decision to appeal against de-listing of NLB's
securities from the Official List of the Kuala Lumpur Stock
Exchange (KLSE or the Exchange).
NLB submitted Thursday to the Committee of the KLSE a
representation letter for appeal to reconsider the Exchange's
decision to de-list the Company's securities from the Official
List of KLSE scheduled for 9:00am, Monday, 16 June 2003 as
announced last Friday, 30 May 2003.
Negotiations have just been concluded with the concerned parties
to enable the Company to execute the relevant Agreements and to
make the Requisite Announcement (RA) shortly, pursuant to
paragraph 5.0 of KLSE Practice Note No.4/2001 towards
regularizing the financial condition of the Company and the
Group.
Further announcement will be made before the end of the week.
PROMET BERHAD: Submits Proposed Restructuring Scheme to SC
----------------------------------------------------------
On behalf of the Board of Directors of Promet Berhad, Southern
Investment Bank Berhad (SIBB) wishes to announce that the
Company had on 30 May 2003, received a letter from the Kuala
Lumpur Stock Exchange (KLSE) stating that the Company has been
granted an extension of time of fourteen (14) days from the date
of the said letter (Extended Time Frame) to submit its
regularization plan to the relevant authorities for approval.
In the event the Company does not submit its regularization plan
to the relevant authorities for approval within the Extended
Time Frame, the Company is required to make written
representations to the KLSE within seven (7) days from the
expiry of the Extended Time Frame on its failure to submit its
regularization plan to the relevant authorities for approval
within the Extended Time Frame and as to why the KLSE should not
proceed to de-list the securities of the Company from the
Official List of the KLSE.
In this respect, on behalf of the Promet Board, SIBB wishes to
announce that the applications to the Securities Commission and
the relevant authorities in relation to the Proposed
Restructuring Scheme were submitted on 31 May 2003.
SCK GROUP: In Final Negotiation Stage With Lenders
--------------------------------------------------
SCK Group Berhad wishes to announce the status of the Company's
plan to regularize the Company's financial condition for the
month ended 31 May 2003 as follows:
MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION
The Company is in the final stages of negotiation with its
Lenders to finalize the Revised Proposed Restructuring Scheme as
announced on 30 December 2002. Upon the approval of the Lenders,
Aseambankers Malaysia Berhad will on behalf of the Company make
the necessary submission the relevant authorities for their
approval.
On 30 May 2003, the Company received a letter from the Exchange
on the Exchange's decision in respect of de-listing procedures
commenced against the Company. Details of the Exchange's
decision are as announced on 30 May 2003 with reference no SG-
030530-60835. The Board of Directors wish to inform that the
Company shall endeavor to finalize and formalize the Revised
Proposed Restructuring Scheme with its Lenders within the 14
days extended time frame commencing from 30 May 2003 and that
all efforts will be made to submit the necessary application to
the authorities thereafter.
FURTHER ANNOUNCEMENTS
Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required.
TIMBERMASTER INDUSTRIES: June 27 AGM Scheduled
----------------------------------------------
Notice is hereby given that the Eleventh Annual General Meeting
of Timbermaster Industries Berhad (Special Administrators
Appointed) will be held at Bilik Langat, Kelab Shah Alam, Jalan
Istana Kayangan, Section 13, 40675, Shah Alam, Selangor Darul
Ehsan, on 27 June 2003 (Friday) at 10:00 am for the following
purposes:
AGENDA
1. To receive and adopt the Audited Accounts for the
financial year ended 31 December 2002 and the Reports of
the Directors and Auditors thereon. (RESOLUTION 1)
2. To approve the Directors' fees in respect of the financial
year ended 31 December 2002. (RESOLUTION 2)
3. To re-elect Ms Ch'ng Ping Choo, who is retiring as
Director of the Company in accordance with Article 102 of
the Company's Articles of Association. (RESOLUTION 3)
4. To appoint Ernst &Young as Auditors of the Company (in
place of Arthur Andersen & Co. who do not seek re-
appointment) and to authorize the Special Administrators
or the Directors to fix their remuneration. (RESOLUTION 4)
5. To transact any other business of which due notice shall
have been given in accordance with the Companies Act, 1965
and the Company's Articles of Association.
TECHNO ASIA: Proposed PMMSB Asset Disposal Completed
----------------------------------------------------
AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed) and Prima Moulds
Manufacturing Sdn Bhd (SA Appointed), wishes to announce that
the Proposed Disposal of the Assets of PMMSB and its wholly
owned subsidiary Prima Moulds Sdn Bhd (PMSB), has been completed
on 2 June 2003 upon acknowledgement of receipt of the allocated
disposal proceeds by PMMSB's hire purchase creditors, in
accordance with the approved workout proposal of PMMSB.
Proposed Disposal involved disposal of all movable assets of
Prima Moulds Manufacturing Sdn Bhd and its wholly owned
subsidiary, Prima Moulds Sdn Bhd for a total cash consideration
of approximately RM0.9 Million.
TRANS CAPITAL: Scheme Sanction Hearing Set on Monday
----------------------------------------------------
On behalf of Trans Capital Holding Berhad, AmMerchant Bank
Berhad (formerly Arab-Malaysian Merchant Bank Berhad) wishes to
announce the updates on the status of TCHB's plan to regularized
its financial position (Proposals).
On 16 May 2003, the Proposed Schemes of Arrangement and
Compromise under Section 176 of the Companies Act, 1965 was
approved by the shareholders of TCHB and the respective Scheme
Creditors at the Court convened meetings. On the same day, the
shareholders of TCHB present at the EGM also approved all the
ordinary resolutions tabled at the EGM in respect of the
Proposed Corporate and Debt Restructuring and the Proposed Share
Exchange as set out in the Explanatory Statement and Circular
dated 24 April 2003.
Thereafter, on 28 May 2003, it was announced that the Penang
High Court have fixed 9 June 2003 for the hearing of sanction of
the Scheme of Arrangement and Compromise pursuant to Section 176
of the Companies Act, 1965 in respect of TCHB, Trans Capital Sdn
Bhd (In Receivership), Trans Capital Electronics Sdn Bhd and
Trans Capital Technology Sdn Bhd.
UCP RESOURCES: Provides Default in Payment Status Update
--------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad hereby provides an
update on its default in payment as follows:
(i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 31 May 2003, defaulted in repayment of Bankers
Acceptance, Overdraft, Term Loan and Current Account amounting
to RM48,784,014 made up of a principal sum of RM40,508,072 and
interest of RM8,275,942;
(ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 31 May 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,637,305 made up of a
principal sum of RM7,936,500 and interest of RM700,805;
(iii) Universal Concrete Products Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 31 May 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,197,325 made up of a
principal sum of RM3,000,000 and interest of RM197,325.
The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.
Go to http://bankrupt.com/misc/TCRAP_UCP0605.xlsfor details of
the defaulted payment.
WOO HING: Explains Audited, Unaudited F/S Variance
--------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad
announced on 7 May 2003 that in addition to being an affected
issuer under Practice Note 4/2001, the Company is also an
affected issuer under Practice Note 10/2001. This is due to the
completion of the sale of the Company's watch business to Tema
Anggun Sdn Bhd on 1 April 2003.
The Company also informed that the difference of RM3,608,500
between the net loss after tax and minority interest shown in
the audited consolidated financial results of RM9,493,500 and
unaudited consolidated financial results of RM13,102,000 for the
financial year ended 31 December 2002 is due to the following:
(i) The RM2,889,879 gain on the disposal of four (4)
properties was not reflected in the unaudited consolidated
financial results which was prepared earlier than the audited
consolidated financial results as the agreements for the
disposal of the said properties to Reward Empire Sdn Bhd and
Orbit Master Sdn Bhd were not completed at that time;
(ii) The reduction of the property, plant and equipment
impairment losses of RM737,808 in the audited consolidated
financial results as the same was disposed of above the net book
value during the financial year; and
(iii) Adjustments in relation to audit and tax fees totaling
RM19,187 for the Company's subsidiaries.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Furnishes PSE a Copy of ERC Orders
---------------------------------------------------
Manila Electric Company (Meralco), through SEC Form 17-C,
furnished the Philippine Stock Exchange a copy of ORDERS of the
Energy Regulatory Commission:
1. 'In the Matter of the Application for Approval of the Rate
Schedules to Implement the NPC Rate Reduction under ERB Case No.
97-02' (ERC Case No. 2001-383/ERB Case No. 97-18); and
2. 'In Re: Application for Approval of Revision of Rate
Schedules and Appraisal of Properties with Prayer for
Provisional Authority' (ERB Case No. 2001-646); and 'In The
Matter of the Application for Approval of the Revised Rate
Schedules in Compliance with Section 36 of Republic Act No. 9136
and ERC Order dated October 30, 2001, and for Approval of
Appraisal of Properties with Prayer for Provisional Authority
(ERC Case No. 2001-900)."
A copy each of the said documents is available for reference at
the PSE Centere and PSE Plaza Libraries.
For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1803_MER.pdf
NATIONAL BANK: BSP Asks to Sign Target MOU
------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) will require the
Philippine National Bank (PNB) to sign a memorandum of
understanding (MOU) that will bind the bank to the commitments
and targets set under its rehabilitation plan, the Philippine
Star said Tuesday. PNB announced earlier that it is at least
four years ahead of its rehabilitation plan.
According to the BSP, there is no guarantee that the PNB would
be able to meet its commitments under the rehabilitation plan
and BSP officials want the bank to undertake a binding agreement
that would force it to meet its targets. Under BSP rules, banks
under rehabilitation are required to sign such an agreement
where the bank would be held liable for meeting its targets set
under the approved rehabilitation plan.
NATIONAL POWER: Study Reveals Inadequate Power Provisions
---------------------------------------------------------
The National Power Corporation (Napocor) has done poorly in
maintaining its generator sets in Bantayan island northern Cebu,
contributing to the inefficient power supply in the area, Sun
Star Daily reports, citing Presidential Assistant for Central
Visayas Felix Guanzon and Energy Regulatory Commission (ERC)
Visayas head Joel Bontuyan.
The two conducted a surprise visit on Napocor's facility in the
island during the weekend as part of their research project of
providing cheaper electricity to small islands. The two
officials also discovered that Napocor's generator sets are not
efficiently functioning.
According to Bontuyan, they found during their trip that the
biggest component of the electric bills of the residents of
Bantayan Island is paid to Napocor. From the cost of power in
the island of P7.40 per kilowatt-hour, only P1.50 goes to the
Bantayan Island Electric Cooperative (Banelco). The P5.90 goes
to Napocor.
DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 106.860 and
108.303. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1
NATIONAL POWER: Postpones US$250M Bond Issue to July
----------------------------------------------------
The National Power Corporation has postponed to July a US$250
million bond issue due for this month, quoting Power Sector
Assets and Liabilities Management Corp (PSALM) President Edgardo
del Fonso said. PSALM is Napocor's residual Company, which is to
handle all the power firm's assets and liabilities after its
privatization.
The bond issue will carry a political risk guarantee from the US
Overseas Private Investment Corporation. An Asian Development
Bank-guaranteed US$250 bond issue will also be scheduled for
either the second or third quarter of the year. Napocor needs to
raise US$1.2 billion in offshore markets to settle maturing
loans and finance its operations this year. It also intends to
buy out some power supply contracts from independent power
producers.
PHILIPPINE LONG: Cuts Debt by US50M in First Quarter
----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has reduced its
debt by US$50 million and cellular phone unit Smart
Communications by US$31 million in the first quarter of this
year, AFX Asia reports, citing PLDT President Manuel Pangilinan.
Pangilinan also announced his resignation as First Pacific
Executive Chairman and other management changes. He added the
management reorganization does not affect his position at PLDT.
He said PLDT's "fixed line business is expected to grow by 5-6
pct a year, while the operations of Smart will remain stable.
The more PLDT can cut its debt, the more the value it will have.
With a net cash inflow of about 6.4 B pesos after capital
expenditure (capex) and interest payment, PLDT can be on track
with its debt reduction plan."
REYNOLDS PHILIPPINES: Convinces Creditors to Accept Revamp Deal
---------------------------------------------------------------
Reynolds Philippines Corporation (RPC) is yet to convince
creditors to approve its debt-restructuring plan, Business World
reports.
"The debt restructuring agreement failed to raise the working
capital necessary to operate the plant even to its minimum
capacity. Negotiations are continuing between the board and the
majority creditors on the course of action to be taken to
implement the debt restructuring agreement," the Company said in
a statement to the Philippine Stock Exchange.
The Company, which makes and distributes aluminum sheets and
foils and other packaging products, also reported losses of
3.776 million pesos in the first quarter against losses of
65.055 million pesos in the same period last year. Despite the
drop in sales to 7.525 million pesos from 46.574 million pesos
year-on-year, data show losses were reduced due to lower
operating expenses in the first quarter. The plant shutdown
trimmed the firm's operating expenses in the first three months
to 2.181 million pesos from 55.293 million pesos in the same
period last year.
=================
S I N G A P O R E
=================
BLU INC.: Dissolves Dormant UK Unit
-----------------------------------
Blu Inc. Group Limited announced that its indirect subsidiary
incorporated in the United Kingdom (UK), Dickson, Orde & Co.
Limited Dickson, has been dissolved by notice in the London
Gazette. Dickson has been a dormant subsidiary of Hudson
(Europe) Limited, a subsidiary of the Company incorporated in
the United Kingdom.
The dissolution of Dickson is part of the Group's efforts to
rationalize and streamline the Group's corporate structure and
will not have any material impact on the net tangible assets or
earnings per share of the Blu Inc Group for the financial ending
31 March 2004.
L & M GROUP: Posts Notice of Shareholder's Interest
---------------------------------------------------
L&M Group Investments Ltd. posted a notice of substantial
shareholder Kenetic Trading & Construction Pte Ltd.'s interests:
Date of notice to Company: 04 Jun 2003
Date of change of interest: 02 Jun 2003
Name of registered holder: The Central Depository (Pte) Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion
Information relating to shares held in the name of the
registered holder:
No. of shares which are the subject of the transaction:
10,000,000
% of issued share capital: 0.61
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.015
No. of shares held before the transaction: 140,000,000
% of issued share capital: 8.55
No. of shares held after the transaction: 130,000,000
% of issued share capital: 7.94
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 0 140,000,000
% of issued share capital: 0 8.55
No. of shares held after the transaction: 0 130,000,000
% of issued share capital: 0 7.94
Total shares: 0 130,000,000
THAKRAL CORPORATION: Responds to Trading Query
----------------------------------------------
With reference to the letter dated 4 June 2003 from the
Singapore Exchange, the Board of Directors of Thakral
Corporation Limited informed the Singapore Exchange that neither
the Company nor the Board of Director are aware of any reason
for the substantial increase in the price and trading volume of
the Company's shares on the Singapore Exchange on June 4, 2003.
WEE P0H: Issues Recapitalization Plan Update
--------------------------------------------
Capitalized terms not otherwise defined in this announcement
shall have the same meanings ascribed to them in the
announcements dated 8 November 2002, 2 December 2002, 10
February 2003 and 29 April 2003.
Further to the announcements on 8 November 2002, 2 December
2002, 10 February 2003 and 29 April 2003, the Board of Directors
of the Company has entered on Thursday a Deed of Ratification
and Accession to the Strategic Agreement on (the Deed) with Dr
Michael Lim Chun Leng Dr Lim and Mr Tay Hung Cheow THC for the
purpose of varying the Strategic Agreement.
Some principal provisions under the Deed
Pursuant to the Deed, it is agreed that Dr Lim and THC will
subscribe for and the Company will allot and issue to Dr Lim and
THC an aggregate of 1,600,000,000 Strategic Shares at an issue
price of $0.005 for an aggregate cash consideration of S$8.0
million, which amount shall be paid by Dr Lim and THC into an
escrow account to be maintained with UOB Kay Hian Private
Limited UOBKH by 15 June 2003, pending the completion of the
Strategic Agreement.
It is also acknowledged under the Deed that the Preferential
Offering shall be underwritten. In addition, it is agreed that
pursuant to the Deed, the last date for the fulfillment of all
of the conditions precedent under the Strategic Agreement shall
be extended from 30 June 2003 to 31 July 2003 with the
completion of the Strategic Agreement scheduled to take place on
the date falling 14 days after the last condition precedent as
aforementioned has been fulfilled.
Save as disclosed above, all of the terms and conditions under
the Strategic Agreement shall remain in full force and effect,
and all of the undertakings, covenants, warranties,
representations and waivers made by THC under the Strategic
Agreement shall, pursuant to the Deed, be deemed to have been
similarly made by Dr Lim.
Information on Dr Lim
Dr Lim has more than a decade of experience sitting on corporate
boards and is currently a board member of several publicly
listed and private companies including Citiraya Industries Ltd,
United Engineers Ltd, Reed Group Holdings Ltd, NTUC Childcare
Co-operative Ltd. Dr Lim is currently a Member of Parliament for
Pasir Ris - Punggol Group Representative Constituency.
Dr Lim graduated from the Faculty of Medicine, National
University of Singapore in 1984. He completed his Masters in
Internal Medicine from the National University of Singapore in
1989. He also completed the United Kingdom UK membership
examinations and was accepted as Member of the Royal College of
Physicians of the UK MRCP in 1989. He subsequently completed a
Fellowship programme in Angiography and Interventional Radiology
and Interventional Cardiology at the Pittsburg Vascular
Institute, Shadyside Hospital in Pittsburg, USA in 1991 and was
accepted as a fellow of the Academy of Medicine, Singapore and
the Royal College of Physicians in Edinburgh, UK in 1992 and
2000 respectively. He was President of the Singapore Cardiac
Society and is currently the Chairman of the 14th Asian Pacific
Congress of Cardiology and Advisory Board member of the Asian
Pacific Society of Interventional Cardiology.
Preferential Offering to be renounceable
Pursuant to a letter agreement between the Company and THC, it
was agreed that the Preferential Offering, which was to be
undertaken on a non-renounceable basis initially under the
Strategic Agreement would now be undertaken on a renounceable
basis.
Underwriting of the Rights Issue and the Preferential Offering
Pursuant to a letter of intent between the Company and UOBKH,
and a letter of intent between THC and UOBKH, UOBKH has
indicated its interest to underwrite:
(i) The Rights Issue except for those Rights Shares which
Messrs Chew Yin What and Lee Kok Swee had agreed to subscribe
for pursuant to their undertaking to the Company, up to a
maximum cap of 239,027,424 Rights Shares; and
(ii) The Preferential Offering up to a maximum cap of
99,957,477 Preferential Offering Shares.
The underwriting of the Rights Issue and the Preferential
Offering as aforementioned shall be subject to a definitive
underwriting agreement to be entered into between the Company
and UOBKH in respect of the Rights Issue and between Dr Lim, THC
and UOBKH in respect of the Preferential Offering.
Interests of Directors and Substantial Shareholders
Save for the Capital Reduction, the Rights Issue and the
Preferential Offering, none of the Directors and substantial
Shareholders has any interest, direct or indirect, in the
Strategic Issue and the Best Effort Debt Conversion.
The Company will continue to update Shareholders on any further
developments on matters relating to the re-capitalization plan.
===============
T H A I L A N D
===============
BANGKOK RUBBER: Releases Shares Offering Results
------------------------------------------------
B.R.C. Planner Company Limited, as the Plan Administrator of
Bangkok Rubber Public Company Limited, reported the results of
the Shares Offering, as follows:
1. Information relating to the share offering (Debt to equity
conversion according to the Business Reorganization Plan)
- Class of shares offered : Common Shares
- Number of shares offered: 83,001,049 Shares
- Offered to : Creditors have the right on
which the court or the official
receiver issues final order to
receive repayment of debt.
- Price per share : Bt17 per share (Debt to
equity conversion according to
the amount as specified in the
Business Reorganization Plan)
- Date of conversion : 16 May 2003
2. Results of the share sale
( ) totally sold
( x ) partly sold, with 69,766,122 shares remaining
The company will deal with the remaining shares as follows:
According to the Business Reorganization Plan, Creditors will
receive repayment of debt by way of debt to equity conversion
within 150 days from the later of the date on which the Court
approves the Plan and the date on which the Court issues final
order to receive repayment of debt. At present, there still
creditors who have not yet received the final order from the
Court or the Official receiver to receive repayment of debt.
Therefore, the company will implement the debt to equity
conversion of debt. If the Court or the Official receiver issues
final order to receive repayment of debt increasingly, the
company will allocate shares to each creditor for repayment of
debt.
3. Details of the sale
Thai investors Foreign investors
Juristic Natural Juristic Natural Total
- No of persons 11 - 2 - 13
- No of shares subscribed
10,377,325 - 2,857,602 - 13,234,927
- % of total shares offered for sale
14.87 % - 4.10 % - 18.97 %
4. Amount of money received from the share sale
Total amount : Bt224,993,759.00 (The total decreased debt)
Less expenses :
1. Capital change fee: Bt-
Net amount received: Bt-
EMC PUBLIC: SET Suspends Securities Trading
-------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of EMC Public Company Limited
(EMC) from March 31,2003 because the company has submitted the
SET its audited financial statements for the year 2002 ending 31
December with the Disclaimer of Opinion from auditor on EMC's
financial statements and the SET was waiting for the conclusion
whether the company has to amend its financial statements.
The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend its financial
statements on the issues that the auditor has stated, therefore,
the SET has posted the `NR' (Notice Received) sign on EMC Public
company Limited's securities for the second trading session of
June 3,2003 to announce that the SET has received the conclusion
from the company.
However, the SET has suspended trading all securities of EMC
public company Limited (EMC) until the causes of delisting are
eliminated.
MILLENNIUM STEEL: Announces Preferred Shares Conversion Exercise
----------------------------------------------------------------
According to the issuance of Millennium Steel Public Company
Limited preferred shares can be converted into the ordinary
shares. The conversion period is 11 years and ended on November
28. The preferred shareholders can apply for the conversion of
the preferred shares into ordinary shares on every business day
of the company.
The Company informed that on May 22, 2003, The Industrial
Finance Corporation of Thailand, who held the company preferred
shares has exercised the right to convert preferred shares into
ordinary shares in the amount of 30,152,109 preferred shares.
The conversion ratio is 1 preferred share can be converted into
1 ordinary share. The company has completed the conversion on
May 29, 2003. The company, therefore, has the issued shares of
3,791,937,010 ordinary shares and 1,653,526,617 preferred
shares.
SINO-THAI RESOURCES: Securities Listing Granted
-----------------------------------------------
Starting from June 5,2003, the Stock Exchange of Thailand
(SET) allowed the securities of Sino-Thai Resources Development
Public Company Limited (STRD) to be traded on the SET after
finishing capital increase procedures.
Name : STRD
Issued and Paid up Capital
Old : 130,000,000 Baht
New : 140,000,000 Baht
Par Value : 10 Baht
Allocate to : Siam Commercial Bank for conversion
of
debt to equity 1,000,000 common
shares
Ratio : -
Price Per Share : 3.40 Baht per share
Exercise/Payment Date : April 9,2003
On March 24, the Troubled Company Reporter - Asia Pacific
reported that the Company will convert the debt-to-equity
amounting to 1,000,000 shares at the Market price on the
conversion date by July 21, 2003. The Company shall enter into
the First amendment of the Debt Restructuring Agreement with the
Bank.
THAI PETROCHEMICAL: Creditor Committee Supports TAL Appointment
---------------------------------------------------------------
On 2nd June 2003, the Thai and foreign creditors of Thai
Petrochemical Industry Public Company Limited (TPI) voted to
appoint Thai Administrators Limited (TAL) the Plan Administrator
of TPI for the purpose of completing its restructure. TAL
received virtually unanimous support from TPI's local and
foreign creditors.
A proposal by Government and the Debtor's Executive to elect a
committee of 15 persons, (7 from the creditors, 7 from the
Debtor's Executive and 1 from Government) was given very careful
consideration in the period leading up to the creditors' vote.
Indeed, two previous creditors' meetings were adjourned so that
this option might be explored. After several meetings (and a
mediation session convened by the Central Bankruptcy Court) the
creditors were convinced that the 15 person-committee, as
proposed, simply could not succeed. Primarily this was because
it would bring the conflict with the Debtor's Executive into
the restructuring process, make decision-making unwieldy and
almost inevitably damage TPI and its future.
The creditors are confident that the best solution is for TAL to
be appointed to act as TPI's Plan Administrator and made several
concessions to meet the stated concerns of Government and the
Debtor's Executive. The creditors have offered the Debtor's
Executive participation in this process through the appointment
of a nominee to be part of TAL (Khun Aree Wongsearaya).
Creditors also agreed to accept a Government nominee (Khun
Pala Sookawesh) as part of TAL and to have TAL does a non-
executive oversight committee monitor conduct. The Debtor's
Executive has rejected these concessions.
"It seems that anything short of the Debtor's Executive
controlling TPI's operations will forever be unacceptable to the
Debtor's Executive, a stance that is simply unreasonable,"
stated Carlos Tan of International Finance Corporation.
The Debtor's Executive owns only about 12% of TPI and has no
independent Thai or foreign creditor support for its
reinstatement to any level of control over TPI's operations.
"TAL is a neutral party comprising an impressive group of highly
respected and well qualified Thai individuals. TAL represents
the interests of all TPI stakeholders (employees, creditors and
shareholders) and has the necessary qualifications to ensure
the successful restructure of TPI. Given TAL's structure the
creditors are also convinced that it will protect the interests
of Thailand", stated Thaweelarp Rittapirom, Vice President,
Bangkok Bank.
With such overwhelming creditor support, TAL can obtain ongoing
funding meaning that its appointment should ensure the future
success of TPI and job security for TPI's employees.
Conversely, the absence of any support for the Debtor's
Executive confirms that any attempt to give the Debtor's
Executive a role in TPI's operations will have no creditor
backing. The TPI Creditors Committee expects that the Court
will confirm TAL as TPI's Plan Administrator as contemplated by
the Bankruptcy Act on 11th June 2003.
The TPI Committee of Creditors comprises:
1. Bangkok Bank Public Company Limited
2. Bank of Ayudhya Public Company Limited
3. Citibank, N.A.
4. Export-Import Bank of the United States
5. International Finance Corporation
6. Kreditanstalt f›r Wiederaufbau
7. Sukhumvit Assets Management
CONTACT INFORMATION: Satida Sritunyatorn
Media Relations Manager
Aziam Burson-Marsteller
Phone: 0 2252 9871
THAI WIRE: Rehabilitation Plan Hearing Set on June 23
-----------------------------------------------------
Thai Wire Products Public Company was transferred to REHABCO and
obliged to prepare Rehabilitation Plan under the Stock Exchange
of Thailand (SET) guidelines or under Bankruptcy Act or
requests voluntary delisting.
Thai Wire Products would like to inform that the company will
prepare the rehabilitation plan under Bankruptcy act. The
details of filing are as follows:
- The date of filing : May 29, 2003
- The date of 1st hearing : June 23, 2003
- The planner : Thai Wire Products Public
Company
THAI WIRE: SET Clarifies Securities Trading Schedule
----------------------------------------------------
The Stock Exchange of Thailand (SET) announced Thai Wire
Products Public Company Limited (TWP) had been subjected to
rehabilitation plan preparation and posted SP (Suspension) sign
to prohibit securities trading of TWP since 10 March 2003 and
also transferred to REHABCO category since 13 March 2003. The
SET also informed a time schedule for TWP's management to make
prudent decision on whether to prepare a rehabilitation plan to
propose to the company's shareholders, or to ask for a voluntary
delisting, or to try another option which will benefit to all
involved and report the decision to the SET in order to disclose
to public by 8 April 2003. However, TWP had asked for an
extension period to report its decision by 8 May 2003 and 9 June
2003 respectively.
The SET has considered the TWP's management decision submitted
to the SET (details appear in the R-SIMS system on 2 June,2003)
and will proceed, as follows:
1. Allow trading of TWP securities, which decide to prepare a
rehabilitation plan, under the REHABCO category from 3 June 2003
to 2 July 2003 to give shareholders a chance of trading TWP's
securities. Therefore, according to Clause 24 (3) and (6) of the
regulation on trading, clearing and settlement for listed
securities 1999, the ceiling and floor limits on the main board
will be expanded from the regular +/-30% to +/-100% of their
last trading. The new limits will be in effect on 3 June 2003.
2. Post an SP sign to prohibit further trading of TWP
securities, beginning from 3 July 2003 until the cause of
delisting is eliminated or the SET allows continued trading
under the REHABCO category after it completed the conditions
specified. This is by virtue of Clause 5 (5) of the SET's rules,
Conditions and Procedure of the Temporary Prohibition against
Trading of Listed Securities dated on 9 February 1995.
TWP is required to proceed, as follows:
1) Appoint a so-called planner, as agreed to in court, to be
the person responsible for preparing the required rehabilitation
plan and act as the company's financial advisor.
2) Implement the rehabilitation plan approved by its
creditors and the court, in place of the plan approved by the
company's shareholders.
3) The planner and plan administrator must report to the SET
every six months to the SET on its actual implementation
progress, as compared to the rehabilitation plan until the cause
of possibly being delisted is eliminated.
The SET would like the TWP's shareholders and general investors
to follow up the progress of TWP.
TUNTEX (THAILAND): Will Not Need to Amend Financial Statements
--------------------------------------------------------------
Previously, the Stock Exchange of Thailand (SET) posted the `NP'
(Notice Pending) sign on the securities of Tuntex (Thailand)
Public Company Limited (TUNTEX) from 19 May 2003 because the
company failed to submit its financial statements as of 31 March
2003, which was the SET-specified deadline. The company then
submitted its financial statements on 30 May 2003. Since its
auditor was unable to reach any conclusion on TUNTEX's financial
statements, consequently, the SET continued to post the `NP'
sign on TUNTEX's securities until the company submits its
amended financial statements or there is conclusion that it is
not necessary to amend its financial statements.
The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend TUNTEX's financial
statements, on the issue that the auditor has stated, therefore,
the SET has posted the `NR' (Notice Received) sign on TUNTEX's
securities on 3 June 2003to announce that the SET has received
the conclusion from the SEC.
* DebtTraders Real-Time Bond Pricing
------------------------------------
Issuer Coupon Maturity Bid - Ask Weekly change
----- ------ -------- --------- -------------
Asia Pulp & Paper FRN due 2001 1.0 - 2.0 0.0
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 18.5 - 22.0 +1.0
Daya Guna Sumudera 10.0% due 2007 2.0 - 4.0 +0.5
Hyundai Semiconductor 8.625% due 2007 70.0 - 72.0 -1.0
Indah Kiat 11.875% due 2002 34.0 - 36.0 +2.0
Indah Kiat 10.0% due 2007 29.0 - 31.0 +0.5
Paiton Energy 9.34% due 2014 86.0 - 88.0 +1.0
Tjiwi Kimia 10.0% due 2004 26.5 - 28.5 0.0
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
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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
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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*** End of Transmission ***