/raid1/www/Hosts/bankrupt/TCRAP_Public/030609.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
Monday, June 9 2003, Vol. 6, No. 112
Headlines
A U S T R A L I A
ACMA ENGINEERING: Posts Share Cancellation Notice
AMP SHOPPING: Posts June 2003 Distribution
BEYOND INTERNATIONAL: Obtains Product Ruling From ATO
FIRST FOUNDATION: ASIC Obtains Liquidator Appointment Order
MAXIS CORPORATION: Board Changes
MAXIS CORPORATION: Issues Company Update
POWERTEL LIMITED: General Meeting Fixed on July 2
SIRTEX MEDICAL: Posts Shareholders Distribution Schedule
SIRTEX MEDICAL: Reconfirms No Further Takeover Bid From Cephalon
WEST OIL: Proposes Share Capital Consolidation
C H I N A & H O N G K O N G
BRILLIANT PLASTIC: Winding Up Sought by Hoi Luen
ESUN HOLDINGS: Clarifies Golden Harvest Press Report
PCCW LIMITED: C&W Disposes 14% Shares Via Market Placement
TOPBASE CONSTRUCTION: Petition to Wind Up Pending
UNIVERSAL DEVELOPMENT: Faces Winding Up Petition
WALTECH PACIFIC: Winding Up Petition Hearing Set
I N D O N E S I A
BANK NEGARA: S&P Rates Proposed US$100M Notes 'CCC+'
J A P A N
FURUKAWA ELECTRIC: R&I Assigns BBB+ Rating
GLOBAL CROSSING: Sells Unit to Pivotal For US$63M
HOKKAIDO INTERNATIONAL: Shrinks FY02 Pretax Loss to US$1.63B
SEIYU LIMITED: Sticking With Martha Stewart For Now
K O R E A
DAEWOO SHIPBUILDING: GDR Issue Boosts Credibility
SK GLOBAL: Creditors Continue Bailout Plan
SK GLOBAL: Creditors Deny Forcing Bailout Plan
SK GLOBAL: Creditors to Sell Unit Shares
M A L A Y S I A
CHASE PERDANA: All Resolutions Passed at 27th AGM
FORESWOOD GROUP: KLSE Grants RA Time Extension
FURQAN BUSINESS: Enters Profit Guarantee Agreement With Parties
GEORGE KENT: EGM to be held on June 19
KEMAYAN CORPORATION: Winding Up Petition Struck Off
KSU HOLDINGS: Answers KLSE's Legal Proceedings Query
LAND & GENERAL: 40th AGM Fixed on June 26
PANGLOBAL BERHAD: June 25 EGM Scheduled
PICA (M) CORPORATION: Non-Exec Director Subramaniam Resigns
SPORTMA CORPORATION: Appoints New Audit Committee Member
TAP RESOURCES: Inks DPAA W/ Trustee, Paying Agent, Lead Arranger
TECHNO ASIA: Provides Default in Payments Status Update
TECHNO ASIA: Unit WPKL to File Appeal Over Court's Judgment
TONGKAH HOLDINGS: Disposes of Quoted Securities
UNITED CHEMICAL: SC's Proposed Restructuring Decision Pending
P H I L I P P I N E S
MANILA ELECTRIC: Begins Phase One of Refund Scheme
MANILA ELECTRIC: Meeting With Creditors This Month
MANILA ELECTRIC: Still Uncertain of Creditors' Reaction
NATIONAL POWER: Inks Deal to Provide Electricity in Rural Areas
NATIONAL POWER: Resolves Power Contract Issue With CBK Powers
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Automates Supply Chain Data Exchange
CHARTERED SEMICONDUCTOR: S&P Affirms BBB- Rating
L&M GROUP: Posts Notice of Shareholder's Interest
THAKRAL CORPORATION: Creditors OK's Scheme of Arrangement
VAN DER HORST: AGM Set For June 30
T H A I L A N D
BANGKOK RUBBER: Amends Number of Shares Offered
NATIONAL FERTILIZER: Discloses 2002 Operations Report
NATURAL FERTILIZER: Omits Dividend Distribution
NATURAL FERTILIZER: SET Suspends Trading Despite Financials
NATURAL FERTILIZER: Transferred to REHABCO Category
NATURAL PARK: Registers Paid-up Capital
UNION MOSAIC: Updates Debt Restructuring Plan Progress
- - - - - - - -
=================
A U S T R A L I A
=================
ACMA ENGINEERING: Posts Share Cancellation Notice
-------------------------------------------------
Acma Engineering & Construction Group Limited posted this
notice:
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
FORM 284
NOTIFICATION OF SHARE CANCELLATION
Company Name Acma Engineering & Construction Group Limited
A.C.N. 002 737 733
TYPE OF SHARE BUY-BACK
Tick the appropriate box
S.254J Redeemable Preference Shares
Redeemed out of Profits
Redeemed out of fresh issue of shares
S.256A-S.256F Capital Reduction
X ss.257H(3) Shares Company has bought back
S.258D Forfeited Shares
ss.1024E(7) Shares returned to a Company
Other
DETAILS OF SHARES CANCELLED
Number of Shares Class of Shares
Consideration
(Total)
10,000,000 Ord *
* The transfer of (1/3) of the Company's interest in the
National Engineering entities being National Engineering
(Developments) Pty Limited, National Engineering Unit Trust and
National Engineering Pty Limited
Date of Registration of cancellation 04/06/2003
AMP SHOPPING: Posts June 2003 Distribution
------------------------------------------
AMP Henderson Global Investors Limited as responsible entity of
the AMP Shopping Centre Trust (ART), wishes to provide the
following information in relation to the distribution for the
period of six months ending 30 June 2003:
Record Date (Books Closing Date): 30 June 2003
Ex-Distribution Date: 24 June 2003
Payment Date: 22 August 2003
Forecast Distribution per unit: ART 5.6 cents
ARTN 4.0 cents
The tax deferred component of the distribution will be detailed
on the distribution statement.
As previously advised to ART's unitholders, ART's distribution
reinvestment plan (DRP) has been suspended until further notice.
The suspension, as advised in a letter to ART's unitholders
dated 20 May 2003, takes effect on 20 June 2003. Therefore, the
DRP will not apply to the distribution for the period of six
months ending 30 June 2003, or for any subsequent distribution,
unless we provide you with notice that the DRP is to be
reinstated.
BEYOND INTERNATIONAL: Obtains Product Ruling From ATO
-----------------------------------------------------
Beyond International Limited has obtained a product ruling
(PR 2003/38) from the Australian Taxation Office (ATO) for the
Beyond Group Television Investment Fund.
The fund will offer sophisticated investors the opportunity to
invest in Australian television production by acquiring
copyright interests in Beyond television projects and receiving
returns from the licensing of these projects via Beyond's
distribution network both locally and overseas.
Zero Bond Financial Services Pty Limited will issue an
information memorandum in respect of investment in the Fund.
Investors will have the opportunity to invest a minimum of
$500,000 in the Fund, with a projected raising of approx
$22,000,000 being the total cost of all of the projects
described in the Information Memorandum. Investors
will be sought up to the end of the financial year.
The financial impact of the fundraising on the financial results
of Beyond International Limited for the year ended the 30th June
2003 will be known once the level of investment is determined.
Wrights Investors' Service reports that a the end of 2002,
Beyond International Limited had negative working capital, as
current liabilities were A$47.26 million while total current
assets were only A$42.83 million. The company has paid no
dividends during the previous 2 fiscal years and reported losses
during the previous 12 months.
FIRST FOUNDATION: ASIC Obtains Liquidator Appointment Order
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland for a
Liquidator to be appointed to First Foundation Developments
Limited, and a Receiver to be appointed over the property of Mr
David Elliot Kennedy, also known as Mr Robert Alan L'Hoir, a
director of the company.
Mr Bill Fletcher, from Bentleys MRI, has been appointed
Liquidator of the company and also as Receiver of the personal
property of Mr Kennedy.
ASIC is currently investigating First Foundation Developments
and Mr Kennedy in relation to an offer of securities in an
allegedly unregistered managed investment scheme.
ASIC alleges that First Foundation Developments raised
approximately $2.2 million from members of the public in both
Australia and New Zealand during the period October 2002 to
April 2003, allegedly to finance various Gold Coast property
developments.
On 17 April 2003, ASIC obtained interim orders in the Supreme
Court of Queensland freezing certain assets of First Foundation
Developments and Mr Kennedy to the value of approximately $1.8
million.
On 21 May 2003, ASIC obtained orders appointing an interim
Receiver over certain personal assets of Mr Kennedy, that ASIC
suspects may have been purchased with investor's funds.
ASIC's investigation is continuing.
MAXIS CORPORATION: Board Changes
--------------------------------
The Directors of Maxis Corporation announced Thursday the
resignation of Vincent Sweeney as Executive Director and the
interim appointment of Geoffrey Garside as Non Executive
Director. Geoffrey Garside currently serves as Company Secretary
of Maxis Corporation.
The Board wishes to thank Vincent Sweeney for his contribution
to the company and wish him well in his stewardship of ARBT Pty
Ltd (Heartland Communications). The sale of ARBT Pty Ltd by
Maxis Corporation is pending shareholder approval at the
upcoming members meeting anticipated for July.
Within a few weeks, the Directors of Maxis anticipate calling a
General Meeting of shareholders following the completion and
dispatch to shareholders of an Independent Expert's Report and
Explanatory Memorandum.
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.
MAXIS CORPORATION: Issues Company Update
----------------------------------------
The Directors of Maxis Corporation announced Friday the expected
earnings range for calendar year 2003. The Directors are pleased
to announce that EBITDA for 31 December 2003 is anticipated to
be within the range of $2.5 million and $3.5 million, assuming
the completion of both the Heartland and Senteq transactions.
Both of these transactions are currently subject to shareholder
approval at the upcoming members meeting anticipated for late
July 2003.
The Directors note that in the six months to December 31, 2002
the Group reported an EBITDA loss of $1.59 million. Those
results were significantly and adversely affected by $2.98
million of once-off restructuring costs.
The measures the Company has taken to restructure the business,
and the steady monthly growth in the operating EBITDA for the
Group in the calendar year to date, coupled with recent success
in securing $2.1 million of additional project work, has enabled
Directors to outline earnings for the calendar year 2003.
CONTACT INFORMATION: Robin Devries
CHAIRMAN
Phone: 02 8425 4404
POWERTEL LIMITED: General Meeting Fixed on July 2
-------------------------------------------------
Notice is given that a General Meeting of the shareholders of
PowerTel Limited will be held:
On: 2nd July 2003, at 10:00am (Eastern Standard Time - EST)
At: The Menzies Hotel (All Season Premier), Melbourne Room,
Level 2 South Wing, 14 Carrington Street, Sydney NSW 2000
BUSINESS
TO APPROVE SALE OF SHARES TO THE ROSLYNDALE SYNDICATE
1. To consider and, if thought fit, to pass as an ordinary
resolution:
"That for all purposes, including section 611, item 7 of the
Corporations Act, the sale of 520,117,263 ordinary shares from
WilTel Communications Pty Ltd to Data Investments Pty Ltd on the
terms set out in the accompanying Explanatory Statement is
approved."
TO APPROVE CONVERTIBILITY OF DEBT TO EQUITY
2. To consider and, if thought fit, to pass as an ordinary
resolution:
"That for all purposes, including section 611, item 7 of the
Corporations Act and Australian Stock Exchange Listing Rules 7.1
and 10.11, the creation and/or issue of a convertible loan
instrument with a face value of $21.3 million, and issue of
880,165,289 ordinary shares on its conversion, to Data
Investments Pty Ltd, investors in the Roslyndale Syndicate
and/or Winchester Associates Pty Limited as described in the
0accompanying Explanatory Statement is approved."
TO APPROVE UNDERWRITING OF RIGHTS ISSUE
3. To consider and, if thought fit, to pass as an ordinary
resolution:
"That for all purposes, including section 611, item 7 of the
Corporations Act, the issue of ordinary shares to Data
Investments Pty Ltd pursuant to a renounceable pro-rata rights
issue (whether as underwriter or otherwise) on the terms
described in the accompanying Explanatory Statement is
approved."
SIRTEX MEDICAL: Posts Shareholders Distribution Schedule
--------------------------------------------------------
Sirtex Medical Limited posted this notice:
DISTRIBUTION OF SHAREHOLDERS AS AT 02/06/2003
RANGE OF HOLDINGS Fully Paid
Ordinary Shares
1 - 1,000 494 328,239
1,001 - 5,000 555 1,506,497
5,001 - 10,000 138 1,174,934
10,001 - 100,000 122 3,705,376
100,001 and over 37 47,770,181
TOTAL 1,346 54,485,227
TOP TWENTY SHAREHOLDERS OF QUOTED EQUITY SECURITIES
NAME NUMBER %
Mr Bruce Nathaniel Gray 19,438,283 35.676
Permanent Trustee Australia Limited 6,102,203 11.200
Citicorp Nominees Pty Limited 5,231,642 9.602
Cancer Research Institute Incorporated 4,864,432 8.928
JP Morgan Nominees Australia Limited 1,945,840 3.571
Permanent Trustee Australia Limited 1,800,000 3.304
Equity Trustees Limited 1,215,656 2.231
Invia Custodian Pty Limited 1,083,586 1.989
National Nominees Limited 543,019 0.997
Mr Erik Adriaanse 500,000 0.918
Mr Stephen Jones 477,470 0.876
Pine Ridge Holdings Pty Ltd 460,000 0.844
Westpac Custodian Nominees Limited 432,665 0.794
Rivkin Investments Pty Ltd 373,500 0.686
Commonwealth Custodial Services Limited 329,956 0.606
Apollo Solutions Limited 284,491 0.522
Pacific Securities Inc. 250,000 0.459
City and Westminster Limited 250,000 0.459
Warnford Nominees Pty Limited 228,837 0.420
Cogent Nominees Pty Limited 210,951 0.387
According to Wrights Investors' Service, the company has paid no
dividend during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.04 per share.
SIRTEX MEDICAL: Reconfirms No Further Takeover Bid From Cephalon
----------------------------------------------------------------
The Board of Sirtex Medical informed shareholders of
developments within the company following the unsuccessful
takeover bid by Cephalon. The Board reconfirms that it is not
aware of any further takeover bids for the company and that this
is not a focus for the company going forward.
The Board has reaffirmed that the fundamentals of the company
remain sound and is confident of continued growth in revenue and
profitability. Although the Cephalon bid diverted attention from
core activities for many months, Sirtex has continued to make
good progress during that time. For instance, sales revenue for
May increased to A$1.37M with a greater than 85% gross margin.
Last week Sirtex was reinspected by British Standards Institute,
the Notified Body for European Regulatory approval, and once
again was deemed to have a robust quality system that supported
European CE marking.
Management's focus has now returned to growing the company's
core business. To achieve this the company has initiated steps
to increase the USA sales and marketing work force, establish a
USA manufacture site by the first half of 2004 and is invoking
an ongoing clinical trials program.
Dr Colin Sutton, who is 61 years old and has been Chief
Executive Officer of Sirtex since March 2000, announced his
retirement from Sirtex. Dr Sutton will step down as CEO and will
retire from the Board at the end of June. During Dr Sutton's
tenure, Sirtex has successfully listed on the ASX, has built its
internal operations, opened subsidiaries in the USA and Europe
and is now both profitable and cash flow positive. The Board
congratulates Dr Sutton on his retirement and thanks him for his
contribution.
As a result of Dr Sutton's retirement, Sirtex will institute
changes within the Board and management structure of the company
and its subsidiaries in order to facilitate the company's
development. Dr Bruce Gray will remain as executive Chairman and
will assume executive responsibility for the company during this
change period. Additional executive appointments will occur in
the near future.
Mr Charles Rowland, President of Sirtex Medical Inc has accepted
an invitation to join the Board. Mr Rowland brings additional
strength and perspective to the Board, as he has been
responsible for development of the US market for Sirtex. He has
a background of more than 20 years in heath care and has been
successful in building USA healthcare companies from the ground
up.
WEST OIL: Proposes Share Capital Consolidation
----------------------------------------------
Notice is hereby given that a General Meeting of members of West
Oil NL will be held at Level 6, BGC Centre, 28 The Esplanade,
Perth, Western Australia on 9 July 2003 at 10:00 am.
AGENDA
SPECIAL BUSINESS
1. CONSOLIDATION OF SHARE CAPITAL
To consider and if thought fit, to pass with or without
amendment, the following resolution as an ordinary resolution:
"That, pursuant to and in accordance with section 254H of the
Corporations Act and clause 9.1 of the Company's Constitution
and for all other purposes, the issued capital of the Company be
consolidated on the basis that every ten (10) fully paid
ordinary shares in the capital of the Company be consolidated
into one fully paid ordinary share and where the number of
shares held by a member of the Company as a result of the
consolidation effected by this resolution includes any fraction
of a share, those fractions be cancelled and extinguished."
2. ADOPTION OF A NEW CONSTITUTION
To consider and if thought fit, to pass with or without
amendment, the following resolution as a special resolution:
"That, with effect from the passing of this Resolution and in
accordance with section 136 of the Corporations Act, the
regulations contained in the printed document produced to this
Meeting and signed by the chairman for identification purposes
are hereby approved and adopted as the Constitution of the
Company in substitution for and to the exclusion of the existing
Constitution of the Company."
================================
C H I N A & H O N G K O N G
================================
BRILLIANT PLASTIC: Winding Up Sought by Hoi Luen
------------------------------------------------
Hoi Luen Electrical Manufacturing Limited is seeking the winding
up of Brilliant Plastic Limited. The petition was filed on May
19, 2003 and will be heard before the High Court of Hong Kong on
July 9, 2003.
Hoi Luen holds its registered office at No. 55, Hoi Yuen Road,
Kwun Tong, Hong Kong.
ESUN HOLDINGS: Clarifies Golden Harvest Press Report
----------------------------------------------------
Reference is made to a report in Hong Kong Economic Times (Press
Report) in which it was reported, among other things, that eSun
Holdings Limited was considering a proposal to acquire an
interest in Golden Harvest Entertainment (Holdings) Limited
(Golden Harvest) by way of injection of the entire interest of
the Company in Media Asia Holdings Limited (MAH) in return
for the issue and allotment of new shares in Golden Harvest. The
Company's entire interest in MAH currently stands at 35.13% but
this will be increased to 49.77% on completion of the
acquisition of the interest in MAH held by Splendid Agents
Limited as disclosed in the Company's announcement dated 16th
May, 2003.
The Directors of the Company wish to clarify certain
inaccuracies in the Press Report regarding, in particular, the
interests of MAH and Golden Harvest involved. Both Golden
Harvest and MAH are well-established companies in the local film
industry and there have been informal usual discussions on
cooperation on business matters between members of management
staff of both companies from time to time over the past two to
three years. Both the Company and Golden Harvest have been
exploring the creation of synergies, revenue enhancement and
cost reduction by certain cooperation such as the showing of
films produced by MAH at cinemas of Golden Harvest and the co-
production of films. During the course of these discussions, the
possibility of injection of the Company's interest in MAH in
exchange of certain interest in Golden Harvest has also been
considered. These discussions are very preliminary and no
understanding has been reached on the extent of the Company's
interest in MAH and the interest in Golden Harvest, which might
form the subject of the cooperation.
The Directors wish to confirm that no specific terms of the
arrangements as aforesaid have been discussed or agreed and no
formal agreement, either oral or written, has been reached
between the Company and Golden Harvest. The cooperation
arrangements as aforesaid may or may not proceed. The Directors
consider that an announcement should be issued by the Company to
clarify the contents of the Press Report, which is price-
sensitive in nature. Further announcement will be made as
appropriate in accordance with the requirements of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the Stock Exchange).
GENERAL
Trading in eSun Shares on the Stock Exchange was suspended with
effect from 10:01 a.m. on 5th June, 2003 at the request of the
Company pending publication of this announcement. An application
has been made by the Company for the resumption of trading of
eSun Shares on the Stock Exchange with effect from 9: 30 a.m. on
6th June, 2003.
In the meantime, shareholders of the Company and potential
investors are advised to exercise caution when dealing in eSun
Shares.
PCCW LIMITED: C&W Disposes 14% Shares Via Market Placement
----------------------------------------------------------
PCCW Limited has been informed that Cable and Wireless Plc and
its subsidiaries (C&W) have disposed of their entire
shareholding in PCCW in a market placement through Citigroup
Global Markets Limited (Citigroup) at a price of HK$4.78 per
share.
The shares formed part of the consideration received by C&W
under the terms of the merger of PCCW-HKT Limited (formerly
Cable & Wireless HKT Limited) with the Company in August 2000.
The placing relates to 651,876,921 PCCW shares of HK$0.25 each
(PCCW Shares), representing approximately 14% of the existing
issued share capital of PCCW.
PCCW has been informed by Citigroup that the placement of the
651,876,921 PCCW Shares was executed on Friday by Citigroup at a
price of HK$4.78 per share which represents a 9% discount to the
closing price of HK$5.25 on Tuesday, 3 June 2003. The PCCW
Shares were placed with institutional and professional investors
in Asia, Europe and the United States.
PCCW has not participated in the C&W market placement through
the repurchase of any of its shares and confirms that none of
the shares were placed with the directors or the chief executive
of PCCW or with its substantial shareholder, Pacific Century
Regional Developments Limited.
At the request of PCCW, trading in PCCW Shares on The Stock
Exchange of Hong Kong Limited (Stock Exchange) was suspended
with effect from 9:30 a.m. on 5 June 2003, pending the issue of
this announcement. An application has been made by PCCW to the
Stock Exchange for resumption of trading in PCCW Shares with
effect from 9:30 a.m. on 6 June 2003.
TOPBASE CONSTRUCTION: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up Topbase Construction Engineering Limited
is scheduled to be heard before the High Court of Hong Kong on
July 9, 2003 at 9:30 in the morning.
The petition was filed with the court on May 12, 2003 by Chow
Shu Tai of Room 2027, Wing Yuen House, Chuk Yuen (South) Estate,
Kowloon, Hong Kong.
UNIVERSAL DEVELOPMENT: Faces Winding Up Petition
------------------------------------------------
The petition to wind up The Universal Development Company
Limited is scheduled for hearing before the High Court of Hong
Kong on June 25, 2003 at 9:30 in the morning.
The petition was filed with the court on May 5, 2003 by
Linklaters, on behalf of the Petitioner, the Hongkong and
Shanghai Banking Corporation Limited, Singapore branch of 21
Collyer Quay, #14-01, HSBC Building, Singapore 049320.
WALTECH PACIFIC: Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Waltech Pacific (International) Limited
is set for hearing before the High Court of Hong Kong on July 9,
2003 at 9:30 in the morning.
The petition was filed with the court on May 10, 2003 by Kam Kiu
(Hong Kong) Limited whose registered office is situated at No.
1, Science Museum Road, Kowloon, Hong Kong.
=================
I N D O N E S I A
=================
BANK NEGARA: S&P Rates Proposed US$100M Notes 'CCC+'
----------------------------------------------------
Standard & Poor's Ratings Services assigned Friday its 'CCC+'
rating to the proposed US$100 million subordinated notes issue
by Indonesia's P.T. Bank Negara Indonesia (Persero) Tbk (Bank
BNI; B/Stable/B) due 2013, with a call option in 2008.
The rating is based on the issue's subordinate ranking to all
senior unsecured debt of Bank BNI, which includes its existing
debt of US$145 million due 2007 (B), but will rank pari passu
with the bank's existing US$150 million 10-year subordinated
debt due 2012 (CCC+), and all future subordinated debt issues.
The issuer has a call option to redeem the notes in whole, but
not in part, in 2008.
The proposed US$100 million subordinated debt note will qualify
as Tier-2 capital under Bank Indonesia's existing capital
adequacy regulations.
Any material change to the terms and conditions of the proposed
subordinated note issue could affect the rating on the issue.
Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security. In addition, a
rating does not comment on the suitability of an investment for
a particular investor.
=========
J A P A N
=========
FURUKAWA ELECTRIC: R&I Assigns BBB+ Rating
------------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned the
long-term debt rating (New Issue) of Furukawa Electric Co., Ltd
to BBB+ issued under the shelf registration scheme.
RATIONALE:
In November 2001, Furukawa Electric Co., Ltd. purchased OFS, the
optical fiber cable division of the U.S. Company Lucent
Technologies, Inc., and acquired status as the world's second
largest fiber cable Company after U.S. Corning Inc. However, the
performance of OFS has deteriorated considerably with the
stagnation of the American telecommunications industry and has
been having a negative impact on consolidated base earnings. The
December 2002 settlement of accounts for OFS showed a deficit in
pre-depreciation operating results.
On the assumption that the earnings environment will become more
severe than initially estimated, Furukawa Electric will
undertake further restructuring and plans to bring pre-
depreciation operating results into balance at the end of the
December 2003 term. However, OFS operating results before
depreciation for the December 2003 term are expected to show a
6.8 billion yen deficit, so bringing capital outflow to a halt
for a full year will not occur until after the December 2004
term. When assessing Furukawa Electric's rating, R&I has been
evaluating the Company's fundamental earning potential created
by its various businesses, including its optical fiber and
electric cable businesses, and its level of financial
resilience, including unrealized profits in securities.
Excluding the performance of OFS, consolidated operating profits
are heading for an improvement from 6.5 billion yen in the March
2003 term to 32.6 billion yen in the March 2004 term. On the
other hand, there are no positive signs in reduction of interest
bearing debt, which is in excess of 500 billion yen.
Furthermore, improvements in operating profits are not enough to
make up for the decline of OFS. The US telecommunications
environment remains harsh. Until the restructure of OFS shows
positive results and business gets sufficiently back on track,
Furukawa Electric's rating will remain under downward pressure.
GLOBAL CROSSING: Sells Unit to Pivotal For US$63M
-------------------------------------------------
Pivotal Private Equity announced Thursday that the U.S.
Bankruptcy Court has approved the sale of Pacific Crossing Ltd.
and its subsidiaries (PCL) to Pivotal Telecom LLC, for US$63
million. Judge Peter J. Walsh, chief judge of the U.S.
Bankruptcy Court for the district of Delaware, has signed the
sale order that approves Pivotal Telecom as the buyer. The sale
is expected to close by the end of the year.
Pivotal Private Equity, based in Phoenix, formed Pivotal Telecom
for the purpose of acquiring PCL.
PCL, a former subsidiary of Global Crossing, operates the PC-1
fiber optic telecommunications network connecting Japan with the
United States. The network, completed in 2000 at a cost of more
than US$1.35 billion, provides a variety of voice, Internet and
data communications services, and includes two subsea fiber
optic cable systems and four landing stations located in the
United States and Japan.
"This acquisition is key to our strategy of investing in
undervalued telecom assets," said Jahm Najafi, chief executive
officer of Pivotal Private Equity. "The network is currently
underutilized, a condition that we will be working vigorously to
change once the transaction has closed."
PCL and its subsidiaries filed for Chapter 11 protection with
the U.S. Bankruptcy Court for the district of Delaware on July
19, 2002. On April 21, 2003, Pivotal Telecom signed an Asset
Purchase Agreement to acquire the assets of PCL in an open
auction from Pacific Crossing Limited, PC Landing Corp., Pacific
Crossing UK Ltd. and PCL Japan Ltd. "Enhancing access to both
Asian and U.S. markets is key to our operating strategy," said
Robert Woog, Pivotal Telecom's newly appointed chief executive
officer. "We will be a participant in the tremendous growth of
Asian markets, providing the infrastructure that will create a
gateway to the U.S. and meet the demand for bandwidth."
Prior to the closing of the transaction later this year, Pivotal
Telecom will seek the transfer of Pacific Crossing's Federal
Communications Commission network operating license and other
permits.
Woog is founder and managing director of Transcom International,
a strategic technology services and consulting firm
headquartered in South Orange, N.J. Prior to launching his own
firm, he was senior vice president for strategic global
development for Global Crossing Ltd., New York City, responsible
for strategic business alliances with major carriers and
consortiums. Woog also was senior vice president of network
development for IXnet, a New York City-based provider of IP-
based network services to the global financial industry,
responsible for all international operations, including network
expansion, regulatory issues and strategic alliances. His career
in telecommunications includes positions with AT&T, Positron
Industries Inc., and Communications Techniques Inc.
Pivotal Private Equity also announced the appointment of Daniel
E. Campbell as executive vice president of marketing and sales
for the newly created entity. Campbell has more than 38 years of
experience in the international telecommunications industry,
spanning operations, engineering, finance, business development,
product management and international facilities planning and
contract negotiations. He served in many capacities at AT&T,
from district manager for International Dedicated Services to
product marketing manager of Global Data Services. He also held
the position of director of International Cable Management for
AT&T and most recently served as the chairman and co-chairman of
the Management Committee/General Committee of a number of
transpacific cable projects, including TPC-5, China-U.S. Cable
Network and Japan-U.S. Cable Network. He is the founder of
Global Fiber Consulting LLC, and co-founder of Dolphin Networks,
a developer of fiber optic networks.
Pacific Crossing Ltd. and its subsidiaries operate the PC-1
undersea fiber optic cable system. The PC-1 system, which
represents the state-of-the-art in subsea cable installations,
is a self-healing fiber optic telecommunications network with a
bi-directional design capacity of 640 gigabytes per second and
is approximately 20,900 kilometers or 13,000 miles in length.
The system has landing stations in Grover Beach, Calif.; Harbor
Pointe, Wash.; Ajigaura, Japan; and Shima, Japan, and currently
operates at a capacity of 180 Gbps.
Pivotal Private Equity is a provider of equity for middle market
corporate acquisitions, recapitalizations of turnaround and
under-performing companies, as well as growth capital financings
primarily in telecommunications, energy, manufacturing, consumer
products and leisure industries.
The firm is a wholly owned subsidiary of Pivotal Group, an
institutionally based diversified real estate investment and
development firm widely recognized for its ability to create
high-quality resort, residential and business environments.
Major acquisitions by Pivotal Group include Ritz-Carlton,
Phoenix; Century Plaza Hotel & Spa, Los Angeles; St. Regis
Hotel, Los Angeles; and Red Mountain Spa, St. George, Utah.
For more information about Pivotal Group and Pivotal Private
Equity, visit www.pivotalgroup.com.
CONTACT:
Denise Resnik & Associates
Denise D. Resnik or Nick Quan, 602/956-8834
HOKKAIDO INTERNATIONAL: Shrinks FY02 Pretax Loss to US$1.63B
------------------------------------------------------------
Hokkaido International Airlines Co., widely known Air Do,
incurred a pretax loss of 1.63 billion yen (US$13.76 million) in
the year that ended March 31, lower than the previous year's
loss of 2.91 billion yen, Asia Times reports.
The Company narrowed its loss by reducing aircraft leasing fees
and teaming up with All Nippon Airways Co. to shrink maintenance
costs.
SEIYU LIMITED: Sticking With Martha Stewart For Now
---------------------------------------------------
Seiyu Limited, which sells Martha Stewart products in Japan, is
sticking with the domestic diva for now despite a criminal
indictment, CBS MarketWatch reported Thursday. In the U.S.,
Stewart resigned as CEO of her namesake Company, Martha Stewart
Living Omnimedia after she was indicted on criminal charges of
securities fraud and obstruction of justice in connection with
the sale of her ImClone Systems stock.
Seiyu, which is about a third owned by Wal-Mart, operates a
"Martha Stewart Everyday" shop in the Japanese capital of Tokyo.
"We will keep selling her goods for the time being," said Seiyu
spokesman Yoshihiro Takahashi. "We will decide what to do after
her charges have been confirmed," he said.
Seiyu Limited booked a group net loss of 90.84 billion yen in
the business year ending February 28 in a sharp reversal from a
profit of 5.2 billion yen the previous year, due mainly to heavy
appraisal losses on its shareholdings, according The Troubled
Company Reporter-Asia Pacific.
=========
K O R E A
=========
DAEWOO SHIPBUILDING: GDR Issue Boosts Credibility
-------------------------------------------------
Global depository receipt (GDR)'s for Daewoo Shipbuilding and
Marine Engineering Co. were successfully issued, which will have
the effect of raising the firm's credibility in the eyes of
investors, the Korea Herald reported Friday, citing local
brokerage LG Investment and Securities. With the DR issues, the
foreign ownership of the shipbuilder will increase to 28
percent. The shipbuilder offered $255.7 million worth of global
depository receipts, equivalent to a 15 percent stake in the
Company. The receipts, offered late Tuesday in London, were
priced at $15.64 each.
SK GLOBAL: Creditors Continue Bailout Plan
------------------------------------------
SK Global's creditors have decided to push for the bailout plan
for the trading firm, despite the strong opposition from
Sovereign Asset Management, DebtTraders reports. Creditors
requested SK Corporation to provide financial assistance to SK
Global, because SK Corporation will have to bear losses worth
1.08 trillion won ($864 million) under a liquidation scenario.
Creditors also believe SK Global's value, as a going concern is
much greater than its liquidation value.
Based on Samil Accounting Corporation's estimated average EBITDA
on SK Global of 398.2 billion won ($318 million) for next five
years, DebtTraders estimate that the sustainable debt of SK
Global will be approximately 2 trillion won ($1,593 million).
Compared with an estimated total debt of approximately 9
trillion won ($7.2 billion), DebtTraders estimate the recovery
value of SK Global's debt will be approximately 22 percent. SK
Global also plans to sell about 959.5 billion won ($768 million)
worth of securities to reduce debt. Separately, domestic
creditors may convert 40 percent of their loans totaling 5.2
trillion won ($4.1 billion) to SK Global into equity to revive
the trading company. SK Corporation may also swap between 850
billion won ($680 million) and 1.5 trillion won ($1.2 billion)
of trade receivables from SK Global into equity.
SK GLOBAL: Creditors Deny Forcing Bailout Plan
----------------------------------------------
Creditors did not force SK Group to reach an agreement on the
bailout of its troubled trading arm SK Global, JoongAng Daily
reported Friday, citing Hana Bank President Kim Seung-yu.
Obtaining the Board of Directors approval on the bailout plan of
swapping debt into equity is at the discretion of SK
Corporation, Mr. Kim said.
Monaco-based Sovereign Asset Management Ltd., which holds the
largest single stake in SK Corp. through its subsidiary Crest
Securities Ltd., on Wednesday expressed strong opposition to any
plans by SK Corp. to support SK Global. The creditors have no
reason to respond to the demands of [Sovereign], which they
believe put up speculative money for a high-risk, high-return
investment, Mr. Kim said.
Kim admitted he had signed the non-binding agreement with SK
Group on the bailout plan for SK Global, but denied rumors that
creditors forced SK Group to reach such an agreement. Creditors
who did not consent to the rescue plan would be paid the
liquidation value, which would not exceed 30 cents on the
dollar, Mr. Kim added. Liquidation of SK Global is estimated to
incur more than 2 trillion won of losses to SK Corporation said
Lee No-jong, an executive of SK Group. He added that to revive
the ailing trade arm could be an option for SK Corporation to
reduce its losses.
DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 91.5 and 94.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1
SK GLOBAL: Creditors to Sell Unit Shares
----------------------------------------
Hana Bank, the main creditor of SK Global Co., will soon start
selling part of about US$1.67 billion worth of shares in SK
Group affiliates taken as collateral, according to Reuters. SK
Global has been on the verge of bankruptcy since a $1.2 billion
accounting fraud was unearthed in March. Earlier this week,
creditors gave an initial approval to a two trillion won bailout
proposal by the SK Group.
"We will sell some of the shares soon regardless of whether they
are listed or not," Kim Seung-yu, the President of Hana Bank,
told reporters. SK Global, which has 4.38 trillion won in net
debts, is the largest distributor for oil products of SK Corp,
the top local oil refiner.
===============
M A L A Y S I A
===============
CHASE PERDANA: All Resolutions Passed at 27th AGM
------------------------------------------------
Chase Perdana Berhad announced that at the 27th Annual General
Meeting (AGM) of CPB held on Thursday, all other resolutions
tabled were approved, including the re-election of the following
Directors pursuant to the Company's Articles of Association:
Article 102(1) of the Company's Articles of Association
i) Tan Sri Datuk Dr. Mohan M.K. Swami, J.P.
ii) Ms Gomathi @ Usha Nathan A. Vaidyanathan
Tan Sri Datuk Ab. Aziz Bin Ismail retired and did not seek re-
election.
The present Board of CPB comprises the following Directors:
i) Tan Sri Datuk Dr Mohan Swami, J.P. (Executive Chairman)
ii) Datuk Masidi bin Manjun @ Masdi, J.P. (Executive Deputy
Chairman)
iii) Encik Tajuddin bin Atan (Managing Director)
ivi) Datuk Dr Baharun Azhar bin Raffiai (Independent Non-
Executive Director)
v) Encik Ahmad Kamal bin Abdullah Al-Yafii (Independent Non-
Executive Director)
vi) Ms Gomathi @ Usha Nathan A Vaidyanathan (Non-Executive
Director)
(Dr S Balakrishnan A Shanmugam tendered his resignation as
Director of CPB after the AGM on Thursday. Please refer to the
announcement on change in Boardroom on even date.)
Also approved at the AGM, were the following resolutions under
Special Business:
SPECIAL RESOLUTION NO. 1
- Proposed Amendments to the Articles of Association of the
Company
"THAT the amendments to the Articles of Association of the
Company as detailed in the Appendix A of the Annual Report 2002
to the shareholders, be and are hereby approved."
ORDINARY RESOLUTION NO. 1
- Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965
"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the Articles of Association of the Company and the
approvals of the relevant government/ regulatory authorities,
the Directors be and are hereby empowered to issue the shares in
the Company from time to time and upon such terms and conditions
and for such purposes as the Directors may deem fit provided
that the aggregate number of shares issued pursuant to this
resolution does not exceed 10% of the issued capital of the
Company for the time being and that such authority shall
continue to be in force until the conclusion of the next Annual
General Meeting of the Company."
ORDINARY RESOLUTION NO. 2
- Authority to allot shares pursuant to the Employees' Share
Option Scheme
"THAT subject always to the approval of the relevant
authorities, authority be and is hereby given to the Directors
to issue shares in the capital of the Company at any time upon
such terms and conditions and for such purposes as the
Directors, may, in their discretion, deem fit including but not
limited to such shares as may be issued pursuant to the exercise
of the options under the Employees' Share Option Scheme as
approved by an ordinary resolution passed at the Extraordinary
General Meeting of the Company held on 28 December 2002 provided
that the aggregate number of shares to be issued pursuant to
this resolution does not exceed 10% of the issued share capital
of the Company for the time being."
FORESWOOD GROUP: KLSE Grants RA Time Extension
----------------------------------------------
In accordance with the Paragraph 5.1(a) of the Practive Note.
4/2001 - Criteria and obligation pursuant to Paragraph 8.14 of
the Listing Requirement of the Kuala Lumpur Stock exchange,
Foreswood Group Berhad wishes to announce that the KLSE has
approved an extension of time from 22 May 2003 to 31 July 2003
to enable the Company to announce its Requisite Announcement.
At this juncture, the Company is still in the midst of
finalizing its financial regularization plans and as such is
unable to make its Requisite Announcement by the stipulated time
frame.
FURQAN BUSINESS: Enters Profit Guarantee Agreement With Parties
---------------------------------------------------------------
Alliance Merchant Bank Berhad on behalf of Furqan Business
Organisation Berhad (FBO), had submitted to the Securities
Commission (SC) the proposal to vary the period of the profit
guarantee provided by the vendors of Eastern Biscuit Factory Sdn
Bhd (EBF) to FBO in connection to the profit before tax (PBT) of
EBF for the financial years ended/ ending 31 December 2002 to
2004, to the new guaranteed period commencing from the financial
years ending 31 December 2003 to 2005 (Proposed Profit Guarantee
Variation). The approval from the SC for the Proposed Profit
Guarantee Variation was obtained on 14 April 2003 and was
announced on 16 April 2003.
In connection with the above, Teong Hoe Holding Sdn Bhd, Forad
Management Sdn Bhd, Dato' Tan Kok Hwa, (being the vendors of
EBF), FBO, Austral Amalgamated Berhad (Special Administrators
Appointed) (AAB) and Universal Trustee Malaysia Berhad
(Stakeholder) (collectively referred to as "the Parties") have
on 5 June 2003 agreed to the following salient terms and
conditions of a supplemental agreement (supplemental to the
Profit Guarantee Agreement (PGA) entered between the Parties on
13 November 2002) to be signed upon obtaining the shareholders'
approval at an Extraordinary General Meeting of the Company to
be convened:
(a) The Vendors unconditionally and irrevocably jointly and
severally guarantee FBO and AAB and their successors-in-title
and assigns that the audited PBT of the EBF shall in aggregate
be not less than:
(i) RM9.235 million for the financial year ending 31
December 2003;
(ii) RM14.780 million for the financial year ending 31
December 2004; and
(iii) RM18.314 million for the financial year ending 31
December 2005 ;
(b) Save as amended, all other terms and conditions of the PGA
remain in full force and effect and shall be read and construed
as one instrument and the supplemental agreement shall be deemed
to be part of and incorporated into the PGA.
GEORGE KENT: EGM to be held on June 19
--------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
George Kent (Malaysia) Berhad will be held at the Registered
Office of the Company, George Kent Technology Centre, Lot 1115,
Batu 15 Jalan Dengkil 47100 Puchong, Selangor Darul Ehsan on
Thursday, 19 June 2003 at 12 noon for the purpose of considering
and if thought fit, passing the following resolutions with or
without modifications:
Ordinary Resolution 1
Proposed Increase In Authorised Share Capital
"THAT the authorized share capital of the Company be and is
hereby increased from RM100,000,000 comprising of 200,000,000
ordinary shares of RM0.50 each to RM200,000,000 comprising of
400,000,000 ordinary shares of RM0.50 each by the creation of an
additional 200,000,000 new ordinary shares of RM0.50 each AND
THAT the Memorandum and Articles of Association of the Company
be amended to state the new authorized share capital
accordingly."
Ordinary Resolution 2
Proposed Debt Restructuring
"THAT subject to the passing of Ordinary Resolution 1 above and
the approvals of all relevant authorities, the Proposed Debt
Restructuring as embodied in each of the Debt Restructuring
Agreement (DRA) of GKM, DRA of GK-Hardie Sdn Bhd (GKH) and DRA
of GK Equities Sdn Bhd (GKE) all dated 20 March 2002 be and are
hereby approved AND THAT the Directors of the Company be and are
hereby authorized to undertake and implement the following:
(i) the proposed disposal by GKE of 23,270,000 ordinary
shares of RM0.50 each, representing a 7.52% equity
interest in Johan Holdings Berhad to Seamico Securities
Public Company Limited for a total cash consideration
of RM8,958,950 or at a price of RM0.385 per share as
settlement of debts owing to lenders;
(ii) subject to the approval of all relevant authorities and
the approval in principle being granted by Kuala Lumpur
Stock Exchange for listing of and quotation for
73,687,043 new ordinary shares of the Company to be
issued at RM0.50 pursuant to the Proposed
Capitalization of Sale Portion, to allot and issue to
Malayan Banking Berhad, HSBC Bank Malaysia Berhad,
Deutsche Bank (Malaysia) Berhad, Bank of Nova Scotia
Berhad, AmMerchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad), Bumiputra-Commerce
Bank Berhad, United Overseas Bank (Malaysia) Berhad,
RHB Bank Berhad and EON Bank Berhad (collectively and
hereinafter referred to as GKM Lenders) 73,687,043 new
ordinary shares of RM0.50 each in the Company or such
number of new ordinary shares of RM0.50 each in the
Company as approved by the authorities, credited as
fully paid-up, at par or such other price as may be
approved by the relevant authorities in consideration
of the sale of unsustainable debt of RM38,985,358 to be
capitalized by the Company under the terms of the GKM
DRA AND THAT such new ordinary shares shall, on
allotment and issue, rank pari passu in all respects
with the existing issued and paid-up shares of the
Company except that such new ordinary shall not be
entitled to any rights, allotments, dividends or
distributions, the entitlement date of which precedes
the allotment date of such new ordinary shares;
(iii) subject to the approval of all relevant authorities and
the approval in principle being granted by Kuala Lumpur
Stock Exchange for the admission to the Official List
for the ICULS and listing and quotation of all the
ICULS to be issued and new ordinary shares to be issued
pursuant to the conversion of the ICULS, approval be
and is hereby given to the Company for the creation and
issue on a pro-rata basis to the GKM Lenders
RM33,382,000 nominal value of ICULS to be issued at
100% of the nominal value with nil coupon rate and a
tenure of ten (10) years and convertible into new
ordinary shares of RM0.50 each per RM0.50 nominal value
of ICULS credited as fully paid as settlement for debts
owing to the GKM Lenders amounting to RM29,270,000 AND
THAT approval be given to the Company to enter into a
Trust Deed constituting the ICULS AND THAT approval be
and is hereby given for the Directors of the Company to
allot and issue, at any time commencing from the fifth
anniversary up to the tenth anniversary of the date of
issue of the ICULS or upon conversion of the ICULS to
fully paid-up ordinary shares being early conversion
exercisable on the occurrence of an event of default
under the Proposed Syndicated Term Loan Facility and
Proposed Working Capital Facility whichever is earlier,
such number of new ordinary shares of RM0.50 each in
the Company, credited as fully paid at the conversion
price as approved by the relevant authorities AND THAT
arising from the conversion of ICULS such new ordinary
shares upon allotment and issue, shall rank pari passu
in all respects with the existing issued and paid-up
shares of the Company except that such new ordinary
shares shall not be entitled to any rights, allotments,
distributions or dividends, the entitlement date of
which precedes the allotment date of such new ordinary
shares;
AND THAT authority be given to the Directors to enter into any
agreements and arrangements to implement, finalize and given
full effect to the abovementioned transactions under the
Proposed Debt Restructuring with full powers to assent to any
conditions, variations, modifications and/or amendments as may
be required by the relevant authorities."
Ordinary Resolution 3
Proposed Call Option
"THAT subject to the passing of Ordinary Resolutions 1 and 2
above, the option granted by the Seamico Securities Public
Limited Company (Investor) to Dato' Tan Kay Hock and Datin Tan
Swee Bee and their Controlled Entities to purchase from the
Investor up to 73,687,043 ordinary shares of RM0.50 each in the
Company in accordance with the terms of the GKM Option Deed
dated 12 December 2002 and Deed of Rectification dated 19 May
2003 exercisable within 3 years from the date of acquisition of
the shares by the Investor at an exercise price ranging from
RM0.382 to RM0.649 per share be approved."
Ordinary Resolution 4
Proposed Establishment Of An Employee Share Option Scheme (ESOS)
"THAT subject to the approval of all relevant authorities being
obtained for the new Employee Share Option Scheme, the Directors
of the Company be and are hereby authorized:
(i) to establish and administer a new Employee Share Option
Scheme for eligible employees to the Company and its
subsidiaries (the Group) and full time executive directors of
the Company to be known as "GKM Employees' Share Option Scheme"
(hereinafter referred to as "Proposed New ESOS") subject to such
amendments to the Proposed New ESOS Scheme as may be made or
required by the relevant authorities including any revisions to
the share allocation to eligible employees as may determined by
the Securities Commission, and any other relevant authorities
which are acceptable to the Directors;
(ii) to make the necessary applications and do all things
necessary at the appropriate time or times to the Kuala Lumpur
Stock Exchange for permission to deal in and for quotation of
the new shares of the Company which may from time to time be
allotted and issued pursuant to the Proposed New ESOS;
(iii) from time to time to allot and issue such number of new
ordinary shares of RM0.50 each in the Company to eligible
employees of the Group and full time executive directors of the
Company pursuant to their exercise of the Option under the
Proposed New ESOS provided that the aggregate number of shares
issued pursuant to the Proposed New ESOS, together with previous
employees' share option schemes, do not exceed 10% of the issued
capital of the Company at any point in time during the existence
of the Proposed New ESOS. The said ordinary shares shall, upon
allotment and issue, rank pari passu in all respects with
existing issued and paid-up ordinary shares in the Company,
except that they shall not be entitled to any rights,
allotments, distributions or dividend, the entitlement date of
which precedes the allotment date of such new ordinary shares
and will be subject to all the provisions of the Articles of
Association of the Company relating to transfer, transmission
and otherwise; and
(iv) to modify and/or amend the Proposed New ESOS from time
to time provided that such modifications and/or amendments are
effected in accordance with the provisions of the Proposed New
ESOS relating to modifications and/or amendments and to do all
such acts and to enter into all such transactions, arrangements
and agreements as may be necessary or expedient in order to give
full effect to the Proposed New ESOS;
AND THAT the Directors be and are hereby further authorized to
give effect to the Proposed New ESOS with full power to assent
to any modifications and/or amendments in any manner as may be
required by the relevant authorities."
Ordinary Resolution 5
Option Shares To Lee Pui Leng
"THAT subject to the passing of the Ordinary Resolution 4 above
and the approval of the relevant authorities, approval be and is
hereby given for the Company to offer and grant Mr Lee Pui Leng,
the Managing Director of the Company, options to subscribe for
the maximum allowable allotment of 400,000 new ordinary shares
of RM0.50 each in the Company under the Proposed New ESOS."
KEMAYAN CORPORATION: Winding Up Petition Struck Off
---------------------------------------------------
Reference is made to the announcements dated 19 September 2002,
23 September 2002, 13 December 2002 and 14 March 2003 in
relation to the Winding Up Petition of PB International Factors
Sdn Bhd against Kemayan Corporation Berhad.
The Board of Directors of Kemayan Corporation Berhad hereby
announced that the winding up petition served by PB
International Factors Sdn Bhd has been struck off with liberty
to file afresh at the hearing on Thursday at the High Court of
Malaya at Johor Bahru.
KSU HOLDINGS: Answers KLSE's Legal Proceedings Query
----------------------------------------------------
KSU Holdings Berhad, in reply to the Query Letter by KLSE
reference ID: NM-030604-36090 on Legal Proceedings by Eon Bank
Berhad Against the Company, submitted the following information
relating to the said announcement:
1) As announced on 3 June 2003, the financial implication to
KSUH will be the exposure to a Corporate Guarantee to be given
to the extent of RM40 million should the suit be successful. The
Company does not foresee any implication on its existing
operations should the suit be successful.
2) Any losses arising from the suit will be in relation to the
Corporate Guarantee including damages, interest and costs should
the suit by EON Bank Berhad be successful.
3) KSUH is referring the matter to its solicitors for
appropriate advice and action. The Company will defend the suit.
Below is KLSE's Query Letter content:
We refer to your announcement dated 3 June 2003 in respect of
the aforesaid matter. In this connection, kindly furnish the
Exchange immediately with the following information for public
release:
1. The operational and financial impact on the Group, if any,
arising from the Writ of Summons.
2. The expected losses, if any, arising from the Writ of
Summons.
3. The steps that your Company has taken and will take with
regards to the Writ of Summons.
Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA
LAND & GENERAL: 40th AGM Fixed on June 26
-----------------------------------------
Notice is hereby given that the 40th Annual General Meeting of
Land & General Berhad will be held at the Sri Damansara Club,
Saga Room, Lot 23304, Persiaran Perdana, Bandar Sri Damansara,
52200 Kuala Lumpur on Thursday, 26 June 2003 at 10:00 a.m. for
the following purposes:
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 payment of Directors' fees (Resolution 2)
3. To re-elect the following Directors:
General (Rtd) Tan Sri Borhan Hj Ahmad (Resolution 3)
Dato' Dr A. Bakar Jaafar (Resolution 4)
Mohamed Razeek Hussain (Resolution 5)
4. To re-appoint PricewaterhouseCoopers as Auditors of the
Company and to authorize the
Directors to fix their remuneration (Resolution 6)
AS SPECIAL BUSINESS
To consider and if thought fit, to pass the following Ordinary
Resolution:
5. Allotment of shares pursuant to Section 132D of the
Companies Act, 1965 (Resolution 7)
"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time until the conclusion of the next Annual
General Meeting and upon such terms and conditions and for such
purposes as the Directors may in their absolute discretion deem
fit, provided that the aggregate number of shares to be issued
does not exceed 10% of the issued share capital of the Company
for the time being, subject always to the approval of all
relevant regulatory bodies being obtained for such allotments
and issues."
6. To transact any other business for which due notice shall
have been given.
PANGLOBAL BERHAD: June 25 EGM Scheduled
---------------------------------------
On behalf of Panglobal Berhad, Commerce International Merchant
Bankers Berhad is pleased to announce that an EGM of PGB will be
held at Level 34, Menara PanGlobal, 8, Lorong P. Ramlee, 50250
Kuala Lumpur on Wednesday, 25 June 2003 at 3:30 p.m. or
immediately after the conclusion or adjournment (as the case may
be) of the 38th Annual General Meeting of PGB, which will be
held at 3:00 p.m. on the same day and at the same venue,
whichever is later.
Go to http://bankrupt.com/misc/TCRAP_Pglobal0609.docfor a copy
of the EGM Notice.
PICA (M) CORPORATION: Non-Exec Director Subramaniam Resigns
-----------------------------------------------------------
Pica (M) Corporation Berhad posted this Change in Boardroom
Notice:
Date of change : 05/06/2003
Type of change : Resignation
Designation : Non-Executive Director
Directorate : Independent & Non Executive
Name : Noel John A/L M. Subramaniam
Age : 55
Nationality : Malaysian
Qualifications : Masters Degree in Management
Working experience and occupation : Company Director
Directorship of public companies (if any) : Seloga Holdings Bhd
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
On early May, the Troubled Company Reporter - Asia Pacific
reported that, in relation to its Approx RM3 million Credit
Facility Claimed by Arab-Malaysian Bank, has filed in its
Statement of Defense and the Plaintiff's summary judgment
application has been further fixed for hearing on 14 July 2003.
SPORTMA CORPORATION: Appoints New Audit Committee Member
--------------------------------------------------------
Sportma Corporation Berhad posted this Change in Audit Committee
Notice:
Date of change : 04/06/2003
Type of change : Redesignation
Previous Position : Member of Audit Committee
New Position : Chairman of Audit Committee
Directorate : Independent & Non Executive
Name : AHMAD MOKHTAR BIN DATO' ZAINAL ABIDIN
Age : 39
Nationality : MALAYSIAN
Qualifications : LANDSDOWN TUTORS, LONDON - "O" LEVELS
Working experience and occupation : COMPANY DIRECTOR AND SITS
ON THE BOARD OF SEVERAL PRIVATE COMPANIES WHICH ARE INVOLVED IN
MANUFACTURING, LAND DEVELOPMENT, INVESTMENT HOLDING AND
MECHANICAL ENGINEERING BUSINESSES.
Directorship of public companies (if any) : JUTAJAYA HOLDING BHD
Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL
Composition of Audit Committee (Name and Directorate of members
after change) : Encik Ahmad Mokhtar bin Zainal Abidin -
Chairman/Independent Non-Executive Director
Mr Yap Chi Keong - Executive Director
TAP RESOURCES: Inks DPAA W/ Trustee, Paying Agent, Lead Arranger
----------------------------------------------------------------
Further to the announcement made on 8 May 2003 in relation to
the respective Trust Deeds constituting the Redeemable
Convertible Secured Loan Stocks (RCSLS) entered into between Tap
Resources Berhad with the following parties:
1) AmTrustee Berhad (formerly known as Arab-Malaysian Trustee
Berhad) (AmTrustee) in relation to the issue of up to
RM17,503,000 nominal value 5% coupon RCSLS to AmBank Berhad
(RCSLS-A);
2) AmTrustee in relation to the issue of up to RM10,066,000
nominal value 5% coupon RCSLS to AmMerchant Bank Berhad (RCSLS-
B); and
3) AmTrustee in relation to the issue of up to RM9,065,000
nominal value 5% coupon RCSLS to Hong Leong Bank Berhad (RCSLS-
C).
The Board of Directors of TAP wishes to announce that TAP had on
5 June 2003 entered into the respective Depository and Paying
Agency Agreement (DPAA) with AmTrustee (as Trustee), Bank Negara
Malaysia (as the Central Depository/the Paying Agent) and
Malaysian International Merchant Bankers Berhad (as the Lead
Arranger) in connection with the issuance of the RCSLS upon the
terms and conditions as contained in the said DPAA. The said
RCSLS will be traded through Real Time Electronic Transfer of
Funds and Securities System (RENTAS).
TECHNO ASIA: Provides Default in Payments Status Update
-------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad (Special Administrators Appointed) and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over the following subsidiary companies
of TECASIA on 30 April, 2001:
1. Mount Austin Properties Sdn. Bhd.;
2. Cempaka Sepakat Sdn. Bhd.;
3. Ganda Edible Oils Sdn. Bhd.;
4. Litang Plantations Sdn. Bhd.;
5. Wisma Dindings Sdn. Bhd.;
6. Ganda Plantations (Perak) Sdn. Bhd.; and
7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")
Further to the announcement dated 05 May, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 30 April
2003 are tabled at
http://bankrupt.com/misc/TCRAP_TECASIA0609.gif.
Interest shown include interest from 1, July 2001 to 30 April
2003 pending implementation of the restructuring scheme which
was approved by the Securities Commission as announced on 20
December 2002 and 26 December 2002.
Measures Taken to Address the Default
TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.
Further to the measures undertaken as announced on 02 May 2003,
there has been no major changes to the status of TECASIA's plan
to regularize its financial position, save for the reduction in
the loan of RM 35.04 million as a result of the completion of
the set-off and transfer of Lahad Datu land held by its sub-
subsidiary, Litang Plantations Sdn Bhd on 28 March 2003.
Implications in respect of the Default in Payments
TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 28 April 2003 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2004. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.
TECHNO ASIA: Unit WPKL to File Appeal Over Court's Judgment
-----------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
(Special Administrators Appointed) wishes to announce that
pursuant to a ruling delivered by the High Court of Kenya at
Nairobi under a Nairobi High Court Civil Case No. 1700 of 2001,
Continental Traders & Marketing (CTM) was awarded a sum of
KShs76,000,000 together with interest thereon against an alleged
sum of KShs100,756,500 initially claimed against Westmont Power
(Kenya) Limited (WPKL).
WPKL have been informed by its solicitors in Kenya that CTM has
since filed an application to enforce the judgment debt by way
of a garnishee order. Pursuant to instructions to resist any
execution proceedings, the solicitors recently filed an
application for stay of execution and a stay of garnishee
proceedings with the Court of Appeal which application has been
certified as urgent. The solicitors have succeeded in obtaining
a temporary stay of execution, which stay also applies to the
garnishee proceedings, pending the delivery of a formal ruling
by the Court of Appeal on 6 June 2003.
WPKL is currently taking advice from its solicitors on the
merits of proceeding with the filing of an appeal to the Court
of Appeal against the judgment awarded in CTM's favor.
WPKL, a company incorporated in Kenya, is a subsidiary company
of Westmont Offshore Sdn. Bhd., which in turn is wholly-owned by
the Company.
TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it had on 5 June 2003 been
notified by PB Trustee Services Berhad (the trustee in respect
of the Company's RM186,558,296 Nominal Value of 5 year 1%-2%
Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 30 May 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.
The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary attached for information
on the securities disposed at
http://bankrupt.com/misc/TCRAP_Tongkah0609.doc.
UNITED CHEMICAL: SC's Proposed Restructuring Decision Pending
-------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors (Board) of United Chemical Industries Berhad,
announced on 9 May 2003 that the white knight of UCI, Perbadanan
Kemajuan Negeri Perak (PKNP) had on 8 May 2003, obtained the
approval of the Economic Planning Unit of the Prime Minister's
Department on PKNP's corporate reorganization plan via the
participation of Harta Perak Corporation Sdn Bhd in the
restructuring and reverse take-over of UCI (Proposed
Restructuring).
In addition, Alliance, on behalf of the Board of UCI, had also
on 30 May 2003 announced the decision of the KLSE to await the
outcome of UCI's applications to the relevant authorities and
the consequence of failure to obtain the approvals of the
relevant authorities necessary for the implementation of its
regularization plan.
At this juncture, the Proposed Restructuring is subject to the
following approvals, all of which are pending:
- the Securities Commission for the Proposed Restructuring;
- the KLSE for the listing and quotation of the new ordinary
shares, and new irredeemable convertible preference shares
of Newco to be issued pursuant to the Proposed
Restructuring;
- the High Court of Malaya for the Proposed UCI Scheme and
Proposed Majuperak Scheme (as defined in the announcement
dated 18 December 2002);
- Creditors of UCI for the proposed debt restructuring of
UCI which is part of the Proposed UCI Scheme;
- Shareholders of UCI for the Proposed Restructuring; and
- Shareholders of Syarikat Majuperak Berhad for the Proposed
Majuperak Scheme.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Begins Phase One of Refund Scheme
--------------------------------------------------
The Manila Electric Company (Meralco) will start giving out
refunds on June 6 to its consumers who are utilizing 100-
kilowatt hours or less per month, according to Asia Pulse on
Thursday. The Company is expected to lose 2.2 billion pesos
(US$41.26 million) during the first phase of the refund.
Meralco's 40 outlets would be open from 7 a.m. to 7 p.m. to
accommodate about two million customers keen for their rebates.
Those who would not avail themselves of the cash refunds will
have their monthly bills deducted from the amount due them until
it is exhausted. Each customer will only have three scheduled
days each month to obtain the refund. For consumers who are
using over 100 kWh, Meralco said they are still studying when
their budget can afford another batch of rebates.
Last November 2002, the Supreme Court ordered Meralco to refund
to its 3.8 million customers the 16.7 centavos per kilowatthour
(kwh) overcharges imposed by the Company for a period of nine
years or from 1994 to 2003.
MANILA ELECTRIC: Meeting With Creditors This Month
--------------------------------------------------
The Manila Electric Co. (Meralco) will meet with its creditors
this month to assess if the recent unbundled rate approved by
the Energy Regulatory Commission (ERC) is enough to warrant the
power utility firm's loan restructuring, the Philippine Star
said Friday. Meralco would need at least two months to determine
if the Company still needs to ask for an additional rate
increase from the Energy Regulatory Commission.
The power distribution firm was able to convince its short-term
creditors the deferment in the payment of about P6 billion in
short-term debts for three months. The three-month leeway given
by the short-term creditors will allow Meralco to study a scheme
that will convert these loans into longer maturities. Meralco
President Jesus Francisco said they have already submitted with
the ERC last Wednesday the Company's projected cash flow for the
next two years. According to Francisco, the power utility firm
could only spend P3 billion a year for the refund.
MANILA ELECTRIC: Still Uncertain of Creditors' Reaction
-------------------------------------------------------
Despite the approval of the Energy Regulatory Commission (ERC)
for an 8.76-centavo unbundling rate increase, the Manila
Electric Co. (Meralco) is still uncertain of creditors' approval
of their financial obligations, the Manila Times said on Friday.
In a telephone interview, Meralco President Jesus Francisco said
the unbundling rate has given them a little confidence to face
their creditors in a meeting to be held in the next few weeks.
He said Meralco is currently analyzing the effect on the cash
flow of the unbundling decision issued by the ERC. Meralco
reported a loss of 2.01 billion pesos for last year compared to
a net profit of 1.48 billion pesos in 2001.
NATIONAL POWER: Inks Deal to Provide Electricity in Rural Areas
---------------------------------------------------------------
The Department of Energy (DOE), the National Power Corp.
(Napocor) and French companies led by Paris-Manila Technology
Corporation (PAMATEC), Electricite de France and ETDE of
Bouygues Construction recently signed a Memorandum of
Understanding (MOU) aimed at providing adequate, affordable and
reliable energy services in rural areas through the Philippine
Rural Electrification Service (PRES) Project, the Department of
Energy reported in a statement.
Energy Secretary Vincent S. Perez and Mr. Hubert D' Aboville,
President and CEO of PAMATEC signed the MOU. The PRES project
aims to energize unelectrified barangays in the far-flung areas
or those that are not reached by grid connection. Initially, the
PRES project will provide electricity to 14 municipalities in
Masbate, benefiting some 18,000 households in 128 barangays in
the province.
The French consortium has agreed to provide funding in the form
of a grant for the feasibility study, which will identify the
least cost of energy source that will be used. The project
proposes to install mini-grid systems that will be powered by a
centralized generation facility particularly diesel in
concentrated areas. Photovoltaic systems, on the other hand,
will be utilized for off grid areas.
The French-Filipino Funding Protocol is seen to extend financing
package of about 23 million Euros for the implementation of the
project. Under the MOU, the DOE shall identify and validate
areas and barangays to be selected for the project to ensure
that there are no possible overlaps as far as target areas and
implementation strategies are concerned. The DOE will likewise
provide policy direction and oversight function in the overall
implementation of the project.
The consortium, meanwhile, will be responsible for the conduct
of the feasibility study and its implementation. The consortium
shall likewise establish a Rural Energy Service Company that
will handle the operation and maintenance of the system once the
project is completed.
As part of its corporate social responsibility, the PRES project
will install community facilities such as lighting for barangay
halls, lighting and vaccine refrigeration for rural health
units, lighting and viao cine for school buildings and
streetlights within the barangay center.
"This MOU will be a big contribution to the achievement of our
total electrification program. But more importantly it will
generate employment to the people in the area. Several
livelihood projects are also being lined up which will be
supported by micro-finance institutions to improve the living
conditions of the people," Secretary Perez said.
NATIONAL POWER: Resolves Power Contract Issue With CBK Powers
-------------------------------------------------------------
The Department of Energy (DOE) and the Power Sector Assets and
Liabilities and Management Corp. (PSALM) announced Sunday that
they have successfully reached a mutually acceptable agreement
with CBK Power Company Limited in resolving all outstanding
issues on the power contract entered into by the National Power
Corp. (Napocor) with CBK Power, the Department of Energy
reports.
The Government, through the DoE and PSALM, is proceeding with
the second phase review of Napocor's power contracts with the
independent power producers (IPPs). To date, significant
achievements have been made in resolving these power supply
agreements.
In fact, the latest settlement with the CBK Power, a joint
venture partnership between IMPSA of Argentina and Edison
Mission Energy of California for the rehabilitation, upgrading
and expansion of the Caliraya-Botocan-Kalayaan hydropower
complex in Laguna, brings to 18 the number of IPP agreements
that have been settled.
Seven other contracts either have no pending issues or have
minor issues, which have been clarified and resolved.
Altogether 25 out of 35 IPP contracts have been settled or
resolved, leaving 10 contracts still under discussion with the
respective IPP sponsors.
Resolution of the IPP contracts is consistent with the Electric
Power Industry Reform Act to help reduce electricity costs while
preserving the sanctity of contracts.
"Negotiations with several IPPs have been fairly successful,
generating substantial savings of $832 million in net present
value (NPV) to the Government without undermining the viability
of the firms to earn fair and reasonable returns," Energy
Secretary Vincent S. Perez said.
PSALM president Edgardo M. del Fonso said the global settlement
with CBK Power would yield savings of approximately $95 million
in nominal terms. This includes CBK Power's concession to waive
its right to collect from Napocor the last four installments,
amounting to $26 million, due on the security deposit. The $70-
million security deposit was effectively an interest-free loan,
which CBK Power extended to Napocor.
Mr. Del Fonso also said under the agreement, CBK Power agreed to
waive part of its claims for capital recovery fees as well as
the operation and maintenance (O & M) fees on Kalayaan Stage
II until December 2003. At the same time, CBK Power agreed to
provide Napocor free of charge for any electricity delivered
above the minimum guaranteed power for a period of 30 months.
The agreement is subject to consent of CBK Power's lenders.
"This settlement benefits both parties and will eventually help
reduce power rates," Mr. Del Fonso said. The agreement will not
result in any stranded contract costs, he added.
"We have worked closely with the Government to finally resolved
issues raised by the Inter Agency Committee. This accord would
mean consumers would get the full benefit and capacity of
rehabilitated and new CBK plants. The CBK capacity substitutes
for the use of expensive diesel plants especially during peak
hours and provides important grid stability services to the
Luzon grid. The availability of the plants is above 98 percent
in a wider operating range," CBK Power president and chief
executive officer Gerald Katz said.
The CBK complex is considered a critical and indispensable
component of the Luzon grid. Given its black start up
capability, the CBK pumped-storage power plant can help reduced
occurrences of prolonged power blackouts. It also serves to
regulate frequency of the entire system and can quickly adapt to
surges in demand over the course of a day.
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Automates Supply Chain Data Exchange
-------------------------------------------------------------
Chartered Semiconductor Manufacturing has automated its supply
chain data exchange with 11 semiconductor companies and partners
with the deployment of the webMethods Integration Platform,
Computerworld Singapore reports.
Chartered Semiconductor Manufacturing has automated its supply
chain data exchange with 11 semiconductor companies and partners
with the deployment of the webMethods Integration Platform.
Using the webMethods platform, Chartered connected its backend
business systems such as electronic product testing, production
monitoring and enterprise resource planning systems directly
with its customers' and partners' proprietary systems. According
to webMethods, this has enabled these companies to benefit from
real-time access to Chartered's information on work-in-process,
product order, shipping and product testing status. By providing
end-to-end connectivity, human data handling has been minimized,
resulting in enhanced data integrity and accuracy.
The webMethods platform also supports Chartered's need for
RosettaNet-based data exchange formats, which are increasingly
becoming adopted as an industry standard for secure electronic
communication between foundries and their customers, suppliers
and marketing partners. It also supports additional data and
transportation formats, such as EDI (electronic data
interchange), customized XML (extensible markup language)
messages and email transfers via SMTP (simple mail transfer
protocol) and HTTPS (hypertext transfer protocol with secure
sockets layer).
Chartered is one of the world's top three silicon foundries,
with fabrication facilities that support high-bandwidth,
feature-rich wireless and wired communications applications,
evolving computing products, and an array of sophisticated
consumer products. It operates five fabrication facilities and
has a sixth fab in the process of being developed as a 300mm
facility.
"Chartered collaborates with its customers to jointly define and
develop solutions, not only in technology and manufacturing, but
also in shaping business models," said Clay Miller, senior
director of IT Business Systems at Chartered.
"At the initial stage, Chartered has aligned with its customers
and partners on the RosettaNet-based data exchange formats. By
implementing webMethods, Chartered was able to establish
connectivity between its business systems, thus enhancing
information transparency and providing customers with greater
control over their outsourced manufacturing environment at
Chartered."
Chartered Semiconductor Manufacturing is at
http://www.charteredsemi.comand webMethods is at
http://www.webmethods.com.
CHARTERED SEMICONDUCTOR: S&P Affirms BBB- Rating
------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB-'
ratings on Chartered Semiconductor Manufacturing Ltd. The
outlook is negative.
The ratings reflect the strong support provided by its parent,
Singapore Technologies Pte. Ltd. (STPL), and the Company's
strong liquidity position. These strengths are offset by the
higher-than-average business risk of the semiconductor industry
and Chartered's relatively weak operations.
Chartered, the world's fourth-largest foundry supplier, is
exposed to risks in the semiconductor industry, which faces
higher-than-average business risk and is characterized by demand
cyclicality, capital intensity, and rapid technological changes.
The prolonged industry downturn in 2001 and 2002 has
significantly impacted Chartered's financial profile as the
deterioration in the utilization rate to below 40 percent has
resulted in net losses averaging US$400 million per year.
Despite management's efforts to reduce operating costs (through
a reduction in the workforce and consolidation of older fabs),
the weak industry recovery expected in the near term is likely
to hinder Chartered's return to profitability in 2003.
Chartered's operating performance is weak. Its breakeven
utilization rate of about 70 percent is high compared with
industry leaders' rates of 40 percent-50 percent. Furthermore,
Chartered currently faces a technology gap of three to four
quarters behind its top competitors.
"Notwithstanding its shortcomings, the rating on Chartered
continues to benefit from financial support provided by parent
STPL, as evident from STPL's decision to fully subscribe to
Chartered's rights offering in October 2002, despite a
significant decline in Chartered's share price," said Erly
Witoyo, credit analyst at Standard & Poor's Corporate &
Infrastructure Ratings Group.
In addition, STPL provides guarantees on several of Chartered's
debts and offer short-term credit facilities amounting to US$100
million at the end of fiscal 2002. Support is also provided in
operations, as STPL's position as the largest industrial
conglomerate in Singapore provides Chartered the opportunity to
conduct businesses with several STPL-owned entities. The
government of Singapore indirectly wholly owns STPL.
Chartered's liquidity position is strong with cash balance of
US$1.1 billion as at March 31, 2003, which is sufficient to
cover short-term debt of US$126.6 million and budgeted capital
expenditure of US$275 in 2003. Liquidity is also supported by
its undrawn credit facilities of US$521 million at the end of
fiscal year 2002.
L&M GROUP: Posts Notice of Shareholder's Interest
-------------------------------------------------
L&M Group Investments Ltd. posted a notice of changes in
substantial shareholder Kenetic Trading & Construction Pte
Ltd.'s interests:
Date of notice to Company: 05 Jun 2003
Date of change of interest: 04 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:
26,524,000
% of issued share capital: 1.62
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0.01623
No. of shares held before the transaction: 130,000,000
% of issued share capital: 7.94
No. of shares held after the transaction: 103,476,000
% of issued share capital: 6.32
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed Direct
No. of shares held before the transaction: 0 130,000,000
% of issued share capital: 0 7.94
No. of shares held after the transaction: 0 103,476,000
% of issued share capital: 0 6.32
Total shares: 0 103,476,000
THAKRAL CORPORATION: Creditors OK's Scheme of Arrangement
---------------------------------------------------------
This announcement is made further to announcement no. 198 made
by Thakral Corporation on 12 May 2003 and announcement no. 106
made by the Company on 22 May 2003 the earlier announcements.
Unless otherwise stated, the abbreviations and capitalized terms
used in the earlier announcements will be adopted here.
The Scheme
As advised in the earlier announcements, it was contemplated
that a single Court Meeting would be held on 5 June 2003 to
consider and approve a Scheme of Arrangement under section 210
of the Companies Act (Cap 50, 1994 Edition) the Companies Act
and the parallel Scheme of Arrangement under section 166(1) of
the Hong Kong Companies Ordinance (Cap 32) the Hong Kong
Ordinance.
The Company advised that the Court Meeting was held on 5 June
2003 at 11:00am. At the Court Meeting, the Scheme Creditors
voted on, and approved, the Scheme of Arrangement and the
parallel Scheme of Arrangement unanimously.
An application will therefore be made to obtain the requisite
approval of the High Court of the Republic of Singapore to the
Scheme of Arrangement under section 210 of the Companies Act. A
similar parallel application will be made to obtain the approval
of the High Court of the Hong Kong SAR to the parallel Scheme of
Arrangement under section 166 of the Hong Kong Ordinance.
The Related Schemes
On the same day, at 10:15am, just prior to the above-mentioned
Court Meeting to approve the Scheme, court approved meetings
were also duly held in respect of the Related Schemes proposed
to be made between the Put Option Companies and certain of their
creditors. The requisite majorities, under section 210(3) of the
Companies Act and under section 166(3) of the Hong Kong
Ordinance, approved each of the Related Schemes, in that each of
the Schemes was approved unanimously by the creditors present
and voting either in person or by proxy at the meeting.
The Put Option Companies will make the necessary applications to
the High Court of the Republic of Singapore under section 210 of
the Companies Act and to the High Court of the Hong Kong SAR
under section 166(1) of the Hong Kong Ordinance, for Court
approval of the Related Schemes.
VAN DER HORST: AGM Set For June 30
----------------------------------
The Extraordinary General Meeting (AGM) of Van der Horst Limited
(Under Judicial Management) will be held at International
Factors Building, 141 Market Street #10-00, Room: Alexandra I,
Singapore 048944 on 30 June 2003 at 9.30 a.m. for the purpose of
considering and, if thought fit, passing with or without
modifications, the following resolutions:
AS SPECIAL RESOLUTION
RESOLUTION 1: CAPITAL REDUCTION
1. THAT pursuant to Article 49 of the Articles of Association of
the Company and subject to the confirmation of the High Court of
the Republic of Singapore:-
(a) The authorized share capital of the Company be reduced from
$150,000,000 divided into 150,000,000 ordinary shares of $1.00
each, of which 6,763,512 ordinary shares of $1.00 each have been
issued and are fully paid-up, or credited as fully paid-up, to
$75,000,000 divided into 150,000,000 ordinary shares of $0.50
each, of which 6,763,512 ordinary shares of $0.50 each have been
issued and are fully paid-up, or credited as fully paid-up, and
that such reduction be effected by:-
(i) Canceling the paid-up capital which has been lost or is
unrepresented by available assets to the extent of $0.50 on each
of the 6,763,512 ordinary shares of $1.00 each which have been
issued and are fully paid-up, or credited as fully paid-up; and
(ii) Reducing the nominal value of all ordinary shares by $0.50
each in the share capital of the Company, both issued and
unissued, from $1.00 to $0.50; and
(b) Approval be and is hereby given to the Judicial Managers of
the Company, or in the event of the termination of the judicial
management of the Company, the Directors of the Company, to
complete and do all such acts and things including, without
limitation, to execute all such documents and to approve any
amendments, alteration or modification to any documents as they
may consider desirable, expedient or necessary to give effect to
this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 2: SHARE SPLIT
2. THAT contingent upon the passing of Resolution 1 above, all
of the ordinary shares of par value $0.50 each (both issued and
unissued) in the share capital of the Company, shall, with
effect from a date to be determined by the Judicial Managers of
the Company, or in the event of the termination of the judicial
management of the Company, the Directors of the Company, be sub-
divided such that every one (1) of the said ordinary shares
shall constitute ten (10) ordinary shares of par value $0.05
each (the "New Shares", each a "New Share (on which, in the case
of each New Share in the issued and paid-up share capital of the
Company, the sum of $0.05 shall be credited as having been fully
paid-up for each New Share).
AS ORDINARY RESOLUTION
RESOLUTION 3: THE ACQUISITION
3. THAT:
(a) Contingent upon the passing of Resolutions 4 and 15,
approval be and is hereby given for the acquisition by the
Company of the entire issued and paid-up share capital of
Goldwater Company Limited Goldwater from the Vendors upon and
subject to the terms of the Goldwater S&P Agreement (each term
as defined in the Company's Circular dated 6 June 2003 (the
"Circular); and
(b) Approval be and is hereby given to the Judicial Managers of
the Company, or in the event of the termination of the judicial
management of the Company, the Directors of the Company, to
complete and do all such acts and things including, without
limitation, to execute all such documents and to approve any
amendments, alteration or modification to any documents as they
may consider desirable, expedient or necessary to give effect to
this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 4: THE ISSUE OF NEW SHARES PURSUANT TO THE
ACQUISITION
4. THAT:
(a) Pursuant to Section 161 of the Companies Act, Chapter 50 and
contingent upon the passing of Resolutions 3 and 15, authority
be and is hereby given for the Judicial Managers of the Company,
or in the event of the termination of the judicial management of
the Company, the Directors of the Company to allot and issue
600,000,000 New Shares to the Vendors, at the issue price of
$0.05 each, credited as fully paid-up pursuant to the
Acquisition; and
(b) Approval be and is hereby given to the Judicial Managers or
the Directors (as the case may be) to complete and do all such
acts and things including, without limitation, to execute all
such documents and to approve any amendments, alteration or
modification to any documents as they may consider desirable,
expedient or necessary to give effect to this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 5: THE ISSUE OF NEW SHARES PURSUANT TO THE PLACEMENT
5. THAT:
(a) Pursuant to Section 161 of the Companies Act, Chapter 50,
and contingent upon the passing of Resolution 3, authority be
and is hereby given for the Judicial Managers of the Company, or
in the event of the termination of the judicial management of
the Company, the Directors of the Company to allot and issue up
to 95,000,000 New Shares, at the issue price of $0.05 each, to
unrelated parties in consideration for an aggregate subscription
price of $4,750,000; and
(b) Approval be and is hereby given to the Judicial Managers or
the Directors (as the case may be) to complete and do all such
acts and things including, without limitation, to execute all
such documents and to approve any amendments, alteration or
modification to any documents as they may consider desirable,
expedient or necessary to give effect to this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 6: THE ISSUE OF SHARES PURSUANT TO THE DEBT
CONVERSION
6. THAT:
(a) Pursuant to Section 161 of the Companies Act, Chapter 50,
authority be and is hereby given for the Judicial Managers of
the Company, or in the event of the termination of the judicial
management of the Company, the Directors of the Company to allot
and issue 120,000,000 New Shares to Shantex Holdings Pte Ltd
Shantex, on the basis of one (1) New Share credited as fully
paid-up for every $0.8692 in nominal value of the Conversion
Debt (as defined in the Circular), as full and final settlement
and in discharge of the Conversion Debt between the Company and
Shantex; and
(b) Approval be and is hereby given to the Judicial Managers or
the Directors (as the case may be) to complete and do all such
acts and things including, without limitation, to execute all
such documents and to approve any amendments, alteration or
modification to any documents as they may consider desirable,
expedient or necessary to give effect to this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 7: Increase in Authorized Share Capital
7. THAT contingent upon the passing of Resolutions 1 and 2, the
authorized share capital of the Company be increased from
$75,000,000 divided into 1,500,000,000 ordinary shares of $0.05
each to $100,000,000 divided into 2,000,000,000 ordinary shares
of $0.05 each by the creation of an additional 500,000,000
authorized ordinary shares of $0.05 each and that in connection
therewith, Clause 5 of the Memorandum of Association of the
Company be amended by deleting the first sentence thereof and
substituting therefore the following sentence:-
"The authorized share capital of the Company is S$100,000,000
divided into 2,000,000,000 ordinary shares of S$0.05 each."
AS SPECIAL RESOLUTION
RESOLUTION 8: Change in the Name of Company
8. THAT contingent upon the passing of Resolution 3 and the
completion of the Acquisition, the name of the Company be
changed to "Interra Resources Limited" and the name "Interra
Resources Limited" be substituted for "Van Der Horst Limited"
wherever the latter appears in the Memorandum and Articles of
Association of the Company and that the Judicial Managers or the
Directors (as the case may be) be and are hereby authorized to
complete and do all such acts and things including, without
limitation, to execute all such documents and to approve any
amendments, alteration or modification to any documents as they
may consider desirable, expedient or necessary to give effect to
this Resolution.
AS ORDINARY RESOLUTION
RESOLUTION 9: Appointment of New Director
9. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Sandiaga Salahuddin Uno be appointed
as Director of the Company with effect from the termination of
the judicial management of the Company or the Scheduled
Completion Date (as defined in the Circular) whichever is
earlier.
AS ORDINARY RESOLUTION
RESOLUTION 10: Appointment of New Director
10. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Purnardi Djojosudirdjo be appointed as
Director of the Company with effect from termination of the
judicial management of the Company or the Scheduled Completion
Date whichever is earlier.
AS ORDINARY RESOLUTION
RESOLUTION 11: Appointment of New Director
11. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Sugiharto Soeleman be appointed as
Director of the Company with effect from termination of the
judicial management of the Company or the Scheduled Completion
Date whichever is earlier.
AS ORDINARY RESOLUTION
RESOLUTION 12: Appointment of New Director
12. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Yos Teo Sidy be appointed as Director
of the Company with effect from termination of the judicial
management of the Company or the Scheduled Completion Date
whichever is earlier.
AS ORDINARY RESOLUTION
RESOLUTION 13: Appointment of New Director
13. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Lim Poh Chuan be appointed as Director
of the Company with effect from the termination of the judicial
management of the Company or the Scheduled Completion Date
whichever is earlier.
AS ORDINARY RESOLUTION
RESOLUTION 14: Appointment of New Director
14. THAT contingent upon the passing of Resolution 3 and subject
to his consent to act, Mr Steven J Koroknay be appointed as
Director of the Company with effect from the termination of the
judicial management of the Company or the Scheduled Completion
Date whichever is earlier.
AS ORDINARY RESOLUTION OF THE INDEPENDENT SHAREHOLDERS OF THE
COMPANY
RESOLUTION 15: The Whitewash Resolution
15. THAT contingent upon the passing of Resolution 3 and
pursuant to the letter dated 8 January 2003 from the Securities
Industry Council, the Shareholders of the Company, not being the
Vendors nor their concert parties (including but not limited to
Marcel Tjia, Agus Anwar and Shantex) nor persons not otherwise
independent of the Vendors and their concert parties (including
but not limited to Marcel Tjia, Agus Anwar and Shantex) (the
"Independent Shareholders hereby (on a poll taken)
unconditionally and irrevocably waive their right under Rule 14
of the Singapore Code on Takeovers and Mergers to receive a
mandatory general offer from the Vendors and their concert
parties (including but not limited to Marcel Tjia, Agus Anwar
and Shantex) for all the ordinary shares of $0.05 each in the
share capital of the Company held by the Independent
Shareholders, as a result of the issue of the New Shares to the
Vendors and their concert parties (including but not limited to
Marcel Tjia, Agus Anwar and Shantex) pursuant to the Acquisition
and the Debt Conversion.
Michael Ng Wei Teck
Judicial Manager
For and on behalf of
Van der Horst Limited (under Judicial Management)
Notes:
1. A member of the Company entitled to attend and vote at this
Meeting is entitled to appoint up to two proxies to attend and
vote instead of him, and such proxy need not be a member of the
Company.
2. The proxy must be deposited at the registered office of the
Company at 133 New Bridge Road, #22-03/05 Chinatown Point,
Singapore 059413 not less than 48 hours before the time
appointed for the holding of the Extraordinary General Meeting
or any adjournment thereof.
===============
T H A I L A N D
===============
BANGKOK RUBBER: Amends Number of Shares Offered
-----------------------------------------------
B.R.C. Planner Company Limited, as the Plan Administrator of
Bangkok Rubber Public Company Limited, previously announced the
results of a share offering to the Stock Exchange of Thailand on
May 30, 2003. It informed that the number of shares offered was
83,001,049 shares.
In view to the above, the Company advised that the reported
amount was wrong. The company amended that the number of shares
offered to was 83,001,047 shares.
Refer to the Troubled Company Reporter - Asia Pacific Friday,
June 6 2003, Vol. 6, No. 111 issue to see the shares offering
results.
NATIONAL FERTILIZER: Discloses 2002 Operations Report
-----------------------------------------------------
Further to National Fertilizer Public Company Limited is a
listed company in the Securities Exchange of Thailand (SET) and
according to its regulation, the Company shall submit its
quarterly financial statement within 60 days from the closing
date. In this conformity, the Company would like to submitted
the financial statements for the year ended 31st December 2002.
Meanwhile the Company would like to report the operating results
and their explanation as follows:
1. Operating results for the Company
The results of operation for the year period ended 31st December
2002, the Company has a net loss of Bt1,962 million compared to
the same period of 2001 a net loss of 1,863 million. However,
the EBITDA has a loss of Bt103 million for this year, compared
to a loss of Bt144 million for previous year accounted a
decrease of EBITDA loss Bt41 million. The description
are summarized following:
1.1 The results of sale operation
The Company's total revenues for the period January - December
2002, equal to Bt2,654 million decreased from the same period of
previous year 2001 amounting Bt3,286 million as a decrease of
Bt632 million. The total revenues are comprised:
A. Revenues from sales of fertilizer
The Company has a fertilizer sales for the year ended 31st
December 2002 amounting Bt2,475 million with a total weight of
fertilizer 391,871 tonnes, compared to the same period of 2001
the Company has a sales Bt3,171 million with a total weight
sales 528,370 tonnes. The sales decrease is an effect of the
Company has not received any financial credit supported by
financial institution. In this respect the Company has to run
down its production volume is adversely effected its sales
revenues.
B. Income from sales of by-products
The Company has a revenues from sale of by product ; e.g.
Phospho-Gypsum, Ammonia and Sulfuric Acid, for the year ended of
2002 amounting Bt35 million, increases from the same period of
2001 at Bt18 million, an increase in revenues of Bt17 million.
1.2 Cost of Goods Sold
The Company has a total cost of goods sold of fertilizer and by
products for the year ended of 2002 amount Bt2,904 million
decreases from the same period of 2001 at Bt3,422 million.
1.3 Selling and administrative expenses
For the year ended of 2002, the Company's selling and
administrative expenses are totaling Bt516 million, compared to
the same period of the year 2001 at Bt530 million, accounted a
decrease of Bt14 million.
1.4 Interest expenses
The Company has a total interest expense Bt1,178 million for the
year of 2002, which is up from the same period of 2001 at
Bt1,097 million, an increase of Bt81 million. This is an effect
of applying default rates in computation.
2. The financial restructuring
Presently, the Company is in process of financial restructuring
with its financial institutional creditors and has to select
investor with resources and expertise in finance and management
to join our business for the purpose of future growth. This work
will be complete within June 2003.
NATURAL FERTILIZER: Omits Dividend Distribution
-----------------------------------------------
The Board of Directors of Natural Fertilizer Public Company
Limited, according to the Board of Director's meeting No.3/2003
on June 3,2003, has resolved to hold the Ordinary Shareholder's
Meeting No. 1/2546 on Wednesday, June 25, 2003 at Auditorium
Room, 2nd Floor, PTT Public Company Limited Building, 555
Vibhavadee-Rangsit Road, Ladyao, Bangkok 10900, to consider
various matters according to the following agenda:
1. To certify the Minutes made at on ordinary shareholders'
meeting No. 1/2545 on April 25, 2002
2. Presentation of annual report which operating results for
the year 2002.
3. To approve the balance sheet and profit/loss account for
period ended December 31, 2002.
4. To consider the dividend omission
5. To consider the director being re-appointed
6. To ratify the appointment of the auditor and auditing fee
7. To consider other issues (if any)
The date for closing the share register to suspend share
transfers to determine the shareholders entitled to attend a
shareholders meeting will be at 12:00 p.m. on June 16, 2003.
Further, the company's Board of Directors' meeting had
the approval to ratify the financial statement 1st quarter ended
March 31, 2003 and ratify the appointment of the auditor and
auditing fee of the company.
NATURAL FERTILIZER: SET Suspends Trading Despite Financials
-----------------------------------------------------------
The Stock Exchange of Thailand (SET) first posted an `NP' sign
(Notice Pending) on National Fertilizer Public Company Limited
(NFC) on 4 March 2003 and 19 May 2003 because it had failed to
submit its financial statements for the period ending 31
December 2002 and 31 March 2003 by the specified deadline, and
the SET posted an `SP' sign on 11 March 2003 and 26 May 2003
because NFC failed to submit its financial statements within
five working days after the SET first posted an `NP' sign
against its securities.
Now NFC has publicly released to the SET and investors its
audited financial statements for the period ending 31 December
2002,and its reviewed financial statements for the period ending
31 March 2003. The SET has posted an NR sign on its securities
on 6 June 2003 to inform investors that the company has already
disclosed such information. However, the trading of its
securities has still been suspended because the company is
subject to preparing rehabilitation plan.
NATURAL FERTILIZER: Transferred to REHABCO Category
---------------------------------------------------
The Stock Exchange of Thailand (SET) has established procedures
and guidelines for listed company to be transferred to the
category named Companies Under Rehabilitation (REHABCO)
by considering Listed company's financial statements showing
negative shareholders' equity on its balance sheet. However, it
should be noted that any unrealized losses that occurred as a
result of the of 1997 change in the exchange rate system can be
used to adjust its shareholders' equity.
In addition, in case the auditor has issued a qualified opinion,
or a disclaimer, or an adverse opinion on the financial
statements, the SET may consider the financial condition of the
listed company by including the adjusted condition from the
auditor's report. If company shareholders'' equity is less than
zero, the SET will transfer the listed company to the REHABCO
category.
The SET has considered the audited annual financial statements
ending 31 December 2002 filed by National Fertilizer Public
Company Limited (NFC) and found that NFC shareholders'' equity
had a negative value. As a result, NFC is subjected to
rehabilitation plan preparation.
Therefore, the SET will proceed under the requirements of
the Rule Governing Delisting of Securities, 1999 as follows:
1. Publicly announces that NFC has been subjected to
rehabilitation plan preparation and temporarily post SP
(Suspension) sign to suspend further trading on 6 June 2003.
2. The SET will transfer the securities of NFC to
REHABCO category on 9 June 2003 and temporarily post
an SP (suspension) sign for 30 days from the date of
announcement from 6 June 2003 to 7 July 2003 to suspend
further trading. This is to give the company's management
time to make prudent decisions that benefit all parties
concerned.
3. NFC must inform the SET by 7 July 2003 whether
it has decided to prepare a rehabilitation plan to propose to
the company shareholders; or whether they would like to ask
for voluntary delisting; or whether it would like to attempt
rehabilitation under new Bankruptcy Act; or whether it would
a time schedule to implement its decisions.
4. In case the company decides to prepare a rehabilitation
plan to propose to the shareholders, the company must proceed
as follows:
(1) Appoint an independent financial advisor to
assist management in the preparation of the rehabilitation plan.
(2) Co-operate fully with the independent financial
advisor in organizing a meeting to present the rehabilitation
plan to analysts and shareholders, and then also propose it to
the shareholders for approval.
(3) Co-operate with the independent financial advisor in
reporting every three months to the SET on its actual
implementation progress, as compared to the rehabilitation
plan until the causes of possibly being delisted are eliminated.
5. In case the company which securities are transferred
to REHABCO submit petitions under the Bankruptcy Act, the
company is able to implement the rehabilitation plan approved
by the creditors and the court in place of the plan approved by
the company's shareholders. However, the company still
have the duty to report the SET about the implementation
progress (see No 4(3)).
6. The SET will allow trading of the securities of NFC under
the REHABCO category from 8 July 2003 to 6 August 2003 after the
SET disseminates the company's decisions. This is to give all
shareholders a chance to trade the securities, before further
suspension during the company has implemented the rehabilitation
plan.
7. The SET will post an SP (suspension) sign to prohibit
the trading of NFC on 7 August 2003 onward until the cause of
remedy problem has been solved.
The SET also recommends that it follows-up on the rehabilitation
plan progress.
NATURAL PARK: Registers Paid-up Capital
---------------------------------------
Natural Park Public Company Limited notified that the Company
has completed the registration of change of the paid-up capital
from the existing amount of Bt396,008,102,770 to
Bt402,858,000,000 as submitted to the Department of Business
Development, Ministry of Commerce, on 5 June 2003.
UNION MOSAIC: Updates Debt Restructuring Plan Progress
------------------------------------------------------
The Union Mosaic Industry Public Company Ltd. (UMI) has
negotiated with Thai Asset Management Corporation (TAMC) about
debt restructuring plan.
The company informed that it has already received an approval of
debt restructuring plan according to the Plan, as provided
below:
The Union Mosaic Industry Public Company Ltd.
As the Union Mosaic Industry Public Company Ltd. has submitted
debt restructuring plan to Thai Asset Management Corporation
(TAMC) dated May 19th and 26th , 2003 (that including debts of
TAMC and Tisco Finance Public Company (TISCO)) for
consideration.
TAMC has already considered the plan and approved in principle
according to the condition as follows:
1. Debt that is used in debt restructuring
Finance Institutes Principals Proportion
TAMC. 1,328,262,138 90.46%
TISCO 140,000,000 9.54%
Total 1,468,262,138 100.00%
2. Principle of debt restructuring
Details Total Repayment Repayment
(for TAMC only)
2.1 Long term debt 10 yrs, amount 700,000,000 633,254,425.44
Bt700,000,000 with repayment Of
principal according to the offer
of debtor and the paid Interest
per month in rate as follows:
- Year no.1- 3, rate: MLR-1% per year
- Year no. 4 and after, rate: MLR per year
2.2 Payment in cash Bt 200,000,000 200,000,000 180,929,835.84
within 90 days from the day of
Signing an agreement to debt restructuring
2.3 Issuing convertible debenture w/o 160,000,000 144,744,000
collateral amount Bt160,000,000 as
to pay debt for group of creditors with
terms and conditions as follows:
1) Term 5 years, par value 1,000 Baht per issue
2) Interest rate : MLR-1% per year, payment
every 6 months
3) Conversion ratio of paid-up capital
increase of debtor : 1 convertible
debenture per 100 common stocks
4) Right to purchase back convertible
debentures: Right for existing
shareholders to purchase convertible
debenture from TAMC and / or TISCO in
an amount of Bt64,000,000 within
3 years in the purchasing back price
as follows:
- Amount 32,000,000 Baht, the existing
shareholders can purchase convertible
debenture at the face value equal to
1,000 Baht/issue accrued interest
counted from the date of the last paid
interest up to the date of existing
shareholder apply right (if any).
- The rest of amount 32,000,000 Baht,
existing shareholders can purchase
convertible debentures at the face value
that equal to Bt1,500 /issue and
accrued interest counted from the date
of last paid interest up to the date of
existing shareholders apply right(if any).
And debtor shall be responsible for various
expenses concerning the issuing of the said
convertible debenture.
2.4 The rest of principal amount Bt408,262,138
and all accrued interest shall be written off
when debtor has followed and finished the plan
in item 2.2 and 2.3.
2.5 Debt guarantee of Miss Paweena Laowiwatwong
shall be written off as debtor has followed
and finished according to the plan.
The above mention principle and condition is the only
primary principle and condition, in the final a contract of debt
restructuring will be made again and the condition of this debt
restructuring is considered to be finalized according to debt
restructuring contract.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
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