/raid1/www/Hosts/bankrupt/TCRAP_Public/030801.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 01 2003, Vol. 6, No. 151
Headlines
A U S T R A L I A
ANACONDA LIMITED: Posts Commitments Basis Quarterly Report
AUSTRALIAN MAGNESIUM: Releases Quarterly Cashflow Report
PASMINCO LIMITED: Issues Quarterly Operations Review
SOUTHCORP LIMITED: Appoints Bill Clark as Corp Affairs Exec GM
TRANZ RAIL: Board Gives Toll Group Offer Recommendation
C H I N A & H O N G K O N G
ASIA RESOURCES: Seeks General Mandate to Issue Securities
ASIA STANDARD: Narrows Q103 Net Loss to HK$283.122M
PROMPT SHIPPING: Parent MPHB Receives Deregistration Notice
TREASURE ONLINE: Hearing of Winding Up Petition Set
YANG FEI: Winding Up Hearing Scheduled in August
I N D O N E S I A
BAKRIE FINANCE: Bondholders Reject Convertible Bond
PERUSAHAAN GAS: Moody's Assigns B1 Senior Implied Rating
J A P A N
FUJITSU LIMITED: Streamlines North America Operations
IRIYE TRADING: Machinery Firm Enters Bankruptcy
MATSUSHITA ELECTRIC: Discloses Establishment of New Firm
MATSUSHITA ELECTRIC: Shin Nihon Audits Balance Sheet
MATSUSHITA ELECTRIC: Unveils 2003 Financial Results
NIPPON TELEGRAPH: Develops New Encryption Technology
SECAICHO CORPORATION: Seeks Court Protection From Creditors
TOSHIBA CORP.: Shares Fall 5% Thursday After 1Q03 Loss Widens
TOSHIBA CORPORATION: Enters Alliance With M-Systems
K O R E A
HYUNDAI MOTOR: Suffers US$580M Loss in Lost Exports
KOOKMIN BANK: Board OK's Merger With KCC
SK GLOBAL: Debtors File Motion to Honor Employee Obligations
SK GLOBAL: Debtors File Motion For More Time to File Schedules
SK GLOBAL: Creditor Seizes Severance Payments of Directors
SK GLOBAL: Creditors Strike Deal to Rescue Firm
M A L A Y S I A
ANCOM BERHAD: Re-designates Managing Dir Razak to Exec Chairman
ANSON PERDANA: Monitoring Accountant Appointment Not Required
ASSOCIATED KAOLIN: Changes Registrar
CONSTRUCTION AND SUPPLIES: Securities Suspension Pending
COUNTRY HEIGHTS: Answers The Edge's Debt-Related Query
EKRAN BERHAD: Releases Defaulted Credit Facilities Status Report
GENERAL CORPORATION: Voluntarily Winds Up Dormant Subsidiary
GLOBAL CARRIERS: Shares Requirement Compliance Workout Ongoing
JASATERA BERHAD: All Resolutions Passed at 20th AGM
LAND & GENERAL: Composite Debt Restructuring Scheme Completed
MTD CAPITAL: Unit Disposes Shares to Reduce Borrowings
NCK CORPORATION: Releases Units' Liquidators Appointment Info
PICA (M) CORPORATION: Updates Credit Facilities Status
PSC INDUSTRIES: Posts Securities Dealings During Closed Period
ROAD BUILDER: Proposed Disposal Gain Ups Assets by RM46.6M
SATERAS RESOURCES: Court Grants Leave to Convene Scheme Meeting
SENG HUP: Provides Defaulted Payment Status Update
TAJO BERHAD: Issues Defaulted Payment Status Update
TENCO BERHAD: WSB's Court Hearing Adjourned to September 18
TONGKAH HOLDINGS: Disposes of Quoted Securities
P H I L I P P I N E S
MANILA ELECTRIC: Posts Profit in April-June Period
PHILIPPINE AIRLINES: Books P295-M Net Profit
UNITED COCONUT: PCGG to Decide Fate of Govt Nominees to Board
S I N G A P O R E
BIRKART FAIRS: Creditors to Prove Claims by August 26
BOS VENTURE: Issues Debt Claim Notice to Creditors
CRANSTON PTE: Appoints Kamis & Hock as Liquidators
FITZPATRICK'S HOLDINGS: Creditors to Submit Claims by August 25
ISMAILIA PTE: Issues Debt Claim Notice to Creditors
PILLAR CORPORATION: Court Issues Winding Up Order
SAS CIVIL: Issues Winding Up Order Notice
ST ASSEMBLY: Narrows Q2 Loss, Sees Higher Q3 Sales
TELEDATA LTD.: Completes Restructuring of Business Units
T H A I L A N D
BANGCHAK PETROLEUM: Discloses BOD Meeting No. 8/2003 Resolutions
BANGCHAK PETROLEUM: Files Unaudited Q203 F/S; Explains Variance
KRISDA MAHANAKORN: Disposes of Dormant Unit's Share
PREUKSA REAL: TRIS Assigns Bt500M Senior Debentures "BBB" Rating
UNION MOSAIC: EGM Scheduled on September 2
UNION MOSAIC: Posts Capital Increase Form
- - - - - - - -
=================
A U S T R A L I A
=================
ANACONDA LIMITED: Posts Commitments Basis Quarterly Report
----------------------------------------------------------
Anaconda Nickel Limited released it Appendix 4C - Quarterly
Report for entities admitted on the basis of commitments. A copy
of which can be found at
http://bankrupt.com/misc/TCRAP_ANL0801.pdf.
This week, the Troubled Company Reporter - Asia Pacific posted a
copy of the Company's Quarterly Report for the period
ended 30 June 2003. Maintenance closure was completed on time
and on budget, and the plant is now ramping up as planned.
AUSTRALIAN MAGNESIUM: Releases Quarterly Cashflow Report
--------------------------------------------------------
Australian Magnesium Corporation Limited released its Quarterly
Activities and Cashflow Report for the three months ended 30
June 2003:
Overview
Corporate and Finance
* Heads of Agreement (HOA) signed on 13 June 2003 by the
major stakeholders
* HOA provides resources and framework to re-organize AMC
* AMC to develop new business plan and continue the search
for a new corporate partner
* AMC downsized, including significant Board, management and
staff changes
* Dr Chris Rawlings appointed Acting Chief Executive Officer
* Cash balance of $74 million at 30 June 2003
Stanwell Magnesium Project
* No lost time injuries recorded at Stanwell or Gladstone
* Project halted following the HOA and the site placed on
care and maintenance
* A joint venture to be formed with Leighton to preserve and
develop certain project assets
* Gladstone Demonstration plant to be made safe and placed on
care and maintenance
* Capital cost comparison for the plant received from Fluor
* Project and related expenditure in the June quarter was
$137 million
Queensland Magnesia Operations
* No lost time injuries recorded at Parkhurst or Kunwarara
* Magnesite production 108,079 tonnes, down 1.4% on previous
quarter
* Construction of a new air pulsed gravity separator
completed
* Magnesia production 45,060, up 5.1% on previous quarter
despite gas supply interruptions
* Magnesia sales of 46,438 tonnes were up 38.9% on weak
previous quarter
* Record electrofused production and sales of 7,000 tonnes
and 7,923 tonnes respectively
Subsequent to the end of the June quarter
* AMC and Ford release each other from obligations under the
Magnesium Supply Agreement
* Shareholder briefings held in Rockhampton and Brisbane
* AMC issued 16,115,754 fully paid ordinary shares to Fluor
Australia Pty Ltd
Go to http://bankrupt.com/misc/TCRAP_AMN0801.pdffor a full copy
of the report.
PASMINCO LIMITED: Issues Quarterly Operations Review
----------------------------------------------------
Pasminco Limited advised that strong production performance from
the group's operations was achieved during the June quarter and
further steps were taken to rationalize the group's asset
portfolio.
The planned re-listing of Pasminco has been deferred until
improved market conditions are sustained.
HIGHLIGHTS
* Pasminco achieved strong production results for the June
2003 quarter, higher than both the corresponding quarter in 2002
and the previous quarter.
* Total production for the year was 2% higher than the
previous year.
* Zinc metal production at the Hobart smelter, silver metal
production at the Port Pirie smelter and ore throughput at the
Rosebery mine set new records.
* As part of the restructure strategy for Pasminco the
Gordonsville mine in Tennessee was placed on care and
maintenance on 9 May 2003.
* On 21 July the company announced that the sale of its Elura
mine near Cobar in New South Wales to Consolidated Broken Hill
had entered the unconditional stage. The sale is expected to be
completed in September 2003.
* In response to falling Australian dollar metal prices a
number of initiatives commenced across the group to conserve
cash in the short term. The initiatives include optimization of
capital expenditure and working capital, a tight focus on
containing costs and approaches to key stakeholders in each area
of operations.
For a full copy of the quarter ended 30 June 2003 review, go to
http://bankrupt.com/misc/TCRAP_PAS0801.pdf.
SOUTHCORP LIMITED: Appoints Bill Clark as Corp Affairs Exec GM
--------------------------------------------------------------
Southcorp Limited Tuesday announced the appointment of Bill
Clark as Executive General Manager Corporate Affairs and
Investor Relations. Mr. Clark will start with the business on 13
August and will report directly to John Ballard, Chief Executive
Officer. Mr. Clark has an impressive background in Public and
Corporate Affairs and started his career in the political
arena as Chief of Staff to a number of NSW Ministers, including
the NSW Treasurer and later to the Federal Minister for Business
and Consumer Affairs, and Education, before branching into a
Public Affairs role with Amatil Ltd.
In 1988 he was appointed General Manager Corporate Affairs with
Coca Cola Amatil where he spent four years. After a brief period
as Special Industry Advisor to the Commonwealth Environment
Protection Authority he accepted a role with Smiths Snackfoods
as Corporate Affairs Director in 1993.
After leaving Smiths in 1996 he operated as a Consultant in
Public and Corporate Affairs before joining The Hills Motorway
Limited as General Manager.
CONTACT INFORMATION: Martin Hudson
Chief General Counsel and Company Secretary
Tel: +61 2 9465 1215
Fax: +61 2 9465 1186
martin.hudson@southcorp.com.au
TRANZ RAIL: Board Gives Toll Group Offer Recommendation
-------------------------------------------------------
The Board of Tranz Rail Holdings Limited met Thursday to
consider the new Toll Group (NZ) Limited offer.
The directors of Tranz Rail recommend that Tranz Rail
shareholders do not accept the Offer of $0.95 per ordinary share
for the following reasons:
(a) In Grant Samuel's opinion the Offer is not fair to Tranz
Rail shareholders and the directors agree.
(b) The Offer is conditional on acceptances of not less than
90%. This makes the Offer highly uncertain. Feedback from major
shareholders indicates that this condition is unlikely to be
satisfied.
(c) The Offer is at a price that is below the current market
price.
If circumstances change, the directors will review their
recommendation and advise shareholders accordingly.
Chairman Wayne Walden said that the directors are doing all they
can to encourage superior offers and alternatives.
Mr. Walden said, "In this regard, shareholders who are intending
to accept the Offer should note that if they do, they will not
be able to later withdraw this acceptance and accept an
alternative offer should one emerge."
August 29 is the final day for shareholders to decide whether to
accept the Offer or not unless that date is extended by Toll
Group (NZ) Limited.
Tranz Rail intends to send out the Target Company Statement next
Monday 4 August, which will provide more information about the
directors' recommendation and contain a copy of the Grant Samuel
report.
================================
C H I N A & H O N G K O N G
================================
ASIA RESOURCES: Seeks General Mandate to Issue Securities
---------------------------------------------------------
It is proposed that at the forthcoming annual general meeting of
Asia Resources Holdings Limited to be held at 9:30 a.m. on
Monday, 25th August, 2003 at Conference Room, 2nd Floor, Regal
Kowloon Hotel, 71 Mody Road, Tsimshatsui, Kowloon, Hong Kong
(the Annual General Meeting), the following resolutions will be
proposed at the Annual General Meeting:
GENERAL MANDATE TO ISSUE AND REPURCHASE SHARES
(i) a general mandate to allot, issue and deal with new shares
or convertible securities or similar rights to subscribe for any
shares or convertible securities of the Company representing up
to 20 percent of the aggregate nominal amount of the share
capital in issue as at the date of the passing of this ordinary
resolution; and
(ii) a general mandate to repurchase fully paid shares of the
Company up to a maximum of 10 percent of the aggregate nominal
amount of the share capital of the Company in issue as at the
date of the passing of this ordinary resolution.
EXERCISE OF THE REPURCHASE MANDATE
Exercise in full the repurchase mandate (on the basis of
1,036,440,590 shares of HK$0.05 each in issue as at 24th July,
2003 (the "Latest Practicable Date")) would result in up
to 103,644,059 shares being repurchased by the Company on the
basis no further shares are issued or repurchased prior to
passing of the resolution.
REASONS FOR THE REPURCHASE
The Directors consider that it is in the best interests of the
Company and its shareholders to have a general authority from
shareholders to enable the Directors the flexibility to
repurchase shares of the Company in the market when appropriate
and beneficial to the Company. Such repurchases may, depending
on market conditions and funding arrangements at the time, lead
to an enhancement of the net assets value of the Company
and/or its earnings per share and will only be made when the
Directors believe that such repurchase will benefit the Company
and its shareholders.
FUNDING OF REPURCHASES
In repurchasing shares, the Company may only apply funds legally
available for such purpose in accordance with the laws of
Bermuda and the Memorandum of Association and Bye-laws of the
Company.
There might be a material adverse impact on the working capital
or gearing position of the Company (as compared with the
position disclosed in the audited consolidated accounts
contained in the annual report for the year ended 31st March,
2003) in the event that the proposed repurchase mandate was to
be exercised in full at any time during the proposed repurchase
period. However, the Directors do not propose to exercise the
repurchase mandate to such extent as would, in the
circumstances, have a material adverse effect on the working
capital requirements of the Company or the gearing levels, which
in the opinion of the Directors are from time to time,
appropriate for the Company.
ASIA STANDARD: Narrows Q103 Net Loss to HK$283.122M
---------------------------------------------------
Asia Standard International Group Limited released its financial
statement summary:
Year end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2002 from 1/4/2001
to 31/3/2003 to 31/3/2002
Note ($) ($)
Turnover : 1,056,883,000 838,868,000
Profit/(Loss) from Operations : (17,255,000) (226,598,000)
Finance cost : (128,343,000) (107,844,000)
Share of Profit/(Loss) of
Associates : (102,018,000) (88,788,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : (33,031,000) (67,870,000)
Profit/(Loss) after Tax & MI : (283,122,000) (481,365,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.069) (0.117)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (283,122,000) (481,365,000)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1) Including under operating loss are provisions and other
charges more specifically described below:
2003 2002
HK$'000 HK$'000
Provision for diminution in value of
Properties under development / held for sale
(136,048) (122,314)
Other properties (5,307) -
Unrealized losses on other investments (7,780) (30,592)
Amortization of goodwill (2,413) (2,934)
Loss on disposal of interest in the Panyu development
- (124,055)
Pre-operating loss of Empire Hotel Kowloon
- (4,041)
Gain on partial disposal of catering business
- 4,181
---------- ----------
(151,548) (279,755)
========= ===========
2) Loss per share
The calculation of loss per share is based on loss attributable
to shareholders of HK$283,122,000 (2002: HK$481,365,000) and on
the weighted average 4,112,621,639 (2002: 4,112,536,440)
ordinary shares in issue during the year.
No diluted loss per share is presented as the exercise of
subscription rights attached to the share options and the
conversion of the convertible bonds would not have a dilutive
effect on the loss per share.
3) Dividend
No dividend was declared or proposed for the year (2002: nil).
PROMPT SHIPPING: Parent MPHB Receives Deregistration Notice
-----------------------------------------------------------
The Board of Multi-Purpose Holdings Berhad (MPHB) wishes to
announce that MPHB had on 29 July 2003 received a Notice dated
15 July 2003 from the Registrar of Companies in Hong Kong that
Prompt Shipping Corporation Limited, a Hong Kong incorporated
subsidiary company of MPHB, had been deregistered pursuant to
Section 291 AA(9) of the Hong Kong Ordinance.
TREASURE ONLINE: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Treasure Online Limited is set for
hearing before the High Court of Hong Kong on August 13, 2003 at
10:00 in the morning.
The petition was filed with the court on June 25, 2003 by Chan
Yun Sangof 8/F., Fuk Wing Mansion, 151 Pratas Street, Kowloon,
Hong Kong.
YANG FEI: Winding Up Hearing Scheduled in August
------------------------------------------------
The High Court of Hong Kong will hear on August 13, 2003 at
10:00 in the morning the petition seeking the winding up of Yang
Fei Industrial Limited.
Sung Shek Ming of Flat 826, Tsui Wo House, Tai Wo Estte, Tai Po,
New Territories, Hong Kong filed the petition on June 27, 2003.
Tam Lee Po Lin, Nina represents the petitioner.
Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
=================
I N D O N E S I A
=================
BAKRIE FINANCE: Bondholders Reject Convertible Bond
---------------------------------------------------
Some of PT Bakrie Finance Corporation's bondholders reject its
settlement offered in forms of convertible bond that can be
converted into the shares of publicly listed PT Bumi Resources,
Bisnis Indonesia reported Wednesday.
"How is it possible the debts can be converted into Bumi's stock
at Rp600 per share, while the price was only Rp30 per share,"
sad Basran Damanik, Investment Manager of Plantation Pension
Fund.
According to him, the settlement was not good enough and some of
the bondholders had rejected that. Basran said the conversion of
the common bonds into the convertible ones was offered without
the knowledge of the bondholders and the underwriters.
However, Bakrie Finance's management kept insisting on the
settlement.
Bakrie Finance bond was issued on July 23, 1997 at the value of
IDR200 billion with the five-year term until July 23, 2002.
Since issued, the coupon had only been paid until the third
coupon, and the payment then stopped.
In accordance with Bondholders General Meeting (RUPO) on June
26, 2001, the bond was declared as matured by Bank Mandiri, the
underwriter, since Bakrie Finance failed to meet its obligation.
PERUSAHAAN GAS: Moody's Assigns B1 Senior Implied Rating
--------------------------------------------------------
Moody's Investors Service on Wednesday assigned a B3 senior
unsecured rating to the proposed US$200 million 10-year notes
issued by PGN Euro Finance 2003 Ltd and guaranteed by PT
Perusahaan Gas Negara (PGN). At the same time, Moody's has
assigned B1 senior implied and B2 local currency issuer rating
to PGN. The ratings are on review for possible upgrade.
The rating agency says that the B1 senior implied rating also
reflects PGN's exposure to the uncertain political, economic and
social environments in Indonesia. It further recognizes the
evolving and uncertain regulatory environments for the gas
industry under the New Oil & Gas Law that came into force in
November 2001.
The rating also considers the potential volatility in PGN's gas
distribution cash flow arising from the mismatch of tenor of the
short-term sales contracts against long-term take-or-pay supply
contracts. PGN is exposed to the risk of non-renewal of sales
contracts upon maturity as 98% of its distribution customers are
large industrial users who have the ability to switch fuel
source from gas to oil if the latter found to be attractive.
Such risk is partially mitigated by the continuing growth in
demand for gas in Indonesia, the government's intention to
further reduce oil subsidy, and PGN's diversified and relatively
stable customer base of over 650 large industrial users.
Moody's also notes that PGN has large capital expenditure over
the next few years mainly to fund the South Sumatra - West Java
transmission pipelines project which has been approved by the
government, and the planned Duri - Medan transmission project.
Total costs of approximately US$ 1 billion will mainly be funded
by debts, including US$450 million soft loans granted by JBIC,
the proposed US$200 million guaranteed notes, and operating cash
flow.
Moody's also understands that PGN will tender for other
transmission projects under the government's Master Plan, which
will further increase its capital expenditure requirement. The
projected growth in debt and the relatively high dividend payout
ratio will weaken PGN's financial profile, resulting in negative
free cash flow position until all projects are completed.
Moody's draws comfort from the company's financial policy to
maintain Debt/Cap not exceeding 70%, the pre-funded nature of
most of these projects through long term debts and PGN's
projected growth in operating cash flow, which is sufficient to
cover its scheduled debt service requirement over the next few
years.
=========
J A P A N
=========
FUJITSU LIMITED: Streamlines North America Operations
-----------------------------------------------------
Fujitsu Limited, a premier provider of customer-focused
information technology and communications solutions, announced
plans to streamline its North America operations to better focus
on customers needs, while continuing to deliver cutting-edge
technological innovation and uncompromising product quality.
Leveraging the financial strength, solution breadth, and global
reach of its parent Fujitsu Limited, Fujitsu IT Holdings, Inc.
will offer a full line of consulting services, software
solutions and hardware platforms to customers in North America.
Spearheading the integration will be Mr. Kazuto Kojima, who will
assume the position of chief executive officer on July 31, 2003,
and Mr. Toshio Morohoshi, who was named chief operating officer
on July 14, 2003. Fujitsu IT Holdings, Inc. is the corporate
parent of several operating subsidiaries, including Fujitsu
Consulting, Fujitsu Software Corporation, Fujitsu Software
Technology Corporation (Softek) and Fujitsu Technology
Solutions, Inc.
The move is designed to leverage Fujitsu solutions to address a
full range of customer computing needs. "Fujitsu is a global
Company with global resources. It is my vision to identify
complex problems our customers face every day and bring
comprehensive solutions that deliver success," stated Mr.
Kojima.
As part of the streamlining process, Fujitsu PC Corporation and
Fujitsu Technology Solutions Inc. are scheduled to integrate on
October 1, 2003, with Mr. Morohoshi leading the effort as
President and CEO. Mr. Larry Fillmer, President and CEO of
Fujitsu Technology Solutions Inc., will continue to lead
operations of the server and managed services business during
the transition period and will play a key role in defining the
Company's strategic direction.
The objective is to offer a broader range of product and service
offerings to customers, while achieving higher productivity and
efficiency. "Customers want integrated computing solutions that
make them more effective and efficient; we will leverage our
capabilities to deliver solutions that meet those needs," said
Mr. Morohoshi.
Mr. Kojima also serves as the group Chairman overseeing Fujitsu
subsidiaries in North America, a post to which he was appointed
on June 1, 2003. He previously was executive Vice President in
charge of worldwide marketing for Fujitsu Limited. He has served
on the board of directors of Fujitsu IT Holdings, Inc. and its
predecessor Company, Amdahl Corporation, since 1993.
Mr. Morohoshi is currently CEO and President of Fujitsu PC
Corporation, a leading provider of mobile computing and business
critical solutions. During his tenure, Mr. Morohoshi
successfully managed the merger of two North American Fujitsu
subsidiaries, Fujitsu Personal Systems, Inc. and Fujitsu PC
Corporation. He is a board member of Fujitsu IT Holdings, Inc.
and also chairs several committees charged with consolidating
Fujitsu sales and business operations within the United States.
Mr. Hiroaki Kurokawa, President and representative director of
Fujitsu Limited, will be joining the board of Fujitsu IT
Holdings, Inc., which continues to be chaired by Mr. John Rose,
executive Chairman of Fujitsu IT Holdings, Inc.
TCR-AP reported earlier that Fujitsu Limited booked a
consolidated net sales of 938.7 billion yen, approximately
US$7.8 billion, for the first quarter of fiscal year 2003 (April
1 - June 30, 2003), a 4.5 percent decrease from the first
quarter of fiscal 2002. Lower sales of platforms products and
other factors contributed to the overall decline in sales. While
the Company is reaping the benefits of lower fixed costs
stemming from the restructuring initiatives implemented last
year, the impact of lower sales resulted in an operating loss of
37.8 billion yen.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003. For
more information, please see: http://www.fujitsu.com/.
IRIYE TRADING: Machinery Firm Enters Bankruptcy
-----------------------------------------------
Iriye Trading Co. Ltd. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The metal working machinery firm
located at Osaka-shi, Osaka, Japan has 135 million yen in
capital against total liabilities of 32.7 billion yen.
MATSUSHITA ELECTRIC: Discloses Establishment of New Firm
--------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced that the
Company decided at its board of directors meeting held on July
30, 2003 to transfer, on October 1, 2003, its audiovisual (AV)
sensor module business, currently part of the Component Device
Division of MEI's internal divisional Company Panasonic System
Solutions Company (PSS), to Panasonic SC Device Solutions Co.,
Ltd. (New Company), which will be established on the same day.
The New Company will be an independent Company in the
Semiconductor Company group. The Semiconductor Company is also
an internal divisional Company of MEI.
The basic terms of the business divisions/combinations decided
are outlined as follows:
1. Purpose of business division
By dividing the AV sensor module business (including cellular
phone cameras, automotive cameras and Electret Condenser
Microphones (ECM)) from PSS, and transferring such business to
the New Company, MEI aims to improve cooperation between related
divisions, thereby enhancing core competencies. The transfer is
also part of efforts to establish a "lean and agile"
organization and achieve growth and increased profitability in
the relevant businesses.
2. Outline of business division
A. Schedule
July 30, 2003 Board approval of business
division plan
October 1, 2003 (planned) Date of business division and
commercial registration
B. Method of business division
1) Method
MEI will divide a certain part of its business and the New
Company (the succeeding Company) will succeed the divided
business.
2) Reason for adopting this method
This method was chosen because it was determined to be the most
efficient means by which to transfer the relevant businesses and
establish the New Company.
C. Allotment of shares
Upon the business division and transfer by MEI, the succeeding
Company will issue 1 new share of common stock, and allot such
share to MEI.
D. Cash distribution upon business division and transfer
There will be no cash distribution in relation to the business
division and transfer.
E. Rights and obligations to be succeeded
Assets, liabilities, rights and obligations involved in the
business to be divided and transferred, which are considered to
be mandatory for the succeeding Company to operate the business
to be succeeded.
F. Prospects of paying debt obligations
Matsushita believes that both Matsushita and the succeeding
Company can pay the debt obligations to be incurred as a result
of the business division and transfer.
G. New directors and corporate auditors of succeeding Company
(slated)
Directors: Takayoshi Hasegawa
Susumu Koike
Takayuki Kimura
Kazuhiko Itou
Satoru Masuda
Corporate Auditors: Kyouichi Matsuura
Mitsuo Morita
Shinji Kanda
MATSUSHITA ELECTRIC: Shin Nihon Audits Balance Sheet
----------------------------------------------------
Shin Nihon & Co. have audited the balance sheet, the statement
of income, the business report and the proposed allocation of
profit (referred to as "the financial statements" hereinafter)
and the supplemental schedules of Matsushita Electric Industrial
Co., Ltd. (the Company) for the 96th fiscal period ended March
31, 2003 for the purpose of reporting under the provisions of
Article 2 of "The Law concerning Exceptional Measures to the
Commercial Code with Respect to Auditing, etc. of Joint Stock
Corporations." With respect to the aforementioned business
report and the supplemental schedules, the audit was limited to
those matters based on the accounting records of the Company.
These financial statements and supplemental schedules are the
responsibility of the Company's management. The responsibility
is to express an opinion on the financial statements and
supplemental schedules based on the audits as an independent
auditor.
Shin Nihon conducted their audit in accordance with generally
accepted auditing standards in Japan. Those auditing standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
supplemental schedules are free of material misstatement. The
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements and
supplemental schedules. The audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statements and supplemental schedules presentation. We believe
that its audit provides a reasonable basis for its opinion. Its
audit also includes those considered necessary for the
subsidiaries.
The auditor's opinion,
(1) The balance sheet and the statement of income present
properly the financial position and the result of operations of
the Company in conformity with related regulations and the
Articles of Incorporation of the Company,
(2) The business report, as far as the accounting data included
in such report are concerned, presents properly the status of
the Company in conformity with related regulations and the
Articles of Incorporation of the Company,
(3) The statement of proposed allocation of profit has been
prepared in conformity with related regulations and the Articles
of Incorporation of the Company, and
(4) The supplemental schedules as far as the accounting data
included in such schedules are concerned have been prepared in
conformity with the provisions of the Commercial Code.
We have no interest in the Company, which should be disclosed
pursuant to the provisions of the Certified Public Accountants
Law.
The Board of Corporate Auditors, having received a report from
each Corporate Auditor on the method and results of his audit on
the performance of duties of Directors during the 96th fiscal
period from April 1, 2002 to March 31,2003 and, as a result of
discussion, does hereby report the results of audit as follows:
1. Method of Audit
Each Corporate Auditor has performed examinations, in accordance
with the audit policy and the distribution of audit
responsibility among the Corporate Auditors set by the Board of
Corporate Auditors, as follows:
(1) Each Corporate Auditor has attended the meetings of the
Board of Directors and other important meetings of the Company,
received reports on the operations of the Company from Directors
and employees, perused important documents including those
subject to executive approval, conducted examination of
conditions of business and assets at the head office and other
major business offices, and requested from the Company's
subsidiaries reports on their operations when deemed necessary.
(2) Each Corporate Auditor has also received from accounting
auditors reports concerning accounting audit and their opinions
and conducted examinations of accounting documents and important
transaction records.
(3) With respect to the Directors' engaging in competing
transactions, transactions involving conflict of interest
between the Company and a Director, providing by the Company of
a benefit without compensation, unusual transactions between the
Company and its subsidiaries or shareholders and acquisition and
disposition by the Company of its own shares - these various
actions all being specified in Article 133, Paragraph 1 of the
Japanese Commercial Code Enforcement Regulations, each Corporate
Auditor has, in addition to the audit procedures described
above, requested Directors and other parties reports on the
state of compliance by Directors of laws and regulations, the
state of enforcement of internal control measures as well as the
transactions referred to above, and conducted investigations and
examinations as deemed necessary.
2. Results of Audit:
In the opinion of the Board of Corporate Auditors:
(1) With respect to the Directors' execution of their duties,
no unfair conduct, nor any material breach of laws, regulations
or the Company's Articles of Incorporation has been found;
moreover, with regard to actions specified in Article 133,
Paragraph 1 of the Japanese Commercial Code Enforcement
Regulations, no violation of duties by any Director has been
found; in addition, with regard to the Directors' execution of
their duties related to subsidiaries, nothing has been found
that would necessitate comment;
(2) The method of audit employed by Shin Nihon & Co. and the
result thereof are proper and fair;
(3) The contents of the business report present fairly the
position of the Company pursuant to laws and regulations and the
Articles of incorporation;
(4) The proposed allocation of profit contains nothing
particular to be commented on in the light of the condition of
assets of the Company and other circumstances;
(5) The supplemental schedules present fairly the matters to
be described therein and contain nothing to be commented on.
April 25, 2003
Board of Corporate Auditors
Motoi Matsuda Yoshitomi Nagaoka
Senior Corporate Auditor Senior Corporate Auditor
Toshiomi Uragami Kiyosuke Imai
Corporate Auditor Corporate Auditor
(Note) Toshiomi Uragami and Kiyosuke Imai are outside corporate
auditors as provided in Paragraph 1 of Article 18 of "The Law
concerning Exceptional Measures to the Commercial Code with
Respect to Auditing, etc. of Joint Stock Corporations."
MATSUSHITA ELECTRIC: Unveils 2003 Financial Results
---------------------------------------------------
Matsushita Electric Industrial Co., Ltd. reported its
consolidated financial results for the first quarter, ended June
30, 2003, of the current fiscal year ending March 31, 2004
(fiscal 2004).
First-quarter Results (1)
Consolidated group sales for the first quarter decreased 2
percent to 1,763.6 billion yen (U.S.$14.70 billion), from
1,793.4 billion yen in the same three-month period a year ago.
Overall, a severe business environment persisted during the
quarter, despite diminishing negative effects of the war in Iraq
and the SARS outbreak. Consumer spending in Japan, a major
factor in the domestic economy, showed no signs of recovery,
while comebacks in overseas economies were impeded by stagnated
growth in the United States.
Meanwhile, Matsushita designated this year as the year it would
"re-declare" it's founding, or in other words return to the
basic management principles upon which the company was founded.
In line with this policy, Matsushita carried out initiatives
under a new autonomous business domain-based organizational
structure established in early 2003, shifting its management
focus to achieving accelerated growth. Specifically, Matsushita
launched a new series of competitive "V-products," building on
the success of last year's models, aimed at achieving the top
share in high-volume markets and propelling overall growth. The
company also initiated simultaneous global introductions of
strategic products by combining the efforts of domestic and
overseas marketing divisions. Furthermore, Matsushita
implemented a new management system that evaluates the
performance of each business domain company on a global
consolidated basis to promote highly efficient management.
Domestic sales, benefiting from the success of the company's new
V-products, increased 2 percent to 825.1 billion yen ($6.88
billion), from 811.2 billion yen in the first quarter of the
previous year. Overseas sales, however, were down 4 percent to
938.5 billion yen ($7.82 billion), compared with 982.2 billion
yen in the first quarter of last year, due mainly to setbacks in
the U.S. and Southeast Asia. On a local currency basis (2),
overseas sales decreased 3 percent from the same period last
year. The quarterly consolidated sales results in part reflect
the effects of last year's FIFA World Cup(TM), which boosted
sales a year ago.
Despite sales declines and intensified global competition,
consolidated operating profit (3) for the first quarter
increased 27 percent to 20.0 billion yen ($ 167 million), from
15.7 billion yen in the same three-month period a year ago. The
company attributed this increase to the continued success of V-
products and various cost reduction initiatives. Income before
income taxes increased 46 percent to 25.2 billion yen ($210
million), compared with a pre-tax income of 17.3 billion yen in
the first quarter of last year, while net income was 2.7 billion
yen ($22 million), down 22 percent from 3.5 billion yen in the
same quarter of the previous year. Net income was negatively
affected by such factors as an increase in minority interests,
resulting from improved earnings results of several consolidated
subsidiaries.
During the fiscal year ended March 31, 2003, Matsushita began
consolidating certain previously unconsolidated subsidiaries of
Victor Company of Japan, Ltd. (JVC). Consolidated results for
the first quarter ended June 2002 referred to in this press
release reflect such restatements.
Consolidated Sales Breakdown by Product Category
As previously announced, Matsushita launched a new business
domain-based organizational structure in January 2003, followed
in April by the introduction of a new groupwide management
system. Accordingly, the company has reclassified its previous
four business segments (AVC Networks, Home Appliances,
Industrial Equipment, and Components and Devices) into five new
segments, effective April 1, 2003. The five new segments are:
AVC Networks, Home Appliances, Components and Devices, JVC, and
Other.
The company's first quarter consolidated sales by reclassified
product category, as compared with restated prior year amounts,
are summarized as follows:
AVC Networks
AVC Networks sales decreased 3 percent to 842.0 billion yen
($7.02 billion), from 867.2 billion yen in last year's first
quarter. Within this category, sales of video and audio
equipment, despite continued strong sales in flat-screen TVs and
DVD recorders decreased 8 percent, due mainly to sales declines
in CRT TVs and audio equipment.
In information and communications equipment, brisk sales of
automotive electronics and solid overseas sales of cellular
phones were sufficient to offset setbacks in hard disk drives
(HDDs) and facsimile machines, resulting in mostly unchanged
sales overall for this category.
Home Appliances
Sales of Home Appliances edged down 1 percent to 291.4 billion
yen ($2.43 billion), compared with 293.4 billion yen in the
first quarter of the previous year. Within this category,
washing machines and air conditioners recorded sales gains, but
sluggish sales of compressors and housing equipment resulted in
lower overall sales.
Components and Devices
Sales of Components and Devices decreased 2 percent to 266.7
billion yen ($2.22 billion), compared with 272.8 billion yen in
the same three-month period of the previous year. Although sales
of semiconductors continued to grow, general components and
electric motors recorded sales declines.
JVC
Sales for JVC (Victor Company of Japan and its subsidiaries)
totaled 192.6 billion yen ($1.61 billion), down 4 percent from
199.9 billion yen in the first quarter of the previous year.
Although sales of software and media products were steady,
audiovisual equipment recorded sales declines mainly in Japan
and the U.S., leading to lower overall sales.
Consolidated Financial Condition
On a consolidated basis, total assets as of June 30, 2003 were
8,124.2 billion yen, an increase of 289.5 billion yen from March
31, 2003. The main reasons for this include an increase in
inventories caused by seasonal factors.
Outlook for the full fiscal year 2004
For fiscal 2004, ending March 31, 2004, Matsushita maintained
its forecast made on April 28, 2003. At that time the company
forecasted fiscal 2004 sales on a consolidated basis to increase
by about 1 percent, compared to fiscal 2003, to approximately
7,450 billion yen. The forecast for operating profit (4) is also
unchanged, expected to increase by about 18 percent to
approximately 150 billion yen, with consolidated income before
income taxes anticipated to rise to approximately 120 billion
yen, up 74 percent. The forecast for income before income taxes
includes estimated expenses of approximately 50 billion yen for
restructuring charges and non-recurring income of about 20
billion yen from other items. Net income is expected to improve
to approximately 30 billion yen, from a net loss of 19 billion
yen in the past fiscal year.
(4). For information about operating profit, see Note 2 of Notes
to consolidated financial statements.
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, is one of the world's leading
manufacturers of electronic and electric products for consumer,
business and industrial use. Matsushita's shares are listed on
the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific,
Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf
stock exchanges. For more information, visit the Matsushita web
site at the following URL: http:/ /www.panasonic.co.jp/global/
CONTACT: Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365
09:51 EDT JULY 30, 2003
NIPPON TELEGRAPH: Develops New Encryption Technology
----------------------------------------------------
Hitachi Limited (President: Etsuhiko Shoyama), Mitsubishi
Electric Corporation (President and CEO: Tamotsu Nomakuchi) and
Nippon Telegraph and Telephone Corporation (President: Norio
Wada) hereafter, Hitachi, Mitsubishi Electric and NTT,
respectively, announced their success in mutually researching
and developing an implementation technology of an elliptic curve
cryptosystem (ECDSA signature) 1. They named the technology
"CRESERC". To establish this technology, Hitachi, Mitsubishi
Electric and NTT founded a project team to research and develop
a secure and efficient implementation for elliptic curve
cryptosystem (ECDSA signature). This is the world's first case
of well-established leaders in the field of cryptography
collaborating in the development of implementation technology by
integrating their advanced skills and technologies.
Background to the Joint R&D
To realize e-governance 2 and the ubiquitous 3 environment
listed in "e-Japan Priority Policy Program", there is a pressing
need to establish a fundamental technology to realize a truly
secure communication environment, and to support the advanced
information sharing society. Encryption and electronic
authentication 4 are central to this technology.
"Secure and efficient implementation technology" is a vital R&D
goal for achieving practical use. However, R&D has been faced
with a trade-off between "security" and "efficiency". Therefore,
Hitachi, Mitsubishi Electric and NTT launched the joint project
and now they have succeeded in developing an implementation
technology with the world's strongest security level while
matching the efficiency of the existing products in the market.
In March 2003, EU (European Union) approved NESSIE 5, a project
to select the next-generation cryptographic algorithms. They
selected "Camellia" 6 jointly developed by Mitsubishi Electric
and NTT, "MISTY1" 7 by Mitsubishi Electric, and "PSEC-KEM" 8 by
NTT as recommended algorithms. Meanwhile, ISO (International
Organization for Standardization) has been promoting the
standardization of encryption goals by the Spring of 2004 at the
earliest. In their deliberations, they have nominated
"Camellia", "MISTY1", "PSEC-KEM" but also "MULTI-S01" 9 and
"MUGI" 10 by Hitachi for international encryption standards. In
addition, they have also been selected as recommended
cryptographic algorithms by CRYPTREC: the cryptography
evaluation project for e-governance by MPHPT (Ministry of Public
Management, Home Affairs, Posts and Telecommunications) and METI
(Ministry of Economy, Trade and Industry).
Since the late 1990's, the U.S. and Japanese governments, EU and
ISO, have actively promoted these encryption algorithm
validation, selection, and standardization activities. They are
now being almost completed, and the cryptographic algorithms
that will be widely used in the first half of the 21st century
are being listed up. The above Japanese cryptographic
algorithm's excellent efficiency and their high commercial
viability (LSI implementation) are highly regarded throughout
these activities and it is likely that one or more of these
Japanese company's algorithms will be widely used. Currently,
ISO and CRYPTREC recognize that they need to emphasize, "secure
implementation", and they plan to establish the corresponding
validation criteria and validation standards.
As concern over "secure implementation of cryptosystems"
increases, "CRESERC" is expected to be set into various
application areas that require information security (for
example, e-governance and ubiquitous communication systems) as
the world's leading implementation technology in the field.
Roles of the 3 Companies
Hitachi, Mitsubishi Electric and NTT mutually carried out this
joint R&D by sharing their preeminent technology on the basis of
their shared advantage: the mathematical theory of elliptic
curve cryptosystems. Their roles are as follows:
Hitachi: secure implementation technology of elliptic curve
operations
Mitsubishi Electric: efficient implementation technology of
elliptic curve operations
NTT: efficient and secure implementation technology of basic
arithmetic
Future Plan
These three companies plan to launch products incorporating each
company's preeminent technology in e-governance system and
ubiquitous-related security products based on their joint R&D
results, namely "CRESERC".
Terminology
1. Elliptic curve cryptosystem: Public key cryptosystems
utilizing the mathematical operations over elliptic curves. They
can encrypt the data using short key lengths at high efficiency
while maintaining the high level of security, thus it is
receiving attention as the new generation public key
cryptosystems that can replace RSA schemes. ECDSA (Elliptic
Curve Digital Signature Algorithm) is a digital signature
algorithm based on elliptic curve cryptosystems; it has been
selected by NESSIE and CRYPTREC as one of the recommended
signature schemes.
2. E-governance: A governance support tool that allow various
tasks including administration to be executed electrically by
utilizing computer systems and Internet technology.
3. Ubiquitous: Derived from Latin meaning "exists everywhere".
It means the environment where user can access information
network like the Internet at any time from everywhere.
4. Electronic authentication: A technology to realize seals and
seal certificates in the electronic world by utilizing
electronic signatures and public key certificates (electronic
certificates).
5. NESSIE (New European Schemes for Signatures, Integrity, and
Encryption): EU approved project to select the next-generation
cryptographic schemes started in 2000 and completed in the
beginning of this year.
6. Camellia: 128 bit block encryption algorithm jointly
developed by Mitsubishi Electric and NTT. Specifications are
already disclosed and published.
7. MISTY1: 64 bit block encryption algorithm developed by
Mitsubishi Electric. Specifications are already disclosed and
published.
8. PSEC-KEM: A public key encryption algorithm developed by NTT.
Specifications are already disclosed and published.
9. MULTI-S01: 256 bit key length stream encryption algorithm
developed by Hitachi. Specifications are already disclosed and
published.
10. MUGI: 128 bit key length stream encryption algorithm
developed by Hitachi. Specifications are already disclosed and
published.
Five telecommunications carriers sued the Japan Ministry of
Public Management, Home Affairs, Posts and Telecommunications
over an access fee increase by Nippon Telegraph and Telephone
Corporation (NTT), according TCR-AP recently. The five involved
are KDDI Corp., Japan Telecom Co., Poweredcom Inc., Cable &
Wireless IDC Inc. and Fusion Communications Corp.
On April 22, the ministry approved a plan to allow NTT East
Corporation and NTT West Corporation to raise by an average 5
percent the fees they charge other carriers to access their
phone lines, the first increase since the current fee system was
introduced in 1994. The ministry decision enraged the five
firms, which say it should be nullified and claimed that the
calculation of communications costs is inaccurate because NTT's
two regional phone units should not be treated equally in view
of differences in their cost structures.
About HITACHI
Hitachi Limited, headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 340,000 employees
worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales
totaled 8,191.7 billion yen (68.3 billion dollars). The company
offers a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services. For more information on Hitachi, please
visit the company's Web site at http://global.hitachi.com.
About Mitsubishi Electric
With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (TSE: 6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. The company has
operations in 35 countries and recorded consolidated group sales
of 3,639 billion yen (30.3 billion US dollars*) in the year
ended March 31, 2003. For more information, visit
http://global.mitsubishielectric.com
*At an exchange rate of 120 yen to the US dollar, the rate given
by the Tokyo Foreign Exchange Market on March 31, 2003.
About NTT
NTT is a holding company of the Global Information Sharing
Enterprise Group and NTT group, which consists more than 430
companies.
One of the important missions of NTT group is to contribute the
achievement of a Ubiquitous Broadband society. NTT group
concentrates on integrating the group on expanding Broadband
Service on Photonic Access, Third Generation Cellular Phone,
Wireless LAN, are provided for Access means, promoting the
structure of distributing the contents of Movies and music, and
enhance the providing contents.
In November 2002, the Vision for a new optical generation is
announced.
For more information, please visit
http://www.ntt.co.jp/index_e.html
For media inquiries only:
Hitachi, Ltd.
Public Relations of Corporate Communications Division; Konno
Tel: +81-3-3258-2056 atsushi_konno@hdq.hitachi.co.jp
Mitsubishi Electric Corporation
Robert Barz, Public Relations Department
Tel: +81-3-3218-2346 Robert.Barz@hq.melco.co.jp
NTT Information Sharing Laboratory Group
Planning Department, Public Relations Group; Iizuka, Sano,
Chizuka
Tel: +81-422-59-3663 koho@mail.rdc.ntt.co.jp
SECAICHO CORPORATION: Seeks Court Protection From Creditors
-----------------------------------------------------------
Secaicho Corporation has asked for court protection from
creditors under the corporate rehabilitation law with debts of
7.7 billion yen, Kyodo News reported Thursday. The footwear
manufacturer sought court protection for itself and four
subsidiaries, including SFC Corporation and SEC Polymer. The
combined debt of the five is estimated at 10 billion yen.
Homepage: http://www.secaicho.co.jp/
Address: 7-8, NAKATSU 1-CHOME
KITA-KU, OSAKA 531-0071, JAPAN
Tel. No.: +81 6 63590140
+81 6 63590150
SECAICHO CORPORATION PEOPLE:
Senior Managing Director - Kunio Suga
Managing Director - Shigeaki Matsushita
President - Shigeaki Matsushita
Secaicho Corporation was established in 1919 to manufacture
rubber footwear and has changed its name from Sekaicho Rubber
Co., Ltd. in June 1991. The company is a leading manufacturer of
rubber footwear in Japan and also makes industrial rubber,
sealing materials and other synthetic chemical products.
Footwear accounted for 76 percent of fiscal 1999 revenues;
chemical products including sealing materials and industrial
rubber products, 15 percent; industrial rubber, 7 percent and
real estate rental and leasing, 2 percent. The company has seven
consolidated subsidiaries, all based in Japan. Export sales
accounted for less than 10 percent of fiscal 1999 revenues.
TOSHIBA CORP.: Shares Fall 5% Thursday After 1Q03 Loss Widens
-------------------------------------------------------------
Toshiba Corporation shares fell 5 percent Thursday following a
net loss of 36.8 billion yen (US$306 million) in the three
months ending in June 30, nine times larger than analysts had
expected and compared with a loss of 18.8 billion yen a year
earlier. Sales fell 6 percent to 1.12 trillion yen.
For a copy of the Company's consolidated financial statements
for the first quarter ending in June 30, 2003, go to
http://www.toshiba.co.jp/about/ir/er200307/english/pdf/all.pdf
TOSHIBA CORPORATION: Enters Alliance With M-Systems
---------------------------------------------------
Toshiba Corporation, a leader in the development and manufacture
of NAND flash, and M-Systems, a leader in flash-based data
storage, announced that they have raised their partnership to a
new level, with a comprehensive agreement intended to combine
the two companies' technology leadership in developing new NAND
flash-based data storage products. The agreement includes joint
development of next-generation products as well as cross
licensing of intellectual property (IP), guarantees for M-
Systems regarding capacity of the NAND flash, and -- for the
first time -- a strategic investment by Toshiba in M-Systems.
"Toshiba and M-Systems have worked closely together for many
years and this agreement complements the cooperation we have
both enjoyed," said Masashi Muromachi, vice president of Toshiba
Corporation Semiconductor Company. "DiskOnChip has gained
acceptance as the preferred data storage solution for high-end
mobile handsets. Utilizing its strong technology and IP, M-
Systems has also propelled DiskOnKey to be the world's leading
product in the fast growing USB drive portable storage market.
This Agreement gives Toshiba important IP that allows us to
further expand NAND flash memory applications."
NAND flash is gaining ever-wider awareness and acceptance as the
best non-volatile memory solution for a wide variety of
applications from cell phones, embedded systems, and consumer
devices to mission critical applications. M-Systems and Toshiba
have long been strong proponents of using NAND flash for data
storage due both to its cost structure and to its high-density
capabilities. M-Systems' world-class technologies and expertise
enabled NAND flash to become an ideal platform for data storage
by making the flash more reliable, higher performing and easier
to integrate, all while maintaining a competitive cost
structure.
"Throughout the many years that we have worked together, Toshiba
has proved its leading edge technology and has learned to
appreciate our knowledge and contribution to the expansion of
the flash data storage market," said Dov Moran, president and
CEO of M-Systems. "We are very proud to expand our partnership
with Toshiba while securing a steady supply of NAND flash. We
are also greatly improving our ability to offer new, even more
cost-competitive solutions to the market. This is yet another
important leap forward for M-Systems."
About Toshiba Corporation
Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, consumer products and power systems.
The company's ability to integrate wide-ranging capabilities,
from hardware to software and innovative services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to build on its world-class
position in NAND flash memories, analog devices and discrete
devices and to promote its leadership in the fast growing
system-on-chip market. Toshiba has approximately 166,000
employees worldwide and annual sales of over US$47 billion.
Visit Toshiba's website at www.toshiba.co.jp/index.htm.
About M-Systems
M-Systems is a leader and innovator of flash-based data storage
products known as flash disks. M-Systems' flash disks provide
the functionality of a mechanical hard drive in a silicon chip.
M-Systems' products are based on its patented TrueFFS
technology, and target applications in a vast array of markets,
including connected devices, mobile and telecom. M-Systems'
products include the DiskOnChip, DiskOnKey and Fast Flash Disk
(FFDTM) product families. For more information, please contact
M-Systems at www.m-sys.com.
Contacts
Editorial Contacts for M-Systems
Gina Ray / Kristine Hernandez
O'Leary and Partners
gray@olearypr.com / khernandez@olearypr.com
Tel: +1 (949) 224-4023 / 4036
Investor Contacts for M-Systems
Evan Smith / Jeff Corbin
KCSA Worldwide
esmith@kcsa.com / jcorbin@kcsa.com
Tel: +1 (212) 896-1251 / 1214
Toshiba Contact
Makoto Yasuda
Corporate Communications Office
Toshiba Corporation
press@toshiba.co.jp
Tel: 81-3-3457-2105
=========
K O R E A
=========
HYUNDAI MOTOR: Suffers US$580M Loss in Lost Exports
---------------------------------------------------
Hyundai Motor Co. suffered an equivalent of US$580 million in
lost exports due to partial strikes that started from June 20 to
late July, Reuters said on Wednesday. Sales in the key U.S.
market and Europe, which account for 66 percent of total sales,
could face serious difficulties should the partial strikes drag
on through August.
The 9,000-strong union has been demanding an 11.1 percent wage
hike or 125,000 won a month, plus a five-day workweek from the
current five-and-a-half days. Last week, unionized workers
rejected Hyundai's offer of a 9.4 percent wage hike. Union and
management officials are set to hold another round of wage talks
on August 4, 2003.
KOOKMIN BANK: Board OK's Merger With KCC
----------------------------------------
On July 23, 2003, the board of directors of Kookmin Bank has
officially approved the small-scale merger between Kookmin Bank
(KB) and Kookmin Credit Card (KCC) following its resolution on
the Merger on May 30, 2003.This approval is pursuant to Article
527-3 of the Korean Commercial Code, which prescribes that
approval of small-scale merger may be obtained by board of
directors instead of shareholders. Followings are the key
information regarding the Merger approved by the Board, which is
the same as previously disclosed in the "Merger Summary" on May
30, 2003.
Key Information
1. Merger date: September 30, 2003
2. Merger ratio: 0.442983 (KB): 1 (KCC)
3. Merger method: KCC will be merged into KB, and will be
ceased to exist after the completion of the Merger.
Meanwhile, the Korea Times reported that regulators are
investigating Kookmin Bank for its alleged extending of illegal
loans to Good Morning City, a Company at the center of a bribery
scandal, which took place in July 2002. Kookmin Bank is expected
to record a net loss for the third quarter as it takes over its
money-losing credit card unit.
SK GLOBAL: Debtors File Motion to Honor Employee Obligations
------------------------------------------------------------
As of the Petition Date, SK Global America, Inc., employed
approximately 68 full-time employees and seven temporary
employees. Salaries and wages are paid on the 15th day and the
last business day of each month. The Debtor's aggregate gross
semi-monthly payroll is approximately $306,000, including
applicable withholding taxes and benefits. Employees were paid
on July 15 and payroll obligations accrued since then are due on
July 31.
SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.
In addition to prepetition wages and salary, some of the
Debtor's employees are entitled to reimbursement of business
expenses. Furthermore, the Debtor remains obligated to pay
federal, state and local withholding taxes due on prepetition
employee wages and salaries.
By this Motion, SK Global sought and obtained permission from
Judge Blackshear to pay accrued prepetition payroll obligations
on July 31 and honor prepetition obligations to its employees
under all medical, dental, life insurance, short and long-term
disability insurance and retirement plans.
SK Global assures the Court that no single employee is owed more
than $4,650. Because all employee-related claims fall below
that amount, they are entitled to statutory priority under 11
U.S.C. Sec. 507 and must be paid in full now or later. Now's
better in order to maintain the continuity of the Company's
workforce and business, and preserve morale. Compelling
Employees to await confirmation of a reorganization plan for a
week's pay would undermine the Debtor's attempt to reorganize
and get the "fresh start" chapter 11 provides.
Judge Blackshear agrees that section 105(a) of the Bankruptcy
Code provides that "[t]he court may issue any order, process or
judgment that is necessary or appropriate to carry out the
provisions of this title." The purpose of section 105(a) is "to
assure the bankruptcy courts power to take whatever action is
appropriate or necessary in aid of the exercise of their
jurisdiction." Lawrence P. King, et al., Collier on Bankruptcy
par. 105.01, at 105-5 - 105-6 (15th ed. rev. 2003). Thus, Judge
Blackshear concludes, section 105(a) essentially codifies the
Bankruptcy Court's inherent equitable powers. See Matter of
Management Technology Corp., 56 B.R. 337, 339 (Bankr. D. N.J.
1985) (Court's equitable power is derived from section 105).
This broad equitable mandate has been applied to authorize
debtors to pay prepetition employee claims when such payments
were necessary for continuity of the business and the
reorganization efforts. In re Ionosphere Clubs, Inc., 98 B.R.
174, 177 (Bankr. S.D.N.Y. 1989) (partially relying on section
105(a) of the Bankruptcy Code to authorize payment of
prepetition claims of employees when such payments were
necessary to maintain employee morale and retain current
employees).
Judge Blackshear also finds ample precedent for the post
petition satisfaction of prepetition wages and benefits. See In
re Chateaugay Corp., 80 B.R. 279, 281 (S.D.N.Y. 1987)
(authorizing payment of certain prepetition wages, salaries,
reimbursement expenses and employee benefits in an aggregate
amount exceeding $250 million); Pension Benefit Guaranty Corp.
v. Sharon Steel Corp. (In re Sharon Steel Corp.), 159 B.R. 730
(Bankr. W.D. Pa. 1993) (Holding debtor was justified in making
selective payments of certain prepetition wage claims in light
of the demonstrable economic benefits that would ultimately flow
to the debtor's estate and creditors as a result of such
payments); In re Gulf Air, Inc., 112 B.R. 152 (Bankr. W.D. La.
1989) (authorizing payment of prepetition employee claims for
wages, health and life insurance); see also In re Ames Dept.
Stores, Inc., Case No. 01- 42217 (REG) (Bankr. S.D.N.Y. August
20, 2001); In re Cityscape Fin. Corp., Case No. 98-B-22569 (ASH)
(Bankr. S.D.N.Y. Oct. 7, 1998); In re Best Products Co., Inc.,
Case No. 96-35267-T (E.D. Va. Sept. 26, 1996); In re Bradlees
Stores, Inc., Case No. 95-B- 42777 (Bankr. S.D.N.Y. June 23,
1995); MAI Systems Corp., Case No. 93-424 (D. Del. Apr. 12,
1993); The Kendall Co., et al., Case Nos. 92-667 and 92-668
(Bankr. D. Del. May 18, 1992); In re Zale Corp, et al., Case No.
392-3001-SAF-11 (N.D. TX. Jan. 24, 1992); In re Memorex Telex
Corp., et al., Case No. 92-8 (Bankr. D. Del. Jan. 6, 1992).
Here, as in those cases, it is clear to the Court that SK
Global's failure to honor its prepetition obligations to
employees during the pendency of these cases would disrupt its
business and severely threaten its ability to reorganize. (SK
GLOBAL BANKRUPTCY NEWS, Issue Number 1, July 25, 2003)
SK GLOBAL: Debtors File Motion For More Time to File Schedules
---------------------------------------------------------------
Sec. 521(1) of the Bankruptcy Code requires all Chapter 11
debtors to prepare and deliver to the Court comprehensive
schedules of assets and liabilities and a statement of financial
affairs disclosing a variety of prepetition transactions. Rule
1007 of the Federal Rules of Bankruptcy Procedures requires a
debtor to deliver those documents to the Clerk's office within
15 days following the Petition Date.
SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.
SK Global says there's no way it can assemble the volume of data
that's required within a two-week period. SK Global asks the
Court to extend the deadline to October 4, 2003.
"During the important initial stages of the Debtor's Chapter 11
case," Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, says,
"the Debtor's staff and its advisors will be expending
substantial time and resources on issues relating to the
Debtor's orderly transition into operating in a Chapter 11 case.
Additionally, the Debtor is dependent upon certain outside
sources for the information needed to complete the Schedules
(i.e., accounts receivable, billing information, etc.). For
these reasons, the Debtor will require additional time to gather
the information required (financial and otherwise) to accurately
prepare the Schedules." (SK GLOBAL BANKRUPTCY NEWS, Issue Number
1, July 25, 2003)
SK GLOBAL: Creditor Seizes Severance Payments of Directors
----------------------------------------------------------
Hana Bank, the main creditor of SK Global, has temporarily
seized the severance payments of two directors namely Kim Seung-
jeong and Moon Deok-kyu, holding them responsible for the firm's
fraud, Digital Chosun reports.
Kim was the former Vice Chairman and Moon was a former executive
director of the Company. The creditors have not halted severance
payments to other current board members, including Son Kil-
seung, Chairman of the board, as they are still active on the
board. Chey Tae-won, the de facto Chairman of the SK group, was
not included in the seizure, as he was not a registered board
member of SK Global.
SK GLOBAL: Creditors Strike Deal to Rescue Firm
-----------------------------------------------
SK Global's local and foreign creditors have finally agreed to a
43 percent debt buyout deal for the troubled trading Company,
keeping the Company intact from expected court receivership
procedures, Channel News Asia reports.
The Company has been on the brink of bankruptcy since unveiling
accounting irregularities amounting to US$1.2 billion in March.
The Company owes local creditors US$5.7 billion, and foreign
creditors US$760 million. The two groups have been at odds over
plans to bail out the Company.
===============
M A L A Y S I A
===============
ANCOM BERHAD: Re-designates Managing Dir Razak to Exec Chairman
---------------------------------------------------------------
Ancom Berhad posted this Change in Boardroom Notice:
Date of change : 30/07/2003
Type of change : Re-designation
Previous Position : Managing Director
New Position : Chairman
Directorate : Executive
Name : Y. Bhg. Dato Ahmad Johari Bin Tun Abduk Razak
Age : 48
Nationality : Malaysian
Qualifications : Bachelor of Law (Hons) Degree, University of
Kent, UK.
Working experience and occupation : Y. Bhg. Dato Johari was
called to the Bar of England & Wales in November 1976. In July
1977, he was admitted as an Advocate and Solicitor of the High
Court of Malaya. He practiced as an Advocate and Solicitor with
Messrs Shearn Delamore & Co from 1979 and was a partner of the
firm from 1981 to 1994. He was appointed a Director of Ancom
Berhad on 27 November 1992 and later the Group Managing Director
on 1 July 1994.
Directorship of public companies (if any) : Nylex (Malaysia)
Berhad, Daiman Development Berhad, Hong Leong Industries Berhad,
Court Mammoth Berhad, Daiman Golf Berhad.
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : Hold 499,126 ordinary shares or 0.
On July 14, the Troubled Company Reporter - Asia Pacific
reported that proposes to undertake a reorganization of its
subsidiaries. Go to
http://bankrupt.com/misc/TCRAP_Ancom0714.doc,for further
details on the Proposed Reorganization.
ANSON PERDANA: Monitoring Accountant Appointment Not Required
-------------------------------------------------------------
With reference to Anson Perdana Berhad's announcement on 29 July
2003 in respect of Practice Note No. 4/2001 (Pn4) - Financial
Condition.
The Company wishes to inform that the appointment of an
independent accounting firm as a monitoring accountant is not
required as the criteria in the PN4 for such appointment is not
triggered.
ASSOCIATED KAOLIN: Changes Registrar
------------------------------------
Associated Kaolin Industries Berhad posted this Change of
Registrar Notice:
Old registrar : Malaysian Share Registration Services Sdn Bhd
New registrar : Mega Corporate Services Sdn Bhd
Address : Level 11-2, Faber Imperial Court
Jalan Sultan Ismail
P.O. Box 12337
50774 Kuala Lumpur, Malaysia
Telephone No : 03-2692 4271
Facsimile No : 03-2732 5399, 2732 5388
Effective date : 30/07/2003
The Troubled Company Reporter - Asia Pacific reported that AKI
had on 4 July 2003 appointed Messrs BDO Binder as the
independent audit firm to carry out the investigative audit on
the losses incurred by AKI and its subsidiaries pursuant to one
of the conditions imposed by the Securities Commission via its
letter dated 7 May 2003. The investigative audit is to be
completed within six (6) months from the date of the
appointment.
CONSTRUCTION AND SUPPLIES: Securities Suspension Pending
--------------------------------------------------------
Construction and Supplies House Berhad has failed to make a
Requisite Announcement pursuant to paragraph 5.1 of Practice
Note 4/2001. Kindly be advised that the trading in the above
Company's securities will be suspended with effect from 9:00 am,
Thursday, 7 August 2003 until further notice.
The Troubled Company Reporter - Asia Pacific reported that the
Company and Dato' Musa had on 30 June 2003 mutually agreed to
terminate the corporate restructuring agreement dated 28
February 2002 entered into between the same parties (Corporate
Restructuring Agreement) which is the integral agreement to
record the understanding of the parties for the Proposals. The
mutual termination of the Corporate Restructuring Agreement
would mean that in effect, the Proposals will be terminated.
COUNTRY HEIGHTS: Answers The Edge's Debt-Related Query
------------------------------------------------------
Reference is made to Country Heights Holdings Bhd's announcement
on 14 January 2003 pertaining to The Edge article entitled "CHHB
grapples with RM1 billion debt". The Company has not received
any response from The Edge on the announcement.
On July 30, 2003, the Company received further queries from The
Edge, which the Company finds amazing. However, in complying
with the Malaysian Code on Corporate Governance and KLSE Listing
Requirements on communications and disclosure policy, the
Company has decided to make a public release instead.
The Company has since appointed a merchant bank to develop a
total business plan to unlock the value of the assets within the
Group with the aim of realizing its corporate objectives. As has
been disclosed in the Company's latest Annual Report, the
Company is weighing the option to divest part of the assets and
focus on property development. In the instance that there is any
development to the above plans, the required announcements will
be made via the KLSE link in compliance with the KLSE Listing
Requirements.
EKRAN BERHAD: Releases Defaulted Credit Facilities Status Report
----------------------------------------------------------------
In compliance with the Practice Note 1/2002 of the Listing
Requirements, Ekran Berhad disclosed a status report in respect
of the default in payment of the credit facilities of Ekran
Group. A copy can be found at
http://bankrupt.com/misc/TCRAP_Ekran0801.doc.
COMPANY PROFILE
The company was set up principally to carry out the business of
an investment holding company for Group companies involved in
activities such as timber extraction and trading, property
development and oil palm plantation.
In 2001, Ekran was awarded the turnkey contract for the
construction of civil buildings in Teluk Sapangar, Sabah valued
at RM168.3m and the contract for the upgrading of Miri Airport,
Sarawak at RM200m.
The company also proposed to acquire Mashyur Mutiara Sdn Bhd,
Accruvest Hotel Management Sdn Bhd, Home and Hotel Holding Sdn
Bhd and Vital Orient Sdn Bhd. Mashyur Mutiara and Accruvest are
the owners of Sheraton Langkawi Resort and Delima Beach Resort
(now leased to Kolej Lagenda) respectively, which are situated
in Langkawi. Home and Hotel Holding and Vital Orient are owners
of Santubong Kuching Resort and Manikar Beach Resort
respectively which are situated in Kuching and Labuan
respectively.
The acquisition of 60% equity interest in Langkasuka Marina
Development Sdn Bhd (LMD) was approved by the FIC on 17.9.2001.
LMD is a JVC in which the Langkawi Development Authority (LADA)
holds the other 40% equity interest. The principal activity of
LMD is to develop the Port Langkasuka Marina Project in
Langkawi.
CONTACT INFORMATION: 2nd Floor, Wisma Ekran
Jalan Parlimen
50480 Kuala Lumpur
Tel : 03-2693 6111;
Fax : 03-2694 6096
GENERAL CORPORATION: Voluntarily Winds Up Dormant Subsidiary
------------------------------------------------------------
General Corporation Berhad wishes to announce that its wholly-
owned, indirect inactive subsidiary, Regional Plantations Sdn.
Bhd. (RPSB) has, on the 28th July 2003, held an extraordinary
general meeting, where the shareholders resolved that RPSB be
wound up voluntarily. Mr. Mok Yuen Lok was appointed the
liquidator of RPSB.
The voluntary liquidation will not have any material effect on
the earnings or net tangible assets of the General Corporation
Berhad Group for the financial year ended 31st January 2004.
GLOBAL CARRIERS: Shares Requirement Compliance Workout Ongoing
--------------------------------------------------------------
Reference is made to the announcement dated 26 May 2003 by
Global Carriers Berhad in relation to the extension of time of 6
months, from the date of re-quotation on 16 June 2003, to comply
with the 25% public spread requirement.
Since the last announcement, the public spread portion of the
Company has improved from 15.09% to 15.92% with the
placement/disposal of 1,899,400 shares by a substantial
shareholder. GCB is making every effort to work closely with the
substantial shareholders of the Company to ensure compliance
with this requirement within the stipulated period. The Company
is presently still in negotiation with certain parties as GCB
shares have just been re-quoted on 16 June 2003. The plan
essentially involves the sell-down or placement to, preferably,
institutional investors and strategic partners.
JASATERA BERHAD: All Resolutions Passed at 20th AGM
--------------------------------------------------
The Board of Directors of Jasatera Berhad wish to announced that
all six (6) resolutions set out in the Company's Notice dated 7
July 2003 for convening the 20th Annual General Meeting have
been tabled and approved by the shareholders at the 20th AGM
held on July 30, 2003. Click
http://bankrupt.com/misc/TCRAP_Johan0711.docto see a copy of
the AGM Notice.
Early last month, the Troubled Company Reporter - Asia Pacific
reported that Company has received the approval of the
Securities Commission for an extension of time up to 31 December
2003 to implement the Corporate Exercises, comprising:
- Debt Restructuring of JHB;
- Debt Restructuring of Prestige Ceramics Sdn Bhd;
- Debt Restructuring of Johan Equities Sdn Bhd; and
- Establishment of New Employee Share Option Scheme.
LAND & GENERAL: Composite Debt Restructuring Scheme Completed
-------------------------------------------------------------
Land & General Berhad refers to the Composite Debt Restructuring
Scheme Between L&G, certain of its subsidiaries and their
respective Scheme Creditors for a total Scheme Borrowings of
Rm450,491,794 involving:
(i) Settlement of Secured Debts amounting to RM101,043,377
via the Proposed Issue of 16,883,720 Nominal Value of 5%
Redeemable Convertible Secured Loan Stocks (RCSLS) A Series of
RM1.00 each to be issued at 100% of its Nominal Value and the
Proposed Conversion of RM84,159,657 Secured Debts into Secured
Term Loans; and
(ii) Settlement of Unsecured Debts amounting to RM349,448,417
via the Proposed Issue of 304,078,917 Nominal Value of 5% RCSLS
B Series of RM1.00 each to be issued at 100% of its Nominal
Value and the Proposed Issue of 45,369,500 New Ordinary Shares
of RM1.00 each in L&G (L&G Shares) to be issued at RM1.00 per
L&G Share.
On behalf of L&G, Commerce International Merchant Bankers Berhad
is pleased to announce that the Composite Debt Restructuring
Scheme has been completed on 30 July 2003 and accordingly, the
Company has fully settled its total scheme borrowings of
RM450,491,794 as at the date hereof.
MTD CAPITAL: Unit Disposes Shares to Reduce Borrowings
------------------------------------------------------
MTD Capital Bhd. informed that its wholly owned subsidiary MTD
Equity Sdn Bhd (MTDE) had from 25 to 29 July, 2003, disposed of
7,900,000 shares of WCT Engineering Berhad (WCT) for a
consideration of RM40.68 million or average RM5.15 per share via
open market. The disposal decreases MTDE's shareholding in WCT
by approximately 8.3% to approximately 1.6% and MTDE ceased to
be a substantial shareholder of WCT with immediate effect.
Rationale of Disposal
The disposal will enable MTDE to realize the value of its
investments in WCT, which has appreciated considerably.
Effect of Disposal
The disposal is expected to be utilized to reduce borrowings and
for working capital purposes.
Directors' and Substantial Shareholders' Interest
Except for Dato' Dr. Nik Hussein bin Abdul Rahman and Haji Nik
Faizul bin Dato' Nik Hussain, who are deemed substantial
shareholders of WCT, none of the directors, substantial
shareholders of the Company and or persons connected with them
have any interests, whether direct or indirect in the disposal.
Condition of the Disposal
The disposal is not subject to the approval of shareholders or
any relevant authorities.
Directors' Opinion
The Board of Directors of the Company is of the opinion that the
disposal is in the best interest of the Company.
NCK CORPORATION: Releases Units' Liquidators Appointment Info
-------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) wishes
to make the following announcement in relation to the
appointment of Liquidators to NCK Aluminium Extrusion Sdn Bhd
(NCKA), Fook Chuan Trading Sdn Bhd (FCT) and Ng Choo Kwan & Sons
Hardware Sdn Berhad (NCKH), subsidiaries of NCK as required
under Chapter 9 of the KLSE Listing Requirements.
a) The date of appointment
On 29 July 2003, Mr Lim Tian Huat and Mr Adam Primus Varghese
bin Abdullah of Messrs Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Liquidators of NCKA, FCT and NCKH via 3 separate
Meetings of Creditors held at Coronade Hotel, Jalan Walter
Grenier, 55100 Kuala Lumpur.
b) The details of the listed issuer, any of its subsidiaries or
major associated companies which are under the receiver, manager
or receiver and manager or other person of similar capacity
NCKA was incorporated in Malaysia on 2 October 1985. The present
authorized share capital of NCKA is RM2,000,000 comprising
2,000,000 ordinary shares of RM1.00 each of which 2,000,000
ordinary shares of RM1.00 each have been issued and fully paid-
up. The principal activities of NCKA is manufacturing of
aluminium products. NCKA has ceased operations since 28 February
2003.
FCT was incorporated in Malaysia on 5 December 1983. The present
authorized share capital of FCT is RM2,000,000 comprising
2,000,000 ordinary shares of RM1.00 each of which 1,500,000
ordinary shares of RM1.00 each have been issued and fully paid-
up. The principal activities of FCT is dealing in building
materials including hardware products. FCT has ceased operations
since 28 February 2003.
NCKH was incorporated in Malaysia on 20 December 1975. The
present authorized share capital of NCKH is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each of which
4,120,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. The principal activities of NCKH is hardware
merchants. NCKH has ceased operations since 28 February 2003.
c) The net book value of the affected assets
NCKA, FCT and NCKH have net liabilities of RM106,626,028,
RM48,372,304 and RM54,697,178 respectively as at 4 July 2003.
d) The details of the events leading to the appointment of the
receiver, manager or receiver and manager or other person of
similar capacity
NCKA, FCT and NCKH are in default of its loan obligations.
Pengurusan Danaharta Nasional Berhad ("Danaharta") had on 11
October 2001 appointed YBhg Dato' Nordin bin Baharuddin, Mr Adam
Primus Varghese bin Abdullah and Ms Wong Lai Wah of Messrs Ernst
& Young as Special Administrators ("SA") of NCKA, FCT and NCKH.
The role of the SA is to manage the businesses and the
operations of NCKA, FCT and NCKH and prepare Workout Proposals
as soon as practicable, taking into consideration the interests
of the secured and unsecured creditors as well as the
shareholders. The Workout Proposals were approved in accordance
with Pengurusan Danaharta Nasional Berhad Act, 1998, on 13
August 2002. Upon completion of the implementation of the
Workout Proposals, the Oversight Committee, on the
recommendation of Danaharta had on 4 July 2003 approved the
termination of the SA of NCKA, FCT and NCKH. Pursuant to the
Workout Proposals, NCKA, FCT and NCKH are to be wound up
voluntarily by way of a creditors' voluntary liquidations.
e) The financial and operational impact of the aforesaid
appointment on the group, if any
NCKA, FCT and NCKH have accumulated losses of RM110,746,028,
RM49,872,304 and RM56,697,178 respectively as at 4 July 2003.
The appointment of Liquidators will not have any operational
impact on the Group as NCKA, FCT and NCKH have ceased their
manufacturing and marketing activities in February 2003,
following the disposal of its plant and machinery to Mr Yee Poh
Lam and Puncak Stamaz Sdn Bhd.
f) The expected losses, if any, arising from the aforesaid
appointment
No further losses is expected to arise from the appointment as
NCKA, FCT and NCKH have already ceased operations in February
2003.
g) The steps taken or proposed to be taken by the listed issuer
in respect of the aforesaid appointment
No steps are expected to be taken by NCK in respect of the
appointment of Liquidators.
PICA (M) CORPORATION: Updates Credit Facilities Status
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make this announcement for public release:
1. RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has fixed 14 August 2003 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.
2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 8 August 2003. Apart from the above, the legal
proceeding is still pending in court.
3. RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 26 September 2003 for mention. Apart from the
above, the legal proceeding is still pending in court.
4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for hearing on 31 July 2003. Apart from the
above, the legal proceeding is still pending in court.
5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank
Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 6 November 2003. Apart from the
above, the legal proceeding is still pending in court.
PSC INDUSTRIES: Posts Securities Dealings During Closed Period
--------------------------------------------------------------
PSC Industries Berhad has received notifications from Business
Focus Sdn Bhd, a substantial shareholder of the Company, and Tan
Sri Dato' Amin Shah Bin Haji Omar Shah, the Executive Chairman
of the Company of their intention to deal in the securities of
PSCI during the closed period.
The shareholding of Business Focus Sdn Bhd in PSCI are as
follow:
Direct : 23,802,016 - PSCI
23,802,016 - PSCI OA
Tan Sri Dato' Amin Shah's direct and indirect shareholding in
PSCI are as follows:
Direct : 5,498,000 - PSCI
5,498,000 - PSCI OA
Indirect (via Business Focus Sdn Bhd and Pilot Lead Investments
Limited) : 28,059,016 - PSCI
28,059,016 - PSCI OA
The Troubled Company Reporter - Asia Pacific reported that in
August 2001 Securities Commission granted PSC Industries Berhad
approval on the Proposals, which comprises of:
* Proposed Bonus Issue
* Proposed Private Placement
* Proposed Debt Restructuring
* Proposed Restricted Offers for Sale
* Proposed Waivers Of Mandatory General Offers.
ROAD BUILDER: Proposed Disposal Gain Ups Assets by RM46.6M
----------------------------------------------------------
Road Builder (M) Holdings Bhd, in reply Query Letter by KLSE
reference ID: HS-030725-56601 dated 28 July 2003 regarding the
Proposed Disposal of RB Land Sdn Bhd (formerly known as Seremban
Two Sdn Bhd), a 70%-owned subsidiary of RBH, to Econstates
Berhad, an associate company of RBH (Proposed Disposal),
informed that the net gain from the Proposed Disposal is
expected to increase the Group's net tangible assets by
approximately RM46.6 million.
Below is KLSE's Query Letter content:
We refer to your announcement on behalf of RBH dated 18 July
2003, in respect of the aforesaid matter. In this connection,
kindly furnish the Exchange with the following additional
information for public release:
1. The expected gains or losses arising from the transaction.
Please furnish the Exchange with your reply within two (2)
market days from the date hereof.
Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
CKM/HSN
SATERAS RESOURCES: Court Grants Leave to Convene Scheme Meeting
---------------------------------------------------------------
As part of Sateras Resources (Malaysia) Berhad's restructuring
scheme, the Board of Directors wishes to announce as follows:
(a) The date of commencement and duration of the Court order
The Court has granted the Company an order restraining all
actions, proceedings, winding up and execution against Sateras
and also leave to convene scheme meetings pursuant to Section
176 of the Companies Act, 1965 (Orders). Both the Orders shall
be valid for a period of three (3) months from 29 July 2003.
(b) the details of the events leading to the grant of the Court
order
In view of the numerous legal suits against the Company, the
Restraining Order was obtained to facilitate an orderly
implementation of the proposed scheme as contained in the
announcement made to the Kuala Lumpur Stock Exchange by Public
Merchant Bank Berhad on 12 May 2003.
(c) the financial and operational impact on the Group
Sateras does not expect the Orders to have any material
financial and/or operational impact on Sateras Group.
(d) the details of the proposed scheme
The details of the proposed scheme are set out in the
announcement made to the Exchange on 12 May 2003.
SENG HUP: Provides Defaulted Payment Status Update
--------------------------------------------------
As required by the KLSE Practice Note 1/2001, Seng Hup
Corporation Bhd (Special Administrators Appointed) hereby
provides an update on its default in payment, as enclosed in
Appendix A at http://bankrupt.com/misc/TCRAP_Shup0801.xls.
The default by SHCB as at 30 June 2003 amounted to RM56,811,897
made up of principal sums, plus RM31,461,198 in interest for
revolving credit facilities, trade financing and overdraft.
TAJO BERHAD: Issues Defaulted Payment Status Update
---------------------------------------------------
Tajo Berhad provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001. Details are as per Table 1 at
http://bankrupt.com/misc/TCRAP_Tajo0801.pdf.
Note 1: secured by way of a third party first legal charge
against the 104.52 acres of freehold land, held under Lot Nos.
194, 223 - 225 (both inclusive), 958, 1124, 1130 - 1133 (both
inclusive), 1238, 1312 and ML0206, Mukim of Bukit Kepong,
District of Muar, Johor on land belonging to Tajo Bricks
Industries Sdn Bhd together with the factory situated thereon
and a first party first legal charge on 64.13 acres of freehold
land under Lot Nos. PTD 7273 - 7275 (inclusive) and 11796, Mukim
of Sedenak, District of Johor Bahru and Lot No. 9381, Mukim of
Sri Medan (XVIII), District of Batu Pahat, Johor belonging to
Tajo. The usage of the abovementioned lands is to site the brick
manufacturing plants of Tajo and clay reserves of Tajo.
Note 2: secured by way of a third party second legal charge
against the 104.52 acres of freehold land, held under Lot Nos.
194, 223 - 225 (both inclusive), 958, 1124, 1130 - 1133 (both
inclusive), 1238, 1312 and ML0206, Mukim of Bukit Kepong,
District of Muar, Johor on land belonging to Tajo Bricks
Industries Sdn Bhd together with the factory situated thereon
and a first party second legal charge on 64.13 acres of freehold
land held under Lot Nos. PTD 7273 - 7275 (inclusive) and 11796,
Mukim of Sedenak, District of Johor Bahru and Lot No. 9381,
Mukim of Sri Medan (XVIII), District of Batu Pahat belonging to
Tajo.
A) REASON FOR DEFAULT IN PAYMENT
Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.
B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS
Reference is made to the announcements dated 26, June 2003, 30
May 2003, 29 April 2003, 28 March 2003, 28 February 2003, 30
January 2003, 31 December 2002, 29 November 2002, 29 October
2002, 1 October 2002, 30 August 2002, 30 July 2002, 26 June
2002, 31 May 2002, 26 April 2002, 29 March 2002, 26 February
2002, 31 January 2002, 28 December 2001, 21 November 2001, 22
October 2001, 12 September 2001, 16 August 2001 and 5 July 2001.
On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.
On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE via its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:
1. Revise its regularization plan;
2. Make a revised Requisite Announcement to KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.
Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:
1st progress report by 15 November 2001;
2nd progress report by 15 December 2001;
3rd progress report by 15 January 2002; and
4th progress report by 15 February 2002.
On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.
On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential "white knights", which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.
On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.
Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.
On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.
On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.
The KLSE, has via its letter dated 26 September 2002, granted
its approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.
On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry (MITI) has, via its
letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.
On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC) has, via its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.
The Securities Commission via their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.
On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission via their letter dated 3
March 2003 had rejected the appeal.
The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.
However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the properties into Tajo as part of the
proposed restructuring exercise.
The properties that will not be injected into Tajo are as
follows:
1. Property held under MAA
Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as "Menara MAA" located in Penang
2. Property held by Tokojaya
Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as "Menara MAA" located in Kota
Kinabalu.
In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group.
As part of the SC's approval for the Proposed Restructuring
Exercise, the SC had approved the application from MAA Holdings
Berhad, Malaysian Assurance Alliance Berhad and MAA Credit Sdn
Bhd (MAAH Group) for an exemption from the obligation to
undertake a mandatory offer for the remaining voting shares in
Mithril Berhad (Mithril) not already held by them upon
completion of the Proposed Restructuring Exercise under Practice
Note 2.9.3 of the Malaysia Code on Take-Overs and Merger 1998
(Code), subject, inter-alia to the following condition imposed
by SC being met:
(i) MAAH Group is required to obtain the approval from the
shareholders of Tajo / Mithril under the "white-wash" procedure
as stated under Paragraph 5(b)(i)-(iv),
Practice Note 2.9.1 of the Code pursuant to the exercise of the
warrants held by them (Proposed Exemption). The shareholders
approvals, if obtained, is valid for the duration of the
warrants.
In this regard and as announced on 29 July 2003, the independent
directors of Tajo had appointed Southern Investment Bank Berhad
as the Independent Adviser for the Proposed Exemption.
The company is currently in its implementation stage of the
Proposed Restructuring Exercise.
Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.
C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS
The estimated total outstanding as at 30 June 2003, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM198,863,098.
Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.
D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER
Tajo's bonds were unsecured.
E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.
F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND
The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Restructuring
Exercise "have not been serviced" (interest and principal) since
December 1998. As such they are all technically in default.
The creditors who are part the recent Proposed Restructuring
Exercise have however refrained from serious legal action other
than those, which have been disclosed in its Annual Report and
Circulars as well as Announcements, since they have voted
unanimously in favour of the Proposed Scheme of Arrangement on
15 August 2000.
Pursuant to the above, the Company had on 18 June 2003 announced
that it has received a Notice pursuant to Section 218 of the
Companies Act 1965 (the Notice) dated 9 June 2003 which was
issued and served on a subsidiary of the Company namely, Alpha
Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on
behalf of their client, AFFIN-ACF Finance Berhad (the
Plaintiff).
In the announcement, it was also stated that there is no
material impact on the operational and financial position of the
Company arising from the Notice in view that the Defendant has
ceased operations and the creditor has no recourse against the
Company or any of its subsidiaries other than the Defendant.
TENCO BERHAD: WSB's Court Hearing Adjourned to September 18
-----------------------------------------------------------
The Board of Directors of Tenco Berhad (Tenco) wishes to inform
that the hearing dates for proceedings brought by Malaysian
Trustees Bhd (MTB) against Westech Sdn Bhd (WSB), a wholly-owned
subsidiary of Tenco, in respect of properties located at
Seberang Perai, had been adjourned to 6 August 2003 and 18
September 2003 respectively whilst the hearing in respect of
properties located in Johor Bahru had been adjourned to a date
to be fixed by the Johor Bahru High Court. The solicitors of WSB
had been instructed to oppose the order for sale.
Meanwhile, there are no material development to the claims made
by Malayan Banking Berhad against WSB, Wilron Products Sdn Bhd
and Tenco Industries Sdn Bhd, all wholly-owned subsidiaries of
Tenco. Tenco's solicitors had been instructed to dispute the
alleged claims.
TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 29 July 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 23 July 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. Go to http://bankrupt.com/misc/TCRAP_Tongkah0801.doc
for information on the securities disposed.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Posts Profit in April-June Period
--------------------------------------------------
Manila Electric Co. (Meralco) posted a net income of 391 million
pesos in the April to June period, reversing a first-quarter
loss of 325.1 million pesos, according to Reuters. Debt-laden
Meralco also took a charge of 739.7 million pesos for system
losses above the level allowed by the industry regulator. System
losses stem from leakage and theft.
Meralco, which supplies electricity to 3.9 million homes and
businesses in and around Manila, is controlled by government
agencies and a joint venture between First Philippine Holdings
and Spanish power firm Union Fenosa SA.
For an advance copy of Meralco's 2nd quarter results, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2498_MER.pdf
PHILIPPINE AIRLINES: Books P295-M Net Profit
--------------------------------------------
Philippine Airlines (PAL) booked a net profit of 295 million
pesos in the year to March, versus a net loss of 1.605 billion
pesos a year earlier, the Manila Bulletin said on Thursday. The
improved results was brought about by an increase in passenger
revenues as a result of renewed confidence in air travel after
security and safety measures were heightened post the World
Trade Center incident.
However, the airline said its passenger traffic dropped
beginning early March as a result of the Iraq war and the severe
acute respiratory syndrome (SARS) outbreak in the region.
Operating expenses declined 2.0 percent to P37.81 billion from
38.46 billion pesos due to reductions in fuel prices and
aircraft maintenance expenses.
DebtTraders reports that Philippine Airlines' 7.601 percent
floating rate note due in 2000 (PHPA00PHN1) trades between 15
and 20. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1
UNITED COCONUT: PCGG to Decide Fate of Govt Nominees to Board
-------------------------------------------------------------
It is now up to the Presidential Commission on Good Government
(PCGG) to decide the fate of three new government nominees to
the 15-man board of directors of state-sequestered United
Coconut Planters Bank, the Business World reports. The
Philippine Deposit Insurance Corporation, by virtue of its 20
billion pesos assistance to the bank, is entitled to control
eight of 15 board seats.
The latest nominees are former Bankers Association of the
Philippines President Deogracias N. Vistan, former Education
Secretary Armand V. Fabella, and former Rizal Commercial Banking
Corp. senior vice-President Ruben D. Almendras. Sources said
PCGG has yet to decide whether it will elect the three nominees
when the bank's board meets in two weeks.
Other nominees of the state deposit insurer to the Cocobank
board are former Philippine Banking Corp. President Norberto C.
Nazareno, who is also a former Philippine Deposit Insurance
Corp. President and former director at Philippine National Bank;
and incumbent bank President Jose L. Querubin, formerly with
Bank of America. Messrs. Nazareno and Querubin filled up two
vacant positions in the board, including the post vacated by
Gracia M. Pulido-Tan when she was named Finance undersecretary.
Other nominees of the state deposit insurer are its former
executive Vice-President and Chief Operating Officer, Rose U.
Casiguran; its former Vice-President, Noemi R. Javier Chairman
and chief executive officer Edward S. Go, a veteran banker and
former President of Asian Bank.
Also on the bank board are:
Lakas ng Magsasakang Pilipino (Power of the Filipino Farmer)
President Alejandro D. Asis; PCGG commissioners Ruben Carranza
Jr. and William D. Dichoso; bank officer Carolina G. Diangco;
Lawyer Carlo Marco P. Estavillo; Pambansang Kilusan ng mga
Samahang Magsasaka (National Movement of Farmers Associations)
Chairman Vicente A. Fabe; Coconut Industry and Reform Movement
executive director Jose Marie T. Faustino; National Federation
of Small Coconut Farmers Organization, Inc. President Prudencio
A. Garcia; Iligan Coconut Oil Mills director Rolando A.
Golez;and Philippine Peasant Institute national executive
director Romeo C. Royandoyan.
Industry sources also said auditing firm KPMG Philippines Laya
Mananghaya & Co. is about to complete its examination of the
bank's loans. The special performance audit will establish
accountabilities from 1986 to 2002. It will cover past and
current bank officials, including government appointees to the
bank.
=================
S I N G A P O R E
=================
BIRKART FAIRS: Creditors to Prove Claims by August 26
------------------------------------------------------
Notice is hereby given that the creditors of Birkart Fairs &
Events (Asia) Pte. Ltd. (In Members' Voluntary Liquidation),
which is being wound up voluntarily, are required on or before
the 26th day of August 2003 to send in their names and
addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company, and, if so required
by notice in writing by the Liquidator, are by their solicitors,
or personally, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.
BOS VENTURE: Issues Debt Claim Notice to Creditors
--------------------------------------------------
Creditors of Bos Venture Management Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 27th day of August 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the Company, and, if so
required by notice in writing by the Liquidator, are by their
solicitors, or personally, to come in and prove their debts or
claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
STEVEN TAN HOCK CHOON
Liquidator.
c/o 65 Chulia Street #28-01/04
OCBC Centre
Singapore 049513.
CRANSTON PTE: Appoints Kamis & Hock as Liquidators
--------------------------------------------------
At an Extraordinary General Meeting (EGM) of the members of the
abovenamed Company duly convened and held at 10 Anson Road, #29-
08 International Plaza, Singapore 079903 on 18th July 2003 at
10:00 am, the following Special Resolutions were duly passed:
SPECIAL RESOLUTION
1. That the Company be wound up voluntarily and that Mr Rohan
Kamis and Mr Tan Tuan Hock of c/o 78 Shenton Way #26-02,
Singapore 079120 be and are hereby appointed as liquidators of
the Company for the purpose of such winding up.
2. That the liquidators be and are hereby authorized to exercise
any of the powers given by section 272 (1) (b), (c), (d) and (e)
of the Companies Act (Chapter 50).
3. That any part of all of the surplus assets whatsoever
remaining in the Company after satisfaction of all debts and
liabilities shall be distributed in cash or in specie to the
members of the Company.
CHONG MING KWAI
Director.
FITZPATRICK'S HOLDINGS: Creditors to Submit Claims by August 25
---------------------------------------------------------------
The creditors of Fitzpatrick's Holdings Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 25th day of August 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the Company, and, if so
required by notice in writing from the Liquidator, are by their
solicitors, or personally, to come in and prove their debts or
claims at such time and place as shall be specified in such
notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street #17-00
PWC Building
Singapore 048424.
ISMAILIA PTE: Issues Debt Claim Notice to Creditors
---------------------------------------------------
Notice is hereby given that the creditors of Ismailia Pte Ltd
(In Liquidation), which is being wound up voluntarily, are
required on or before 31st August 2003 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
Liquidator at 300 Beach Road, #38-05 The Concourse, Singapore
199555, and if so required by notice in writing from the
Liquidator, are by their solicitors or personally, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
HENG LEE SENG
Liquidator
PILLAR CORPORATION: Court Issues Winding Up Order
-------------------------------------------------
The High Court of the Republic of Singapore issued a notice for
the winding up order of Pillar Corporation Pte Ltd (In
Liquidation) (RC No. 198703021H) made on the 18th day of July
2003.
Name and address of Liquidators: Mr Wee Aik Guan &
Mr Tam Chee Chong
c/o Messrs Deloitte & Touche
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809.
Dated this 25th day of July 2003.
Messrs RAJAH & TANN
Solicitors for the Petitioner.
No. 4 Battery Road #15-01
Bank of China Building
Singapore 049908.
SAS CIVIL: Issues Winding Up Order Notice
-----------------------------------------
The High Court of the Republic of Singapore issued a notice for
the winding up order of SAS Civil & Building Construction (1988)
PTE LTD made on the 11th day of July 2003.
Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Dated this 11th day of July 2003.
Messrs DAVID SIOW CHUA & TAN
Solicitors for the Petitioners.
Ref: BTC/10022/0203
Note: (a) All creditors of the Company should file their proof
of debt with the liquidator who will be administering all
affairs of the Company. (b) All debts due to the Company should
be forwarded to the liquidator.
ST ASSEMBLY: Narrows Q2 Loss, Sees Higher Q3 Sales
--------------------------------------------------
Microchip tester ST Assembly Test Services Limited reported a
smaller-than-expected loss on Wednesday and forecast third-
quarter sales would rise on strong demand in the broadband and
networking markets, Reuters said Wednesday. The Singapore-based,
state-controlled firm reported its 10th straight quarterly net
loss of US$702,000, or one cent per diluted American Depositary
Share, for the three months to June 30. This compares with net
losses of S$21.6 million, or 22 cents per ADS, a year earlier,
and US$9.6 million in the March quarter.
Six analysts polled by Reuters had forecast an average net loss
of US$6.53 million for the April to June period.
TELEDATA LTD.: Completes Restructuring of Business Units
--------------------------------------------------------
Teledata Ltd. announced that it has completed the restructuring
of its business units, a Company statement said. The Company's
subsidiaries, Premier Electro Communication Pte Ltd and Telebit
(Singapore) Pte Ltd have merged their operations with Teledata.
The combined entity is a leading communications services company
in the Asia Pacific region with a talent pool of more than 300
staff. With over 27 years of experience, Teledata services over
700 customers in fourteen countries.
The consolidation of resources will enable Teledata to reap the
benefits of economies of scale and provide a broader suite of
services and solutions. Customers will be able to enjoy seamless
end-to-end communications offerings in all the markets they are
in. With the new structure, we will offer greater efficiency and
one-stop service in terms of pre-sales, marketing, maintenance
and services support.
Teledata partners with over fifty world-class technology
partners to provide the most advanced and flexible solutions.
Key customers span many industries such as education, banking
and finance, healthcare, manufacturing, telecommunications,
transportation and the public sector. Many world-class
organizations from these industries entrust their mission
critical communications needs to Teledata.
As a competent and responsive communications partner with the
high standards in service and technical support, the Company is
ahead of their competitors in terms of services and
capabilities. The new combined entity offers a wide range of
innovative solutions that address every possible challenge.
These include Call Centre, Convergence, Enterprise Backbone,
Infrastructure, Operations & Management, Network Security,
Surveillance and Services.
"Teledata will use the best of our joint competencies,
technologies, products and talents from its subsidiaries to
continue to grow the company beyond the Asia Pacific region.
Together we are giving our customers better access to all our
capabilities." said Mr Aston Chiu, Chief Executive Officer.
Meanwhile, Reuters reported that Teledata Ltd. posted a net loss
of S$1.38 in the year ending in June 30, versus a loss of S$0.43
million a year earlier.
===============
T H A I L A N D
===============
BANGCHAK PETROLEUM: Discloses BOD Meeting No. 8/2003 Resolutions
----------------------------------------------------------------
The Bangchak Petroleum Public Company Limited reported on the
Board of Directors' resolutions at the Meeting No. 8/2003
held on July 29, 2003 as follows:
1. Agree to propose the shareholder's meeting to approve the
decrease of the Company's registered capital from
Bt7,720,409,400 to Bt5,220,409,400, by canceling 250,000,000
shares which have not been issued and sold, and the outstanding
shares will be 522,040,940 shares, as well as, to approve the
amendment to Article 4 of the Company's Memorandum of
Association in order to be consistent with the capital decrease.
2. Agree to propose the shareholder's meeting to approve the
transfer of reserves to compensate the accumulated loss of the
Company as follows:
A. Legal reserve 547,594,555 Baht and
B. Share premium 2,007,950,671 Baht
3. Agree to propose the shareholder's meeting to approve the
decrease of the registered capital from Bt5,220,409,400 to
Bt522,040,940, by reducing the par value of the shares from Bt10
per share to Bt1 per share, in order to compensate the
accumulated loss of the Company amounting to Bt4,698,368,460.
4. Agree to propose the shareholder's meeting to approve the
change of the par value of the shares from Bt10 per share
to Bt1 per share, as well as, to approve the amendment to
Article 4 of the Company's Memorandum of Association in
order to be consistent with the capital decrease.
5. Agree to propose the shareholder's meeting to approve the
increase of the Company's registered capital from Bt522,040,940
to Bt1,682,040,940, by issuing Bt1,160,000,000 new common
shares, having the par value of Bt1 per share, as well as, to
approve the amendment to Article 4 of the Company's Memorandum
of Association in order to be consistent with the capital
increase.
6. Agree to propose the shareholder's meeting to approve the
issuance and offering of convertible debentures, secured
and/or unsecured, subordinated and/or unsubordinated, total
value not exceeding Bt4,000 million or its equivalent in any
other currency, with maturity term of not exceeding 10 years.
The debentures can be converted to the Company's common shares
pursuant to the conditions specified by the Company.
The debentures will be offered to the public and/or specific
investors and/or institutional investors, both in and/or outside
Thailand. The offer may be made at one or several times.
7. Agree to propose the shareholder's meeting to approve the
issuance and offering of warrants in the amount not exceeding
260 million units, with maturity term of not exceeding 10 years
in accordance with the terms and conditions specified by the
Company. The warrants will be offered to the public and/or
specific investors and/or institutional investors, both in
and/or outside Thailand. The offer may be made at one or
several times.
8. Agree to propose the shareholder's meeting to approve the
allotment of the newly issued shares as follows:
A. To allot not exceeding 300 million common shares, by
offering to the public and/or specific investors and/or
institutional investors, both in and/or outside Thailand.
B. To allot not exceeding 600 million common shares to
support the exercise of right of convertible debentures
issued and offered.
C. To allot not exceeding 260 million common shares to
support the exercise of right of the warrants issued and
offered.
In case there are any shares remaining after the
allocation for warrant exercise or in case the Board deems
it unsuitable to issue and offer the warrants, such shares
shall be offered to the public and/or specific investors
and/or institutional investors, both in and/or outside
Thailand.
9. Agree to propose the shareholder's meeting to approve the
issuance and offering of the debentures, secured and/or
unsecured, subordinated and/or unsubordinated, total value
not exceeding Bt7,000 million or its equivalent in any other
currency, with maturity term of not exceeding 10 years.
10. The Extraordinary Shareholders' Meeting 1/2003 will be held
on August 29, 2003 from 1:00 p.m. at the main conference
room of the Company's head office, located at 210 Sukhumvit
64 Rd., Phrakanong, Bangkok.
11. The date for closing the Company's share register for the
right to attend the meeting will be August 14, 2003 at 12.00
a.m. to until the meeting ends.
12. The agenda for the Extraordinary Shareholders' Meeting are
as follow:
1) To consider and approve the Minutes of the Shareholders'
Annual General Meeting 2003
2) To consider and approve the decrease of the Company's
registered capital by canceling the shares, which have not
been issued and sold.
3) To consider and approve the amendment to Article 4 of
the Company's Memorandum of Association in order to be
consistent with the capital decrease as referred to in
agenda 2 .
4) To consider and approve the Company's capital
restructuring plan. In this regard, the meeting should
approve all the following sub-agendas regarding the
capital restructuring plan; otherwise, it will be deemed
that the meeting is resolved not to approve the Company's
capital restructuring plan.
4.1 To consider and approve transfer of reserves to
compensate the accumulated loss of the Company.
4.2 To consider and approve the decrease of the
registered capital by reducing the par value of the
shares in order to compensate the accumulated loss
of the Company.
4.3 To consider and approve the change of par value.
4.4 To consider and approve amendment to Article 4 of
the Company's Memorandum of Association in order
to be consistent with the capital decrease as
referred to in Agenda 4.2 and the change of the par
value as referred to in Agenda 4.3.
4.5 To consider and approve the increase of the
Company's registered capital by issuing new
common shares.
4.6 To consider and approve amendment to Article 4 of
the Company's Memorandum of Association in order
to be consistent with the capital increase as
referred to in Agenda 4.5.
4.7 To consider and approve the issuance and offering
of the subordinated and/or unsubordinated
convertible debentures, within the amount not
exceeding Bt4,000 million.
4.8 To consider and approve the issuance and offering of
the Company's warrants
4.9 To consider and approve the allotment of the newly
issued shares
4.10 To consider and approve the issuance and offering
of the Company's debentures at the amount of not
exceeding Bt7,000 million.
5) To consider other businesses (if any)
BANGCHAK PETROLEUM: Files Unaudited Q203 F/S; Explains Variance
---------------------------------------------------------------
Bangchak Petroleum Public Company Limited has filed its
unreviewed financial statements for the second quarter, ended
July 30, 2003 and also explained reasons for the variation in
business operations in accordance with the profit and loss
account more than 20 percent from that of the same period of
2002, as follows:
Regarding the Q2's business operations in 2003, the Company's
total revenues were Bt14,971 million and it reported the net
loss of Bt920 million- higher than that of the same quarter in
2002 Bt1,260 million (the 2002 second quarter's net profit was
Bt341 million). Such loss resulted from the continual decreases
of oil prices in the world markets after the US-Iraq war
occurred.
This affected to the lower Company's revenues, while its costs
of good sold were the crude prices purchased in the first
quarter, which was high. Thus, the Company realized such damage
by Bt800 million in the second quarter.
BCP's unreviewed/unaudited quarterly financial statements:
Ending June 30, (In thousands)
Quarter 2 For 6 Months
Year 2003 2002 2003 2002
Net profit (loss) (919,678) 340,706 (497,460) 647,291
EPS (baht) (1.76) 0.65 (0.95) 1.24
KRISDA MAHANAKORN: Disposes of Dormant Unit's Share
---------------------------------------------------
Krisda Mahanakorn Public Company Limited's Board of Directors'
Meeting No. 5/2003 held on July 30, 2003 at 11.00am resolved
that about 35,525 common shares at Krisdapattana Housing
Co.,Ltd. be disposed. Selling price per share is Par value
Bt1,000 to Mr.Chanchai Sae-Ying
The reason of such disposal is due to Krisdapattana Housing's
losses in business operation.
PREUKSA REAL: TRIS Assigns Bt500M Senior Debentures "BBB" Rating
----------------------------------------------------------------
TRIS Rating Co., Ltd. has affirmed the company rating of Preuksa
Real Estate Co., Ltd. (PREUKSA) at "BBB". At the same time, TRIS
Rating has also assigned the rating of PREUKSA's proposed Bt500
million senior debentures at "BBB".
The ratings reflect the company's successful record in
developing low-priced residential units, its competitive
construction cost structure and its strong financial position.
However, these strengths are partially offset by the company's
dependence on its owner to run the company and the cyclical
nature of the real estate industry.
TRIS Rating said that PREUKSA would use the proceeds of the
debentures to acquire assets to support its growth and to fund
its prefabrication plant, which will enable the company to
produce prefabricated parts to support its construction.
UNION MOSAIC: EGM Scheduled on September 2
------------------------------------------
The Union Mosaic Industry Public Company Ltd. posted the
resolutions of the Board of Director's Meeting No. 2/2546 held
on July 29th, 2003 as follows:
1. The Meeting of the Board of Director passed a resolution to
accept in principle of debt restructuring approved by Thai Asset
Management Corporation (TAMC) according to the detail in a
letter no. For. Por. Kor. 1 (Por. Kor. 3) 127 / 2546 dated June
3rd, 2003 and the Company has already informed the Stock
Exchange of Thailand on June 3, 2003.
2. The Extraordinary General Meeting of Shareholders No. 1/ 2546
is scheduled to be held on September 2, 2003 at 10:00 a.m. at
the Company's meeting room, 29th floor, Chamnan Phenjati
Business Center Building, 65 Rama 9 Road, Huaykwang, Bangkok, to
consider the following matters:
- Agenda No. 1: To approve the minutes of the Annual General
Meeting of Shareholders No. 1/2003.
- Agenda No. 2: To consider the issuance of convertible
debenture amount Bt160 million as to pay debt for the creditors
according to the details in the issuance of convertible
debenture report form.
- Agenda No. 3: To consider the increase of registered
capital of the Company by 160
Million Baht in order to support the exercise of
converting debenture into ordinary shares according to the
details in the capital increase report form (F53-4).
- Agenda No. 4: To consider the transfer of premium on share
capital amount Bt498,800,000 to retained earnings (deficit)
account in order to compensate for accumulated loss of the
Company.
- Agenda No. 5: To consider other matters (if any).
3. The closing date of the share register book for attending the
Extraordinary Shareholders' Meeting No. 1/2546 is on August
13th, 2003 at 12:00 o'clock until the meeting has been duly
convened.
UNION MOSAIC: Posts Capital Increase Form
-----------------------------------------
The Union Mosaic Industry Public Company notified that the Board
of Directors No. 2/2546, held on July 29th, 2003 resolved
Capital Increase. Below is the Company's Capital Increase Report
Form (F53-4):
1. Capital increase:
The Meeting of the Board of Directors passed a resolution
approving the increase of a registered capital of the Company
from Bt320,000,000 to Bt480,000,000 by mean of the issuance of
ordinary shares with a par value of Bt10 each, totaling
Bt160,000,000.
2. Allotment of new shares:
The Meeting of the Board of Directors passed a resolution
approving the allotment of 16,000,000 ordinary shares with par
value of Bt10 each, totaling Bt160,000,000 the details of which
are as follows:
2.1 The details of share allotment:
In order to reserve for supporting the exercise of
converting convertible debenture without collateral amount
Bt160,000,000 as to pay debt for the group of creditors with
terms and conditions as follows:
1) Term 5 years, par value 1,000 Baht each.
2) Interest rate: MLR-1% per year, payment every 6 months.
3) Conversion ratio of capital increase in ordinary shares
of debtors: 1 convertible debenture per 100 ordinary shares.
4) Right to purchase back convertible debentures: Right will
be granted to existing shareholders to purchase convertible
debentures from TAMC and/or TISCO in an amount of Bt64,000,000
within 3 years with purchasing back price as follows:
- Amount Bt32,000,000, the existing shareholders can
purchase convertible debentures at the face value that equal to
Bt1,000 each and accrued interest counted from the date of last
paid interest up to the date of existing shareholders exercise
their right (if any).
- The rest amount Bt32,000,000, the existing
shareholders can purchase convertible debentures at the face
value the equal to Bt1,500 each and accrued interest counted
from the date of last paid interest up to the date of existing
shareholders exercise their right (if any).
And debtors shall be responsible for various expenses concerning
the issuance of the convertible debenture.
2.2 The company's plan in case where there is a fraction of
shares remaining. None.
2.3 The number of shares remaining from the allotment is -
3. Schedule for shareholders meeting to approve the capital
increase:
The Extraordinary Meeting of Shareholders No. 1/2546 is
scheduled to be held on September 2nd, 2003 at 10:00 a.m. at the
Company's meeting room, 29th floor, Chamnan Phenjati Business
Center Building, 65 Rama 9 Road, Huaykwang, Bangkok. The share
register will be closed for share transfer in order to determine
the right to attend this meeting from August 13th, 2003 at 12.00
o' clock, until the meeting has been duly convened.
4. Approval of the capital increase by relevant governmental
agency and conditions there to (if any).
The Office of the Security and Exchange Commission.
5. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase:
An amount of this money will be use to support the exercise of
converting debenture that the Company issue in order to pay
debt for the group of creditors.
6. Benefits, which the Company will receive from the capital
increase: -
7. Benefits, which the shareholders will receive from the
capital increase:
7.1 Dividend policy -
7.2 Subscribers of new shares issued for this capital
increase will be entitled to receive dividends from
the Company's business operations starting from -
7.3 Others -
8. Other details necessary for shareholders to approve the
Company increase: -
9. Schedule of action where the board of directors of the
Company passes a resolution approving the capital increase: -
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.
Copyright 2003. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***